Winnebago Industries Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.31%.
Did WGO Beat Earnings? Q4 2025 Results
Winnebago Industries closed out fiscal 2025 with a mixed but broadly encouraging fourth quarter, beating revenue expectations while falling just short on the bottom line as shares surged on the overall results. The recreational vehicle maker posted Q4 revenue of $777.30 million, a 7.8% year-over-year gain that topped the $725.49 million consensus by 7.14%, driven by favorable product mix and targeted price increases across its motorhome and marine segments. Reported EPS of $0.49, however, came in slightly below the $0.51 consensus estimate by 3.92%, even as the company swung to a net income of $13.70 million from a net loss of $29.10 million a year earlier, when a goodwill impairment charge had weighed heavily on results. The Motorhome RV segment led top-line growth at 17.3%, while a dramatic Marine segment turnaround added further momentum. Looking ahead, Winnebago guided fiscal 2026 revenues of $2.75 billion to $2.95 billion, with adjusted EPS of $2.00 to $2.70, as management works through ongoing transformation efforts and acknowledges a full return to mid-cycle demand will take time.
- Favorable product mix and targeted price increases drove 7.8% Q4 revenue growth
- Cost reduction initiatives reduced SG&A as percentage of revenues by 100 basis points
- Strong operating cash flow of $181.4 million in Q4 driven by efficiency actions
- Barletta continued market share expansion in U.S. aluminum pontoon segment
- Grand Design and Newmar expanded share in key motorhome segments
- Absence of prior year $30.3 million goodwill impairment charge
“I am proud of our team's efforts in delivering solid overall results in the fourth quarter, especially given the challenging operating environment. We drove stronger revenue, improved profitability, gained share in key segments and delivered solid operating cash flow and an improved leverage position. Our performance clearly reflects the advantages of a diversified product portfolio, as strong momentum across our brands and product lines helped offset the operating margin pressure stemming from the ongoing turnaround of our Winnebago-branded businesses, which is proceeding positively.”
Winnebago Industries CEO, on the earnings call
Forward Guidance & Outlook
For fiscal 2026, Winnebago expects consolidated net revenues of $2.75 billion to $2.95 billion, reported EPS of $1.25 to $1.95, and adjusted EPS of $2.00 to $2.70 (excluding ~$22 million pretax intangible amortization). The company anticipates calendar year 2025 North American RV wholesale shipments of 320,000 to 340,000 units and calendar year 2026 shipments of 315,000 to 345,000 units. The outlook incorporates prevailing tariff structures and rates, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors. Management acknowledges a full return to mid-cycle demand will take time but expresses confidence in margin improvement and operational efficiency gains.
WGO YoY Financials
WGO Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.