10-K · February 19, 2026
Patrick Industries positions itself as a scaled component supplier to RV, marine, powersports, manufactured housing and industrial markets with a two-segment model (Manufacturing and Distribution) and continued…
Earnings analysis · 10-Q
PATK earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Patrick Industries, Inc. reported Q1 2026 results with revenue of $997.2 million, slightly below estimates of $1.003 billion. However, EPS exceeded expectations, coming in at $1.10 compared to an estimated $1.07.…
Read full summary
Patrick Industries, Inc. reported Q1 2026 results with revenue of $997.2 million, slightly below estimates of $1.003 billion. However, EPS exceeded expectations, coming in at $1.10 compared to an estimated $1.07. Segment results showed growth in the powersports and marine segments, while the RV and manufactured housing segments declined. Management highlighted challenges in the RV market but maintained a stable outlook for liquidity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.1
- Segment
- RV
- Segment
- Marine
- Segment
- Powersports
- Segment
- MH
- Segment
- Industrial
What stood out
-
EPS Exceeds Estimates
EPS came in at $1.10, beating estimates of $1.07, a positive surprise of 2.8%.
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Revenue Slightly Missed Estimates
Revenue was reported at $997.2 million, missing the estimate of $1.003 billion by $6.25 million.
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Strong Growth in Powersports
Sales to the powersports market increased by 28%, translating to an increase of $22.7 million compared to the prior year.
-
Marine Segment Growth
Sales to the marine industry increased by 14%, which equals a revenue increase of $20.8 million compared to the prior year.
-
Operating Profit Remains Stable
Operating income was stable at $64.7 million, with an operating margin consistent at 6.5%.
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Income Tax Expense Reduced
Income tax expense decreased to $6.9 million from $8.2 million, reflecting a lower effective tax rate of 14.8%.
What to watch
-
RV Market Decline Continues
Sales to the RV market declined by 7%, resulting in a decrease of $32.4 million compared to the previous year.
-
Manufactured Housing Sales Drop
Sales to the manufactured housing (MH) market decreased by 11%, a decline amounting to $18.7 million compared to the previous period.
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Operational Cash Flow Deterioration
Net cash used in operating activities was $14 million, a decline from $40.1 million provided in the prior year.
Management's outlook
No specific forward guidance provided.
Earlier filings 4
10-Q · November 6, 2025
Patrick Industries reported Q3 net sales of $975,631,000 (Q3 2024: $919,444,000), beating consensus and driving a $220,964,000 gross profit. Diluted EPS was $1.01 (Q3 2024: $1.20) and operating income declined to…
10-Q · August 7, 2025
Patrick Industries reported Q2 revenue of $1,047,554,000, up $30.9M (+3.0%) versus Q2 2024, with gross profit rising to $250,632,000 (gross margin ~23.9%). Net income and diluted EPS declined: net income fell to…
10-Q · May 8, 2025
Patrick Industries reported first-quarter net sales of $1,003,420,000, up $69,928,000 (≈7.5%) versus Q1 2024, with gross profit rising to $228,591,000 and diluted EPS of $1.11 (vs. $1.06). Operating income increased to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.