THO THOR INDUSTRIES INC

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Executive Summary

THOR Industries reported fiscal Q3 2026 results significantly below expectations, with diluted EPS of $1.86 (down 26.5% YoY) missing the $1.94 consensus by 4.1%, and revenue of $2.78B missing the $2.65B consensus by 5.0%. The company lowered its full-year EPS guidance to $3.30-$3.80 from $3.75-$4.25, citing prolonged macroeconomic headwinds, tariff-driven cost pressures, and a mid-teens North American retail decline. The North American Towable segment was particularly weak, with net sales down 24.6% YoY and gross margin contracting 470bps to 10.2%.

Key Financial Metrics

Actionable Insight

Key Facts

• Q3 FY2026 diluted EPS of $1.86, down 26.5% YoY from $2.53, missing consensus of $1.94
• Q3 revenue of $2.78B, down 3.9% YoY from $2.89B, missing consensus of $2.65B
• Full-year FY2026 EPS guidance lowered to $3.30-$3.80 from $3.75-$4.25
• Gross margin declined 250bps YoY to 12.8%, with guidance revised to 'declining at midpoint' from 'stable'
• North American Towable segment net sales fell 24.6% YoY; gross margin contracted 470bps to 10.2%
• North American retail assumption worsened to mid-teens decline from low- to mid-single-digit decline
• Adjusted EBITDA fell 28.0% YoY to $183.6M
• Company repurchased $50.5M in shares during the quarter

Financial Impact

EPS miss of ~4.1% vs consensus; revenue miss of ~5.0% vs consensus; full-year EPS guidance cut by $0.45 at midpoint ($3.55 vs $4.00 previously)

Risk Factors

• Prolonged macroeconomic headwinds and low consumer confidence weighing on RV retail demand
• Tariff and inflationary cost pressures compressing margins, especially in Towable segment
• Further downside to FY2026 guidance if retail environment deteriorates more than assumed mid-teens decline
• European segment margin pressure from price-aggressive market and restructuring costs

Market Snapshot

Documents Analyzed

This report is based on 8 SEC documents filed with EDGAR.

US Market Status

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