THOR Industries reported fiscal Q4 2026 results with net sales of $2.31B (-8.4% YoY) and diluted EPS of $0.78 (-66.9% YoY), both significantly below consensus estimates of $0.93 EPS and $2.17B revenue. The miss was driven by severe margin compression across North American segments (Towable gross margin -280bps, Motorized -600bps) as the company absorbed material cost increases to protect retail price points amid a prolonged RV down cycle. Full-year FY2026 net sales of $9.61B exceeded the high end of guidance ($9.0-9.5B), but FY2026 diluted EPS of $3.38 was at the low end of the revised $3.30-3.80 range. Management deferred FY2027 guidance pending industry trade show insights, citing a 'relatively flat retail environment' and expecting cumulative strategic initiative benefits of >$100M annually once fully implemented.
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Executive Summary
THOR Industries reported fiscal Q4 2026 results with net sales of $2.31B (-8.4% YoY) and diluted EPS of $0.78 (-66.9% YoY), both significantly below consensus estimates of $0.93 EPS and $2.17B revenue. The miss was driven by severe margin compression across North American segments (Towable gross margin -280bps, Motorized -600bps) as the company absorbed material cost increases to protect retail price points amid a prolonged RV down cycle. Full-year FY2026 net sales of $9.61B exceeded the high end of guidance ($9.0-9.5B), but FY2026 diluted EPS of $3.38 was at the low end of the revised $3.30-3.80 range. Management deferred FY2027 guidance pending industry trade show insights, citing a 'relatively flat retail environment' and expecting cumulative strategic initiative benefits of >$100M annually once fully implemented.
Key Facts
- Q4 FY2026 net sales $2.31B vs $2.52B YoY (-8.4%), diluted EPS $0.78 vs $2.36 YoY (-66.9%)
- Consensus estimates were EPS $0.93 and revenue $2.17B — EPS miss of -16.1%, revenue beat of +6.5%
- North American Towable net sales -22.7% YoY, gross margin -280bps to 10.5%
- North American Motorized net sales -10.4% YoY, gross margin -600bps to 5.3% (segment operating loss of $5.2M)
- European segment net sales +5.0% YoY, gross margin -30bps to 15.3% — relative bright spot
- Full-year FY2026 net sales $9.61B (+0.3% YoY), diluted EPS $3.38 vs $4.84 YoY (-30.2%)
- FY2026 guidance revised downward in Q3: EPS $3.30-3.80 (from $3.75-4.25); net sales guidance $9.0-9.5B maintained and exceeded
- FY2027 guidance deferred pending Hershey and Elkhart trade show insights; expects 'relatively flat retail environment'
- Management expects >$100M annual earnings improvement from strategic initiatives once fully implemented
- Debt reduced $59.7M in FY2026; $115.1M in share repurchases ($34.3M in Q4); net leverage 0.7x
- North American dealer inventory of THO products declined to ~64,000 units (-12.7% YoY; healthy levels entering FY2027
Financial Impact
Q4 EPS of $0.78 vs consensus $0.93 consensus (-16.1% miss; revenue $2.31B vs $2.17B consensus (+6.5% beat). Full-year EPS $3.38 vs $4.84 YoY (-30.2% decline. Gross margin 12.4% vs 14.7% YoY (-230bps). Net income attributable to THOR $40.8M vs $125.7M YoY (-67.5%).
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000730263-26-000028 |
| Document: thoq4fy26-qa.htm | 0000730263-26-000028 |
| Document: tho-20260922.htm | 0000730263-26-000028 |
| Document: thoq4fy26-investorpresen.htm | 0000730263-26-000028 |
| Document: 0000730263-26-000028-index-headers.html | 0000730263-26-000028 |
| Document: 0000730263-26-000028-index.html | 0000730263-26-000028 |
| Document: 0000730263-26-000028.txt | 0000730263-26-000028 |
| 8-K Data (Synthetic) | 0000730263-26-000028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | SC 13G/A | $66.62 | awaiting T+20 | — | $70.17 (+5.33%) |
Oct 13, 2026 13d ago | 8-K | $65.47 | awaiting T+20 | — | $70.17 (+7.18%) |
Oct 13, 2026 13d ago | Press Release | $65.47 | awaiting T+20 | — | $70.17 (+7.18%) |
Sep 22, 2026 4w ago | 8-K | $73.80 $66.62 | ▲ +9.73% | ▲ +9.17% | $70.17 (+4.92%) |
Jun 16, 2026 18w ago | 8-K | $75.03 $72.31 | ▼ −3.63% | ▼ −3.83% | $70.17 (−6.48%) |
Jun 11, 2026 19w ago | Institutional Cluster | $76.73 $73.24 | ▲ +4.55% | ▲ +6.44% | $70.17 (+8.55%) |
Jun 3, 2026 20w ago | 8-K | $79.76 $76.50 | ▲ +4.09% | ▲ +3.09% | $70.17 (+12.02%) |
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