Thor Industries Inc (0LF8.L) Q3 2025 Earnings Report

Thor Industries reported a solid QQ3 2025 performance driven by seasonal demand in the RV market and a favorable mix that supported profitability and cash generation. Revenue reached $2.895 billion, up 3.3% year over year and 43.4% quarter over quarter, while EBITDA stood at $232.96 million and operating income at $175.24 million, yielding an operating margin of 6.05%. Net income of $135.19 million produced basic EPS of $2.54 for the quarter. The company generated strong operating cash flow of $257.67 million and free cash flow of $224.16 million, contributing to a robust liquidity position (cash and equivalents of $508.32 million) and a net debt position of approximately $507.78 million on a trailing EBITDA basis of about 2.18x. The balance sheet remains buoyant with total assets of $7.17 billion, current assets of $2.84 billion and current liabilities of $1.66 billion, supporting ongoing capital allocation including modest share repurchases and dividend payouts.

The quarterly results reflect a seasonal uplift typical of Thor’s peak RV season, aided by a relatively resilient consumer backdrop for discretionary durables. However, the YoY margin contraction in gross profit (gross profit down 6.54% year over year) contrasts with a sharp QoQ rebound (gross profit up 80.72%), underscoring mix effects and timing of Cost of Revenue realization. Management commentary (not provided in the data) would be expected to address supply chain normalization, product mix, and pricing as drivers of the reported margin trajectory. Overall, Thor’s QQ3 2025 performance reinforces its role as a cash-generative, asset-light producer with a strong balance sheet, positioning it to invest in growth initiatives and return capital to shareholders while navigating a cyclical RV market.