Free cash flow remains highly volatile, swinging from a $171.2 million inflow in 2025Q4 to a $36.1 million outflow in 2025Q3, largely driven by fluctuating working capital requirements.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Cash from Operations | 207.6M | 128.9M | 143.9M | 294.5M | 400.62M | 237.28M | 270.43M | 133.75M | 83.35M | 97.13M | 52.75M | 45.18M | 23.24M | 10.24M | 115K | -10.12M | 33.04M | 8.27M | -14.38M | 27.75M | 113.25M | 78.76M | 66.68M | 63.02M | 36.79M | 73.41M | 51.41M | 25M | 62M | 5.2M | 17.3M |
| Operating CF Margin % | - | 4.61% | 4.84% | 8.44% | 8.08% | 6.54% | 11.48% | 6.74% | 4.13% | 6.28% | 5.41% | 4.63% | 2.46% | 4.78% | 0.02% | -2.04% | 7.35% | 3.91% | -2.38% | 3.19% | 13.1% | 7.94% | 5.99% | 7.46% | 4.44% | 10.77% | 6.92% | 3.74% | 11.81% | 1.19% | 3.57% |
| Operating CF Growth % | 662.79% | -10.42% | -51.14% | -26.49% | 68.84% | -12.26% | 102.19% | 60.48% | -14.19% | 84.14% | 16.74% | 94.45% | 126.96% | 8802.61% | 101.14% | -130.63% | 299.41% | 157.53% | -151.81% | -75.5% | 43.79% | 18.12% | 5.82% | 71.29% | -49.88% | 42.79% | 105.65% | -59.68% | 1092.31% | -69.94% | -31.89% |
| Net Income | 38.5M | 25.7M | 13M | 215.9M | 390.64M | 281.87M | 61.44M | 111.8M | 102.36M | 71.33M | 45.5M | 41.21M | 45.05M | 31.95M | 44.97M | 11.84M | 10.25M | -78.77M | 2.78M | 41.56M | 44.74M | 65.07M | 70.64M | 49.88M | 54.67M | 42.7M | 48.4M | 44.3M | 24.4M | 23.1M | 12.4M |
| Depreciation & Amortization | 44M | 60.6M | 58.6M | 46.9M | 53.66M | 32.56M | 38.1M | 23.32M | 19.18M | 31.98M | 5.75M | 4.51M | 4M | 4.76M | 4.87M | 5.49M | 6.34M | 7.83M | 9.91M | 10.49M | 10.63M | 10M | 9.63M | 8.79M | 7.88M | 7.38M | 6.62M | 5.7M | 5.6M | 6.5M | 9.7M |
| Stock-Based Compensation | 19.4M | 15.8M | 14.6M | 10.9M | 17.1M | 0 | 6.47M | 7.06M | 7.43M | 2.98M | 3.29M | 3.1M | 3.39M | 3.01M | 1.92M | 1.31M | 546K | 2.26M | 3.92M | 4.87M | 4.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 9.1M | 2.9M | 8.1M | 16.3M | -6.65M | -2.19M | -879K | 7.98M | 5.78M | 8.36M | 2.23M | 215K | -48K | 1.79M | -34.75M | 517K | 25K | 37.44M | 3.49M | -3.23M | 538K | 3.42M | -7.62M | -1.07M | -1.13M | -1.5M | -2.67M | -2.7M | -3.2M | 1.1M | -600K |
| Other Non-Cash Items | -41.8M | 10.6M | 63.1M | -7.6M | 57.74M | 31.29M | 15.32M | 5.18M | 5.76M | -21.32M | -4.07M | -46K | -1.76M | -2.53M | -1.1M | 1.82M | 259K | 277K | 5.49M | -689K | 232K | 2.36M | 3.23M | 614K | 3.1M | 1.57M | 553K | -1M | 1.1M | -200K | 1.8M |
| Working Capital Changes | 138.4M | 13.3M | -13.5M | 12.1M | -111.86M | -106.26M | 149.97M | -21.59M | -57.16M | 3.8M | 53K | -3.81M | -27.39M | -28.75M | -15.8M | -31.11M | 15.62M | 39.23M | -39.96M | -25.26M | 52.21M | -2.1M | -9.2M | 4.8M | -27.73M | 23.26M | -1.49M | -21.3M | 34.1M | 2.4M | -6.2M |
| Change in Receivables | 50.8M | -8.2M | -5.2M | 24.7M | 1.88M | -33.03M | -25.77M | -431K | -14.3M | -27.6M | 1.22M | 2.46M | -38.23M | -8.91M | -2.08M | 101K | 0 | 0 | 3.36M | -11.57M | 22.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 42.7M | 40.5M | 27.2M | 63.8M | -171.29M | -161.66M | 105.99M | -8.26M | -46.43M | -6.17M | -11.51M | -561K | -1.76M | -24.27M | -17.32M | -23.79M | 3.32M | 63.75M | -9.39M | -24.13M | 43.57M | 10.08M | -16.45M | -628K | -33.84M | 5.89M | 1.32M | -31.6M | -1.8M | 9.5M | -10M |
| Change in Payables | -12.7M | -11.6M | -3.9M | -67.5M | 27.16M | 51.48M | 37.04M | 907K | -1.28M | 33.7M | 14.25M | -1.88M | 10.92M | 8.94M | 7.63M | -1.55M | 0 | 0 | -31.3M | 11.69M | -13.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -20.6M | -34.8M | -45.9M | -170M | -315.67M | -33.01M | -293.08M | -38.94M | -111.76M | -405.38M | -23.39M | -16.52M | -5.37M | 4.07M | -118K | 4.24M | 14.33M | 4.99M | 56.37M | 21.77M | -40.71M | -51.93M | -10.91M | 14.57M | -11.18M | -19.72M | -25.25M | -20.2M | -7.8M | 46.7M | -15M |
| Capital Expenditures | -27M | -39.4M | -45M | -83.2M | -87.97M | -44.89M | -32.38M | -40.86M | -28.67M | -13.99M | -24.55M | -16.57M | -10.48M | -4.42M | -2.21M | -2.11M | -1.87M | -3.47M | -3.72M | -5.25M | -4.83M | -9.65M | -10.59M | -23.49M | -11M | -9.09M | -14.55M | -11.6M | -5.6M | -4.4M | -10.5M |
| CapEx % of Revenue | 0.95% | 1.41% | 1.51% | 2.38% | 1.77% | 1.24% | 1.37% | 2.06% | 1.42% | 0.9% | 2.52% | 1.7% | 1.11% | 2.06% | 0.38% | 0.42% | 0.42% | 1.64% | 0.62% | 0.6% | 0.56% | 0.97% | 0.95% | 2.78% | 1.33% | 1.33% | 1.96% | 1.74% | 1.07% | 1.01% | 2.17% |
| Acquisitions | 0 | 0 | 0 | -87.5M | -228.16M | 12.45M | -260.96M | -702K | -81.2M | -392.47M | 18K | 0 | 2.35M | 0 | 0 | -4.69M | 0 | 0 | 298K | 279K | 594K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.4M | 4.6M | -900K | 700K | 458K | -570K | 266K | 2.62M | -1.89M | 1.08M | 1.16M | 128K | 335K | 1.19M | -607K | -914K | 358K | -441K | -255K | -564K | 374K | -276K | -318K | 38.06M | -179K | -10.63M | 92.42M | 82.8M | 52.1M | 89.3M | 36.6M |
| Cash from Financing | -140.4M | -251M | -77M | -96.8M | -237.34M | -62.28M | 277.79M | -59.73M | -5.19M | 258.62M | -14.01M | -16.23M | -24.34M | -12.71M | -6.62M | 500K | -9.25M | 5.46M | -31.03M | -67.57M | -67.09M | -31.8M | -79.61M | -20.43M | -85.67M | -11.36M | -22.87M | -11.4M | -32.4M | -20.6M | -10M |
| Debt Issued (Net) | -100M | -159.9M | 49.3M | 0 | 0 | -224K | 340M | -38.53M | 14.53M | 284M | 0 | 0 | 0 | 0 | 0 | 0 | -9.1M | 9.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -700K | -16.1M | -2.5M |
| Equity Issued (Net) | -1.8M | -53.7M | -74.5M | -55.1M | -214.3M | -47.59M | -1.84M | -8.17M | -6.48M | -1.53M | -3.07M | -6.52M | -26.34M | -12.72M | -6.6M | -89K | -250K | -163K | -17.13M | -56.64M | -55.92M | -22.4M | -72.8M | -17.34M | -81.72M | -7.24M | -18.55M | -7M | -26.9M | 600K | 100K |
| Dividends Paid | -39.7M | -38.9M | -36.8M | -33.2M | -23.8M | -16.17M | -14.59M | -13.67M | -12.74M | -12.74M | -10.89M | -9.77M | 0 | 0 | 0 | 0 | 0 | -3.49M | -14M | -12.52M | -11.67M | -9.4M | -6.9M | -3.7M | -3.95M | -4.12M | -4.32M | -4.4M | -4.9M | -5.1M | -7.6M |
| Share Repurchases | -1.8M | -53.7M | -74.5M | -55.1M | -214.3M | -47.59M | -1.84M | -8.17M | -6.48M | -1.53M | -3.07M | -6.52M | -26.34M | -12.72M | -6.6M | -89K | -250K | -163K | -17.77M | -64.65M | -57.8M | -26.8M | -77.67M | -20.22M | -86.07M | -10.69M | -19.73M | -9M | -28.4M | 0 | 0 |
| Other Financing | 1.1M | 1.5M | -15M | -8.5M | 800K | 1.7M | -45.78M | 648K | -501K | -11.11M | -53K | 53K | 2M | 7K | -17K | 589K | 102K | 9K | 92K | 1.59M | 501K | 0 | 88K | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 |
| Net Change in Cash | 46.6M | -156.9M | 21M | 27.7M | -152.39M | 141.99M | 255.14M | 35.09M | -33.6M | -49.64M | 15.34M | 12.44M | -6.47M | 1.59M | -6.62M | -5.38M | 38.13M | 18.71M | 10.96M | -18.05M | 5.45M | -4.96M | -23.84M | 57.16M | -60.05M | 42.34M | 3.28M | -6.5M | -32.4M | -20.6M | -10M |
| Free Cash Flow | 180.6M | 89.5M | 98.9M | 211.3M | 312.65M | 192.39M | 238.06M | 92.89M | 54.68M | 83.13M | 28.2M | 28.61M | 12.76M | 5.82M | -2.1M | -12.23M | 31.16M | 4.8M | -18.1M | 22.51M | 108.42M | 69.11M | 56.1M | 39.53M | 25.79M | 64.32M | 36.86M | 13.4M | 56.4M | 800K | 6.8M |
| FCF Margin % | 6.37% | 3.2% | 3.33% | 6.05% | 6.31% | 5.3% | 10.11% | 4.68% | 2.71% | 5.37% | 2.89% | 2.93% | 1.35% | 2.71% | -0.36% | -2.46% | 6.93% | 2.27% | -2.99% | 2.59% | 12.54% | 6.97% | 5.03% | 4.68% | 3.11% | 9.43% | 4.96% | 2.01% | 10.74% | 0.18% | 1.4% |
| FCF Growth % | 445.98% | -9.5% | -53.19% | -32.42% | 62.51% | -19.18% | 156.27% | 69.89% | -34.23% | 194.85% | -1.45% | 124.22% | 119.39% | 377.22% | 82.84% | -139.24% | 549.41% | 126.52% | -180.41% | -79.24% | 56.89% | 23.2% | 41.91% | 53.25% | -59.9% | 74.48% | 175.1% | -76.24% | 6950% | -88.24% | -57.76% |
| FCF per Share | 6.36 | 3.16 | 3.35 | 5.97 | 9.48 | 5.65 | 7.12 | 2.93 | 1.72 | 2.70 | 1.04 | 1.06 | 0.46 | 0.21 | -0.07 | -0.42 | 1.07 | 0.17 | -0.62 | 0.72 | 3.33 | 2.04 | 1.61 | 1.05 | 0.63 | 1.53 | 0.84 | 0.30 | 1.16 | 0.02 | 0.13 |
| FCF Conversion (FCF/Net Income) | 4.69x | 5.02x | 11.07x | 1.36x | 1.03x | 0.84x | 4.40x | 1.20x | 0.81x | 1.36x | 1.16x | 1.10x | 0.52x | 0.96x | 0.00x | -0.85x | 3.22x | -0.11x | -5.16x | 0.67x | 2.53x | 1.21x | 0.94x | 1.26x | 0.67x | 1.72x | 1.06x | 0.56x | 2.54x | 0.23x | 1.40x |
| Interest Paid | 12.3M | 29.5M | 29M | 24.2M | 23.8M | 24.1M | 17.25M | 14.92M | 16.57M | 11.89M | 0 | 10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -700K | 2.5M | 14.4M | 57.8M | 139.7M | 88.7M | 3.67M | 37.06M | 26.44M | 21.42M | 18.45M | 17.66M | 14.06M | 11.5M | 134K | 1.7M | 0 | 191K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical demand and inventory
According to the provided cash flow data, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from -5.17 in 2026Q2 to 13.24 in 2025Q4, suggesting that reported earnings are frequently decoupled from actual cash generation due to working capital shifts.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's immediate liquidity position. Investors should monitor whether these accrual-heavy periods represent sustainable operational efficiency or merely temporary timing differences in dealer shipments and inventory management.
As reported in financial statements, Winnebago's free cash flow trajectory remains inconsistent, with quarterly figures fluctuating between a high of $171.2 million in 2025Q4 and a low of -$36.1 million in 2025Q3, reflecting the inherent difficulty in maintaining positive cash flow during periods of cyclical demand contraction.
The inability to generate consistent positive free cash flow suggests that the company's capital-intensive manufacturing model is highly sensitive to volume fluctuations. This volatility warrants further investigation into whether the current cost structure can support long-term shareholder returns without relying on debt or cash reserves.
Based on Winnebago's reported figures, working capital changes are the primary driver of cash flow variance, evidenced by a massive $138.4 million inflow in 2025Q4 followed by a $50.1 million outflow in 2026Q2, highlighting the company's vulnerability to dealer-level inventory stocking and destocking cycles.
The significant swings in working capital suggest that the company's cash position is largely at the mercy of dealer demand and wholesale shipment timing. This dynamic implies that management's ability to control cash flow is limited by the cyclical nature of the RV retail environment.
Data from recent filings indicates that Winnebago maintains a disciplined approach to capital expenditure, with CapEx/Revenue ratios consistently hovering between 0.7% and 1.6%, suggesting that the company is prioritizing maintenance over aggressive capacity expansion during this period of market normalization and demand uncertainty.
While the low capital intensity may appear favorable, it may also indicate a lack of significant investment in new product innovation or manufacturing efficiency. Investors should monitor whether this level of spending is sufficient to maintain competitive differentiation against peers in a tightening market.
Based on the cash flow statements, Winnebago has consistently prioritized dividend payments, averaging roughly $10 million per quarter, even as operating cash flow turned negative in several periods, which suggests a commitment to shareholder returns that may be straining the company's available liquidity during downturns.
The decision to maintain dividends despite volatile cash flow may indicate management's confidence in the company's long-term resilience. However, this strategy warrants further investigation, as it reduces the cash available for strategic acquisitions or debt reduction during periods of operational stress.
Quick answers to the most common questions about buying WGO stock.
Winnebago Industries, Inc. (WGO) generated $128.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Winnebago Industries, Inc. (WGO) generated $89.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Winnebago Industries, Inc. (WGO) spent $39.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Winnebago Industries, Inc. (WGO) returned $38.9M to shareholders via cash dividends and spent $53.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.