Companies /Consumer Cyclical

Winnebago Industries Inc

NYSE: WGO Recreational Vehicles
$30.81
▼ $1.08 (−3.39%) today
Markets closed · 2:15am ET

Q2 2025 Earnings

Reported Mar 27, 2025, 8:03am ET · SEC source
$0.19
Beat +19.20%
EPS · est. $0.16
$620.2M
Beat +0.57%
Revenue · est. $616.7M
−11.0%
Trailing market
WGO vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%+6%Mar 27Mar 28report 8:03am ETearnings−2.1%−3.2%
−3%0+3%+6%Mar 27Mar 28earnings−2.1%−3.2%
WGO −3.2%S&P 500 −2.1%
−3%0+3%+6%Mar 27Mar 28report 8:03am ETearnings−2.8%−3.2%
−3%0+3%+6%Mar 27Mar 28earnings−2.8%−3.2%
WGO −3.2%NASDAQ −2.8%
−12%−6%0+6%Mar 26Apr 4report 8:03am ETearnings−7.9%−12.5%
−12%−6%0+6%Mar 26Apr 4earnings−7.9%−12.5%
WGO −12.5%S&P 500 −7.9%
−12%−6%0+6%Mar 26Apr 4report 8:03am ETearnings−9.2%−12.5%
−12%−6%0+6%Mar 26Apr 4earnings−9.2%−12.5%
WGO −12.5%NASDAQ −9.2%
+8.11%
Day of report
−7.53%
Next session
−12.51%
One week
−13.23%
30 days

S&P 500 over the same 30 days: −2.25%.

Did WGO Beat Earnings? Q2 2025 Results

Winnebago Industries navigated a difficult fiscal second quarter, posting adjusted EPS of $0.19, down 79.6% year-over-year, as consolidated revenues fell 11.8% to $620.20 million, with the steepest drag coming from a 30.4% collapse in Motorhome RV revenues to $235.60 million as dealers aggressively unwound field inventories against a backdrop of elevated interest rates and uneven consumer sentiment. The GAAP result was a net loss of $400,000, or $0.02 per diluted share, though management pointed to sequential margin improvement across all three segments as evidence of underlying operational progress. Not all segments struggled; the Marine business stood out with revenues climbing 17.1% to $81.70 million and adjusted EBITDA surging 75.7%, while Barletta's U.S. aluminum pontoon market share rose 140 basis points to 9.5%. The company also retired $100.00 million of higher-cost senior secured notes and repurchased $20.00 million in stock. Looking ahead, Winnebago guided fiscal 2025 revenues to $2.80 billion to $3.00 billion, with adjusted EPS of $2.75 to $3.75, incorporating estimated tariff impacts and anticipated pricing offsets.

Key Takeaways
  • Marine segment volume growth of 21.3% in unit deliveries and targeted price increases
  • Towable RV unit volume growth of 7.1% partially offset by lower average selling prices from product mix shift
  • Motorhome RV volume declines of 36.8% as dealers reduce field inventories amid higher interest rates
  • Sequential profitability improvement driven by margin growth across all segments
  • Operational efficiencies partially offsetting volume deleverage

“Winnebago Industries continues to demonstrate solid performance in our strategic markets, leveraging product differentiation and sharper affordability options to maintain healthy market share in our core premium and mid-range RV segments. We're expanding our RV brand portfolio with new products across diverse price points, while maintaining our commitment to profitability.”

Winnebago Industries CEO, on the earnings call

Forward Guidance & Outlook

Winnebago updated its fiscal 2025 outlook to revenues of $2.8 billion to $3.0 billion, reported EPS of $2.10 to $3.10, and adjusted EPS of $2.75 to $3.75 (excluding approximately $22 million of pretax intangible amortization). The outlook incorporates prevailing trends in RV and marine sectors, including competitive dynamics, shifts in consumer preferences, dealer ordering patterns, and macroeconomic factors such as tariffs and trade policy changes. Management noted that the current estimate of net tariff impact, including anticipated pricing actions to offset inflationary pressures, is factored into the guidance range. Near-term headwinds include stubborn interest rates, inconsistent consumer sentiment, and dealers continuing to push inventory levels lower, particularly in Motorhome RV and Marine segments.

WGO YoY Financials

Revenue$620.2M
Gross Profit$83.1M
Operating Income$7.8M
Net Income$-400,000

WGO Revenue by Segment

Towable RV$288.2M+1.2%
Motorhome RV$235.6M−30.4%
Marine$81.7M+17.1%

Figures from SEC filings and company reports. Not investment advice.