10-Q · June 25, 2026
Winnebago Industries reported a disappointing Q3 FY2026, with revenue of $698.7 million, falling short of estimates and down 9.9% from $775.1 million in Q3 FY2025. Diluted EPS decreased 17.7% year-over-year, dropping to…
Earnings analysis · 10-K
WGO earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
Winnebago’s Fiscal 2026 filing shows improving earnings quality, cash generation and leverage despite a 3.4% revenue decline, with the Motorhome RV segment offsetting substantial Towable RV weakness. The company retains…
Read full summary
Winnebago’s Fiscal 2026 filing shows improving earnings quality, cash generation and leverage despite a 3.4% revenue decline, with the Motorhome RV segment offsetting substantial Towable RV weakness. The company retains a differentiated multi-brand platform and is investing in batteries, digital capabilities and operational improvements, but demand remains sensitive to interest rates, consumer confidence and dealer inventory levels. Tariff uncertainty, concentrated dealer financing and planned facility closures temper the outlook, leaving the overall trajectory neutral.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $1.21
What stood out
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Profitability Improved Despite Lower Revenue
Fiscal 2026 revenue was $2,703.9 million, down from $2,798.2 million in Fiscal 2025 and $2,973.5 million in Fiscal 2024. Despite lower sales, operating income increased to $66.2 million from $57.2 million and $100.2 million, respectively, reflecting cost reductions and lower amortization.
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EPS Rebounded Over Three Years
Diluted EPS rose to $1.21 in Fiscal 2026 from $0.91 in Fiscal 2025 and $0.44 in Fiscal 2024. The improvement followed the absence of the $30.3 million goodwill impairment recorded in Fiscal 2024 and a $0.8 million Fiscal 2026 note-repurchase loss versus $32.7 million in Fiscal 2024.
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Cash Generation Strengthened
Operating cash flow increased to $168.7 million from $128.9 million in Fiscal 2025 and $143.9 million in Fiscal 2024. Calculated free cash flow was approximately $144.6 million in Fiscal 2026, based on $168.7 million of operating cash flow less $24.1 million of capital expenditures.
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Motorhome Turnaround Continued
Motorhome RV was the principal growth driver: revenue increased 8.4% to $1,257.5 million, unit deliveries rose 3.2% to 5,925, and operating income improved from a $7.3 million loss to $33.2 million. Class B and Class C deliveries increased 15.0% and 8.8%, respectively, partially offsetting a 26.3% decline in Class A units.
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Product and Platform Expansion
The company is emphasizing product innovation, product value, and adjacent growth opportunities, including advanced battery solutions that provide “house power” for RVs, boats, specialty vehicles and industrial applications. Management also plans to support organic growth through facility improvements, operational improvements, software and digital investments, with Fiscal 2027 capital expenditures expected at approximately $35.0 million to $45.0 million.
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Debt Reduction and Liquidity Improved
Capital allocation shifted toward debt reduction and liquidity: the company redeemed $100.0 million of Senior Secured Notes in Fiscal 2026, ended the year with $181.4 million of cash and no ABL borrowings, and extended its $350.0 million ABL facility maturity to August 20, 2031. It paid $39.9 million of dividends but made no programmatic share repurchases during the year.
What to watch
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Tariff and Trade-Policy Exposure
The filing describes a materially more uncertain tariff environment: after the Supreme Court struck down IEEPA tariffs in February 2026, tariffs were reimposed under alternative legal authority. The company sources affected materials, components and finished goods from China, Mexico and Canada, and states that tariffs have already increased cost of goods sold.
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Dealer Financing and Repurchase Risk
Dealer and credit-channel concentration could amplify a cyclical downturn. As of August 29, 2026, total contingent repurchase exposure was approximately $1,576.6 million, while one financial flooring institution held approximately 33% of outstanding financed dealer inventory dollars; a financing withdrawal or dealer defaults could pressure sales, cash flow and losses.
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Facility Consolidation Risk
The company plans to close the leased Elkhart, Indiana towable facility and the leased Nappanee, Indiana motorhome facility in Fiscal 2027 as part of manufacturing consolidation. Operations are already concentrated primarily in northern Iowa and northern Indiana, increasing exposure to disruption, transition costs and production inefficiencies during the consolidation.
Management's outlook
The 10-K does not provide annual revenue or EPS guidance. It does discuss anticipated Fiscal 2027 capital expenditures of approximately $35.0 million to $45.0 million; annual outlook was provided in the fourth-quarter earnings materials rather than this filing.
Earlier filings 4
10-Q · March 25, 2026
Winnebago reported revenue of $657.4M in Q2 (up $37.2M vs. prior-year quarter), driving higher gross profit ($85.6M) and a return to net income of $4.8M (diluted EPS $0.17). Motorhome RV was the primary growth driver…
10-Q · March 27, 2025
Winnebago reported quarterly net revenues of $620.2 million and a small net loss of $0.4 million (diluted loss per share $(0.02)) for the three months ended March 1, 2025. Gross margin was 13.4% and operating margin was…
10-Q · December 20, 2024
Winnebago reported Q1 net revenues of $625.6M, down from $763.0M a year ago, producing a gross profit of $76.8M and a consolidated operating loss of $0.9M. Adjusted EBITDA fell to $14.4M from $54.1M year-over-year;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.