Operating margins have compressed to 3.3% in 2026Q3, reflecting structural limitations in scaling fixed costs against a 9.9% year-over-year revenue decline.
| 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 |
|---|
| Sales/Revenue | 2.84B | 2.8B | 2.97B | 3.49B | 4.96B | 3.63B | 2.36B | 1.99B | 2.02B | 1.55B | 975.23M | 976.5M | 945.16M | 214.25M | 581.68M | 496.42M | 449.48M | 211.52M | 604.35M | 870.15M | 864.4M | 991.98M | 1.11B | 845.21M | 828.4M | 681.83M | 743.32M | 667.7M | 525.1M | 436.7M | 484.8M |
| Revenue Growth % | 3.44% | -5.9% | -14.82% | -29.59% | 36.58% | 54.1% | 18.63% | -1.54% | 30.36% | 58.64% | -0.13% | 3.32% | 341.16% | -63.17% | 17.18% | 10.44% | 112.5% | -65% | -30.55% | 0.67% | -12.86% | -10.97% | 31.82% | 2.03% | 21.5% | -8.27% | 11.33% | 27.16% | 20.24% | -9.92% | 0.04% |
| Cost of Goods Sold | 2.47B | 2.43B | 2.54B | 2.9B | 4.03B | 2.98B | 2.04B | 1.68B | 1.72B | 1.32B | 862.58M | 871.63M | 841.17M | 188.75M | 538M | 456.66M | 423.22M | 242.26M | 569.58M | 770.96M | 759.5M | 855M | 951.99M | 731.83M | 708.87M | 587.33M | 624.11M | 552.3M | 445.3M | 379M | 407.5M |
| COGS % of Revenue | - | 86.95% | 85.42% | 83.21% | 81.25% | 82.08% | 86.72% | 84.53% | 85.13% | 85.61% | 88.45% | 89.26% | 89% | 88.1% | 92.49% | 91.99% | 94.16% | 114.54% | 94.25% | 88.6% | 87.86% | 86.19% | 85.44% | 86.59% | 85.57% | 86.14% | 83.96% | 82.72% | 84.8% | 86.79% | 84.06% |
| Gross Profit | 368.7M | 365.1M | 433.5M | 586.1M | 929.34M | 650.36M | 312.93M | 307.2M | 299.84M | 222.58M | 112.65M | 104.88M | 104M | 25.5M | 43.68M | 39.75M | 26.27M | -30.75M | 34.77M | 99.2M | 104.9M | 136.98M | 162.17M | 113.38M | 119.54M | 94.5M | 119.22M | 115.4M | 79.8M | 57.7M | 77.3M |
| Gross Margin % | 13% | 13.05% | 14.58% | 16.79% | 18.75% | 17.92% | 13.28% | 15.47% | 14.87% | 14.39% | 11.55% | 10.74% | 11% | 11.9% | 7.51% | 8.01% | 5.84% | -14.54% | 5.75% | 11.4% | 12.14% | 13.81% | 14.56% | 13.41% | 14.43% | 13.86% | 16.04% | 17.28% | 15.2% | 13.21% | 15.94% |
| Gross Profit Growth % | - | -15.78% | -26.04% | -36.93% | 42.9% | 107.83% | 1.87% | 2.46% | 34.71% | 97.58% | 7.41% | 0.85% | 307.9% | -41.63% | 9.88% | 51.35% | 185.43% | -188.42% | -64.95% | -5.44% | -23.42% | -15.53% | 43.03% | -5.15% | 26.49% | -20.73% | 3.31% | 44.61% | 38.3% | -25.36% | -3.62% |
| Operating Expenses | 300M | 307.9M | 333.3M | 285.4M | 345.84M | 242.94M | 199.16M | 151.93M | 137.27M | 115.67M | 46.91M | 45M | 40.72M | 10.16M | 34.15M | 28.48M | 25.75M | 27.91M | 44.53M | 44.31M | 41.8M | 38.72M | 51.37M | 36.08M | 38.34M | 90.75M | 48.56M | 51.4M | 46.8M | 53.9M | 56.6M |
| OpEx % of Revenue | - | 11% | 11.21% | 8.18% | 6.98% | 6.69% | 8.46% | 7.65% | 6.81% | 7.48% | 4.81% | 4.61% | 4.31% | 4.74% | 5.87% | 5.74% | 5.73% | 13.2% | 7.37% | 5.09% | 4.84% | 3.9% | 4.61% | 4.27% | 4.63% | 13.31% | 6.53% | 7.7% | 8.91% | 12.34% | 11.67% |
| Selling, General & Admin | 278.4M | 285.8M | 280M | 264.6M | 316.42M | 228.58M | 177.06M | 142.29M | 127.94M | 91.02M | 46.91M | 45M | 40.72M | 10.16M | 34.1M | 28.51M | 25.75M | 27.91M | 39.84M | 44.31M | 41.8M | 38.72M | 51.37M | 36.08M | 38.34M | 39.03M | 41.94M | 45.7M | 41.2M | 47.4M | 46.9M |
| SG&A % of Revenue | - | 10.21% | 9.42% | 7.58% | 6.38% | 6.3% | 7.52% | 7.17% | 6.34% | 5.88% | 4.81% | 4.61% | 4.31% | 4.74% | 5.86% | 5.74% | 5.73% | 13.2% | 6.59% | 5.09% | 4.84% | 3.9% | 4.61% | 4.27% | 4.63% | 5.72% | 5.64% | 6.84% | 7.85% | 10.85% | 9.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 4.3M | 3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 0.41% | - | 0.45% | 1.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 22.1M | 53.3M | 20.8M | 29.42M | 14.36M | 22.1M | 9.63M | 494K | 330K | 457K | 115K | 768K | -43K | 0 | -39K | 0 | 0 | 4.69M | 0 | 0 | 0 | 0 | 0 | 0 | 51.72M | 6.62M | 5.7M | 5.6M | 6.5M | 9.7M |
| Operating Income | 68.7M | 57.2M | 100.2M | 300.7M | 583.5M | 407.42M | 113.76M | 155.27M | 160.39M | 125.11M | 65.74M | 59.42M | 63.91M | 15.33M | 9.53M | 11.28M | 520K | -59.52M | -9.76M | 54.89M | 63.1M | 98.25M | 110.8M | 77.29M | 81.2M | 3.75M | 70.65M | 64M | 33M | 3.8M | 20.7M |
| Operating Margin % | 2.42% | 2.04% | 3.37% | 8.61% | 11.77% | 11.22% | 4.83% | 7.82% | 7.95% | 8.09% | 6.74% | 6.08% | 6.76% | 7.16% | 1.64% | 2.27% | 0.12% | -28.14% | -1.61% | 6.31% | 7.3% | 9.9% | 9.94% | 9.14% | 9.8% | 0.55% | 9.51% | 9.59% | 6.28% | 0.87% | 4.27% |
| Operating Income Growth % | - | -42.91% | -66.68% | -48.47% | 43.22% | 258.13% | -26.73% | -3.2% | 28.2% | 90.3% | 10.64% | -7.03% | 316.83% | 60.95% | -15.54% | 2069.04% | 100.87% | -510.1% | -117.77% | -13.01% | -35.78% | -11.32% | 43.35% | -4.81% | 2062.95% | -94.69% | 10.4% | 93.94% | 768.42% | -81.64% | 9.52% |
| EBITDA | 114.1M | 95.7M | 158.8M | 348.6M | 637.15M | 439.98M | 151.86M | 178.58M | 179.57M | 157.08M | 71.49M | 63.93M | 67.91M | 20.1M | 14.4M | 16.77M | 6.86M | -51.68M | 152K | 65.38M | 73.73M | 108.25M | 120.43M | 86.08M | 89.08M | 11.13M | 77.28M | 69.7M | 38.6M | 10.3M | 30.4M |
| EBITDA Margin % | 4.02% | 3.42% | 5.34% | 9.99% | 12.85% | 12.12% | 6.45% | 8.99% | 8.9% | 10.15% | 7.33% | 6.55% | 7.18% | 9.38% | 2.48% | 3.38% | 1.53% | -24.43% | 0.03% | 7.51% | 8.53% | 10.91% | 10.81% | 10.18% | 10.75% | 1.63% | 10.4% | 10.44% | 7.35% | 2.36% | 6.27% |
| EBITDA Growth % | 39.15% | -39.74% | -54.45% | -45.29% | 44.81% | 189.72% | -14.96% | -0.55% | 14.32% | 119.74% | 11.82% | -5.85% | 237.91% | 39.57% | -14.15% | 144.48% | 113.27% | -34100.66% | -99.77% | -11.33% | -31.89% | -10.11% | 39.9% | -3.36% | 700.04% | -85.59% | 10.87% | 80.57% | 274.76% | -66.12% | 9.35% |
| D&A (Non-Cash Add-back) | 45.4M | 38.5M | 58.6M | 47.9M | 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 |
| EBIT | 45M | 56M | 59.5M | 303.8M | 556.03M | 407.9M | 113.76M | 155.27M | 160.39M | 100.31M | 56.22M | 55.81M | 63.28M | 46.73M | 11.9M | 13.76M | 520K | -56.19M | -9.76M | 54.89M | 63.1M | 98.25M | 110.8M | 77.29M | 78.07M | 55.47M | 70.65M | 64M | 33M | 5.2M | 20.7M |
| Net Interest Income | -17.9M | -25.9M | -21.1M | -20.5M | -41.3M | -40.4M | -37.46M | -17.94M | -18.25M | -16.84M | 0 | 10K | -1.9M | -1.91M | -2.22M | -2.19M | -1.54M | -852K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 49K | 65K | 143K | -370K | 222K | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.9M | 25.9M | 21.1M | 20.5M | 41.3M | 40.4M | 37.46M | 17.94M | 18.25M | 16.84M | 0 | 0 | 1.61M | 1.64M | 1.79M | 1.82M | 1.96M | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -23.6M | -27.1M | -61.8M | -21.5M | -68.78M | -39.97M | -36.49M | -16.36M | -17.75M | -16.51M | 457K | 115K | 768K | 696K | 581K | 658K | 222K | 1.45M | 4.31M | 6.52M | 5.1M | 2.63M | 1.44M | 1.4M | 2.86M | 55.47M | 3.34M | 2.6M | 2.9M | 3.2M | 300K |
| Pretax Income | 45.1M | 30.1M | 38.4M | 279.2M | 514.72M | 367.45M | 77.28M | 138.91M | 142.64M | 108.6M | 66.2M | 59.53M | 64.68M | 15.29M | 10.11M | 11.94M | 742K | -58.06M | -5.44M | 61.41M | 68.19M | 100.89M | 112.23M | 78.69M | 84.06M | 59.23M | 73.99M | 66.6M | 35.9M | 7M | 21M |
| Pretax Margin % | 1.59% | 1.08% | 1.29% | 8% | 10.38% | 10.12% | 3.28% | 7% | 7.07% | 7.02% | 6.79% | 6.1% | 6.84% | 7.14% | 1.74% | 2.4% | 0.17% | -27.45% | -0.9% | 7.06% | 7.89% | 10.17% | 10.07% | 9.31% | 10.15% | 8.69% | 9.95% | 9.97% | 6.84% | 1.6% | 4.33% |
| Income Tax | 6.6M | 4.4M | 25.4M | 63.3M | 124.09M | 85.58M | 15.83M | 27.11M | 40.28M | 37.27M | 20.7M | 18.32M | 19.62M | 4.67M | -34.87M | 94K | -9.51M | 20.7M | -8.22M | 19.84M | 23.45M | 35.82M | 41.59M | 29.96M | 29.39M | 15.47M | 25.59M | 22.3M | 11.5M | 400K | 6.6M |
| Effective Tax Rate % | 14.63% | 14.62% | 66.15% | 22.67% | 24.11% | 23.29% | 20.49% | 19.52% | 28.24% | 34.32% | 31.27% | 30.78% | 30.34% | 30.56% | -344.96% | 0.79% | -1281% | -35.66% | 151.17% | 32.32% | 34.39% | 35.5% | 37.06% | 38.07% | 34.96% | 26.13% | 34.59% | 33.48% | 32.03% | 5.71% | 31.43% |
| Net Income | 38.5M | 25.7M | 13M | 215.9M | 390.6M | 281.9M | 61.44M | 111.8M | 102.36M | 71.33M | 45.5M | 41.21M | 45.05M | 10.62M | 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 |
| Net Margin % | 1.36% | 0.92% | 0.44% | 6.19% | 7.88% | 7.77% | 2.61% | 5.63% | 5.08% | 4.61% | 4.67% | 4.22% | 4.77% | 4.96% | 7.73% | 2.39% | 2.28% | -37.24% | 0.46% | 4.78% | 5.18% | 6.56% | 6.34% | 5.9% | 6.6% | 6.26% | 6.51% | 6.63% | 4.65% | 5.29% | 2.56% |
| Net Income Growth % | 325.15% | 97.69% | -93.98% | -44.73% | 38.56% | 358.81% | -45.04% | 9.22% | 43.5% | 56.78% | 10.4% | -8.53% | 324.39% | -76.39% | 279.73% | 15.58% | 113.01% | -2929.24% | -93.3% | -7.11% | -31.24% | -7.88% | 41.61% | -8.76% | 28.02% | -11.77% | 9.25% | 81.56% | 5.63% | 86.29% | -55.4% |
| Net Income (Continuing) | 38.5M | 25.7M | 13M | 215.9M | 390.6M | 281.9M | 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 | 48.73M | 52.89M | 43.75M | 48.4M | 44.3M | 24.4M | 6.6M | 14.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M |
| EPS (Diluted) | 1.36 | 0.91 | 0.44 | 6.23 | 11.84 | 8.28 | 1.84 | 3.52 | 3.22 | 2.32 | 1.68 | 1.52 | 1.64 | 0.38 | 1.54 | 0.41 | 0.35 | -2.71 | 0.10 | 1.32 | 1.37 | 1.92 | 2.03 | 1.35 | 1.34 | 1.01 | 1.10 | 0.98 | 0.50 | 0.46 | 0.25 |
| EPS Growth % | 341.05% | 106.82% | -92.94% | -47.38% | 43% | 350% | -47.73% | 9.32% | 38.79% | 38.1% | 10.53% | -7.32% | 331.58% | -75.32% | 275.61% | 17.14% | 112.92% | -2810% | -92.42% | -3.65% | -28.65% | -5.42% | 50.37% | 0.75% | 32.67% | -8.18% | 12.24% | 96% | 8.7% | 84% | -54.55% |
| EPS (Basic) | - | 0.91 | 0.45 | 7.13 | 12.03 | 8.41 | 1.85 | 3.55 | 3.24 | 2.33 | 1.69 | 1.53 | 1.64 | 0.38 | 1.54 | 0.41 | 0.35 | -2.71 | 0.10 | 1.33 | 1.39 | 1.95 | 2.06 | 1.35 | 1.37 | 1.03 | 1.12 | 1.00 | 0.51 | 0.46 | 0.25 |
| Diluted Shares Outstanding | 28.4M | 28.3M | 29.5M | 35.4M | 32.98M | 34.06M | 33.45M | 31.72M | 31.81M | 30.77M | 27.03M | 27.05M | 27.55M | 28.02M | 29.21M | 29.15M | 29.1M | 29.05M | 29.14M | 31.41M | 32.55M | 33.81M | 34.79M | 37.64M | 40.77M | 42.08M | 44.02M | 45.2M | 48.8M | 50.77M | 50.61M |
| Basic Shares Outstanding | 28.3M | 28.2M | 29.2M | 30.3M | 32.48M | 33.53M | 33.24M | 31.54M | 31.6M | 30.65M | 26.93M | 26.94M | 27.43M | 27.91M | 29.14M | 29.12M | 29.09M | 29.04M | 29.09M | 31.16M | 32.27M | 33.38M | 34.21M | 36.97M | 39.9M | 41.47M | 43.36M | 44.52M | 48.32M | 50.77M | 50.61M |
| Dividend Payout Ratio | - | 151.36% | 283.08% | 15.38% | 6.09% | 5.74% | 23.74% | 12.23% | 12.44% | 17.86% | 23.94% | 23.7% | - | - | - | - | - | - | 502.77% | 30.11% | 26.08% | 14.45% | 9.77% | 7.42% | 7.23% | 9.65% | 8.93% | 9.93% | 20.08% | 22.08% | 61.29% |
Cyclical demand and inventory
As reported in recent financial statements, Winnebago's revenue growth has exhibited significant volatility, culminating in a 9.9% year-over-year decline in 2026Q3, which suggests that the post-pandemic demand pull-forward is still exerting downward pressure on wholesale shipment volumes across the company's core North American RV segments.
The inconsistent quarterly revenue performance indicates that the company is struggling to find a stable baseline following the pandemic-era surge. Investors should monitor whether the current contraction reflects a structural shift in consumer appetite for discretionary recreational vehicles or merely a temporary inventory correction within the dealer network.
Based on the provided income statement data, gross margins have hovered near 13% for several quarters, reflecting a structural limitation in the company's assembly-heavy business model that leaves little room for pricing power when faced with rising input costs and competitive dealer incentive requirements.
The inability to consistently expand gross margins above the 13-14% range suggests that Winnebago remains highly sensitive to the cost of third-party chassis and raw materials. This lack of margin expansion potential implies that profitability is largely at the mercy of external commodity cycles rather than internal operational efficiencies.
According to the latest quarterly figures, operating margins have compressed to 3.3% in 2026Q3, indicating that the company's fixed cost structure is not scaling effectively with revenue, as SG&A expenses remain stubbornly high relative to the fluctuating gross profit generated by wholesale shipments.
The failure of operating income to outpace gross profit growth suggests that the company is carrying a heavy overhead burden that becomes a liability during periods of volume decline. This lack of operating leverage may indicate that management's current cost-control measures are insufficient to protect the bottom line during cyclical downturns.
Analysis of the income statement reveals that stock-based compensation, which reached $5.2 million in 2026Q3, continues to represent a meaningful portion of operating expenses, potentially masking the true underlying profitability of the core manufacturing business during periods of thin net income margins.
The persistent level of stock-based compensation warrants further investigation, as it appears to be a recurring expense that dilutes shareholder value without a clear correlation to improved operational performance. Investors should consider whether these non-cash charges are obscuring the true cash-generating capacity of the business in a challenging retail environment.
While the company maintains a relatively clean balance sheet, the reliance on wholesale shipments to independent dealers creates a significant risk, as evidenced by the recent revenue decline which may indicate that the channel is becoming saturated with inventory that consumers are increasingly unwilling to finance.
Short-sellers would likely focus on the potential for future production cuts if the retail-to-wholesale ratio continues to deteriorate. The current reliance on dealer health suggests that any further tightening in credit conditions could lead to a rapid and painful inventory destocking cycle that would severely impact future earnings.
Quick answers to the most common questions about buying WGO stock.
For fiscal year 2025, Winnebago Industries, Inc. (WGO) reported total revenue of $2.80B. This represents a 477.2% increase compared to $484.8M in 1996.
Winnebago Industries, Inc. (WGO) is profitable, generating $25.7M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Winnebago Industries, Inc. (WGO) reported an operating income of $57.2M, resulting in an operating profit margin of 2.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Winnebago Industries, Inc. (WGO) generated $365.1M in gross profit for the year, representing a gross profit margin of 13.0%. This demonstrates the company's core pricing power and production efficiency.