-- Efficiency Actions Contributed to Q4 Operating Cash Flow of $181.4 Million --
-- Balance Sheet Strength Fortified as Leverage Ratio Improves --
-- Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment(1) --
-- Grand Design RV and Newmar Expand Share in Key Motorhome Segments(1) --
-- Company Issues Fiscal 2026 Financial Guidance --
EDEN PRAIRIE, Minn., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE:WGO), a leading outdoor lifestyle product manufacturer, today reported financial results for the Company's fourth quarter and full year Fiscal 2025.
Fourth Quarter Fiscal 2025 Financial Summary
Net revenues of $777.3 million, an increase of 7.8% from the fourth quarter of Fiscal 2024
Gross profit of $99.2 million, representing 12.8% gross margin
Net income of $13.7 million, or $0.49 per diluted share; adjusted earnings per diluted share of $0.71, up 153.6% year-over-year
Adjusted EBITDA of $38.2 million, up 33.1% year-over-year
Net cash flow from operations of $181.4 million
Net leverage ratio improves to 3.1x at quarter-end
Full Year Fiscal 2025 Financial Summary
Net revenues of $2,798.2 million, a decrease of 5.9% from Fiscal 2024
Gross profit of $365.1 million, representing 13.0% gross margin
Net income of $25.7 million, or $0.91 per diluted share; adjusted earnings per diluted share of $1.67
Adjusted EBITDA of $121.9 million, representing 4.4% adjusted EBITDA margin
Net cash flow from operations of $128.9 million
CEO Commentary
"I am proud of our team's efforts in delivering solid overall results in the fourth quarter, especially given the challenging operating environment," said Michael Happe, President and Chief Executive Officer of Winnebago Industries. "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."
"While industry conditions continue to reflect higher competitive discounts and allowances, we remain disciplined in how we manage production schedules and inventory levels," Happe said. "Our focus on aligning our shipments with retail demand has positioned us well to support our dealer partners, maintain inventory health, and keep our brands strong in the eyes of consumers.
"We were delighted with the enthusiasm at September's RV Open House, where we debuted a range of exciting new products across our three RV brands. We also showcased the tremendous progress being made via the refreshed Winnebago-branded RV lineup and the ongoing rollout of our Grand Design motorized strategy. The positive feedback from our dealers and the interest in our newest models showcase the hard work our product teams are putting into innovating for today's outdoor recreation customers."
Fourth Quarter Fiscal 2025 Results
Net revenues were $777.3 million, an increase of 7.8% compared to $720.9 million in the fourth quarter of Fiscal 2024, primarily due to favorable product mix and targeted price increases, partially offset by higher discounts and allowances.
Gross profit was $99.2 million, an increase of 5.2% compared to $94.2 million in the fourth quarter of Fiscal 2024. Gross profit margin decreased 30 basis points in the quarter to 12.8%, primarily due to costs associated with the transformation of the Winnebago-branded businesses, partially offset by targeted price increases.
Operating expenses were $79.1 million, a decrease of 29.5% compared to $112.0 million in the fourth quarter of Fiscal 2024, primarily due to prior year goodwill impairment and cost reduction initiatives in Fiscal 2025, which more than offset Winnebago Industries' investments in its Grand Design motorhome business. As a percentage of net revenues, selling, general, and administrative expenses decreased by 100 basis points to 9.5% in the fourth quarter of Fiscal 2025 from 10.5% of net revenues in the fourth quarter of Fiscal 2024.
Operating income was $20.1 million compared to an operating loss of $17.8 million in the fourth quarter of Fiscal 2024, which included a previously disclosed $30.3 million goodwill impairment charge.
Net income was $13.7 million, compared to a net loss of $29.1 million in the fourth quarter of Fiscal 2024. Reported net income per diluted share was $0.49, compared to a reported net loss per diluted share of $1.01 in the fourth quarter of Fiscal 2024. Adjusted earnings per diluted share was $0.71, an increase of 153.6% compared to adjusted earnings per diluted share of $0.28 in the fourth quarter of Fiscal 2024.
Consolidated Adjusted EBITDA was $38.2 million, an increase of 33.1%, compared to $28.7 million in the fourth quarter of Fiscal 2024.
Full Year Fiscal 2025 Results
Net revenues were $2.8 billion, a decrease of 5.9% compared to $3.0 billion in Fiscal 2024, primarily due to a reduction in average selling price per unit related to product mix and lower unit volume, partially offset by targeted price increases.
Gross profit was $365.1 million, a decrease of 15.8% compared to $433.5 million in Fiscal 2024. Gross profit margin decreased 160 basis points year-over-year to 13.0% primarily due to deleverage and slightly higher warranty experience.
Operating expenses were $307.9 million, compared to $333.3 million in Fiscal 2024. The decrease was primarily due to the prior year goodwill impairment and cost reduction initiatives in the current year, partially offset by investments to support the growth of the Grand Design motorhome and Barletta marine businesses.
Operating income was $57.2 million, a decrease of 42.9% compared to $100.2 million in Fiscal 2024.
Net income was $25.7 million, compared to net income of $13.0 million in Fiscal 2024. Reported earnings per diluted share was $0.91, an increase of 106.8% compared to reported earnings per diluted share of $0.44 in Fiscal 2024. Adjusted earnings per diluted share was $1.67, a decrease of 50.9% compared to adjusted earnings per diluted share of $3.40 in Fiscal 2024.
Consolidated Adjusted EBITDA was $121.9 million, a decrease of 36.0%, compared to $190.6 million in Fiscal 2024.
Fourth Quarter and Fiscal 2025 Segments Summary
Towable RV
Three Months Ended
($, in millions)
August 30, 2025
August 31, 2024
Change(1)
Net revenues
$
306.3
$
317.0
(3.4)
%
Operating income
$
21.4
$
15.5
38.3
%
Operating income margin
7.0
%
4.9
%
210 bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
Net revenues decreased primarily due to a shift in product mix towards lower price-point models and lower unit volume, partially offset by targeted price increases.
Operating income margin increased primarily due to targeted price increases and transformation efforts resulting in operating efficiencies in the Winnebago towables business, partially offset by higher warranty experience and deleverage.
Year Ended
($, in millions)
August 30, 2025
August 31, 2024
Change(1)
Net revenues
$
1,220.2
$
1,318.8
(7.5)
%
Operating income
$
72.7
$
103.1
(29.5)
%
Operating income margin
6.0
%
7.8
%
(180) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by targeted price increases.
Operating income margin decreased primarily due to deleverage, including that associated with product mix, and higher warranty experience.
Motorhome RV
Three Months Ended
($, in millions)
August 30, 2025
August 31, 2024
Change(1)
Net revenues
$
361.2
$
308.0
17.3
%
Operating income
$
(0.3)
$
6.9
NM
Operating income margin
(0.1)
%
2.2
%
(230) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.
Net revenues increased primarily due to higher unit volume and favorable product mix, partially offset by higher discounts and allowances.
Operating income margin decreased primarily due to costs associated with the transformation of the Winnebago motorhome business and higher discounts and allowances, partially offset by leverage and lower warranty expense.
Year Ended
($, in millions)
August 30, 2025
August 31, 2024
Change(1)
Net revenues
$
1,159.7
$
1,279.8
(9.4)
%
Operating income
$
(7.3)
$
52.9
NM
Operating income margin
(0.6)
%
4.1
%
(470) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.
Net revenues decreased primarily due to lower unit volume and higher discounts and allowances related to the Winnebago motorhome business, partially offset by the introduction of the Grand Design motorhome business and product mix.
Operating income margin decreased primarily due to higher discounts and allowances and volume deleverage associated with the Winnebago motorhome business.
Marine
Three Months Ended
($, in millions)
August 30, 2025
August 31, 2024
Change(1)
Net revenues
$
94.9
$
80.5
17.9
%
Operating income
$
6.7
$
(27.1)
NM
Operating income margin
7.1
%
(33.7)
%
4,080 bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.
Net revenues increased primarily due to higher unit volume and targeted price increases.
Operating income margin increased primarily due to prior year goodwill impairment, leverage, and targeted price increases.
Year Ended
($, in millions)
August 30, 2025
August 31, 2024
Change(1)
Net revenues
$
367.8
$
325.5
13.0
%
Operating income
$
27.7
$
(13.5)
NM
Operating income margin
7.5
%
(4.2)
%
1,170 bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.
Net revenues increased primarily due to higher unit volume and targeted price increases, partially offset by product mix.
Operating income margin increased due to prior year goodwill impairment, targeted price increases, and volume leverage.
Balance Sheet and Cash FlowAt the end of the fourth quarter of Fiscal 2025, cash and cash equivalents totaled $174.0 million compared to $10.5 million at the end of the Fiscal 2025 third quarter and $330.9 million at the end of Fiscal 2024. Total outstanding debt was $540.5 million, which included $550.0 million of debt, net of issuance costs of $9.5 million. Working capital improved to $465.1 million, reflecting disciplined balance sheet management and stronger operating efficiency. Cash flow provided by operations was $181.4 million in the Fiscal 2025 fourth quarter. The Company's net leverage ratio improved to 3.1x at the end of the Fiscal 2025 fourth quarter compared to 4.8x at the end of the Fiscal 2025 third quarter.
Quarterly Cash Dividend and Share RepurchasesOn August 14, 2025, the Company's Board of Directors approved a 3% increase in the quarterly cash dividend of $0.35 per share. The dividend was paid on September 24, 2025, to common stockholders of record at the close of business on September 10, 2025.
Business Outlook and Financial GuidanceFor calendar year 2025, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 320,000 to 340,000 units. For calendar year 2026, the Company anticipates total North American RV wholesale shipments in the range of 315,000 to 345,000 units. Based on this outlook and the current business environment, the Company expects Fiscal 2026 consolidated net revenues in the range of $2.75 billion to $2.95 billion, reported earnings per diluted share of $1.25 to $1.95(2) and adjusted earnings per diluted share of $2.00 to $2.70(2). The Company's outlook takes into account prevailing trends in the RV sector, including the current tariff structure and rates, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.
"Winnebago Industries enters fiscal 2026 from a position of strength, driven by robust new product momentum, disciplined inventory management, and a clear pathway for driving profitable revenue across the portfolio," Happe said. "Although a full return to mid-cycle demand across the industry will take time, we are confident that the decisive actions underway will strengthen margins, enhance operational efficiency, and create long-term value for our shareholders."
Q4 FY 2025 Conference CallWinnebago Industries, Inc. will discuss fourth quarter and full year Fiscal 2025 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.
About Winnebago IndustriesWinnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota, and Florida. The Company's common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
ContactsInvestors: Ray Posadas
Media: Dan
Winnebago Industries, Inc.Footnotes to News Release
Footnotes:
(1) Source: Statistical Surveys Inc. for the trailing 12 months ended 8/31/2025 and 8/31/2024.
(2) Fiscal 2026 adjusted EPS guidance excludes the pretax impact of intangible amortization of approximately $22 million.
Winnebago Industries, Inc.Condensed Consolidated Statements of Income(Unaudited and subject to reclassification)
Three Months Ended
(in millions, except percent and per share data)
August 30, 2025
August 31, 2024
Net revenues
$
777.3
100.0
%
$
720.9
100.0
%
Cost of goods sold
678.1
87.2
%
626.7
86.9
%
Gross profit
99.2
12.8
%
94.2
13.1
%
Selling, general, and administrative expenses
73.7
9.5
%
75.6
10.5
%
Amortization
5.4
0.7
%
6.1
0.8
%
Goodwill impairment
—
—
%
30.3
4.2
%
Total operating expenses
79.1
10.2
%
112.0
15.6
%
Operating income (loss)
20.1
2.6
%
(17.8
)
(2.5)
%
Interest expense, net
6.6
0.8
%
5.9
0.8
%
Non-operating loss
0.2
0.1
%
2.2
0.3
%
Income (loss) before income taxes
13.3
1.7
%
(25.9
)
(3.6)
%
Income tax (benefit) provision
(0.4
)
(0.1)
%
3.2
0.4
%
Net income (loss)
$
13.7
1.8
%
$
(29.1
)
(4.0)
%
Earnings (loss) per common share:
Basic
$
0.49
$
(1.01
)
Diluted
$
0.49
$
(1.01
)
Weighted average common shares outstanding:
Basic
28.0
28.8
Diluted
28.2
28.8
Year Ended
(in millions, except percent and per share data)
August 30, 2025
August 31, 2024
Net revenues
$
2,798.2
100.0
%
$
2,973.5
100.0
%
Cost of goods sold
2,433.1
87.0
%
2,540.0
85.4
%
Gross profit
365.1
13.0
%
433.5
14.6
%
Selling, general, and administrative expenses
285.8
10.2
%
280.0
9.4
%
Amortization
22.1
0.8
%
23.0
0.8
%
Goodwill impairment
—
—
%
30.3
1.0
%
Total operating expenses
307.9
11.0
%
333.3
11.2
%
Operating income
57.2
2.0
%
100.2
3.4
%
Interest expense, net
25.9
0.9
%
21.1
0.7
%
Loss on note repurchase
2.0
0.1
%
32.7
1.1
%
Non-operating (income) loss
(0.8
)
(0.1)
%
8.0
0.3
%
Income before income taxes
30.1
1.1
%
38.4
1.3
%
Income tax provision
4.4
0.2
%
25.4
