WGO earnings analysis
What we found in WGO'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
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 $0.51 from $0.62, indicating continued pressure on margins and profitability within its segments, particularly in Towable RVs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q3 revenue fell to $698.7M, down 9.9% from $775.1M a year ago.
- EPS Misses Estimates
- Diluted EPS of $0.51 was $0.11 lower than the expected $0.62.
- Operating Margin Weakness
- Operating income decreased to $23.0M, a 23.9% drop from $30.2M last year.
- Segment Performance Variance
- Motorhome RV segment revenue increased 10.1% to $320.7M, contrasting with a 26.1% decline in Towable RVs.
- Cost Reduction Initiatives
- SG&A expenses reduced by 5.4% year-over-year to $66.5M.
- Cash Provided by Operations
- Operating cash flow improved to $26.2M from a $52.5M outflow in the prior year.
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.
- Lower Consumer Demand
- Management cites macroeconomic factors reducing demand for large discretionary products including RVs.
- Increased Input Costs
- Persistent inflation and higher costs may continue to pressure margins and operating income.
- Dealer Inventory Management
- Cautions regarding cautious dealer ordering and stocking levels impacting future unit sales.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.51
- Gross margin
- 13.6%
- Operating margin
- 3.3%
- Segment
- Towable RV
- Segment
- Motorhome RV
- Segment
- Marine
What they said about what is next.
Outlook on revenue and EPS to be evaluated in future updates due to current economic conditions.
The filing reads worse than the one before it.
What came before.
- 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;…
- 10-Q · June 20, 2024
- Winnebago reported Q3 net revenues of $786.0M (down from $900.8M a year ago) and diluted EPS of $0.96 (down from $1.71 a year ago), driven by weaker Motorhome and Marine results offset partially by stable Towable RV.…
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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