Winnebago Industries reported financial results for the company’s fourth quarter and full year fiscal 2026.
Fourth Quarter Fiscal 2026 Financial Summary
- Net revenues of $645.1 million compared to $777.3 million in the fourth quarter of fiscal 2025
- Gross profit of $80.7 million, representing 12.5% gross margin, compared to $99.2 million, representing 12.8% gross margin in the fourth quarter of fiscal 2025
- Net income of $9.7 million, or $0.34 per diluted share; adjusted earnings per diluted share of $0.49 compared to $0.71 in the fourth quarter of fiscal 2025
- Adjusted EBITDA of $32.6 million, representing 5.1% adjusted EBITDA margin
- Net cash flow from operations of $142.5 million
- Net leverage ratio improved to 2.2x at quarter end
Full Year Fiscal 2026 Financial Summary
- Net revenues of $2,703.9 million compared to $2,798.2 million in fiscal 2025
- Gross profit of $350.2 million, representing 13.0% gross margin, compared to $365.1 million, representing 13.0% gross margin in fiscal 2025
- Net income of $34.5 million, or $1.21 per diluted share; adjusted earnings per diluted share of $1.79 compared to $1.67 in fiscal 2025
- Adjusted EBITDA of $125.0 million, representing 4.6% adjusted EBITDA margin
- Net cash flow from operations of $168.7 million
CEO Commentary
“Fiscal 2026 highlighted the resilience of our portfolio and the disciplined execution of our teams in a persistently challenging retail environment,” said President and Chief Executive Officer Michael Happe. “By maintaining focus on the factors within our control, including product innovation, operational improvements and deliberate production and inventory management, we continued to strengthen our brands and position the portfolio for long-term growth.
“Even as market pressure across our segments persisted, we began to see encouraging early signs across several strategic initiatives: real traction in the Winnebago Motorhome transformation, stabilizing share trends and improving market share at Grand Design Towables, growing market penetration for Grand Design Motorized and impressive share growth at Winnebago Towables,” Happe said. “We took actions to rationalize capacity, drive operational efficiency and better align our manufacturing footprint with market demand. These initiatives remain at different stages of development, and we expect their financial contribution to build gradually, with greater value accruing in future years. Together with the strong continued growth of Barletta’s market presence in pontoons and our growing portable power offerings, this progress reinforces our confidence in the long-term earnings potential of our portfolio.
“At multiple retail, trade and dealer meeting events in September, we demonstrated the breadth of our portfolio with new offerings across brands, product categories and price points. Dealer feedback was encouraging and reinforced that the investments we’ve made around both innovation and affordability are well aligned with evolving consumer preferences, positioning us to capitalize on opportunities within our control while continuing to elevate the ownership experience.”
Fourth Quarter Fiscal 2026 Results
Net revenues were $645.1 million, a decrease of 17% compared to $777.3 million in the fourth quarter of fiscal 2025, primarily due to lower unit volume and product mix, partially offset by selective price adjustments.
Gross profit was $80.7 million, a decrease of 18.6% compared to $99.2 million in the fourth quarter of fiscal 2025. Gross profit margin decreased 30 basis points in the quarter to 12.5%, primarily due to volume deleverage, partially offset by operational efficiencies from Motorhome segment transformation initiatives.
Operating expenses were $63.1 million, a decrease of 20.1% compared to $79.1 million in the fourth quarter of fiscal 2025, primarily due to cost reduction initiatives.
Operating income was $17.6 million, a decrease of 12.3% compared to $20.1 million in the fourth quarter of fiscal 2025.
Net income was $9.7 million, compared to $13.7 million in the fourth quarter of fiscal 2025. Reported earnings per diluted share was $0.34, compared to a reported earnings per diluted share of $0.49 in the fourth quarter of fiscal 2025. Adjusted earnings per diluted share was $0.49, a decrease of 31.0% compared to adjusted earnings per diluted share of $0.71 in the fourth quarter of fiscal 2025.
Consolidated Adjusted EBITDA was $32.6 million, a decrease of 14.7%, compared to $38.2 million in the fourth quarter of fiscal 2025.
Full Year Fiscal 2026 Results
Net revenues were $2.7 billion, a decrease of 3.4% compared to $2.8 billion in fiscal 2025, primarily due to lower unit volume, partially offset by selective price adjustments and product mix.
Gross profit was $350.2 million, a decrease of 4.1% compared to $365.1 million in fiscal 2025. Gross profit margin remained consistent year-over-year at 13.0% as volume deleverage was largely offset by selective price adjustments.
Operating expenses were $284.0 million, compared to $307.9 million in fiscal 2025. Operating expenses decreased primarily due to cost reduction initiatives, partially offset by costs to support the growth of the Grand Design Motorhome business.
Operating income was $66.2 million, an increase of 15.7% compared to $57.2 million in fiscal 2025.
Net income was $34.5 million, compared to $25.7 million in fiscal 2025. Reported earnings per diluted share was $1.21, an increase of 33.0% compared to reported earnings per diluted share of $0.91 in fiscal 2025. Adjusted earnings per diluted share was $1.79, an increase of 7.2% compared to adjusted earnings per diluted share of $1.67 in fiscal 2025.
Consolidated Adjusted EBITDA was $125.0 million, an increase of 2.5%, compared to $121.9 million in fiscal 2025.
Click here for the full release, including financial tables.
