Elkhart, Ind. – September 22, 2026 -- THOR Industries reported fiscal 2026 net sales of $9.61 billion and net income attributable to THOR of $177.5 million, exceeding the high end of its guidance despite a prolonged downturn in the North American RV retail market.
Fourth-quarter net sales reached $2.31 billion as North American shipments fell sharply
THOR posted fourth-quarter net sales of $2.31 billion, net income attributable to THOR of $40.8 million and EBITDA of $130.0 million. Adjusted EBITDA came in at $131.7 million, excluding nonrecurring restructuring costs and investment gains. North American Towable RV net sales declined on a 19.7% drop in unit shipments, with fifth wheel shipments down 34.7%, while gross margin in that segment fell 280 basis points. North American Motorized net sales fell 10.4% on a 13.1% unit shipment decline, with gross margin down 600 basis points.
European segment grew net sales 3.1% on a constant-currency basis for the full year
European RV net sales rose 5.0% in the fourth quarter, driven by a 3.9% increase in unit shipments and a shift toward higher-priced motorized products from lower-priced caravans. Gross margin in Europe declined just 30 basis points, compared to steeper declines in North America, reflecting more favorable supplier dynamics. The segment absorbed $11.1 million in restructuring costs during the quarter and $25.2 million for the full year as it optimized production capacity.
Dealer inventory levels dropped 11.5% globally as THOR curbed production
Independent dealer inventory declined 11.5% as of July 31, 2026 compared to a year earlier, with towable product inventory down 16.0%. Chief Operating Officer Todd Woelfer said the reduced channel positions THOR to benefit once the market stabilizes, even at depressed levels. Both the North American Motorized and European segments gained market share for the six months ended June 30, 2026, with North American Motorized up 130 basis points.
THOR repurchased $115.1 million in shares and cut debt by $59.7 million during the year
The company deployed $34.3 million of share repurchases in the fourth quarter alone, part of $115.1 million for the full fiscal year, while reducing debt by $59.7 million. CFO Colleen Zuhl said restructuring costs incurred in fiscal 2025 and 2026 are intended to durably lower the cost base rather than deliver temporary relief.
THOR delays fiscal 2027 guidance pending industry shows in Hershey and Elkhart
Management expects a relatively flat retail environment in fiscal 2027 compared to fiscal 2026, citing persistent headwinds from interest rates and inflation. THOR said it will withhold fiscal 2027 guidance until after gathering dealer feedback at the Hershey, PA show and the Elkhart, IN Open House scheduled in the second half of September.