Winnebago Industries reported financial results for the Fiscal 2026 second quarter ended Feb. 28.
Second Quarter Fiscal 2026 Financial Summary
- Net revenues of $657.4 million compared to $620.2 million in the second quarter of Fiscal 2025
- Gross profit of $85.6 million, representing 13.0% gross margin, compared to $83.1 million in the second quarter of Fiscal 2025
- Net income of $4.8 million, or $0.17 per diluted share; adjusted earnings per diluted share of $0.27 compared to adjusted earnings per diluted share of $0.19 in the second quarter of Fiscal 2025
- Adjusted EBITDA of $24.4 million, up 7.0% year-over-year
CEO Commentary
“Our team delivered a solid quarter and executed with diligence in a challenging market,” said Michael Happe, the company’s president and chief executive officer. “Dealers remain focused on profitable cash flow and disciplined inventory, and we are managing the business with that sentiment in mind. While seasonal factors and unfavorable winter weather tempered retail activity during the quarter, several segments still showed signs of resilience. As we move through Fiscal 2026, we continue to prioritize operational execution and strengthening the fundamentals of the business. Our premium branded diversified portfolio continues to help navigate variability across categories, and we are executing each business with a clear focus on prudent inventory management, product innovation, profitability and cash flow.
“Consistent with our capital allocation framework, we took proactive steps during the quarter to improve our capital structure, redeeming $100 million of our outstanding Senior Secured Notes, demonstrating our commitment to further strengthening our balance sheet.
“As we move beyond the winter selling season into the seasonally stronger spring and summer months, new products and cost management actions implemented this year are expected to support our performance anticipated in the second half. We believe this approach positions the business for healthier, more resilient growth in the future. Our outlook reflects that measured view. However, it remains subject to recent macro events and the duration and severity of their potential effects, including impacts on commodity prices and other factors that could influence consumer sentiment and demand,” Happe said.
Second Quarter Fiscal 2026 Results
Net revenues were $657.4 million, an increase of 6.0% compared to $620.2 million in the second quarter of Fiscal 2025, driven primarily by selective price adjustments and product mix, partially offset by lower unit volume.
Gross profit was $85.6 million, an increase of 2.9% compared to $83.1 million in the second quarter of Fiscal 2025. Gross profit margin decreased 40 basis points in the quarter to 13.0%, primarily as a result of product mix, partially offset by selective price adjustments.
Selling, general and administrative expenses decreased 1.9% to $68.4 million from $69.7 million in the second quarter of Fiscal 2025, primarily driven by cost reduction initiatives.
Operating income improved 50.7% to $11.8 million from $7.8 million in the second quarter of Fiscal 2025.
Net income was $4.8 million, or $0.17 per diluted share, compared to net loss of $0.4 million, or $0.02 per diluted share in the second quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.27, an increase of 42.1%, compared to adjusted earnings per diluted share of $0.19 in the second quarter of Fiscal 2025.
Consolidated Adjusted EBITDA was $24.4 million, an increase of 7.0%, compared to $22.8 million in the second quarter of Fiscal 2025.
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