Winnebago Industries reported first‑quarter results for fiscal 2026 on December 19, 2025, delivering revenue of $702.7 million—up 12.3% from the $625.6 million earned in the same period a year earlier. Adjusted earnings per share rose to $0.38, a $0.25 beat over the consensus estimate of $0.13, while the reported (GAAP) EPS of $0.19 also surpassed the $0.13 estimate by $0.06. Adjusted EBITDA climbed to $30.2 million, an 109.7% year‑over‑year increase, underscoring the company’s ability to convert higher sales into operating cash flow.
The quarter’s revenue growth was driven by strong performance across all three core segments. Motorhome revenue reached $308.5 million, up 13.5%, and swung to an operating income of $8.2 million from a $3.2 million loss in the prior year. Towable RV revenue grew 15.5% to $293.4 million, with operating‑income margin expanding 30 basis points to 3.8%. Marine revenue increased modestly 2.2% to $92.5 million. These gains reflect higher unit volumes, selective pricing actions, and a favorable mix of premium Newmar and Grand Design models.
Gross margin improved to 12.7%, up 40 basis points from 12.3% a year earlier. The lift was driven by volume leverage and selective price increases, partially offset by higher warranty expenses. Operating income margin also expanded, reflecting disciplined cost control and efficient production. The combination of higher sales, improved pricing power, and cost discipline explains the sharp rise in adjusted EBITDA and the positive earnings beat.
Management raised fiscal 2026 guidance, projecting revenue of $2.80 billion to $3.00 billion—an upward revision from the prior $2.75 billion to $2.95 billion range—and adjusted EPS of $2.10 to $2.80, up from $2.00 to $2.70. The guidance lift signals confidence in sustained demand, margin stability, and the execution of the company’s high‑margin growth strategy. It also reflects the company’s belief that the current momentum will continue through the remainder of the fiscal year.
CEO Michael Happe said the quarter “demonstrated clear progress on our priorities” and highlighted the “dynamic retail demand environment” and “seasonal dealer order patterns” as ongoing headwinds. He added that new product introductions, selective pricing, and production discipline were key drivers of the results. CFO Brian Hughes echoed the motorhome segment’s strength, noting that “retail and wholesale growth in the motorhome business” is a positive trend. Together, the comments underscore a balanced view: strong execution amid a market that remains sensitive to seasonal demand and competitive pricing.
Overall, the earnings beat, margin expansion, and raised guidance reinforce Winnebago’s trajectory toward a profitable, high‑margin future. The company’s ability to grow revenue, improve operating leverage, and maintain disciplined costs positions it well to capture market share in the premium RV segment while navigating the cyclical nature of the broader RV market.
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