Revenue contracted 3.9% year-over-year in 2026Q3, with gross margins remaining under pressure at 12.8% due to elevated input costs and persistent wholesale shipment volatility.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Sales/Revenue | 9.82B | 9.58B | 10.04B | 11.12B | 16.31B | 12.32B | 8.17B | 7.86B | 8.33B | 7.25B | 4.58B | 4.01B | 3.53B | 3.24B | 3.08B | 2.76B | 2.28B | 1.52B | 2.64B | 2.86B | 3.07B | 2.56B | 2.19B | 1.57B | 1.25B | 826.93M | 894M | 805.8M | 715.6M | 624.4M | 602.1M |
| Revenue Growth % | 2.39% | -4.62% | -9.68% | -31.82% | 32.44% | 50.79% | 3.86% | -5.57% | 14.93% | 58.16% | 14.36% | 13.65% | 8.75% | 5.09% | 11.95% | 21.04% | 49.59% | -42.37% | -7.55% | -6.85% | 19.85% | 16.94% | 39.22% | 26.19% | 50.59% | -7.5% | 10.95% | 12.6% | 14.61% | 3.7% | 7% |
| Cost of Goods Sold | 8.61B | 8.38B | 8.46B | 9.67B | 13.32B | 10.56B | 7.16B | 6.98B | 6.96B | 6.27B | 3.89B | 3.47B | 3.07B | 2.83B | 2.74B | 2.44B | 1.97B | 1.37B | 2.31B | 2.49B | 2.64B | 2.22B | 1.89B | 1.35B | 1.09B | 731.61M | 773.1M | 698.6M | 630.5M | 553.9M | 529M |
| COGS % of Revenue | - | 87.51% | 84.2% | 86.92% | 81.68% | 85.75% | 87.68% | 88.7% | 83.62% | 86.56% | 84.84% | 86.54% | 87.1% | 87.31% | 88.9% | 88.39% | 86.57% | 90.12% | 87.52% | 87.31% | 85.96% | 86.76% | 86.3% | 85.86% | 87.36% | 88.47% | 86.48% | 86.7% | 88.11% | 88.71% | 87.86% |
| Gross Profit | 1.21B | 1.2B | 1.59B | 1.46B | 2.99B | 1.76B | 1.01B | 888.98M | 1.36B | 973.95M | 694.55M | 539.17M | 454.93M | 411.3M | 342.47M | 319.85M | 305.74M | 150.33M | 329.59M | 362.36M | 430.51M | 338.8M | 299.74M | 222.27M | 157.4M | 95.32M | 120.9M | 107.2M | 85.1M | 70.5M | 73.1M |
| Gross Margin % | 12.34% | 12.49% | 15.8% | 13.08% | 18.32% | 14.25% | 12.32% | 11.3% | 16.38% | 13.44% | 15.16% | 13.46% | 12.9% | 12.69% | 11.1% | 11.61% | 13.43% | 9.88% | 12.48% | 12.69% | 14.04% | 13.24% | 13.7% | 14.14% | 12.64% | 11.53% | 13.52% | 13.3% | 11.89% | 11.29% | 12.14% |
| Gross Profit Growth % | - | -24.57% | 9.04% | -51.3% | 70.22% | 74.44% | 13.2% | -34.84% | 40.09% | 40.23% | 28.82% | 18.52% | 10.61% | 20.1% | 7.07% | 4.61% | 103.38% | -54.39% | -9.04% | -15.83% | 27.07% | 13.03% | 34.86% | 41.21% | 65.13% | -21.16% | 12.78% | 25.97% | 20.71% | -3.56% | 5.79% |
| Operating Expenses | 962.66M | 897.13M | 1.16B | 870.05M | 1.46B | 847.51M | 619.06M | 527.69M | 732.25M | 414.14M | 302.46M | 248.53M | 206.17M | 191.02M | 165.98M | 176.01M | 142.93M | 122.85M | 177.07M | 177.7M | 183.93M | 152.5M | 137.66M | 97.9M | 75.75M | 56.32M | 61.45M | 55.6M | 50M | 40.9M | 43.5M |
| OpEx % of Revenue | - | 9.36% | 11.57% | 7.82% | 8.92% | 6.88% | 7.58% | 6.71% | 8.79% | 5.71% | 6.6% | 6.2% | 5.85% | 5.89% | 5.38% | 6.39% | 6.28% | 8.07% | 6.71% | 6.22% | 6% | 5.96% | 6.29% | 6.23% | 6.08% | 6.81% | 6.87% | 6.9% | 6.99% | 6.55% | 7.22% |
| Selling, General & Admin | 934.84M | 848.55M | 821.91M | 833.46M | 1.08B | 820.73M | 599.94M | 518.31M | 472.41M | 414.14M | 302.46M | 248.53M | 206.17M | 191.02M | 165.98M | 176.01M | 142.93M | 122.85M | 177.07M | 177.7M | 183.93M | 152.5M | 137.21M | 97.18M | 75.18M | 54.98M | 56.77M | 51.9M | 45.6M | 36.4M | 38.5M |
| SG&A % of Revenue | - | 8.86% | 8.18% | 7.49% | 6.61% | 6.66% | 7.34% | 6.59% | 5.67% | 5.71% | 6.6% | 6.2% | 5.85% | 5.89% | 5.38% | 6.39% | 6.28% | 8.07% | 6.71% | 6.22% | 6% | 5.96% | 6.27% | 6.18% | 6.04% | 6.65% | 6.35% | 6.44% | 6.37% | 5.83% | 6.39% |
| Research & Development | 0 | 48.58M | 49.38M | 36.59M | 39M | 26.77M | 19.12M | 9.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 452K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.51% | 0.49% | 0.33% | 0.24% | 0.22% | 0.23% | 0.12% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.02% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 290.49M | 0 | 339.01M | 0 | 0 | 0 | 259.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 714.82K | 570.18K | 1.35M | 4.68M | 3.7M | 4.4M | 4.5M | 5M |
| Operating Income | 249.3M | 299.62M | 424.85M | 585.04M | 1.53B | 907.87M | 387.24M | 361.28M | 632.1M | 559.81M | 392.09M | 290.64M | 248.76M | 220.28M | 176.49M | 143.84M | 162.81M | 27.48M | 152.52M | 184.66M | 246.58M | 186.3M | 162.08M | 124.37M | 81.65M | 39M | 59.45M | 51.6M | 35.1M | 29.6M | 29.6M |
| Operating Margin % | 2.54% | 3.13% | 4.23% | 5.26% | 9.4% | 7.37% | 4.74% | 4.59% | 7.59% | 7.72% | 8.56% | 7.25% | 7.06% | 6.79% | 5.72% | 5.22% | 7.15% | 1.81% | 5.78% | 6.47% | 8.04% | 7.28% | 7.41% | 7.91% | 6.56% | 4.72% | 6.65% | 6.4% | 4.91% | 4.74% | 4.92% |
| Operating Income Growth % | - | -29.48% | -27.38% | -61.83% | 68.81% | 134.45% | 7.18% | -42.84% | 12.91% | 42.77% | 34.91% | 16.83% | 12.93% | 24.81% | 22.7% | -11.65% | 492.4% | -81.98% | -17.41% | -25.11% | 32.36% | 14.95% | 30.32% | 52.32% | 109.37% | -34.4% | 15.22% | 47.01% | 18.58% | 0% | 15.18% |
| EBITDA | 517.54M | 570.83M | 701.99M | 861.96M | 1.82B | 1.14B | 583.41M | 510.06M | 725.33M | 658.07M | 444.67M | 322.02M | 274.04M | 242.53M | 201.47M | 167.85M | 176.04M | 40.97M | 169.54M | 198.57M | 260.63M | 197.07M | 170.53M | 130.76M | 86.88M | 43.94M | 64.13M | 55.3M | 39.5M | 34.1M | 34.6M |
| EBITDA Margin % | 5.27% | 5.96% | 6.99% | 7.75% | 11.14% | 9.24% | 7.14% | 6.49% | 8.71% | 9.08% | 9.7% | 8.04% | 7.77% | 7.48% | 6.53% | 6.09% | 7.73% | 2.69% | 6.42% | 6.95% | 8.5% | 7.7% | 7.79% | 8.32% | 6.98% | 5.31% | 7.17% | 6.86% | 5.52% | 5.46% | 5.75% |
| EBITDA Growth % | -14.57% | -18.69% | -18.56% | -52.56% | 59.61% | 95.14% | 14.38% | -29.68% | 10.22% | 47.99% | 38.09% | 17.51% | 12.99% | 20.38% | 20.03% | -4.65% | 329.72% | -75.84% | -14.62% | -23.81% | 32.25% | 15.56% | 30.42% | 50.51% | 97.71% | -31.48% | 15.96% | 40% | 15.84% | -1.45% | 13.82% |
| D&A (Non-Cash Add-back) | 268.24M | 271.21M | 277.14M | 276.93M | 284.45M | 230.58M | 196.17M | 148.78M | 93.22M | 98.26M | 52.58M | 31.38M | 25.27M | 22.25M | 24.98M | 24.01M | 13.23M | 13.48M | 17.02M | 13.9M | 14.05M | 10.78M | 8.46M | 6.39M | 5.23M | 4.94M | 4.68M | 3.7M | 4.4M | 4.5M | 5M |
| EBIT | 368.45M | 344.63M | 437.51M | 596.8M | 1.55B | 938.92M | 387.24M | 361.28M | 632.1M | 559.81M | 392.09M | 290.64M | 248.76M | 220.28M | 176.49M | 143.84M | 162.81M | 27.48M | 152.52M | 184.66M | 246.58M | 194.19M | 168.38M | 124.37M | 81.65M | 39M | 59.45M | 51.7M | 35.1M | 27.2M | 29.5M |
| Net Interest Income | -38.13M | -48.44M | -88.67M | -97.45M | -90.09M | -93.55M | -104.21M | -60.03M | -3.04M | -8.81M | -849K | 1.11M | 1.57M | 2.62M | 3.7M | 3.88M | 5.12M | 5M | 0 | 0 | 0 | 0 | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 1.13M | 797K | 3.12M | 8.08M | 2.15M | 923K | 743K | 1.29M | 1.57M | 2.62M | 3.77M | 3.91M | 5.51M | 5.53M | 0 | 0 | 0 | 0 | 1.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 38.13M | 48.44M | 88.67M | 97.45M | 91.22M | 94.34M | 107.32M | 68.11M | 5.19M | 9.73M | 1.59M | 180K | 0 | 0 | 560K | 212K | 395K | 525K | 0 | 0 | 0 | 0 | 156.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 81.02M | -3.43M | -76M | -85.68M | -72.76M | -63.29M | -114.34M | -176.62M | 925K | -3.42M | -8.78M | 2.26M | 4.05M | 1.69M | 4.2M | 8.79M | 8.58M | -4.09M | -111K | 12.2M | 9.53M | 7.31M | 6.14M | 1.87M | 174.93K | 4.29M | 1.42M | 900K | -2M | 400K | -2.2M |
| Pretax Income | 330.32M | 296.19M | 348.84M | 499.35M | 1.46B | 844.58M | 272.9M | 184.67M | 633.03M | 556.39M | 383.31M | 292.89M | 252.82M | 221.97M | 180.69M | 152.63M | 171.39M | 23.39M | 152.41M | 196.8M | 270.42M | 193.61M | 168.22M | 126.24M | 81.83M | 43.29M | 60.87M | 52.5M | 33.1M | 30M | 27.3M |
| Pretax Margin % | 3.36% | 3.09% | 3.47% | 4.49% | 8.95% | 6.86% | 3.34% | 2.35% | 7.6% | 7.68% | 8.37% | 7.31% | 7.17% | 6.85% | 5.86% | 5.54% | 7.53% | 1.54% | 5.77% | 6.89% | 8.82% | 7.57% | 7.69% | 8.03% | 6.57% | 5.23% | 6.81% | 6.52% | 4.63% | 4.8% | 4.53% |
| Income Tax | 70.35M | 39.6M | 83.44M | 125.11M | 321.62M | 183.71M | 51.51M | 52.2M | 202.88M | 182.13M | 125.29M | 90.89M | 77.3M | 70.3M | 58.95M | 46.35M | 61.33M | 6.25M | 59.7M | 62.13M | 97.96M | 71.84M | 62.13M | 47.61M | 30.65M | 16.56M | 24.75M | 21.7M | 13.7M | 12.2M | 11.2M |
| Effective Tax Rate % | 21.3% | 13.37% | 23.92% | 25.06% | 22.03% | 21.75% | 18.88% | 28.27% | 32.05% | 32.73% | 32.69% | 31.03% | 30.58% | 31.67% | 32.63% | 30.37% | 35.78% | 26.72% | 39.17% | 31.57% | 36.22% | 37.11% | 36.94% | 37.72% | 37.45% | 38.27% | 40.66% | 41.33% | 41.39% | 40.67% | 41.03% |
| Net Income | 260.77M | 258.56M | 265.31M | 374.27M | 1.14B | 659.87M | 222.97M | 133.28M | 430.15M | 374.25M | 256.52M | 199.38M | 179M | 152.86M | 121.74M | 106.27M | 110.06M | 17.14M | 92.71M | 134.73M | 172.46M | 121.77M | 106.09M | 78.63M | 51.18M | 26.72M | 36.12M | 30.8M | 19.4M | 17.8M | 16.1M |
| Net Margin % | 2.66% | 2.7% | 2.64% | 3.37% | 6.98% | 5.36% | 2.73% | 1.69% | 5.16% | 5.16% | 5.6% | 4.98% | 5.08% | 4.72% | 3.95% | 3.86% | 4.83% | 1.13% | 3.51% | 4.72% | 5.62% | 4.76% | 4.85% | 5% | 4.11% | 3.23% | 4.04% | 3.82% | 2.71% | 2.85% | 2.67% |
| Net Income Growth % | 17.03% | -2.54% | -29.11% | -67.11% | 72.43% | 195.94% | 67.3% | -69.02% | 14.94% | 45.9% | 28.66% | 11.39% | 17.1% | 25.57% | 14.55% | -3.44% | 542.03% | -81.51% | -31.19% | -21.88% | 41.63% | 14.78% | 34.92% | 53.63% | 91.53% | -26.02% | 17.27% | 58.76% | 8.99% | 10.56% | 16.67% |
| Net Income (Continuing) | 259.97M | 256.59M | 265.4M | 374.24M | 1.14B | 660.87M | 221.38M | 132.47M | 430.15M | 374.25M | 258.02M | 202.01M | 175.52M | 151.68M | 121.74M | 106.27M | 110.06M | 17.14M | 92.71M | 134.73M | 172.46M | 121.77M | 106.09M | 78.63M | 51.18M | 26.72M | 36.12M | 30.8M | 19.4M | 16.4M | 16.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.49M | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.89M | 1.05M | 6.62M | 7.38M | 7.79M | 26.26M | 25.79M | 10.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.98 | 4.84 | 4.94 | 6.95 | 20.59 | 11.85 | 4.03 | 2.47 | 8.14 | 7.09 | 4.88 | 3.74 | 3.35 | 2.88 | 2.26 | 1.92 | 2.07 | 0.31 | 1.66 | 2.41 | 2.87 | 2.09 | 1.81 | 0.69 | 0.94 | 0.28 | 0.37 | 0.32 | 0.20 | 0.05 | 0.05 |
| EPS Growth % | 19.32% | -2.02% | -28.92% | -66.25% | 73.76% | 194.04% | 63.16% | -69.66% | 14.81% | 45.29% | 30.48% | 11.64% | 16.32% | 27.43% | 17.71% | -7.25% | 567.74% | -81.33% | -31.12% | -16.03% | 37.32% | 15.47% | 162.32% | -26.6% | 235.71% | -24.32% | 15.63% | 60% | 266.3% | 16.92% | -82.04% |
| EPS (Basic) | - | 4.87 | 4.98 | 7.00 | 20.67 | 11.93 | 4.04 | 2.47 | 8.17 | 7.12 | 4.89 | 3.75 | 3.36 | 2.88 | 2.26 | 1.92 | 2.08 | 0.31 | 1.67 | 2.42 | 2.89 | 2.10 | 1.83 | 0.69 | 0.94 | 0.28 | 0.37 | 0.32 | 0.20 | 0.06 | 0.05 |
| Diluted Shares Outstanding | 52.4M | 53.4M | 53.69M | 53.86M | 55.26M | 55.69M | 55.4M | 54.03M | 52.85M | 52.76M | 52.59M | 53.28M | 53.36M | 53.12M | 53.9M | 55.37M | 53.12M | 55.48M | 55.73M | 55.92M | 60.09M | 58.26M | 58.61M | 57.6M | 54.74M | 47.81M | 48.78M | 48.6M | 49.04M | 48.86M | 52.12M |
| Basic Shares Outstanding | 52.24M | 53.09M | 53.25M | 53.48M | 55.03M | 55.33M | 55.17M | 53.91M | 52.67M | 52.56M | 52.46M | 53.17M | 53.27M | 53.01M | 53.85M | 55.27M | 53.02M | 55.43M | 55.59M | 55.67M | 59.68M | 57.98M | 57.97M | 57.08M | 54.45M | 47.64M | 48.48M | 48.6M | 49.04M | 48.86M | 52.12M |
| Dividend Payout Ratio | - | 41.05% | 38.5% | 25.64% | 8.34% | 13.76% | 39.61% | 63.13% | 18.13% | 18.55% | 24.55% | 28.78% | 57.16% | 76.99% | 26.55% | 21.01% | 38.53% | 90.55% | 137.29% | 52.94% | 16.1% | 5.6% | 4.86% | 1.82% | 2.13% | 3.56% | 2.68% | 3.25% | 5.15% | 5.62% | 6.83% |
Cyclical dealer inventory destocking
As reported in recent financial filings, Thor Industries experienced a 3.9% year-over-year revenue contraction in 2026Q3, reflecting the ongoing challenges of managing wholesale shipment volumes against a backdrop of softening consumer demand and the persistent need for dealer inventory destocking across North American markets.
The revenue trajectory appears highly sensitive to the wholesale-retail gap, where shipment levels fluctuate based on dealer sentiment rather than end-user consumption. Investors should monitor whether the recent 3.9% decline signals a sustained period of contraction or merely a necessary recalibration of channel inventory levels.
Based on the company's latest income statement, gross margins have compressed to 12.8% in 2026Q3, down from historical peaks, illustrating the inherent difficulty in maintaining pricing power when input costs for chassis and raw materials remain elevated relative to the current wholesale pricing environment.
The narrow 3.5% operating margin suggests that the company lacks the structural insulation required to absorb volume volatility without significant earnings impact. This sensitivity implies that any further deterioration in unit sales could rapidly erode the remaining profitability, warranting caution regarding the sustainability of current margin levels.
According to the provided quarterly data, SG&A expenses have remained relatively sticky at $230.9 million in 2026Q3, preventing meaningful operating leverage despite the company's efforts to manage costs during periods of top-line revenue volatility and fluctuating wholesale shipment volumes across its diverse brand portfolio.
The inability to scale SG&A downward in proportion to revenue declines indicates a rigid cost structure that may be tied to the decentralized nature of the company's brand architecture. This lack of operating leverage suggests that profitability will remain highly sensitive to revenue growth until management can achieve greater efficiency in overhead management.
As indicated by the financial statements, net income has shown significant quarter-to-quarter variance, with 2026Q3 net income of $95.5 million following periods of near-zero profitability, highlighting the impact of non-operating items and the cyclical nature of the business on the quality of reported earnings per share.
The presence of stock-based compensation, which totaled $6.7 million in 2026Q3, represents a recurring dilution factor that investors should account for when evaluating the true economic earnings of the firm. The erratic nature of the bottom line suggests that investors should focus on normalized earnings rather than quarterly fluctuations.
Based on reported figures, the persistent gap between wholesale shipments and retail demand poses a significant risk, as the company's reliance on dealer inventory levels may lead to further production cuts if the current destocking cycle proves more prolonged than the market currently anticipates.
Short-term observers may focus on the potential for repurchase obligations to crystallize if dealer insolvency increases in a high-interest-rate environment. This risk warrants further investigation into the health of the independent dealer network, as any systemic failure could force the company to absorb significant inventory write-downs.
Quick answers to the most common questions about buying THO stock.
For fiscal year 2025, Thor Industries, Inc. (THO) reported total revenue of $9.58B. This represents a 1491.1% increase compared to $602.1M in 1996.
Thor Industries, Inc. (THO) is profitable, generating $258.6M in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
Thor Industries, Inc. (THO) reported an operating income of $299.6M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Thor Industries, Inc. (THO) generated $1.20B in gross profit for the year, representing a gross profit margin of 12.5%. This demonstrates the company's core pricing power and production efficiency.