Patrick Industries reported third‑quarter 2025 results, showing net sales of $975.6 million, up 6% year‑over‑year, and operating income of $66.3 million, giving an operating margin of 6.8%.
Net income fell to $35.3 million, or $1.01 per diluted share, compared with $41.2 million and $1.20 in the same quarter last year. Operating cash flow for the quarter was $198.6 million, and the company invested $26 million in property, plant and equipment.
Segment revenue was led by the RV business, which accounted for 44% of total sales, followed by Housing at 31%, Marine at 15%, and Powersports at 10%. All four segments grew, with RV and Housing driving the top‑line increase while Marine and Powersports remained flat or slightly down.
The company completed its acquisition of LilliPad Marine, a designer and manufacturer of premium boat ladders and diving board systems. The deal expands Patrick’s aftermarket portfolio and adds a new product line that complements its existing marine and RV offerings, positioning the company to capture additional market share in the recreational boating segment.
Free cash flow for the nine‑month period ended September 28, 2025, was $134 million, reflecting the company’s continued focus on maintaining a strong balance sheet while investing in growth opportunities. Total net liquidity stood at $779 million, and debt was reported at approximately $1.3 billion.
CEO Andy Nemeth highlighted market‑share gains driven by customer service, partnership, innovation, and new product development. President Jeff Rodino emphasized the company’s entrepreneurial spirit, scale, and expertise as key drivers of value creation for customers and stakeholders.
Patrick Industries remains focused on increasing content per unit, investing in digital transformation, and pursuing cost discipline to improve operating margins in 2026.
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