Winnebago Industries reported financial results for the Fiscal 2026 first quarter ended Nov. 29.
First Quarter Fiscal 2026 Financial Summary
- Net revenues of $702.7 million compared to $625.6 million in the first quarter of Fiscal 2025
- Gross profit of $89.0 million, representing 12.7% gross margin compared to 12.3% in the first quarter of Fiscal 2025
- Net income of $5.5 million, or $0.19 per diluted share; adjusted earnings per diluted share of $0.38 compared to adjusted loss per diluted share of $0.03 in the first quarter of Fiscal 2025
- Adjusted EBITDA of $30.2 million, up 109.7% year over year
- Net cash flow from operations of $25.4 million compared to net cash flow used in operations of $16.7 million in the first quarter of Fiscal 2025
- Net leverage ratio improves to 2.7x at quarter-end from 3.1x at Fiscal 2025 year-end
CEO Commentary
“Winnebago Industries performed ahead of our expectations in the first quarter and demonstrated clear progress on our priorities,” said Michael Happe, the company’s president and chief executive officer. “Although the retail demand environment is dynamic and dealer order patterns remain highly seasonal, we delivered meaningful top-line growth and margin expansion in both our motorhome and towable RV segments. These results were driven primarily by new products, select pricing actions, production discipline, strong cost management and the benefit of a product portfolio that is increasingly aligned to where consumers are spending. We also strengthened our balance sheet, reinforcing the financial flexibility that supports our long-term ambitions.
“Our motorhome RV segment continued its momentum, propelled by the sustained appeal of our premium Newmar products and the growing presence of our Grand Design motorized offerings,” said Happe. “These brands are deepening our reach in both the luxury Class A and core Class C markets, and their performance in the quarter reflects the advantages of our focused innovation roadmap. Our towable RV segment also posted solid top-line growth and higher operating income margins, supported by a refreshed dual brand lineup that continues to resonate with consumers seeking high quality and thoughtful design. Together, these RV platforms demonstrate the power of our diversified approach and our ability to compete effectively across price bands and use cases.
“Our marine segment also performed well in the first quarter, with modest year-over-year revenue growth and healthy operating income margins as we navigate a softer market. Barletta continues to outperform the U.S. aluminum pontoon segment, achieving a 9.1% market share for the 12 months ended Oct. 31, up 30 basis points from the prior year. We continue to prioritize brand strength, operational efficiency and channel health, positioning our marine business to capitalize as conditions improve.
“Our continued commitment to financial discipline underscores the strength of Winnebago Industries,” Happe said. “In Q1, we generated positive operating cash flow, reflecting a meaningful increase over the prior year and continued to improve our net leverage position. Our capital allocation strategy remains focused on supporting profitable growth initiatives across the company while strengthening the balance sheet.”
First Quarter Fiscal 2026 Results
Net revenues were $702.7 million, an increase of 12.3% compared to $625.6 million in the first quarter of Fiscal 2025, driven primarily by higher unit volume and selective price increases.
Gross profit was $89.0 million, an increase of 15.9% compared to $76.8 million in the first quarter of Fiscal 2025. Gross profit margin increased 40 basis points in the quarter to 12.7%, primarily due to volume leverage, partially offset by higher warranty expense.
Operating expenses were $75.2 million, a decrease of 3.2% compared to $77.7 million in the first quarter of Fiscal 2025, primarily due to cost reduction initiatives, partially offset by costs to support the growth of the Grand Design motorhome business.
Operating income was $13.8 million compared to operating loss of $0.9 million in the first quarter of Fiscal 2025.
Net income was $5.5 million, compared to net loss of $5.2 million in the first quarter of Fiscal 2025. Reported net income per diluted share was $0.19, compared to reported net loss per diluted share of $0.18 in the first quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.38 compared to adjusted loss per diluted share of $0.03 in the first quarter of Fiscal 2025.
Consolidated Adjusted EBITDA was $30.2 million, an increase of 109.7%, compared to $14.4 million in the first quarter of Fiscal 2025.
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