June 3, 2026

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Thor Industries, Inc. (NYSE: THO) reported fiscal third-quarter 2026 results with lower sales, weaker margins, and reduced full-year EPS guidance as macroeconomic pressure continued to weigh on RV demand.
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Thor Industries is an RV manufacturer with brands across North American towable RVs, motorized RVs, European RVs, and related supplier businesses.
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The company reported EPS of $1.86, below estimates of $1.88, representing a negative 1.1% earnings surprise. Revenue came in at $2.78 billion, above estimates of $2.64 billion, but revenue declined 3.9%.

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Results Hurt by RV Demand and Cost Pressure

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Thor reported net sales of $2.78 billion, down from $2.89 billion in the prior-year quarter. Gross profit declined 19.9% to $354.8 million, while gross margin fell to 12.8% from 15.3%. Net income attributable to Thor dropped 28.1% to $97.2 million, and diluted EPS fell 26.5% to $1.86.
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Adjusted EBITDA declined 28.0% to $183.6 million. Management said North American Towable results were pressured by strained consumer sentiment, lower volumes, tariffs, inflation, and higher material costs. North American Motorized and European results were more resilient, with Motorized net sales up 7.7% and European net sales up 3.6% on a constant currency basis.
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Thor also repurchased $50.5 million of shares during the quarter and paid $27.1 million in dividends, using capital returns while the stock was under pressure. The company said its North American RV realignment is underway, with efforts focused on improving efficiency, margin performance, and positioning the business for a recovery in retail conditions.

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Guidance Cut

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Thor kept its fiscal 2026 net sales outlook unchanged at $9.0 billion to $9.5 billion.
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The company lowered its full-year diluted EPS guidance to $3.30 to $3.80, down from its prior range of $3.75 to $4.25. Management cited prolonged macroeconomic headwinds, weaker consumer confidence, tariff pressure, inflationary costs, and a subdued RV retail environment.

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The Bigger Picture

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Thor’s quarter showed that RV demand remains under pressure.
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Revenue beat expectations, but the earnings miss, margin decline, lower adjusted EBITDA, and reduced EPS guidance likely mattered more to investors. The company’s Motorized and European segments showed resilience, but North American Towable weakness remains the main drag.
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