WGO
Winnebago Industries, Inc.40.04
+0.54+1.37%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q1 '26
Controllables reaffirmed; no upgrade cycle.
Q&A reinforced prepared optimism on controllables driving raised FY26 guidance, with no major walk-backs but added color on execution amid soft retail. Management flagged no upgrade cycle yet, despite positioning across affordability tiers, while claiming retail dollar share gains. Grand Design Motorized exceeded $100M revenue goal, hitting top-three retail spots for new models like Lineage Series F/M. Selective pricing and supplier tariff-sharing underpin margin work; inventory eyes 2x turns. Operational consolidation at Winnebago Motorhomes still ramping. No upgrade cycle emerging. Investors will eye January retail shows for demand clues.
Key Stats
Market Cap
1.13BP/E (TTM)
44.00Basic EPS (TTM)
0.91Dividend Yield
0.03%Recent Filings
8-K
Redeems $100M notes
8-K
Q1 revenues up 12.3%
Winnebago Industries posted Q1 FY2026 net revenues of $702.7M, up 12.3% from $625.6M last year, with gross margin expanding to 12.7% and net income of $5.5M versus a prior loss. Both Towable RV and Motorhome segments surged, while Marine held steady; operations generated $25.4M cash flow. Balance sheet strengthened. Raised FY2026 revenue guidance to $2.8B-$3.0B. Guidance reflects tempered retail demand.
10-Q
Q1 FY2026 results
Winnebago Industries swung to $702.7M revenue in Q1 FY2026 ended November 29, 2025, up 12.3% y/y from $625.6M, with gross margin lifting to 12.7% from 12.3% on volume leverage despite higher warranty costs. Operating income flipped to $13.8M from a $0.9M loss, while net income hit $5.5M or $0.19 diluted EPS (28.3M shares), reversing a $5.2M loss; net trails operating due to $5.5M interest expense. Towable RV (42% of sales) and Motorhome RV (44%) drove gains, with Marine steady at $92.5M. Cash swelled to $181.7M, operations generated $25.4M (FCF $19.8M derived), against $541M debt (no revolver draw, covenants met). Dealer inventory risks loom large.
8-K
Shareholders approve equity plans
Winnebago shareholders approved director elections, executive pay, and auditor ratification at the December 16, 2025 annual meeting. They boosted the 2019 Omnibus Incentive Plan by 820,000 shares and the Employee Stock Purchase Plan by 200,000 shares. Plans extended. Strong support signals alignment.
10-K
FY2025 results
Winnebago Industries wrapped FY2025 with net revenues of $2.8B, down 5.9% y/y from $3.0B, as unit volumes fell across RV segments amid cautious dealer stocking and softer demand, though marine sales rose 13% to $368M on higher volumes. Towable RV revenues dipped 7.5% to $1.2B with a 2.7% unit decline, while motorhome RV dropped 9.4% to $1.2B on 15% fewer units despite ASP gains; Q4 trends showed sequential stabilization but persistent pressure in Winnebago motorhomes. Gross margins compressed to 13.0% from 14.6% due to deleverage and warranty costs, yielding operating income of $57M (down 42.9%) and net income of $26M ($0.91 diluted EPS). Cash from operations fell to $129M, supporting $50M in buybacks and a $0.35/share dividend; liquidity remains solid with $174M cash and no ABL draws. Yet dealer consolidation risks could further crimp quarterly momentum.
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