Patrick Industries Sees Net Sales Increase in Q4, Full-Year Financials

Patrick Industries, Inc. reported financial results for the fourth quarter and year ended Dec. 31, 2025.

Fourth Quarter and Full Year 2025 Highlights (compared to Fourth Quarter and Full Year 2024 unless otherwise noted)

• Net sales increased 9% to $924 million for the fourth quarter and increased 6% to $4 billion for the full year. The growth in net sales was primarily driven by organic content gains and acquisitions in our Outdoor Enthusiast markets.
• Operating income for the fourth quarter increased 45% to $57 million; operating margin was 6.2%. On a full-year basis, operating income increased 7% to $276 million; operating margin was 7.0%.
• Adjusted operating margin¹ for the fourth quarter increased 110 basis points to 6.3%. For the full year, adjusted operating margin¹was 7.0% compared to 7.2% in 2024.
• Net income increased 100% to $29 million for the fourth quarter, and for the full year, net income was $135 million compared to $138 million in 2024. Adjusted net income¹ increased 63% to $30 million for the fourth quarter and increased 5% to $154 million for the full year.
• Diluted earnings per share (EPS) for the fourth quarter and full year was $0.83 and $3.90, respectively. Adjusted diluted EPS¹increased 62% to $0.84 in the fourth quarter and increased 2% to $4.44 for the full year.

“Our resilient fourth quarter results were driven by our team’s continued execution on both organic and strategic growth initiatives as well as our disciplined operating execution and customer-first focus,” said Andy Nemeth, CEO. “We continued to gain new business and expand content, while advancing our full-solutions model and aftermarket platform through strategic acquisitions and ongoing investment in innovation and automation. Our strong balance sheet and consistent cash flow generation enabled us to reinvest in the business, pursue accretive acquisitions, and return capital to shareholders. As we look ahead, we remain focused on the partnership with our customers and delivering the most innovative, cost-effective solutions, leveraging our operating model, reinvesting our cash flows back into the business, and continued investment in the capabilities and people that differentiate Patrick and support our sustainable, long-term profitable growth.”

Fourth quarter net sales increased 9% to $924 million compared to $846 million in the fourth quarter of 2024. The improvement in net sales reflected higher revenue in each of the Company’s Outdoor Enthusiast end markets driven by market share gains and the contribution of acquisitions, partially offset by lower Housing revenue.

Operating income of $57 million increased $18 million, or 45%, compared to the fourth quarter of 2024. Operating margin increased 150 basis points to 6.2%. Adjusted operating margin¹ increased 110 basis points to 6.3% compared to the same period last year.

Net income was $29 million in the fourth quarter of 2025, an increase of 100% compared to the same period last year. Diluted earnings per share increased 98% to $0.83 compared to the prior year period. Adjusted net income¹ increased 63% to $30 million and adjusted diluted EPS¹ increased 62% to $0.84 per diluted share versus the prior year period. Adjusted diluted EPS¹ included the estimated dilutive impact of our convertible notes and related warrants of $0.06 per share in the fourth quarter compared to $0.02 in the prior year period. Adjusted EBITDA¹ for the fourth quarter increased 17% to $105 million and adjusted EBITDA margin¹ increased 80 basis points to 11.4% versus the same period last year.

Jeff Rodino, president, said, “Throughout the fourth quarter, OEMs and dealers in our Outdoor Enthusiast markets maintained disciplined production and inventory levels, positioning themselves well for any potential retail inflection in our markets. Our team’s close collaboration with customers through a busy model-year changeover season drove meaningful content growth and enabled us to outperform broader industry trends across each of our end markets. We completed five acquisitions in 2025, including two in the fourth quarter that reinforce and strengthen our marine electrical full-solutions platform.”

Fourth Quarter 2025 Revenue by Market Sector
(compared to Fourth Quarter 2024 unless otherwise noted)

RV (43% of Revenue)

• Revenue of $392 million increased 10% while wholesale RV industry unit shipments decreased 3%.
• Full-year content per wholesale RV unit increased 7% to $5,190. Compared to the trailing twelve-month period through the third quarter of 2025, content per wholesale RV unit increased 3%.

Marine (16% of Revenue)

• Revenue of $150 million increased 24% while estimated wholesale powerboat industry unit shipments decreased 1%.
• Full-year estimated content per wholesale powerboat unit increased 11% to $4,327. Compared to the trailing twelve-month period through the third quarter of 2025, content per wholesale powerboat unit increased 5%.

Powersports (12% of Revenue)

• Revenue of $109 million increased 39%, driven by the continued growth of Patrick’s attachment rates on premium utility vehicles and a recovery in utility vehicle wholesale unit shipments.