Thor Industries, Inc. (THO)

THOR Industries, the world's largest maker of recreational vehicles, reported net sales of $9.61 billion for the fiscal year ended 31 July 2026 1.

That was up 0.3 percent on the year before, but net income attributable to THOR was $177.5 million 12.

Gross profit, which is revenue minus the cost of making the vehicles, was 12.6 percent of sales, down from 14.0 percent 2.

Chief executive Bob Martin said earnings did not keep pace with sales because affordability worries and rising material costs pressed gross margins 1.

Fourth-quarter net sales were $2.31 billion 1. North American towable unit shipments fell 19.7 percent in the quarter, while European net sales rose 5.0 percent 1.

On 22 September THOR said it expects a "relatively flat retail environment" in fiscal 2027 and will give full guidance later this fall 1.

On 13 October the board raised the regular quarterly dividend 3.8 percent to $0.54 a share 4.

THOR was founded in 1980 and says it grew into the largest recreational vehicle maker in the world, through its own growth and through acquisitions 2.

THOR bought the luxury motorhome maker Tiffin Group on 18 December 2020 for $288.2 million in cash, net of cash acquired 7.

It bought the RV parts maker Airxcel on 1 September 2021 for $745.3 million, also net of cash acquired 7.

Net sales rose $4.0 billion, or 32.4 percent, in fiscal 2022, the peak of that stretch, on strong consumer demand, dealers restocking, price increases and the new acquisitions 7.

By 31 July 2022 dealers had restocked to normal levels for most towables, and the order backlog fell 54.8 percent to $6.0 billion 7.

Net sales fell 4.6 percent in fiscal 2025, which the company put down to weaker dealer and consumer demand in its motorized and European segments, partly offset by towables 8.

In fiscal 2025 and 2026 THOR ran restructuring across all its reportable segments to streamline operations and improve labor efficiency 2.

In the third quarter of fiscal 2025 it moved brands once built by Heartland into Jayco 2.

Fiscal 2026 sales were nearly flat, but gross profit fell $128.0 million, or 9.5 percent, mostly on a shift to lower-margin products and more material cost increases absorbed 2.

The company says it chose not to pass all tariff and material costs on, to keep vehicles affordable for buyers 2.

North American towables

Towables are trailers pulled by a car, truck or van, and THOR builds them under Keystone, Jayco, KZ and Airstream 2.

The segment sold $3.18 billion for the year, 33.1 percent of the company total, and shipped 95,045 units, down 20.7 percent 12.

Its gross margin was 11.2 percent, down from 13.1 percent a year earlier 1.

In the fourth quarter fifth wheel shipments fell 34.7 percent, which the company tied to a weak retail market and cautious dealer orders 1.

Stat Surveys put its share of US and Canadian retail sales at about 36.8 percent for the six months to 30 June 2026 2.

The 10-K names Forest River and Winnebago as its primary rivals in both North American segments 2.

Management says Keystone and Heartland lost share partly because it dropped brands that earned unacceptable gross margins 3.

North American motorhomes

A motorhome is a self-powered vehicle built on a truck or van chassis, and THOR sells them as Thor Motor Coach, Tiffin Motorhomes, Jayco's Entegra Coach and Airstream vans 2.

Motorized net sales were $2.46 billion, 25.6 percent of the total, with 19,288 units shipped, up 12.4 percent 12.

Gross margin for the year was 8.8 percent, and 5.3 percent in the fourth quarter, when sales fell and material, overhead and warranty costs took a larger share of each sale 1.

Stat Surveys put its share of motorhome retail sales at about 49.8 percent for the six months to 30 June 2026 2.

Class C motorhome unit sales rose 18.1 percent in fiscal 2026 3.

These vehicles ride on chassis from makers such as Ford, Freightliner and The Shyft Group, and THOR depends on a limited number of chassis suppliers 2.

Europe

In Europe THOR builds motorhomes, campervans and caravans through the Erwin Hymer Group, under brands such as Hymer, Dethleffs, Carado and Eriba 2.

European net sales were $3.30 billion, 34.3 percent of the total, on 45,623 units, up 2.7 percent 12.

Gross margin was 13.5 percent, down from 15.2 percent, and the segment booked $25.2 million of restructuring costs 1.

Its share of European retail sales for the six months to 30 June 2026 was about 27.0 percent for motorcaravans and campervans and 16.6 percent for caravans 2.

The 10-K names Trigano, Hobby/Fendt and Knaus Tabbert as its main European rivals 2.

Parts and supply

Airxcel makes RV parts under names such as Aqua-Hot, Dicor, Coleman-Mach and Suburban, and Postle makes aluminum extrusions 2.

The company says its owned suppliers keep adding content per unit, meaning more of their parts in each RV, despite the weak North American market 1.

Plants, people and dealers

THOR owned or leased about 23,022,000 square feet of plant and office space in 370 buildings, 157 of them in Indiana 2.

It employed about 19,500 full-time people worldwide on 31 July 2026, about 11,900 in the United States and 7,600 in Europe 2.

It sells mainly to independent dealers, about 2,000 locations in the US and Canada and about 1,100 in Europe 2.

One dealer, FreedomRoads, took about 13.0 percent of net sales in fiscal 2026, so its health matters to THOR 2.

Bob Martin is president and chief executive, Todd Woelfer is chief operating officer and Colleen Zuhl is chief financial officer 1.

On 10 September 2026 THOR named Ken Walters president of North American RV operations, to coordinate its North American brands as one group 5.

The company says most of its lawsuits come from state lemon laws, warranty claims and vehicle accidents 2.

It also says tariffs raised its component costs during the year 2.

The umbrella, in words

THOR is the sole owner of its operating companies, and the 10-K lists Airstream, Jayco, Keystone, KZ, Thor Motor Coach and Tiffin Motorhomes as its main North American makers 2.

Jayco includes Open Range, Heartland and Entegra Coach, and Keystone includes Dutchmen and CrossRoads 2.

Exhibit 21.1 names significant subsidiaries including Airxcel in Kansas, Tiffin Group in Indiana, Campendium in Delaware and Erwin Hymer Group SE in Germany 10.

On 1 July 2026 THOR took full ownership of TN-RP, which holds the Roadpass Digital travel business, after TechNexus resigned as manager 2.

The business now operates as a subsidiary of Airxcel 2.

Equity-method investments that count as variable interest entities were carried at $56.4 million on 31 July 2026, equal to the most THOR could lose on them 2.

THOR's proxy statement lists ACR Alpine Capital Research as the largest holder of its common stock at 11.2 percent, and BlackRock at 9.3 percent 9.

Life Cycle Investment Partners holds 7.9 percent and Kayne Anderson Rudnick 7.0 percent 9.

Co-founder Peter Orthwein is Chairman Emeritus, and Andrew Graves is Chairman of the Board 9.

THOR said on 22 September 2026 that it expects a relatively flat retail market in fiscal 2027 compared with fiscal 2026 1.

It held back fiscal 2027 guidance until it could gather dealer input at industry events, and says it will give guidance and cost-saving details later this fall 1.

Chief operating officer Todd Woelfer said the company expects its initiatives and restructuring to improve its earnings profile by more than $100 million a year once fully in place 1.

Management expects margin pressure to persist to a degree into fiscal 2027, particularly its first half, until the new North American operating model begins to pay off 3.

In towables it expects to hold and then modestly build market share in fiscal 2027, and to modestly grow motorized share 3.

THOR's current estimate of committed capital spending for fiscal 2027 is $175 million, about two-thirds in North America and one-third in Europe 2.

The company's North American order backlog on 31 July 2026 was $1.64 billion, up 7.5 percent 2.

The RV Industry Association's June 2026 forecast, which THOR cites, is about 314,000 North American wholesale units for calendar 2026, down 8.2 percent from 2025 2.

The board declared a quarterly dividend of $0.54 a share, payable on 10 November 2026 to holders of record on 27 October 4.

Shareholders vote at the virtual annual meeting on 16 December 2026 to elect directors, ratify the auditor and give an advisory vote on executive pay 9.