WINNEBAGO INDUSTRIES REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2026 RESULTS
WINNEBAGO INDUSTRIES INC (WGO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 News Release WINNEBAGO INDUSTRIES REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2026 RESULTS -- Motorhome RV Continues to Gain Share through Innovation and Operational Execution (1) -- -- Recent Manufacturing Footprint Actions Expected to Drive Long-Term Returns -- --
How this was made
The 30-second read
Why it matters
The disclosed decline in Q4 revenue and modest FY2027 guidance give traders fresh data to reassess valuation.
Market read
First‑time earnings and guidance release for a mid‑cap consumer discretionary name; actionable for short‑term positioning.
What to watch
Barletta pontoon segment growth and portable power offerings could provide upside not reflected in the headline numbers.
Winnebago Industries Reports Fourth Quarter and Full Year Fiscal 2026 Results
Fourth-quarter revenue, gross profit, net income, reported diluted EPS and adjusted diluted EPS declined from Fiscal 2025, while full-year operating income, net income, reported diluted EPS and adjusted diluted EPS increased. Motorhome RV returned to profitability and cash generation reduced net leverage, but Fiscal 2027 guidance reflects continued uncertainty in RV market recovery.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues (Q4 Fiscal 2026)GAAP | $645.1M | – | (17.0) % |
| Gross profit (Q4 Fiscal 2026)GAAP | $80.7M | – | (18.6) % |
| Gross profit margin (Q4 Fiscal 2026)GAAP | 12.5% | – | (30) basis points |
| Total operating expenses (Q4 Fiscal 2026)GAAP | $63.1M | – | (20.1) % |
| Operating income (Q4 Fiscal 2026)GAAP | $17.6M | – | (12.3) % |
| Net income (Q4 Fiscal 2026)GAAP | $9.7M | – | – |
| Diluted earnings per share (Q4 Fiscal 2026)GAAP | $0.34 | – | – |
| Adjusted diluted earnings per share (Q4 Fiscal 2026)non-GAAP | $0.49 | – | (31.0) % |
| Adjusted EBITDA (Q4 Fiscal 2026)non-GAAP | $32.6M | – | (14.7)% |
| Adjusted EBITDA margin (Q4 Fiscal 2026)non-GAAP | 5.1% | – | – |
| Net revenues (Fiscal 2026)GAAP | $2.70B | – | (3.4) % |
| Gross profit (Fiscal 2026)GAAP | $350.2M | – | (4.1) % |
| Gross profit margin (Fiscal 2026)GAAP | 13.0% | – | remained consistent year-over-year |
| Total operating expenses (Fiscal 2026)GAAP | $284M | – | – |
| Operating income (Fiscal 2026)GAAP | $66.2M | – | 15.7% |
| Net income (Fiscal 2026)GAAP | $34.5M | – | – |
| Diluted earnings per share (Fiscal 2026)GAAP | $1.21 | – | 33.0% |
| Adjusted diluted earnings per share (Fiscal 2026)non-GAAP | $1.79 | – | 7.2% |
| Adjusted EBITDA (Fiscal 2026)non-GAAP | $125M | – | 2.5% |
| Adjusted EBITDA margin (Fiscal 2026)non-GAAP | 4.6% | – | – |
| Net cash provided by operating activities (Q4 Fiscal 2026)GAAP | $142.5M | – | – |
| Net cash provided by operating activities (Fiscal 2026)GAAP | $168.7M | – | – |
| Cash and cash equivalents (August 29, 2026)GAAP | $181.4M | – | – |
| Long-term debt, net (August 29, 2026)GAAP | $443.3M | – | – |
| Net leverage ratio (Q4 Fiscal 2026 quarter end)other | 2.2x | down from 3.0x | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Towable RV (Q4 Fiscal 2026)Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments. | $220.3M | – | (28.1) % |
| Motorhome RV (Q4 Fiscal 2026)Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by lower discounts and allowances. | $323.6M | – | (10.4) % |
| Marine (Q4 Fiscal 2026)Net revenues decreased primarily due to a shift in product mix toward lower price-point models, partially offset by selective price adjustments. | $92.3M | – | (2.7) % |
| Towable RV (Fiscal 2026)Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments. | $1.05B | – | (13.9) % |
| Motorhome RV (Fiscal 2026)Net revenues increased primarily due to higher unit volume, selective price adjustments, and lower discounts and allowances. | $1.26B | – | 8.4 % |
| Marine (Fiscal 2026)Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments. | $356.4M | – | (3.1) % |
Fiscal 2027 outlook
- Revenue$2.65 to $2.80 billion
- NoteReported earnings per diluted share in the range of $0.90 to $1.50
- NoteAdjusted earnings per diluted share in the range of $1.65 to $2.25
- NoteFor calendar year 2026, North American RV wholesale shipments in the range of 275,000 to 295,000 units
- NoteFor calendar year 2027, total North American RV wholesale shipments in the range of 265,000 to 295,000 units
- NoteFiscal 2027 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million and restructuring and related costs of approximately $6 million
Capital returns
- On August 12, 2026, the Board of Directors approved a 3% increase in the quarterly cash dividend to $0.36 per share.
- The dividend was paid on September 23, 2026, to common stockholders of record at the close of business on September 9, 2026.
- Payments of cash dividends were $39.9 million in Fiscal 2026, compared to $38.9 million in Fiscal 2025.
- Payments for repurchases of common stock were $1.7 million in Fiscal 2026, compared to $53.7 million in Fiscal 2025.
What drove it
- Q4 consolidated net revenues declined primarily due to lower unit volume and product mix, partially offset by selective price adjustments.
- Q4 gross profit margin decreased primarily due to volume deleverage, partially offset by operational efficiencies from Motorhome segment transformation initiatives.
- Q4 operating expenses declined primarily due to cost reduction initiatives.
- Fiscal 2026 gross profit margin remained consistent year-over-year as volume deleverage was largely offset by selective price adjustments.
- Fiscal 2026 operating expenses decreased primarily due to cost reduction initiatives, partially offset by costs to support the growth of the Grand Design Motorhome business.
- Motorhome RV Fiscal 2026 operating income was $33.2 million, compared to an operating loss of $(7.3) million in Fiscal 2025, with margin improvement driven primarily by lower discounts and allowances and volume leverage.
- Towable RV Fiscal 2026 operating income was $47.5 million, compared to $72.7 million in Fiscal 2025, as volume deleverage, higher discounts and allowances, and product mix pressured margin.
- Marine Fiscal 2026 operating income was $20.9 million, compared to $27.7 million in Fiscal 2025, with margin affected primarily by volume deleverage and higher warranty expense.
Concerns
- Q4 net revenues decreased 17.0% and adjusted diluted EPS decreased 31.0% from the fourth quarter of Fiscal 2025.
- Towable RV Q4 net revenues decreased (28.1) % and operating income decreased (56.5) %.
- Towable RV Fiscal 2026 operating income margin declined to 4.5 % from 6.0 %.
- Marine Fiscal 2026 operating income margin declined to 5.9 % from 7.5 %.
- The Fiscal 2027 outlook takes into account prevailing trends in the RV sector, including impacts from the current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.
- The Company stated that the timing and pace of recovery remain difficult to predict.
What to watch
- Delivery against Fiscal 2027 consolidated net revenue guidance of $2.65 to $2.80 billion.
- Delivery against Fiscal 2027 reported diluted EPS guidance of $0.90 to $1.50 and adjusted diluted EPS guidance of $1.65 to $2.25.
- North American RV wholesale shipments against the calendar year 2027 range of 265,000 to 295,000 units.
- The financial contribution from manufacturing footprint, capacity-rationalization and operational-efficiency initiatives, which the Company expects to build gradually.
- Motorhome RV transformation execution and whether improved operating income and margin are sustained.
- Towable RV volume, lower price-point product mix, discounts and allowances.
- Net leverage following its improvement to 2.2x at the end of the Fiscal 2026 fourth quarter.
Balance sheet and cash flow
- Cash and cash equivalents totaled $181.4 million at the end of the fourth quarter of Fiscal 2026, compared to $57.1 million at the end of the Fiscal 2026 third quarter and $174.0 million at the end of Fiscal 2025.
- Total outstanding debt was $443.3 million, which included $450.0 million of debt, net of issuance costs of $6.7 million.
- Working capital improved to $419.1 million.
- Net cash provided by operating activities was $168.7 million in Fiscal 2026, compared to $128.9 million in Fiscal 2025.
- Purchases of property, plant, and equipment were $(24.1) million in Fiscal 2026, compared to $(39.4) million in Fiscal 2025.
- Net cash used in investing activities was $(18.5) million in Fiscal 2026, compared to $(34.8) million in Fiscal 2025.
- Repayments on long-term debt were $(103.0) million in Fiscal 2026, compared to $(208.7) million in Fiscal 2025.
- The Company renewed and extended its $350 million revolving credit facility through 2031.
Analysis
Winnebago ended Fiscal 2026 with lower sales but improved full-year profitability. Fiscal 2026 net revenues were $2,703.9 million, compared to $2,798.2 million in Fiscal 2025, while gross profit declined to $350.2 million from $365.1 million. Gross profit margin remained at 13.0%, as selective price adjustments largely offset volume deleverage. Cost reductions reduced total operating expenses to $284.0 million from $307.9 million, supporting operating income of $66.2 million, compared to $57.2 million. Net income increased to $34.5 million from $25.7 million, and adjusted diluted EPS increased to $1.79 from $1.67.
The fourth quarter remained difficult on demand and mix. Net revenues fell to $645.1 million from $777.3 million, with the Company citing lower unit volume and product mix. Gross profit margin declined to 12.5% from 12.8%, while operating income declined to $17.6 million from $20.1 million. Adjusted diluted EPS declined to $0.49 from $0.71, and adjusted EBITDA declined to $32.6 million from $38.2 million. Cost reductions lowered Q4 operating expenses to $63.1 million from $79.1 million, but did not offset lower revenue and volume deleverage.
Segment performance was uneven. Motorhome RV was the principal full-year improvement, with net revenues increasing to $1,257.5 million from $1,159.7 million and operating income improving to $33.2 million from an operating loss of $(7.3) million. Towable RV remained the largest pressure point, as full-year revenue declined to $1,050.8 million from $1,220.2 million and operating income declined to $47.5 million from $72.7 million. Marine revenue declined to $356.4 million from $367.8 million, while operating income declined to $20.9 million from $27.7 million. Lower unit volume and a shift toward lower price-point models were recurring headwinds, particularly in Towable RV.
Cash generation strengthened the year-end balance sheet. Net cash provided by operating activities was $168.7 million in Fiscal 2026, compared to $128.9 million in Fiscal 2025, and Q4 cash flow provided by operations was $142.5 million. Cash and cash equivalents were $181.4 million at quarter end, total outstanding debt was $443.3 million, and net leverage improved to 2.2x from 3.0x at the end of the Fiscal 2026 third quarter. The Company paid $39.9 million of cash dividends, made $1.7 million of share repurchases, and increased the quarterly cash dividend to $0.36 per share.
Fiscal 2027 guidance calls for consolidated net revenues of $2.65 to $2.80 billion, reported diluted EPS of $0.90 to $1.50, and adjusted diluted EPS of $1.65 to $2.25. The Company expects North American RV wholesale shipments of 265,000 to 295,000 units in calendar year 2027. Management emphasized the uncertain timing and pace of market recovery, while pointing to innovation, manufacturing-footprint actions, operating efficiency and Motorhome RV transformation as the operating levers available to it.
Management, verbatim
Fiscal 2026 highlighted the resilience of our portfolio and the disciplined execution of our teams in a persistently challenging retail environment,
Michael Happe, President and Chief Executive Officer
Even as market pressure across our segments persisted, we began to see encouraging early signs across several strategic initiatives: real traction in the Winnebago Motorhome transformation, stabilizing share trends and improving market share at Grand Design Towables, growing market penetration for Grand Design Motorized, and impressive share growth at Winnebago Towables,
Michael Happe, President and Chief Executive Officer
Fiscal 2027 outlook reflects a market where the timing and pace of recovery remain difficult to predict,
Michael Happe, President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-period financial guidance was not provided, so no comparison of actual results with prior guidance is available.
- Free cash flow was not reported.
- Fiscal 2027 gross margin guidance was not reported.
- Fiscal 2027 operating expense guidance was not reported.
- Fiscal 2027 tax rate guidance was not reported.
- Fiscal 2027 operating income, EBITDA and adjusted EBITDA guidance were not reported.
- A Q4 Fiscal 2025 operating cash flow comparison was not reported.
- A Q4 Fiscal 2025 adjusted EBITDA margin was not reported.
- Quarterly share-repurchase activity was not reported.
- A CFO commentary section was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Winnebago Industries filed a Form 8‑K reporting FY2026 financials and FY2027 outlook.
Ticker impact
Winnebago Industries reported FY2026 results with lower quarterly revenue and issued FY2027 guidance.
likely modest downside as revenue declined and guidance is cautious
The 8‑K filing is the first public disclosure of the numbers and guidance, providing fresh data that can move the stock.
Market effects
RV and outdoor recreation sector may see pressure if other manufacturers face similar demand slowdown.
U.S. consumer discretionary sentiment could be slightly dampened.
Limited, primarily U.S. focused.
Counterpoint
If the company can successfully execute its operational improvements, the stock may rebound despite short‑term revenue weakness.
Key entities
- companyWinnebago Industries Inc.
Manufacturer of RVs and outdoor recreation products.
