Thor Industries Inc (0LF8.L) Q4 2025 Earnings Report

Thor Industries delivered a defensible quarter in QQ4 2025 with revenue of $2.5238 billion and a net income of $125.8 million, translating to earnings per share of $2.37. The quarter showed a sequential revenue decline of 12.82% from QQ3 2025, while year-over-year revenue was roughly flat at -0.41%. Despite softer topline, operating profit grew to $191.9 million, supported by disciplined expense management, yielding an operating margin of 7.60% and an EBITDA of $133.0 million (EBITDA margin of 5.27%). Net income rose 39.7% year over year versus QQ4 2024, reflecting improved profitability even as the business faced seasonality and a compressing gross margin. The gross profit was $370.9 million with a gross margin of 14.70%, down from prior periods due to mix and input costs. Thor ended QQ4 2025 with a robust liquidity position: cash and cash equivalents of $586.6 million and total debt of $922.98 million, resulting in net debt of $336.4 million and a solid current ratio given current assets of $2.778 billion against current liabilities of $132.22 million. The backdrop remains favorable for a continued recovery in RV demand, but near-term volatility and cyclicality warrant close attention to dealer inventory cycles, fuel offtake, and macro conditions.