Recreational vehicle maker Thor Industries, Inc. (NYSE:THO) reported fiscal third-quarter 2026 results on Wednesday, posting earnings below Wall Street expectations while revenue topped estimates.

Thor Industries Misses Earnings Estimates Despite Revenue Beat

The company reported earnings of $1.86 per share, missing analysts’ consensus estimate of $1.98 per share. Revenue declined 3.9% year over year to $2.78 billion but exceeded expectations of $2.65 billion.

Gross profit fell 19.9% from a year earlier to $354.8 million. Gross margin contracted 250 basis points to 12.8%. Adjusted EBITDA fell 28% year over year to $183.6 million.

Thor ended the quarter with $371.9 million in cash and cash equivalents.

Towable RV Weakness Weighs On Results

North American Towable RV net sales fell 24.6% year over year as unit shipments declined 25%, reflecting weak retail demand and cautious ordering by independent dealers. The segment’s backlog stood at $386 million as of April 30, 2026.

Gross margin for the segment declined 470 basis points due to lower volumes, ...