THO earnings analysis
What we found in THO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
THOR Industries reported Q3 2026 revenue of $2.78 billion, down 3.9% year-over-year, with gross margin declining to 12.8% and operating margin at 4.8%. EPS fell to 1.06, reflecting ongoing challenges in the North American Towable segment, while the European segment showed resilience with an 11.8% increase in revenue. Management highlighted inflationary pressures and fluctuating consumer demand as key headwinds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Performance
- Total revenue of $2.78 billion decreased 3.9% year-over-year from $2.89 billion.
- Gross and Operating Margins
- Gross margin declined to 12.8%, down from 15.3% a year ago; operating margin fell to 4.8%.
- Segment Growth in Europe
- European segment revenue rose 11.8% to $987.6 million, driven by strong demand for motorcaravans.
- EPS Results
- Diluted EPS of 1.06, compared to 1.37 in the prior year.
- Cash Position
- Cash and cash equivalents decreased to $371.9 million from $586.6 million as of July 31, 2025.
- Order Backlog Insight
- Total order backlog decreased 12.3% to $2.51 billion, notably down 24.1% in North American Towable.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreasing Towable Segment
- North American Towable revenue declined by 24.6% to $881.8 million, impacting overall financials.
- Inventory and Working Capital Challenges
- Inventory levels increased, putting pressure on working capital needs, which totaled $1.195 billion.
- Negative Free Cash Flow
- For 9M 2026, free cash flow was negative due to significant capital expenditures and rising inventory costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.06
- Gross margin
- 12.8%
- Operating margin
- 4.8%
- Segment
- North America
- Segment
- Europe
What they said about what is next.
Management cited ongoing inflationary pressures and shifting consumer demand affecting future performance.
The filing reads worse than the one before it.
What came before.
- 10-K · September 24, 2024
- THOR describes itself as the largest RV manufacturer in North America and a leading RV manufacturer in Europe, operating multiple well-known brands across three reportable segments. Fiscal 2024 revenue was $10,043,408…
- 10-Q · June 5, 2024
- THOR Industries reported Q3 net sales of $2,801,113 (thousands), down $127,707 or 4.4% versus the prior-year quarter, with consolidated gross margin improving slightly to 15.1% and diluted EPS of $2.13 (beat consensus).…
- 10-Q · March 6, 2024
- THOR reported consolidated net sales of $2,207,369,000 for the quarter ended January 31, 2024, down $139,266,000 or 5.9% versus the prior-year quarter. North American RV sales fell 17.0% to $1,301,392,000 while European…
- 10-K · September 25, 2023
- Thor Industries reports FY2023 net sales of $11,121,605 (reported in thousands) with a material year-over-year revenue decline from $16,312,525 in FY2022. The company emphasizes its market leadership in North America…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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