WGO

Winnebago Industries, Inc.WGO is focusing on operational improvements, product innovation and premium brand positioning to strengthen its competitive standing in the recreational vehicle market. The company's motorhome business is showing signs of recovery, while cost-cutting initiatives and improving cash flow could support earnings growth and shareholder returns. Shares of WGO are down 28.8% over the past year against the industry's 21.5% fall. Image Source: Zacks Investment Research Let's examine the factors supporting WGO's growth prospects. Winnebago's Motorhome RV segment is witnessing an operational recovery, supported by cost optimization, disciplined pricing and manufacturing efficiencies. In fiscal 2026, segment revenues rose 8.4% year over year to $1.26 billion, while operating income improved to $33.2 million from a $7.3 million loss. Operating margin expanded 320 basis points (bps) to 2.6%. Despite a 10.4% revenue decline in the fiscal fourth quarter sequentially, operating margin improved 250 bps to 2.4%. Winnebago continues to expand its product portfolio to attract customers across different recreational categories and price points. Recent launches include Grand Design's Lineage motorhomes, Winnebago's ARKA adventure motorhome and Thrive travel trailers, Newmar's Freedom Aire, Grand Design's Foundation destination trailer and Barletta's Sanza pontoon. The company is also investing in advanced construction technologies, including Omega Frame and composite roofing, to improve product differentiation. Winnebago's portfolio of premium brands, including Grand Design, Newmar, Chris-Craft and Barletta, remains a competitive advantage. Its strong brand positioning is reflected in a 14.7% share of RV retail dollar sales compared with a 10.4% unit share for the trailing 12 months through August 2026. Barletta is also gaining traction in the U.S. aluminum pontoon market. Its market share increased to 9.7% in fiscal 2026 from 9% in fiscal 2025 and 4.7% in fiscal 2021. Continued market share gains should support the company's growth prospects. Winnebago is pursuing operational efficiency through manufacturing consolidation, sourcing initiatives and expense control. In fiscal 2027, the company plans to consolidate Towable RV production from two assembly campuses to one and Motorhome RV production from four campuses to three. Operating expenses declined to $284 million in fiscal 2026 from $307.9 million a year ago, reflecting ongoing cost discipline. Management expects fiscal 2027 adjusted earnings of $1.65-$2.25 per share, with the midpoint indicating approximately 9% year-over-year growth. WGO's cash generation also strengthened, with operating cash flow rising 30.9% year over year to $168.7 million in fiscal 2026 and free cash flow increasing to $144.6 million from $89.5 million. Cash and cash equivalents reached $181.4 million. In August 2026, the company raised its quarterly dividend 3% to 36 cents per share and extended its $350 million revolving credit facility through 2031. With its motorhome business gaining momentum, brands strengthening their market positions and cost-saving initiatives taking shape, the company is building a foundation for recovery. Investors should consider buying the stock to benefit from its improving performance and long-term growth potential. Winnebago Industries, Inc. price-consensus-chart | Winnebago Industries, Inc. Quote WGO currently carries Zacks Rank #2 (Buy). Other top-ranked stocks include Honda Motor HMC, Lucid Group, Inc. LCID and Toyota TM. HMC sports a Zacks Rank #1 (Strong Buy), while LCID and TM carry a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for HMC's current-year earnings is pegged at $2.29 per share, indicating a 208.5% year-over-year increase. The estimate for earnings has moved northward over the past 60 days. The Zacks Consensus Estimate for LCID's current-year loss is pegged at $12.15 per share. Its earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, with the average negative earnings surprise being 30.3%. The Zacks Consensus Estimate for TM's current fiscal-year earnings is pegged at $20.3 per share, indicating a 3.5% year-over-year increase. The estimate for earnings has moved down over the past 30 days. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Winnebago Industries, Inc. (WGO) : Free Stock Analysis Report Toyota Motor Corporation (TM) : Free Stock Analysis Report Honda Motor Co., Ltd. (HMC) : Free Stock Analysis Report Lucid Group, Inc. (LCID) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Winnebago Industries just released its Q4 2026 scorecard and the share price wasted no time reacting. The stock jumped 10.7% to US$25.64, a sharp move for an RV and marine manufacturer that came into the release down over the past three months. The headline is not rapid growth. Q4 revenue was US$645.1m with basic earnings per share of US$0.34. The real story is in margins. Management focused heavily on cost discipline and cash generation, and traders appear to be treating that margin and balance sheet progress as more important than soft end markets. Love the margin focus at Winnebago Industries but concerned about soft demand for RVs and boats? Consider screening for companies that pair disciplined cost control with stronger end markets using our list of solid balance sheet and fundamentals stocks (25 results). - Revenue (Q4 2026 vs Q4 2025): US$645.1m vs. US$777.3m (down about 17%) - Net Income (Q4 2026 vs Q4 2025): US$9.7m vs. US$13.7m (down about 29%) - Basic EPS (Q4 2026 vs Q4 2025): US$0.34 vs. US$0.49 (down about 30%) - Adjusted EBITDA Margin (Q4 2026 vs Q4 2025): 5.1% vs. prior year level not disclosed (management highlighted the Q4 2026 margin as a key focus point) Tired of scrolling through earnings headlines and spreadsheet rows trying to piece together what really changed at Winnebago Industries this quarter? Get the full financial picture in one visual dashboard, including a clear view of valuation alongside key trends, with our company report for Winnebago Industries. Winnebago Industries' bullish pitch hangs on execution, not a snap-back in demand. The key claim is that mix, retail share and cost work can steadily reshape profitability. "The main thing that has to go right is that Winnebago Industries turns early traction in Grand Design Motorhome, Barletta pontoons, and revitalised Winnebago motorhomes and towables into sustained retail share gains while keeping dealer inventory turns near its 2x goal." Q4 data lines up with that ambition. Retail unit share at 35.4% and dollar share at 41%, plus Barletta and Grand Design share gains, point to real progress. Dealer turns near 1.8x, with Grand Design Towables at 2.0x, show that inventory discipline is tracking the 2x target and feeding into FY26 margin and cash improvement. That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for. The bearish view argues that Winnebago Industries can tidy margins yet still be held back by sluggish retail demand and heavy promotions. "Bearish analysts expect Winnebago Industries to face prolonged RV demand softness and pressured profitability as RV sales trends remain weak and competitive intensity stays elevated." Q4 and FY26 numbers do not dismiss that concern. Revenue fell year on year, Q4 adjusted EBITDA margin sat at 5.1%, and FY26 adjusted EPS reached US$1.79. Management guided FY27 revenue to be roughly flat and adjusted EPS growth to be in the mid single digit to low double digit range at the midpoint, while explicitly not assuming a broad retail recovery. Winnebago Industries just showed how much a margin story can matter even when demand is still soft. The real opportunity is spotting stocks that could be undervalued before the crowd catches up. - Company 1 - 26% below our estimate - sells injectable treatments for weight loss and diabetes to large patient groups. - Company 2 - 33% below our estimate - uses a high-usage super app to deepen client interactions across multiple financial and shopping services. - Company 3 - 30% below our estimate - supplies full-stack accelerated computing platforms that support intensive AI data center workloads for cloud customers. Those are three of them. See all 33 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WGO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. - Q4 Net Revenue: Approximately $645.1 million, down year-over-year on lower unit volume and unfavorable product mix, partially offset by selective price adjustments. - Q4 Adjusted EBITDA: Approximately $32.6 million, a 5.1% margin. - Q4 Adjusted EPS: $0.49 per diluted share. - Full-Year Net Revenue: Approximately $2.7 billion. - Full-Year Adjusted EPS: $1.79 per diluted share. - Towable RV Revenue: Approximately $220.3 million in Q4, down on lower unit volume and greater mix of lower-priced models offsetting pricing realization. - Towable RV Operating Income: Approximately $9.3 million, a 4.2% operating margin. - Motorhome RV Revenue: Approximately $323.6 million in Q4. - Motorhome RV Operating Income: Approximately $7.9 million, a 2.4% operating margin, up more than 250 basis points year-over-year. - Marine Revenue: Approximately $92.3 million in Q4. - Marine Operating Income: Approximately $6.6 million, a 7.1% operating margin. - SG&A: Lower year-over-year on disciplined spending and ongoing cost reduction efforts. - Free Cash Flow: $144.6 million for full-year fiscal 2026, up from $89.5 million in fiscal 2025. - Net Leverage: 2.2 times, down from 3.1 times in the prior year. - RV Dealer Inventory Turns: Improved to 1.8 times; Grand Design Towables turns improved to 2 times from 1.6 times in Q3. - Market Share: Enterprise RV retail unit share 35.4% and dollar share 41% (TTM); Barletta US Aluminum Pontoon share 9.7%, up ~70 bps. - Capital Returns: Quarterly dividend increased 3%; $350 million revolving credit facility renewed and extended through 2031. - Fiscal 2027 Outlook: Net revenues of $2.65 billion$2.8 billion; adjusted EPS of $1.65$2.25 (midpoint $1.95, up 9% YoY); expected $70 million$80 million in cumulative gross savings over fiscal 20272029. - Warning! GuruFocus has detected 7 Warning Signs with WGO. - Is WGO fairly valued? Test your thesis with our free DCF calculator. Release Date: October 21, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Winnebago Industries Inc (NYSE:WGO) gained RV market share in key categories, with Newmar leading Class A Diesel at 35.4% unit share and Grand Design Motorized reaching 3.6% in Class C, up 170 basis points. - Dealer inventory turns improved to 1.8 times for RV and 2 times for Grand Design Towables, reflecting better alignment with retail demand and healthier channel inventory. - Motorhome RV operating margin expanded over 250 basis points year-over-year, demonstrating early benefits from transformation initiatives and cost management. - Free cash flow increased to $144.6 million in fiscal 2026 from $89.5 million, supporting net leverage reduction to 2.2 times from 3.1 times. - Winnebago Industries Inc (NYSE:WGO) expects $70 million to $80 million in cumulative gross savings over fiscal 2027-2029 from manufacturing footprint actions and structural cost reductions. - Consumer affordability pressures, elevated financing costs, and macroeconomic uncertainty continue to weigh on retail demand and delay new product purchases. - Fourth quarter net revenues declined year-over-year due to lower unit volume and unfavorable product mix, with Towable RV revenue down and operating margin at only 4.2%. - Fiscal 2027 first quarter guidance anticipates net sales decreasing mid- to high single digits, with adjusted EBITDA margin on par to slightly below prior year. - The RV and marine industries face a challenging environment with industry retail units down approximately 13% in travel trailers, and Winnebago Industries Inc (NYSE:WGO) does not assume a broad recovery in fiscal 2027. - Dealers remain cautious in ordering, with some hesitation to take new model year products, and the industry may see a reduction in dealer rooftops, adding pressure to the channel. Q: James Hardiman (Citi) asked how Winnebago can guide to nearly 10% EPS growth when retail demand remains down mid-teens and interest rates have risen, and how the retail-to-wholesale bridge works. A: CEO Michael Happe acknowledged retail remains consistently challenged, but said the company is gaining share across several brands. The fiscal 2027 revenue midpoint implies only about a 1% increase, with EPS growth driven by margin improvement from material cost savings, operational efficiency and SG&A discipline rather than market recovery. CFO Bryan Hughes added that in fiscal 2026, with industry retail and wholesale both down significantly, Winnebago still delivered revenue down only about 3% and earnings up year-over-year, giving confidence it can outperform again in fiscal 2027. Q: Joseph Altobello (Raymond James) asked for a breakdown of the $70 million to $80 million in cumulative gross savings and how much will be reinvested. A: CFO Bryan Hughes said timing will vary, with benefits building through fiscal 2027 and extending into fiscal 2028 and 2029. Nearly half of the savings target is tied to structural, non-material cost reductions, and many are intended to flow through as incremental profitability. Vertical rationalization has a longer tail, while actions such as consolidating Winnebago Motorhome locations and moving Winnebago Towables onto the Grand Design campus will contribute in fiscal 2027. Guidance includes about $6 million of restructuring charges in fiscal 2027. Q: Craig Kennison (Baird) asked what Winnebago needs to build a more meaningful aftermarket business and what success looks like at maturity. A: CEO Michael Happe said the company already sells parts and operates factory service centers with dozens of service bays, but needs to do more. Teams are focused on parts and accessories, factory service and financial services, and the company recently appointed Simone Silva as dedicated Vice President of the aftermarket business. Happe described it as a multiyear journey intended to create larger, more profitable and less cyclical revenue streams, with benefits building in fiscal 2028 and beyond. Q: Craig Kennison (Baird) also asked about the potential of the strategic mobility strategy and the assets Winnebago has to execute it. A: CEO Michael Happe pointed to two elements. First is portable power through Lithionics, acquired in 2023, which supplies battery and battery management systems to Winnebago's own brands, other RV OEMs and adjacent markets such as work trucks and service vehicles, with possible inorganic additions. Second is specialty vehicles, where Winnebago and Newmar's engineering, manufacturing and chassis relationships give it credibility in select segments. Both are viewed as higher-margin, less cyclical opportunities that leverage existing capabilities. Q: Patrick Buckley (Jefferies) asked about dealer inventory quality and broader dealer health heading into the seasonally slow winter months, including willingness to take inventory and channel consolidation. A: CEO Michael Happe said inventory quantity is in a good place and model year 2025 inventory is at a very low percentage of field inventory, lower than the prior year's comparable bucket. Dealers are showing some hesitation about taking model year 2027 product while they work down model year 2026 inventory, but the company expects that transition over coming months, especially in the southern US. CFO Bryan Hughes said no dealer represents more than 10% of consolidated sales, and the industry likely has too many rooftops for roughly 300,000 retail units, so some lower-volume locations may be pared. Q: James Hardiman (Citi) asked about the phasing of results and when the curve bends back toward growth. A: CFO Bryan Hughes said fiscal Q1 and Q2 are seasonally the lowest quarters. Q1 sales are expected down mid- to high single digits with EPS down year-over-year, and Q2 is immaterial, so the first half is unlikely to show the improvement. The company feels better about the second half, which is seasonally stronger. Q: Joseph Altobello (Raymond James) asked whether retail will outpace shipments in fiscal 2027 given dealer turns of 1.8 times and a goal above 2. A: CEO Michael Happe said the calendar 2027 wholesale shipment guidance implies a flat to slightly down environment versus calendar 2026, with a possibility of additional destocking in RV and marine channels. The consolidated turns goal remains 2 times for each segment, though Newmar's inherent turns are historically slightly lower. Happe said there is no reason the company cannot reach two turns by this time next year, allowing for seasonality. Q: Patrick Scholes (Truist) asked for granularity on expected share gains or losses, particularly for Grand Design and Winnebago brands in fiscal 2027. A: CEO Michael Happe declined to share market share targets but noted momentum: Winnebago Towables reached 1.7% retail unit share at the end of August with progress continuing, Grand Design Motorized is in the mid-3% range and approaching 4%, and Grand Design Towables share has stabilized with travel trailer share recently growing again. Barletta reached 9.7% pontoon share, up 70 basis points, and Happe called the model year 2027 lineup its best yet. He cautioned competitors will fight for showroom space. Q: Tristan Thomas-Martin (BMO) asked about the Motorized product lineup evolution and how Class A fits into the mix. A: CEO Michael Happe said the segment strategy spans three brands covering Class A gas and diesel, Super C, Class B and Class C, with complementary swim lanes and some intentional overlap between Winnebago and Grand Design at multi-brand dealers. He does not expect the Motorized category to grow significantly in fiscal 2027, so top-line growth must come from share gains, particularly in Super C and Class C around the Lineage, Elora and Resa products, supported by a broad range of price points. Q: Tristan Thomas-Martin (BMO) asked to clarify or quantify the selective price adjustments mentioned by the CFO. A: CFO Bryan Hughes declined to break out pricing by brand, saying the environment is dynamic. Market support was most notable in Towables in the fourth quarter. Pricing was elevated in the first half of fiscal 2026 as the company passed through tariff impacts, then moderated in Q3 and Q4. Q: Patrick Buckley (Jefferies) asked For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Winnebago Industries (NYSE:WGO) stock soared 7.8% through 12:20 p.m. ET despite missing on earnings this morning. Heading into the fiscal Q4 report, analysts had predicted Winnebago would earn $0.51 per share on sales of $665.3 million. Winnebago actually earned only $0.49 per share, however, and its sales came in light at $645.1 million. Missed AI's "Act 1"? Act 2 Could Be 14x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue » Image source: Winnebago. It's unusual to see investors reacting so positively to a big earnings miss -- so what's going on here, exactly? Winnebago's Q4 sales declined 17% year over year, and its gross profit margin suffered, slipping 30 basis points to 12.5%. Operating margins, however, improved slightly, up 10 basis points to 2.7%. Still, the big decline in revenue meant that Winnebago's earnings were destined to fall -- and fall they did, down 31% to just $0.34 per share, when calculated under generally accepted accounting principles (GAAP). (The $0.49 per share "profit," you see, was non-GAAP.) Winnebago's full-year results as bad. Revenue declined only 3%, to $2.7 billion. Earnings per share increased 33%, to $1.21 per share. At a share price of $25, that works out to a P/E ratio of less than 21x on Winnebago stock. But is that cheap enough to make Winnebago stock a "buy?" That depends. Turning to guidance, Winnebago management forecast sales to be flat to up slightly this year -- $2.65 billion or better. The earnings forecast shows a wide range of potential outcomes, $0.90 to $1.50 per share. At the midpoint, that implies about a $1.20-per-share profit, which would be flat against fiscal 2026. If Winnebago succeeds in maxing out its forecast, however, well, $1.50 per share would be 24% year-over-year growth -- plenty fast to justify a 21x price-to-earnings ratio. Add in a fat 6.2% dividend yield, and Winnebago stock could be a winner in 2027. Before you buy stock in Winnebago Industries, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Winnebago Industries wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $370,440!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,330,110!* Now, it's worth noting Stock Advisor's total average return is 924% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of October 21, 2026. Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends Winnebago Industries. The Motley Fool has a disclosure policy. Why Winnebago Stock Popped After Earnings was originally published by The Motley Fool

Image source: The Motley Fool. Wed, Oct. 21, 2026 - Vice President, Treasury and Investor Relations - Joan Ondala - President and Chief Executive Officer - Michael J. Happe - Senior Vice President and Chief Financial Officer - Bryan L. Hughes Operator: Welcome to the Winnebago Industries Fourth Quarter and Full Year Fiscal 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. I would now like to hand the call over to Joan Ondala, Vice President, Treasury and Investor Relations. Ms. Ondala, please go ahead. Joan Ondala: Thank you, operator. Good morning, everybody. And thank you for joining us to discuss our fiscal 2026 fourth quarter and full year results. This call is being broadcast live on our website at investor.wgo.net. And an audio replay of the call will be available on our website later today. Our earnings release was issued and posted to our website earlier this morning. Please note that the earnings slide deck which accompanies our prepared remarks, is also available in the Investors section of our website. Under Quarterly Results. Turning to slide 2. Certain statements made during today's conference call may be considered forward looking within the meaning of the Private Securities Litigation Reform Act of 2 thousand. The company cautions you that forward looking statements involve a number of risks and uncertainties, many of which are beyond the company's control, and could cause the actual results to differ materially from these statements. These risks and uncertainties are identified in our SEC filings, including our annual report on Form 10 k, which we encourage you to read. We undertake no obligation to update or revise any forward looking statements. To reflect events or circumstances that may arise after today's call. Except as required by law. In addition, on today's call, we will refer to GAAP and non GAAP financial measures. The reconciliation of the non GAAP measures to the comparable GAAP measures are available in our earnings release, and in the appendix of today's presentation. Both available on the Investors page of our website. Please turn to slide 3. Hosting today's call are Michael J. Happe, President and Chief Executive Officer of Winnebago Industries and Bryan L. Hughes, Senior Vice President and Chief Financial Officer. Mike will begin with an overview of our fourth quarter performance, and our perspective on the market outlook. Bryan will discuss the associated drivers of our financial results and our fiscal year 2027 guidance. Mike will conclude our prepared remarks, and then management will be happy to take your questions. And with that, please turn to slide 4 as I hand the call over to Mike. Michael J. Happe: Good morning, everyone. I want to begin by thanking our employees across Winnebago Industries. Fiscal 2026 was another challenging year for the RV and marine industries. Requiring us to make difficult decisions about the size of our organization in response to market conditions. Through it all, our teams demonstrated tremendous agility and discipline. While continuing to serve our customers and dealer partners at the highest levels possible. I am incredibly grateful for their commitment and hard work. Their dedication and ingenuity give me great confidence in our ability to drive stronger, more durable performance over time. Starting on slide 4, consumer interest in the RV and boating lifestyle remains healthy. With continued engagement across shows, digital channels, campgrounds, marinas, and the used market. At the same time, affordability pressures elevated financing costs, and broader macroeconomic uncertainty continue to weigh on consumers and delay the conversion of that interest into new product purchases. That caution is also reflected in dealer ordering. With dealers continuing to manage inventory carefully. Against that backdrop, we remain focused on the areas within our control. Bringing relevant new products to market, improving operational execution, and managing our product offerings costs and cash with discipline. As a result, our fourth quarter results were substantially in line with our expectations. We maintained disciplined production and wholesale shipment levels, And while there are pockets of softness, dealer inventory quality remained broadly within acceptable ranges. RV dealer inventory turns improved to 1.8x, reflecting our continued focus on aligning shipments with retail demand and supporting the health of our dealer network. Moving to slide 5, the latest SSI retail results provide encouraging evidence of our brand's competitiveness. At a time when affordability remains a significant consideration for consumers. Our premium portfolio is holding its overall RV position. While gaining unit and dollar share in select categories. We believe this performance reflects the strengths of our brands, the appeal of our new products, and strong dealer advocacy. Reinforced by the steps we have taken to make our offerings accessible across a broader range of price points. For the trailing 12 months ended August 31, Newmar expanded its leadership in Class A diesel. Helping drive enterprise retail unit share to 35.4%. And dollar share to 41%. We also gained share in Class C, where 3.6% retail unit share, up 170 basis points from the prior year period. In travel trailers, we gained share in the trailing 12 month period in both units and dollars. Even as industry retail units declined approximately 13%. Within that category, Winnebago branded travel trailers reached 1.7% retail unit share. Up approximately 30 basis points from the prior year period. At Grand Design Towables, our largest business, dealer inventory turns improved to 2x exiting the fiscal year. Up from 1.6x in the third quarter. This turns improvement reflects healthier channel inventory and provides a stronger foundation for the business in the future. On slide 6, Barletta increased its 12 month trailing market share of the US aluminum pontoon segment to 9.7%. Up approximately 70 basis points from the prior year. That share gain against both established competitors and a growing field of newer entrants reinforces our confidence in the strength of the Barletta brand and the appeal of its differentiated products. Across our portfolio, we are committed to driving profitable share growth, bringing new products to market and maintaining healthy dealer inventories. A financially strong dealer network is essential to delivering sustainable performance for our partners, and for Winnebago Industries. Throughout fiscal 2026, we took deliberate actions across 4 strategic initiatives. Outlined here in slide 7. To improve efficiency, strengthen financial flexibility, and position the business for future growth. Our objective is a more resilient and higher performing enterprise. With a disciplined and efficient cost structure. Stronger through cycle margins, and over time, EPS growth that outpaces revenue growth. Some of these initiatives are already contributing to our competitive position. While others will take some time to implement. Mature, and then translate into improved financial performance. First, we took further steps to improve operational efficiency and align our manufacturing footprint with demand. During the fourth quarter, we announced plans to relocate Winnebago Towables production to Grand Design's Middlebury campus. Consolidate select Grand Design manufacturing lines and also bring Winnebago B-van production together with our core motor home operations in Forest City. These collective actions are designed to improve facility utilization, simplify operations, and increase the efficiency and flexibility of our manufacturing network. Our focus now is on executing these transitions well. The financial benefits expected to build over time as implementation progresses and operations stabilize. Second, we continued investing in innovation that matters to our owners. Grand Design's Omega Frame platform, and the expanded use of the composite roof technology across that brand's portfolio, are some examples of our focus on product quality and durability. These investments are intended to strengthen quality and the ownership experience, reinforcing the premium positioning of our brands and giving consumers additional reasons to choose them. Third, we maintained a prudent approach to cost. Working capital, and liquidity Throughout the year, our teams align spending and inventory levels with prevailing demand while continuing to support key product and growth priorities. We ended the quarter with net leverage of 2.2x, down meaningfully from 3.1x in the prior year. Strengthening our balance sheet and increasing our capacity to invest selectively in the business. We also successfully renewed our $350 million asset based lending facility. Preserving ample liquidity as we enter fiscal 2027. Fourth, we broadened our product portfolio. And expanded access to our brands. The products introduced during fiscal 2026 expand our participation across customer segments use cases, and price points. Taken together, these actions are designed to strengthen our ability to compete through the cycle. There is more work ahead, and our focus in fiscal 2027 is on disciplined execution and translating these initiatives into sustained financial improvement. slide 8 shows several of the products introduced during the year. These launches represent deliberate extensions of our portfolio. Designed to reach new customer segments, enter additional categories, and offer a broader range of price points. At multiple retail, trade, and dealer meeting events in September, Dealer feedback across our brands was encouraging, and reinforced that the investments we have made to broaden our portfolio and reach more consumers are well aligned with evolving consumer preferences. With that, I will turn the call over to our CFO, Bryan L. Hughes, to review the quarter and our fiscal 2027 outlook in more detail. Bryan? Bryan L. Hughes: Thank you, Mike. Turning to our consolidated results on slide 10. Fourth quarter net revenues were approximately $645.1 million while adjusted EBITDA was approximately $32.6 million representing a 5.1% margin. Adjusted earnings per diluted share was $0.49. For the full year, net revenues were approximately $2.7 billion and adjusted earnings per diluted share was $1.79. Consolidated revenue declined from the prior year quarter due to lower unit volume and an unfavorable product mix. Partially offset by selective price adjustments Retail demand remained subdued and dealers continued to order cautiously. We deliberately improved dealer inventory turns across our brands which, along with retail trends, was a significant driver of volume decline. Profitability reflected the impact of lower volume, partially offset by lower SG&A expense focused cost management and improving performance within the motorhome RV segment. Looking at our towable RV segment on slide 11, fourth quarter revenue was approximately $220.3 million down from the prior year quarter as lower unit volume and a greater mix of lower priced models more than offset pricing realization. Dealer ordering patterns remained cautious and competitive intensity remained elevated across the category. Operating income was approximately $9.3 million representing an operating margin of 4.2%. Throughout fiscal 2026, our teams remained focused on balancing affordability dealer inventory health, and profitability. While market conditions continue to be challenging, we believe the operational and manufacturing actions announced during the fourth quarter position us to improve execution and efficiency over time. Turning now to Motorhome RV on slide 12. Segment revenue was approximately $323.6 million while operating income was approximately $7.9 million representing a 2.4% operating margin. Operating margin improved more than 250 basis points compared with the prior year quarter. The improvement demonstrates the early benefits of the transformation action underway in motorhome RV. While revenue declined as lower unit volume and a mix shift toward lower priced models more than offset improved pricing realization Operating income margin expanded through operational efficiency generated from transformation initiatives, reduced discounts and allowances, and discipline cost management. Newmar and Grand Design Motorized continued to perform well, while additional work remains at Winnebago Motorhome to improve product performance cost structure efficiency, and operating execution. Turning to marine on slide 13. Fourth quarter revenue was approximately $92.3 million and operating income was approximately $6.6 million representing a 7.1% operating margin. Barletta continued to perform well relative to the broader market and remained an important contributor to segment profitability. Chris-Craft also managed production and inventory thoughtfully and with discipline throughout the quarter. Stepping back from the individual segments, I also want to highlight the actions we have taken to manage SG&A across the enterprise. SG&A was lower year over year, driven by a disciplined approach to spending and ongoing cost reduction In addition, we continued to pursue gross margin improvement through material cost management manufacturing efficiencies, and quality initiatives. Including leveraging enterprise capabilities such as strategic sourcing. Importantly, our path to stronger margins is not primarily dependent on price increases. We are focused on lasting productivity and cost improvements that can support stronger margins through the cycle while continuing to invest in products that resonate with consumers. Moving to our balance sheet and cash flow highlights on slide 14. We delivered strong cash flow in the fourth quarter. Reflecting disciplined working capital management and our ability to flex the business in response to market conditions. For the full fiscal year, free cash flow totaled $144.6 million compared with $89.5 million in fiscal 2025. While our cash flow can be seasonal, the fourth quarter performance reinforced the underlying cash generating capability of the business. And supported further leverage reduction. During the fourth quarter, we renewed and extended our $350 million revolving credit facility through 2031 and increased our quarterly dividend by 3%. Together, these actions strengthen our financial flexibility preserving capacity to invest in our core businesses, pursue attractive growth opportunities, and continue to return capital to shareholders. Turning to our fiscal 2027 business outlook on slide 16. Our guidance is based on the current market environment and our expectation for North American RV wholesale shipments of 265 thousand to 295 thousand units in calendar year 2027. We expect consolidated net revenues in the range of $2.65 billion to $2.8 billion reported earnings per diluted share of $0.90 to $1.50 and adjusted earnings per diluted share of $1.65 to $2.25 The midpoint of our adjusted earnings per share range, $1.95, would represent an increase of 9% from fiscal year 26. For the first quarter of fiscal 2027, we expect net sales to decrease at a mid to high single digit percentage rate compared with the prior year period reflecting continued headwinds in RV industry retail trends with our towable RV segment being the primary driver of the decline. We expect deleverage from a competitive operating environment and sales mix to continue as headwinds, with cost savings initiatives helping to offset these pressures. With these factors as the primary drivers to year over year performance, we expect adjusted EBITDA margin to be on par to slightly below the prior year first quarter level. Our outlook takes into account prevailing trends in the RV sector, including competitive dynamics consumer preferences, macroeconomic conditions, and evolving trade policy positions. These factors remain dynamic and we will continue to provide further updates to our expectations as we progress through the year. Let me provide a few additional observations to help frame the business trajectory for fiscal 2027. Our outlook does not assume a broad recovery in RV or marine retail demand. We expect improvement in our financial performance to be driven primarily by actions within our control. Including product, and share initiatives structural cost reductions, and operating efficiencies. The timing of these benefits will vary with certain initiatives building through fiscal 2020 and into fiscal 2020. Together, our previously announced manufacturing footprint actions and broader structural cost initiatives are expected to generate as much as $70 million to $80 million in cumulative gross savings over fiscal years 2027 through 2029. These savings will come from enterprise sourcing, SG&A cost reductions, manufacturing line and facility efficiency initiatives, and consolidation, and the rationalization of select legacy vertical operations. We expect a significant portion of the gross savings to offset inflation in materials, labor, health care, and other operating costs. With the remaining benefit contributing to margin improvement as the initiatives mature. Within RV, we expect motor home RV to remain the large contributor to earnings improvement. New products across the Winnebago and Grand Design motorized portfolios continue to expand dealer distribution and consumer awareness. While the operational actions announced during fiscal 2026 and anticipated in fiscal 2027 will provide additional opportunities to improve profitability. Within towable RV, our focus remains on strengthening market share, supporting dealer inventory health, and improving operating efficiency in what continues to be a highly competitive environment. In marine, while retail demand remains below historical levels, we believe the strength of the Barletta and Chris-Craft brands combined with continued product development and disciplined dealer support positions the segment to benefit as market conditions improve. From a capital allocation perspective, maintaining financial flexibility remains a priority. We will continue to focus on cash generation working capital efficiency, and leverage management while investing selectively in the business. At the same time, we remain committed to returning cash to our shareholders through our dividend, and as cash generation and leverage levels allow, future share repurchases. Now please turn to slide 18 as I hand the call back to Mike for his closing comment. Michael J. Happe: Thanks, Bryan. Before we move on to your questions, I want to spend a few minutes on how we see the longer term growth opportunities for Winnebago Industries. Our strategic intent is centered on 3 pillars. Strengthening and growing our core RV and marine businesses, building a more meaningful aftermarket business around the customer journey, and selectively expanding into strategic mobility markets. Where our capabilities give us the right to win. Together, these pillars are designed to create more durable growth, and a more resilient earnings profile over time. Our first priority is the core. And that starts with selling more RVs and boats. Predominantly in North America and doing so profitably. We are focused on optimizing our market share and earnings performance whether industry demand remains near current levels, or ultimately recovers towards more normalized conditions. We know our core business is significantly stronger today than it was at comparable industry volumes more than a decade ago. We have a stronger portfolio of brands and products. Talented and experienced teams, broader participation across the RV market, and a relevant marine platform that adds both growth potential and greater balance to our portfolio. All of this gives us substantial upside in a market recovery But importantly, we are not waiting for a recovery. We are driving new products, attacking costs, improving quality and execution, and working closely with our dealers to gain profitable share in the market we have today. Our expectation is that each of our organic businesses gets stronger. While preserving the significant earnings potential that exists when industry conditions ultimately improve. Our second pillar is aftermarket. We want to be more present and impactful throughout the entire customer journey. Including well beyond the initial purchase. That means building incremental revenue and profit opportunities across parts, accessories, service, solutions, and experiences. Our existing factory service operations provide a foundation but our ambition is broader. We are allocating real dollars and talent to this opportunity in fiscal 2027. With the expectation that the benefits will build in fiscal 2020 and beyond. Over time, we believe a larger aftermarket business can generate incremental and more recurring revenue. Attractive margins, and stronger customer loyalty. While also reducing some of our exposure to new unit cyclicality, by serving the growing installed base of Winnebago Industries products already in use. Simone Silva's recent appointment to lead these efforts provides dedicated leadership as we build those capabilities. The third pillar is strategic mobility. Where we see 2 particularly attractive areas of opportunity. The first is strategic technology verticals around house electrification and mobile and portable power. Lithionics has been an important first step. And we intend to build on that foundation over time through additional power and energy solutions that can serve both our existing businesses and select adjacent applications. The second is building a presence in select specialty vehicle markets where our history, engineering, and manufacturing capabilities can be relevant and differentiated. We already understand key elements of these markets. Through our past experience at Winnebago and Newmar. And we see the potential to participate selectively in areas that can offer less cyclical demand, attractive margins, greater B2B exposure, and opportunities to develop and apply new technologies. Across all 3 of these pillars, we will be disciplined. But we will not sit still. We feel very good about the earnings potential embedded in our existing RV and boat portfolio. When industry demand eventually recovers. But our strategy cannot depend on the timing or magnitude of that recovery. We are aggressively strengthening the core today, while investing in aftermarket and strategic mobility opportunities designed to create more durable growth, stronger margins, and a more resilient earnings profile over time. We enter fiscal 2027 confident in the opportunity ahead. And clear eyed about the work required to capture it. Our focus now is on execution. With that, Bryan and I would be happy to take your questions. Operator, please open the line for the Q and A session. Operator: Thank you. To withdraw your question, please press 1-1 again. In the interest of time, we ask that you please limit your questions to 1 question and 1 follow-up. Please stand by while we compile the Q and A roster. And our first question comes from James Hardiman of Citi. Your line is open. James Hardiman: Hey. Good morning. So thanks for taking my call. I was hoping you could help us sort of bridge just at a high level Obviously, the most recent retail numbers are not very encouraging. Right? Call it down mid teens And if anything, you know, interest rates have gone up since we have seen those numbers. So I am curious to hear sort of how you think that is trended even since the most recent data. But just maybe connect where we are from a retail perspective to what you are modeling or guiding with respect to earnings growth up almost 10%. And obviously, you know, there is a lot of steps along the way. Right? The retail, the wholesale the improvement in retail, presumably based on easier comps. But help us bridge that in any way you can. Thanks. Michael J. Happe: Good morning, James. This is Mike. Well, let me start with your comment on retail in the market currently. And we would agree that retail continues to be consistently challenged. In the area that you referenced from a number standpoint. That being said, we have recently been gaining momentum on, market share across several of our brands and businesses. And feel optimistic that as we go into fiscal 2027, regardless of what the market ultimately ends up doing. That our businesses have a strong chance of continuing to sustain current market share position, and in several places, grow it. The midpoint of our fiscal 2027 guidance on the top line, I believe, is a 1% increase in sales over fiscal 2026 actuals. And so we are acknowledging that, top line growth will be challenged And our ambition is maintain the net sales at least at the fiscal 2026 level, if not greater. Some of that top line growth will come from businesses like Grand Design Motorized, Winnebago Towables, We believe some of the work we have done on Grand Design Towables in terms of turns improvements helps us position ourselves well with the dealers in the coming year. The profit contribution on the bottom line where the midpoint of our guidance for fiscal 2027 EPS, I believe is a 9% increase over fiscal 2026 full year actuals. That is a combination of what we believe will be margin improvement incrementally due to many activities, including material cost savings stronger operational efficiency, combined with, Bryan described, a lot of work in the rest of the P&L on cost management, specifically around SG&A but really almost all lines of the income statement. So your question is a fair 1. We do not anticipate much relief from the market being challenged but we believe we have enough levers within our control to issue the guidance that we did. And if we execute, we feel that is realistic. Bryan L. Hughes: Yeah. The only thing I would add to that, if I could, Mike, is pointing to fiscal 2026. As some evidence that we can outperform what the market did. If you look at retail and wholesale, both were down significantly at the industry level in our fiscal 2026. And what you saw us deliver was top line down 3% roughly, and earnings that were up year over year. So we feel good about our performance in fiscal 2026. And it certainly gives us confidence as we head into fiscal 2027 to do so again. James Hardiman: Got it. And then maybe if you could help us with phasing a little bit. Obviously, you gave us you know, an indication of how to think about the first quarter, maybe down modestly. When do you expect to sort of bend that curve back towards growth? And I know you gave us sort of a how to think about the industry in terms of calendar 2027. I guess maybe part of the answer you know, fiscal year 2027 is obviously different than your calendar 2027. And with the first quarter being sort of the key delta between those 2. But maybe connect a couple of those dots for us. That would be great. Bryan L. Hughes: Yeah. Thanks, James. As you know, Q1 and Q2 are seasonally our lowest quarters. And so that is not going to be the key driver We pointed out Q1 being modestly lower. To on par from a margin perspective, but down in sales. So that is going to equate to an EPS that is down year over year. And then you have got Q2, which is a pretty immaterial quarter for us. So you look at the first half, that is not likely where it is going to occur. We think we feel better about the second half of our year being the seasonally strong part of the year as well. James Hardiman: Got it. Thanks, guys, and good luck. Michael J. Happe: Thank you. Operator: And our next question comes from Joseph Altobello of Raymond James. Your line is open. Joseph Altobello: Thanks. Hey, guys. Good morning. Question on the $70 million to $80 million of gross savings that you guys talked about earlier. Can you break that down in terms of, you know, what sort of areas that is coming from and maybe how much of that gets reinvested? Do you think? Bryan L. Hughes: Yeah. Good morning. Joe. Thanks for the question. I will start and give you some better context around that. The timing of the initiative is going to vary. The benefits are expected to build as implementation progresses and operations stabilize. Mike alluded to some of that in his comments. With certain initiatives contributing through fiscal 2027, and others extending into fiscal 2028 even fiscal 2020. We are not providing annual savings targets. At this time. We gave you a cumulative 70 to 80 million of what those initiatives that we are undertaking in 2027 should produce. A good portion of it, nearly half of the cost savings initiatives is linked to structural cost reductions across our business. So in other words non material related in various stages of deployment. Our intent and expectation is that many of these benefits would represent incremental profitability improvements structurally improving our profit profile over time. Some of the opportunity has already seen action. Some actions have a longer tail to them and will not be completed until later even in fiscal 28. With benefits accruing in 2029 as we stated. Vertical rationalization is a good example of the longer tail. We have already taken some actions that will contribute to profit improvement in fiscal 2027. Such as the projects to consolidate locations in the Winnebago motorhome business, and consolidating the Winnebago Towable campus onto the Grand Design campus. Which we have already mentioned earlier today. You will also note that our guidance included expected restructuring charge of approximately $6 million to occur in fiscal 2027. And these charges will result in cost structure reductions that will help to achieve a portion of that $70 million to $80 million in fiscal 2020. So you can expect us to have an aggressive approach to cost structure optimization and profitability enhancement during fiscal 2027. Joseph Altobello: Got it. Very helpful, Bryan. Maybe just to pivot off of that, in terms of your outlook for fiscal 2027. You mentioned your wholesale outlook Your terms are at 1.8, and I know you guys have talked about getting above 2. So is it reasonable to assume that retail will outpace shipments next year. Michael J. Happe: Yeah. Good morning, Joe. This is this is Mike. Our guidance on calendar year 2027 wholesale shipments would obviously suggest a flat to slightly down environment versus calendar year 2026. We believe there is a possibility that there could be a little more destocking done by both the RV and marine dealer channels. The turns goal that we have for fiscal 2027 remains at 2 times. For a consolidated number for each of our segments, Now we have some businesses like Winnebago Towables, where we continue to load the channel with new products, where we continue to upgrade dealers as partners in that particular initiative. And other businesses like Newmar where inherent turns are just slightly historically lower than 2 times. That we will not reach that level. But we still are targeting 2 turns there is a seasonal element to that throughout our fiscal year. But we see no reason why we cannot achieve that 2 turn level when we are having this conversation a year from now. Joseph Altobello: Great. Thank you. Bryan L. Hughes: Thank you. Operator: And our next question comes from Craig Kennison of Baird. Your line is open. Craig Kennison: Hey, good morning. Thank you for taking my question. Mike, on the aftermarket side, what do you need to build a more meaningful business in that category? And maybe you could help us frame what success looks like at maturity. Michael J. Happe: Yeah. Good morning, Craig. Thanks for the question. Obviously, this morning, you heard near the end of our opening comments that we are putting more emphasis on the after market element of our business. We have not talked about that enough in the past. We sell parts today. We, have several factory service centers today with dozens of service bays. So we are already participating in the aftermarket journey with our customers in several ways. We need to do more of it. We believe we have permission and brand credibility with our consumers to be able to support them and their experience. Complementing our dealers' capabilities along that journey. And so, Craig, we have active teams today around selling more parts and accessories. We have a team around, selling more factory service. We have got a team around financial services. We are exploring a number of different avenues to, potentially create larger, more profitable less cyclical revenue streams in the future. But as my comments indicated, this will be a multiyear journey. We recently appointed a great teammate named Simone Silva to be our dedicated vice president of the aftermarket business. Here at the company, and she will be working across our enterprise and across our brands to build the strategies and action plans and candidly, the tools that we need, to do so. So our aftermarket business today is buried within our segment results. it is not separated and lifted up. But we believe there is an opportunity to, add some energy to those efforts that we already do today. And potentially create some incremental pathways to aftermarket growth in the future. So teasing the market a bit, I understand. I want the market to understand that this is a real strategy here at the company to make this a bigger part of our of our performance in the future. Craig Kennison: Yeah, thanks, Mike. And I guess a similar question on the let's call it, the mobility strategy and some of the non RV end markets. What is the potential there? And what assets do you have to execute there? Michael J. Happe: Yeah. Craig, we talked about 2 elements to strategic mobility. 1 is what we internally call portable power. We invested in a company called Lithionics, in 2023. We believe Lithionics is 1 of the leading mobile battery solutions and battery management systems companies you know, candidly in the world, for a record recreational and mobile portable power solutions. As consumers make a decision to get away from gas or diesel generators around their products, they are converting to essentially battery or portable power systems. Lithionics, has been an excellent addition to our portfolio. We serve ourselves with their components and their product catalog for our brands. But we are also selling to other OEMs, in the RV industry. And we are advancing on, our progress to penetrate other adjacent markets such as work trucks, service vehicles, and other critical infrastructure in the US. We intend to add more weight around that portable power offering in the future, both organically but possibly inorganically, should the right opportunity present itself. And, we believe this is a, a higher margin less cyclical, adjacent opportunity for us that strengthens candidly our capabilities to electrify our own products in the future as that technology and the consumer merge together. So that is the first element. The second element is specialty vehicles. Winnebago Industries has a long history in specialty vehicles. 1 of our largest competitive peers has a big presence in specialty vehicles. We believe that there are specific segments in specialty vehicles where we have the ability to be relevant and win, and we have the in house capabilities particularly in our motor home businesses Winnebago and Newmar, to be able to contribute to that path. And, again, it allows us to get after adjacent markets with higher margin, less cyclical, more durable, growth opportunities that leverage very closely, our current capabilities including our relationships with chassis manufacturers, engine manufacturers, and the rest of the supply chain. So more work is being done on that. And, again, that is an extension of what we have already done, in the past. Particularly around our Winnebago brand, especially vehicles that some of you know we have been in for many, many years, if not decades. Craig Kennison: Thank you, Mike. Bryan L. Hughes: Thank you. Operator: And our next question comes from Patrick Scholes of Truist. Your line is open. Patrick Scholes: Hi, good morning, everyone. I know you touched on this more from a high level, but can you give a little bit more granularity on expectations for share gains and or losses, particularly in Grand Design and Winnebago brands for fiscal 2027? Thank you. Michael J. Happe: Yeah. Good morning, Patrick. This is Mike. We are not sharing market share targets for any of those businesses. I will just try to efficiently quickly, you know, give you an update on the momentum. We did mention, in the script that Winnebago Towables continues to advance its market share, I believe, up to 1.7% at the end of August. And we believe that progress has even continued in the last couple months. Primarily through a combination of great new products and, and the channel network that is, increasingly supportive and even upgraded in terms of its quality. Grand Design motorized market share continues to advance. I believe we also shared a number in our materials this morning as well in the mid threes. Growing closer to 4% in terms of retail market share unit wise. And that product line continues to expand. Dealer support continues to grow. We are getting good feedback from consumers, and so we expect that business to grow as well. We are particularly pleased in the stabilization of Grand Design Towable's market share. Grand Design Travel Trailers here recently has, in fact, grown market share again and some. A lot of the work that the Grand Design Towables team has been doing on their product line, is a testimony to that. We are also, introducing more innovation to the market I mentioned some of that with the composite roof technology. As well as increased quality, in many places across the Grand Design Towables brand. All of that is combining for, overall Grand Design share to stabilize the travel trailer share to begin to grow there. Barletta is the other, business that I will mention. 9.7% market share at the end of fiscal 26, a 70 basis point increase over the end of fiscal 25 in a down market with intense legacy competitors and several new start ups in the pontoon space. I believe the model year 2027 Barletta product line is as good as any model year lineup that we have ever introduced. Continue to have strong dealer support, and we believe that is a business while solidly in the number 3 aluminum pontoon, slot in the in the industry, can continue to grow share year over year as long as we execute our playbook. So we believe there are a lot of opportunities to continue to grow share. It will not be easy. Our competitors will not give up that showroom space. We will have to fight for every retail consumer in this challenged environment. But the businesses are pulling the right levers on innovation, and affordability and the way we are partnering with our retailers. Thank you. Operator: And our next question comes from Tristan Thomas-Martin of BMO Capital Markets. Your line is open. Tristan Thomas-Martin: Hey, good morning. Good morning, Bryan called out selective price adjustments. Maybe just kinda clarify or quantify what those are. Bryan L. Hughes: Yeah. Hey, Tristan. We do not historically get specific in what exactly comprises the price increases. it is a dynamic environment as you well know. I would say that across the Towables business in particular, we had still heightened market support in 1 form or another. During fourth quarter. So I think that is where it was most notable on the market support. The pricing itself you know, is really elevated in previous quarters in the reaction to. And I am going back into Q1, Q2 of fiscal 2026 where we were still reacting to marketplace passing through tariff, impacts. I would say it moderated in Q3 and Q4. And it is really specific business by business, but I do not care to break things down at that brand level. Tristan Thomas-Martin: Okay. Thank you. And then just a question on the motorized product lineup. How should we kind of think about that evolve, like, evolving forward? And then how does Class a fit into that? In terms of mix? Thank you. Michael J. Happe: Tristan, this is Mike. We really think about the motorized segment strategy across all 3 brands. And what is fantastic in 2026 compared to where we were a decade ago is we have 3 brands that cover many, many different segments of motorized product. Obviously, class a gas and diesel We are very pleased with our Super C progress. But we are also, as you know, very active in traditional class b's and class c's. So we have 3 brands across all of the motorized segments in the market, and each of them has a series of swim lanes and are complementary, to the other brands. There are some cases certainly primarily between our Winnebago and Grand Design brand, where their class b and class c offerings are a little bit more competitive with each other. But we do not think that is a bad thing. In a in a, industry structure where they are multi brand dealers, it is okay to have a dealer, distribution points with multiple brands across a category like motorized. We do not believe the motorized category is going to grow significantly, in our fiscal 2027. So any top line growth will really need to be the result of market share. We believe that market share will come from the super c segment, It will come from the class c segment, primarily around the lineage line, and some of the new products that Winnebago has introduced specifically here recently, the M-Series and the Aria. But we believe that we. That our innovation in several spots, the Ekko from Winnebago is a good example of that. Combined with, price points that cover a broad range, make us an attractive set of brands to look at. So yeah, today, with 3 brands in the motorized segment, we believe we are well-positioned at least on a historical basis. But it is a very competitive and intense environment right now. And we will need to, compete very smartly, going forward. Thank you. Bryan L. Hughes: Thank you. Operator: And our next question comes from Bret Jordan of Jefferies. Your line is open. Patrick Buckley: Hey, good morning, guys. This is Patrick Buckley on for Bret. Thanks for taking our questions. I think you called out that the dealer inventory quality remains, within acceptable ranges. Could you give some more color there around broader dealer health heading into the seasonally slow winter months? Any notable changes and willingness to take incremental inventory or any signs of increased consolidation across the channel? Michael J. Happe: Yeah. I will comment on the, the health of the inventory and maybe Bryan can offer some comments on, what we do to monitor the financial health of our dealer partners and other trends. We are pleased with the quantity of dealer inventory. Across both the RV and marine brands that we have in our portfolio. We are carefully monitoring what I call the quality of the inventory. Which is really a proxy for the age of the inventory. There are usually 3 model years of inventory. In the field at any 1 time. The current model year 2027, then there is model year 2026 and model year 2025 inventory. The model year 2025 inventory is actually at a very low percentage of our total field inventory. In fact, model year 2025 is lower today than a year ago where we were measuring model year 2024 as that last bucket. What we are seeing in this particular, time of year is a little more hesitation from dealers to take the latest model year of product partially because of their, concern about retail conditions going forward. But also because they are comfortable with the model year 2026 inventory that they have and that they are focused at working down. So, overall, the quantity is in a good place. The quality of the aged inventory is probably a little bit more weighted on model year 2026 at this time, that middle bucket. But we think we will see that transition happen from 2026 to 2027 here over the coming months, particularly in the southern part of the US, where retail conditions will still be conducive to moving units. Bryan? Bryan L. Hughes: On your question on dealer health, that is something that we continue to monitor very closely. We have procedures inside, and partnerships with the floor plan lenders. Specifically to make sure that we are, you know, well informed of the status of where dealers are. Now we will not comment on specific dealers, of course, but what I can say is that no dealer represents more than 10% of our consolidated sales. And so we are appropriately diversified as it relates to any risk tied to the health of the channel. We have stated historically, and we will reiterate here, that we believe the industry has too many rooftops to support the current level of retail units across the industry, around that 300 thousand. So we would not be surprised to see a reduction in the number of rooftops with some of the lower volume locations. Being paired. And so that is that is the way we are currently thinking about dealer health. Patrick Buckley: Got it. that is helpful. And then as a follow-up on the pricing question, could you talk a bit more about maybe a ballpark range of what same SKU inflation might look like in fiscal 2027 based on where things are today? Bryan L. Hughes: Yeah. This is Bryan again. we are expecting in the 2.5% to 3.5% range We do estimates as part of our planning process here in the fall, and do deep studies. And that is what the current looks like. You know, there is a lot of dynamic sort of inputs as it relates to our cost environment, all of which we are monitoring closely. But that is what we are currently planning on. You know, we are going to work hard, of course, too, on some of the cost savings initiatives across our materials. That we referenced earlier. We have got our strategic sourcing group that is working closely with all of our business units in the purchasing functions within those businesses to make sure that we are capturing appropriately the opportunities across our various product lines. So we are currently expecting that 2.5% to 3.5% range. Michael J. Happe: The only thing that I would add is there are spots in, the business where inflation is running, you know, meaningfully higher than the range that Bryan provided. Particularly around certain types of commodities. The metal space is a good example. We have seen significant cost escalation, in the aluminum category as an example. And so that inflation range really varies by product line, by brand, and even by material. And that all informs, along with the retail marketplace, our ability to, to manage margins and profitability through pricing going forward. Patrick Buckley: Great. that is all from us. Thank you. Michael J. Happe: Thank you. Operator: Our next question comes from Scott Stember of ROTHMKM. Your line is open. Scott Stember: Good morning, and thanks for taking my questions as well. Just high level, looking at your expectations for a flattish market in calendar 2027. Obviously, things are still trending down in that mid teen range. And you know, inflation and, you know, interest rates and fuel costs. Is there anything that is giving you comfort that we could get or we see some kind of a bottoming or reacceleration in demand, particularly as we get to the you know, spring and summer selling season, which will be the back half of the year. Michael J. Happe: Yeah. Good morning, Scott. Thanks for the question. Comfort is an interesting word, but I would tell you that we do believe that the consumer has been resilient several parts of the economy, particularly around experiences and travel. Consumers continue to want to be outdoors. We mentioned in the call that, engagement by RVers, camp boaters continues to be very solid. And so we believe that there is a consumer engagement level and a resiliency as to what they would like to spend their discretionary dollars on. That remains in place for a stabilization and someday a potential recovery of the outdoor recreation market. there is no doubt that we have certainly seen some factors rise, significantly and unexpectedly over the last 9 months even. Gas prices would be the best example of that. In part due to some of the global challenges around energy and refining, that everybody is aware of. We are not anticipating at this time for our fiscal 2027 that some of those elements that we saw rise in fiscal 2026 would get meaningfully worse. So but you know, as well as I do, Scott, that there continues to be a level of, uncertainty around the marketplace. That we have to manage. And, and as I said about 10 times, I think in our prepared comments, we have to stay focused on, levers within the business that we can control. And while we are offering, what we believe to be fair, sober, assumptions about the future in terms of the industry and our own guidance. We believe that if those market assumptions hold we have the ability to deliver you know, stronger EPS on a relatively flat market in the next fiscal year. So we will see. We are gonna work very hard every day to, again, control what we can control. Scott Stember: Got it. that is all I have. Thank you. Operator: This concludes our question-and-answer session. I would like to hand it back to Joanne Ondala for closing remarks. Joan Ondala: Thank you all for joining us this morning and for your continued interest in Winnebago This concludes today's conference call. Thank you for participating and you may now disconnect. 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- Interested in Winnebago Industries, Inc.? Here are five stocks we like better. - Demand remained weak: Fiscal Q4 revenue was approximately $645.1 million, with adjusted EPS of $0.49, as cautious dealers, affordability pressures and high financing costs reduced new RV and marine purchases. - Cost savings are central to the recovery plan: Manufacturing footprint changes and structural initiatives are expected to generate $70 million–$80 million in cumulative gross savings from fiscal 2027 through fiscal 2029, while free cash flow improved to $144.6 million and net leverage fell to 2.2 times. - Fiscal 2027 guidance anticipates back-half improvement: Winnebago expects adjusted EPS of $1.65–$2.25, but does not assume a broad market recovery; growth is expected to come from market-share gains, cost reductions and operating efficiencies, with the first half remaining seasonally weak. - Winnebago Misses Estimates, But Surges 14% After Earnings Winnebago Industries (NYSE:WGO) reported fourth-quarter fiscal 2026 revenue of approximately $645.1 million, adjusted EBITDA of $32.6 million and adjusted earnings per diluted share of $0.49, as cautious dealer ordering and subdued retail demand continued to weigh on unit volumes. For the full fiscal year, the RV and marine manufacturer generated approximately $2.7 billion in revenue and adjusted EPS of $1.79. Management said results were broadly in line with its expectations amid affordability pressures, elevated financing costs and macroeconomic uncertainty that have delayed consumer purchases of new RVs and boats. → The AI Sell-Off Continues—These 3 Stocks Keep Raising Guidance Anyway - Winnebago's Q2 Earnings Show It Navigating a Tough Landscape "Consumer interest in the RV and boating lifestyle remains healthy," President and CEO Michael Happe said. However, he said those favorable engagement trends across shows, digital channels, campgrounds, marinas and the used market have not consistently translated into new-product purchases. Winnebago said it maintained disciplined production and wholesale shipment levels during the quarter, with RV dealer inventory turns improving to 1.8 times. Happe said dealer inventory was broadly within acceptable ranges, although dealers remained cautious in placing orders. → Tesla's Roadster Reveal Hints at 2 Much Bigger Moves - Fresh Air, Fresh Highs: 3 Premium Outdoor Brands with 2026 Tailwinds The company highlighted several market-share gains during the trailing 12 months ended Aug. 31. Newmar helped lift enterprise retail unit share in Class A diesel to 35.4%, while U.S. dollar share reached 41%. Grand Design Motorized's Class C retail unit share rose 170 basis points year over year to 3.6%. In travel trailers, Winnebago said it gained unit and dollar share despite an approximately 13% decline in industry retail units. Winnebago-branded travel trailers reached 1.7% retail unit share, up roughly 30 basis points. Grand Design Towables ended the year with dealer inventory turns of 2 times, compared with 1.6 times at the end of the third quarter. → Luxury's Middle Market Is Cracking—These 3 Stocks Could Win In marine, Barletta increased its share of the U.S. aluminum pontoon market to 9.7%, a gain of about 70 basis points from the prior year. - Towable RV: Fourth-quarter revenue was approximately $220.3 million, while operating income was $9.3 million and operating margin was 4.2%. Lower unit volume and a greater mix of lower-priced models outweighed pricing realization. - Motorhome RV: Revenue totaled approximately $323.6 million and operating income was $7.9 million, for a 2.4% margin. The margin improved by more than 250 basis points year over year, supported by transformation initiatives, lower discounts and allowances, and cost management. - Marine: Revenue was approximately $92.3 million, with operating income of $6.6 million and a 7.1% margin. The company cited Barletta's performance and Chris-Craft's disciplined production and inventory management. During the fourth quarter, Winnebago announced manufacturing footprint changes intended to improve utilization and flexibility. Those actions include relocating Winnebago Towables production to Grand Design's Middlebury campus, consolidating select Grand Design manufacturing lines and combining Winnebago B Van production with core motorhome operations in Forest City. Chief Financial Officer Bryan Hughes said the company expects previously announced footprint actions and broader structural cost initiatives to produce $70 million to $80 million in cumulative gross savings between fiscal 2027 and fiscal 2029. The initiatives include enterprise sourcing, SG&A reductions, manufacturing and facility efficiencies, and the rationalization of certain legacy vertical operations. Hughes said a significant portion of the savings would offset inflation in materials, labor, health care and other operating costs, with the remainder expected to support margin expansion as the programs mature. Winnebago expects about $6 million in restructuring charges during fiscal 2027. Full-year free cash flow rose to $144.6 million from $89.5 million in fiscal 2025. Net leverage declined to 2.2 times from 3.1 times a year earlier. The company also renewed and extended its $350 million revolving credit facility through 2031 and increased its quarterly dividend by 3%. Winnebago forecast fiscal 2027 revenue of $2.65 billion to $2.8 billion, reported EPS of $0.90 to $1.50, and adjusted EPS of $1.65 to $2.25. The midpoint of adjusted EPS guidance, $1.95, would represent a 9% increase from fiscal 2026 adjusted EPS. The outlook assumes North American RV wholesale shipments of 265,000 to 295,000 units in calendar 2027. Management said it does not assume a broad recovery in RV or marine retail demand and instead expects improvement to come primarily from product and market-share initiatives, structural cost reductions and operating efficiencies. For the fiscal first quarter, Winnebago expects net sales to decline at a mid- to high-single-digit percentage rate from the prior-year period, primarily due to towable RV trends. The company expects adjusted EBITDA margin to be roughly in line with or slightly below the prior-year first-quarter level, as sales mix and competitive conditions remain headwinds. Hughes said the first half is not expected to drive the year's improvement because the first two quarters are seasonally weaker. Management expects stronger performance in the second half of fiscal 2027. Happe said Winnebago's longer-term strategy centers on strengthening its core RV and marine businesses, building a larger aftermarket operation and selectively expanding into strategic mobility opportunities. The company plans to invest in aftermarket offerings including parts, accessories, service, solutions and customer experiences. Happe said the initiative is expected to build through fiscal 2027, with benefits anticipated in fiscal 2028 and beyond. Winnebago recently appointed Simone Silva to lead the effort. In strategic mobility, the company cited its Lithionics portable-power business and potential specialty-vehicle opportunities. Happe said these areas could provide exposure to adjacent markets with potentially higher margins, less cyclicality and greater business-to-business demand, while leveraging Winnebago's engineering, manufacturing and supplier relationships. Winnebago Industries, Inc is a manufacturer of recreational vehicles and marine products. The company designs and produces motorhomes, travel trailers, fifth-wheel trailers and other towable recreational vehicles sold under brands including Winnebago, Grand Design, Newmar and other affiliated names. Through its marine businesses, Winnebago also manufactures recreational boats under brands such as Chris-Craft and Barletta. Its products are distributed primarily through independent dealers and serve consumers seeking travel, outdoor recreation and leisure-oriented transportation. Founded in 1958 and based in Forest City, Iowa, the company has expanded from its original motorhome business into a broader recreational products organization. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "What Winnebago Industries (WGO) Said on Its Q4 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Winnebago Industries (WGO) came out with quarterly earnings of $0.49 per share, missing the Zacks Consensus Estimate of $0.5 per share. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -2.00%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $0.82 per share when it actually produced earnings of $0.66, delivering a surprise of -19.51%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Winnebago, which belongs to the Zacks Building Products - Mobile Homes and RV Builders industry, posted revenues of $645.1 million for the quarter ended August 2026, missing the Zacks Consensus Estimate by 2.96%. This compares to year-ago revenues of $777.3 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Winnebago shares have lost about 42.8% since the beginning of the year versus the S&P 500's gain of 12.7%. While Winnebago has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Winnebago was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.40 on $682.98 million in revenues for the coming quarter and $2.46 on $2.81 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Mobile Homes and RV Builders is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Champion Homes (SKY), has yet to report results for the quarter ended September 2026. This manufactured and modular housing maker is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of -8.9%. The consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level. Champion Homes' revenues are expected to be $716.7 million, up 4.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Winnebago Industries, Inc. (WGO) : Free Stock Analysis Report Champion Homes, Inc. (SKY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Performance was driven by disciplined production and wholesale shipment alignment with retail demand, resulting in improved RV dealer inventory turns of 1.8x. - Affordability pressures, elevated financing costs, and macroeconomic uncertainty continue to delay consumer conversion from interest to new product purchases. - Management attributed retail share gains in Class A diesel and Class C motorhomes to premium brand strength and strategic price point accessibility. - Operational efficiency initiatives included relocating Winnebago Towables to the Grand Design campus to improve facility utilization and simplify manufacturing networks. - The Barletta brand expanded its aluminum pontoon market share to 9.7%, demonstrating resilience against both established competitors and new market entrants. - Strategic positioning shifted toward a more resilient cost structure, focusing on internal productivity rather than relying on price increases for margin growth. - Guidance assumes North American RV wholesale shipments of 265,000 to 295,000 units for calendar year 2027, reflecting a flat to slightly down market environment. - Management expects $70 million to $80 million in cumulative gross savings through fiscal 2029, primarily from structural cost reductions and manufacturing consolidation. - The financial outlook does not assume a broad market recovery; instead, earnings growth is predicated on internal share initiatives and operational efficiencies. - Strategic expansion into the aftermarket segment is planned to create recurring revenue streams and reduce exposure to new unit cyclicality. - Future growth pillars include 'strategic mobility' focusing on house electrification and portable power solutions via the Lithionics platform. - A $6 million restructuring charge is anticipated in fiscal 2027 to facilitate manufacturing footprint transitions and cost structure reductions. - Net leverage was reduced to 2.2x from 3.1x year-over-year, providing increased capacity for selective investment and capital return. - Management flagged potential for further dealer destocking as retailers remain cautious about carrying current model year inventory. - Inflationary headwinds in materials, labor, and healthcare are expected to offset a significant portion of gross cost savings. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management explained that while top-line growth is challenged, bottom-line improvement will stem from material cost savings and SG&A discipline. - They noted that fiscal 2026 proved the company could grow earnings even when industry-wide retail and wholesale volumes declined significantly. - The first half of the fiscal year is expected to be weaker, with Q1 net sales down mid-to-high single digits and EPS down year-over-year. - Earnings growth is expected to be back-half weighted, aligning with seasonally stronger periods and the maturation of cost-saving initiatives. - Inventory quantity is considered healthy, but quality is currently weighted toward model year 2026 units as dealers hesitate to take 2027 stock. - Management anticipates a potential reduction in total industry 'rooftops' (dealerships) as the market adjusts to the 300,000-unit retail level. - The goal is to capture value throughout the customer journey via parts, accessories, and factory service, leveraging the growing installed base. - This initiative is intended to build more durable, less cyclical revenue that complements existing dealer capabilities.

-- Motorhome RV Continues to Gain Share through Innovation and Operational Execution(1) -- -- Recent Manufacturing Footprint Actions Expected to Drive Long-Term Returns -- -- Barletta Continues to Expand Share of the U.S. Aluminum Pontoon Market(1) -- -- Strong Cash Flows in the Quarter and an Improvement in Net Leverage to 2.2x -- -- Company Issues Fiscal 2027 Financial Guidance -- EDEN PRAIRIE, Minn., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Company's fourth quarter and full year Fiscal 2026. Fourth Quarter Fiscal 2026 Financial Summary - Net revenues of $645.1 million compared to $777.3 million in the fourth quarter of Fiscal 2025 - Gross profit of $80.7 million, representing 12.5% gross margin, compared to $99.2 million, representing 12.8% gross margin in the fourth quarter of Fiscal 2025 - Net income of $9.7 million, or $0.34 per diluted share; adjusted earnings per diluted share of $0.49 compared to $0.71 in the fourth quarter of Fiscal 2025 - Adjusted EBITDA of $32.6 million, representing 5.1% adjusted EBITDA margin - Net cash flow from operations of $142.5 million - Net leverage ratio improved to 2.2x at quarter end Full Year Fiscal 2026 Financial Summary - Net revenues of $2,703.9 million compared to $2,798.2 million in Fiscal 2025 - Gross profit of $350.2 million, representing 13.0% gross margin, compared to $365.1 million, representing 13.0% gross margin in Fiscal 2025 - Net income of $34.5 million, or $1.21 per diluted share; adjusted earnings per diluted share of $1.79 compared to $1.67 in Fiscal 2025 - Adjusted EBITDA of $125.0 million, representing 4.6% adjusted EBITDA margin - Net cash flow from operations of $168.7 million CEO Commentary "Fiscal 2026 highlighted the resilience of our portfolio and the disciplined execution of our teams in a persistently challenging retail environment," said President and Chief Executive Officer Michael Happe. "By maintaining focus on the factors within our control, including product innovation, operational improvements and deliberate production and inventory management, we continued to strengthen our brands and position the portfolio for long-term growth. "Even as market pressure across our segments persisted, we began to see encouraging early signs across several strategic initiatives: real traction in the Winnebago Motorhome transformation, stabilizing share trends and improving market share at Grand Design Towables, growing market penetration for Grand Design Motorized, and impressive share growth at Winnebago Towables," Happe said. "We took actions to rationalize capacity, drive operational efficiency, and better align our manufacturing footprint with market demand. These initiatives remain at different stages of development, and we expect their financial contribution to build gradually, with greater value accruing in future years. Together with the strong continued growth of Barletta's market presence in pontoons and our growing portable power offerings, this progress reinforces our confidence in the long-term earnings potential of our portfolio. "At multiple retail, trade, and dealer meeting events in September, we demonstrated the breadth of our portfolio with new offerings across brands, product categories and price points. Dealer feedback was encouraging and reinforced that the investments we've made around both innovation and affordability are well aligned with evolving consumer preferences, positioning us to capitalize on opportunities within our control while continuing to elevate the ownership experience." Fourth Quarter Fiscal 2026 Results Net revenues were $645.1 million, a decrease of 17.0% compared to $777.3 million in the fourth quarter of Fiscal 2025, primarily due to lower unit volume and product mix, partially offset by selective price adjustments. Gross profit was $80.7 million, a decrease of 18.6% compared to $99.2 million in the fourth quarter of Fiscal 2025. Gross profit margin decreased 30 basis points in the quarter to 12.5%, primarily due to volume deleverage, partially offset by operational efficiencies from Motorhome segment transformation initiatives. Operating expenses were $63.1 million, a decrease of 20.1% compared to $79.1 million in the fourth quarter of Fiscal 2025, primarily due to cost reduction initiatives. Operating income was $17.6 million, a decrease of 12.3% compared to $20.1 million in the fourth quarter of Fiscal 2025. Net income was $9.7 million, compared to $13.7 million in the fourth quarter of Fiscal 2025. Reported earnings per diluted share was $0.34, compared to a reported earnings per diluted share of $0.49 in the fourth quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.49, a decrease of 31.0% compared to adjusted earnings per diluted share of $0.71 in the fourth quarter of Fiscal 2025. Consolidated Adjusted EBITDA was $32.6 million, a decrease of 14.7%, compared to $38.2 million in the fourth quarter of Fiscal 2025. Full Year Fiscal 2026 Results Net revenues were $2.7 billion, a decrease of 3.4% compared to $2.8 billion in Fiscal 2025, primarily due to lower unit volume, partially offset by selective price adjustments and product mix. Gross profit was $350.2 million, a decrease of 4.1% compared to $365.1 million in Fiscal 2025. Gross profit margin remained consistent year-over-year at 13.0% as volume deleverage was largely offset by selective price adjustments. Operating expenses were $284.0 million, compared to $307.9 million in Fiscal 2025. Operating expenses decreased primarily due to cost reduction initiatives, partially offset by costs to support the growth of the Grand Design Motorhome business. Operating income was $66.2 million, an increase of 15.7% compared to $57.2 million in Fiscal 2025. Net income was $34.5 million, compared to $25.7 million in Fiscal 2025. Reported earnings per diluted share was $1.21, an increase of 33.0% compared to reported earnings per diluted share of $0.91 in Fiscal 2025. Adjusted earnings per diluted share was $1.79, an increase of 7.2% compared to adjusted earnings per diluted share of $1.67 in Fiscal 2025. Consolidated Adjusted EBITDA was $125.0 million, an increase of 2.5%, compared to $121.9 million in Fiscal 2025. Fourth Quarter and Fiscal 2026 Segments Summary Towable RV | Three Months Ended ($, in millions) | August 29, 2026 | | August 30, 2025 | | Change(1) Net revenues | $ | 220.3 | | | $ | 306.3 | | | (28.1)% Operating income | $ | 9.3 | | | $ | 21.4 | | | (56.5)% Operating income margin | | 4.2 | % | | | 7.0 | % | | (280) bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. - Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments. - Operating income margin decreased primarily due to volume deleverage and higher discounts and allowances, partially offset by cost containment initiatives and selective price adjustments. | Year Ended ($, in millions) | August 29, 2026 | | August 30, 2025 | | Change(1) Net revenues | $ | 1,050.8 | | | $ | 1,220.2 | | | (13.9)% Operating income | $ | 47.5 | | | $ | 72.7 | | | (34.7)% Operating income margin | | 4.5 | % | | | 6.0 | % | | (150) bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. - Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments. - Operating income margin decreased primarily due to volume deleverage, higher discounts and allowances, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV | Three Months Ended ($, in millions) | August 29, 2026 | | August 30, 2025 | | Change(1) Net revenues | $ | 323.6 | | | $ | 361.2 | | | (10.4)% Operating income | $ | 7.9 | | | $ | (0.3 | ) | | NM Operating income margin | | 2.4 | % | | (0.1)% | | 250 bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. NM: Not meaningful. | | | | | | | | | | | | | | - Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by lower discounts and allowances. - Operating income margin increased primarily due to operational efficiencies from transformation initiatives, lower discounts and allowances, and cost containment initiatives, partially offset by volume deleverage. | Year Ended ($, in millions) | August 29, 2026 | | August 30, 2025 | | Change(1) Net revenues | $ | 1,257.5 | | | $ | 1,159.7 | | | 8.4 | % Operating income | $ | 33.2 | | | $ | (7.3 | ) | | NM Operating income margin | | 2.6 | % | | (0.6)% | | 320 bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. NM:Not meaningful. - Net revenues increased primarily due to higher unit volume, selective price adjustments, and lower discounts and allowances. - Operating income margin increased primarily due to lower discounts and allowances, and volume leverage. Marine | Three Months Ended ($, in millions) | August 29, 2026 | | August 30, 2025 | | Change(1) Net revenues | $ | 92.3 | | | $ | 94.9 | | | (2.7)% Operating income | $ | 6.6 | | | $ | 6.7 | | | (1.5)% Operating income margin | | 7.1 | % | | | 7.1 | % | | — bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. NM:Not meaningful. - Net revenues decreased primarily due to a shift in product mix toward lower price-point models, partially offset by selective price adjustments. - Operating income margin was consistent with prior year primarily due to selective price adjustments, offset by product mix. | Year Ended ($, in millions) | August 29, 2026 | | August 30, 2025 | | Change(1) Net revenues | $ | 356.4 | | | $ | 367.8 | | | (3.1)% Operating income | $ | 20.9 | | | $ | 27.7 | | | (24.5)% Operating income margin | | 5.9 | % | | | 7.5 | % | | (160) bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. NM:Not meaningful. - Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments. - Operating income margin decreased primarily due to volume deleverage and higher warranty expense, partially offset by selective price adjustments. Balance Sheet and Cash Flow At the end of the fourth quarter of Fiscal 2026, cash and cash equivalents totaled $181.4 million compared to $57.1 million at the end of the Fiscal 2026 third quarter and $174.0 million at the end of Fiscal 2025. Total outstanding debt was $443.3 million, which included $450.0 million of debt, net of issuance costs of $6.7 million. Working capital improved to $419.1 million, reflecting disciplined balance sheet management and stronger operating efficiency. Cash flow provided by operations was $142.5 million in the Fiscal 2026 fourth quarter. Net leverage was 2.2x at the end of the Fiscal 2026 fourth quarter, down from 3.0x at the end of the third quarter, reflecting strong cash generation and continued progress in strengthening our leverage position. Quarterly Cash Dividend and Share Repurchases On August 12, 2026, the Company's Board of Directors approved a 3% increase in the quarterly cash dividend to $0.36 per share. The dividend was paid on September 23, 2026, to common stockholders of record at the close of business on September 9, 2026. "Fiscal 2026 also reflected the strength of our balance sheet and disciplined approach to capital allocation," Happe said. "The renewal and extension of our $350 million revolving credit facility through 2031 and the Board's decision to increase the quarterly dividend underscore our confidence in the business and long-term strategy. Supported by solid operating cash flow, improved working-capital performance and lower year-end leverage, we exited the year with a stronger balance sheet and the flexibility to continue investing in innovation, operations and customer experience." Outlook For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 275,000 to 295,000 units. For calendar year 2027, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 265,000 to 295,000 units. Based on this outlook and the current business environment, in Fiscal 2027 the Company expects: - Consolidated net revenues in the range of $2.65 to $2.80 billion; - Reported earnings per diluted share in the range of $0.90 to $1.50; and - Adjusted earnings per diluted share in the range of $1.65 to $2.25(2) The Company's outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand. "Fiscal 2027 outlook reflects a market where the timing and pace of recovery remain difficult to predict," Happe said. "We will stay focused on serving our customer and dealers at high levels, delivering differentiated products that consumers value and continuing to strengthen our operational efficiency and discipline. The progress we made in fiscal 2026 gives us a stronger operating foundation to manage near-term volatility and capitalize on opportunities as they emerge." Q4 FY 2026 Conference Call Winnebago Industries, Inc. will discuss fourth quarter and full year Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days. About Winnebago Industries Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company's common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2027. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth, including changes in consumer disposable income; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to performance and financial condition of independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; risk related to changes in trade policy, including tariffs; ability to manage strategic acquisitions, alliances, joint ventures and partnerships; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from failures and disruptions, including those associated with system implementations; risks related to cybersecurity incidents; risks related to the use of Artificial Intelligence ("AI") technologies; ability to maintain compliance with data governance; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to sustainability matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third-party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law. Contacts Investors: Joan Ondala [email protected] Media: Dan Sullivan [email protected] Winnebago Industries, Inc. Footnotes to News Release Footnotes: (1) Source: Statistical Surveys Inc. for the trailing 12 months ended 8/31/2026 and 8/31/2025. (2) Fiscal 2027 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million and restructuring and related costs of approximately $6 million. Winnebago Industries, Inc. Condensed Consolidated Statements of Income (Unaudited and subject to reclassification) | | Three Months Ended (in millions, except percent and per share data) | August 29, 2026 | | August 30, 2025 Net revenues | $ | 645.1 | | 100.0 | % | | $ | 777.3 | | | 100.0 | % Cost of goods sold | | 564.4 | | 87.5 | % | | | 678.1 | | | 87.2 | % Gross profit | | 80.7 | | 12.5 | % | | | 99.2 | | | 12.8 | % Selling, general, and administrative expenses | | 57.6 | | 8.9 | % | | | 73.7 | | | 9.5 | % Amortization | | 5.5 | | 0.9 | % | | | 5.4 | | | 0.7 | % Total operating expenses | | 63.1 | | 9.8 | % | | | 79.1 | | | 10.2 | % Operating income | | 17.6 | | 2.7 | % | | | 20.1 | | | 2.6 | % Interest expense, net | | 4.6 | | 0.6 | % | | | 6.6 | | | 0.8 | % Non-operating loss | | 0.4 | | 0.1 | % | | | 0.2 | | | 0.1 | % Income before income taxes | | 12.6 | | 2.0 | % | | | 13.3 | | | 1.7 | % Income tax provision (benefit) | | 2.9 | | 0.5 | % | | | (0.4 | ) | | (0.1)% Net income | $ | 9.7 | | 1.5 | % | | $ | 13.7 | | | 1.8 | % | | | | | | | Earnings per common share: | | | | | | | Basic | $ | 0.34 | | | | $ | 0.49 | | | Diluted | $ | 0.34 | | | | $ | 0.49 | | | Weighted average common shares outstanding: | | | | | | | Basic | | 28.3 | | | | | 28.0 | | | Diluted | | 28.6 | | | | | 28.2 | | | | | | | | | | | Year Ended (in millions, except percent and per share data) | August 29, 2026 | | August 30, 2025 Net revenues | $ | 2,703.9 | | 100.0 | % | | $ | 2,798.2 | | | 100.0 | % Cost of goods sold | | 2,353.7 | | 87.0 | % | | | 2,433.1 | | | 87.0 | % Gross profit | | 350.2 | | 13.0 | % | | | 365.1 | | | 13.0 | % Selling, general, and administrative expenses | | 262.3 | | 9.7 | % | | | 285.8 | | | 10.2 | % Amortization | | 21.7 | | 0.8 | % | | | 22.1 | | | 0.8 | % Total operating expenses | | 284.0 | | 10.5 | % | | | 307.9 | | | 11.0 | % Operating income | | 66.2 | | 2.4 | % | | | 57.2 | | | 2.0 | % Interest expense, net | | 20.9 | | 0.8 | % | | | 25.9 | | | 0.9 | % Loss on note repurchase | | 0.8 | | — | % | | | 2.0 | | | 0.1 | % Non-operating loss (income) | | 0.1 | | — | % | | | (0.8 | ) | | (0.1)% Income before income taxes | | 44.4 | | 1.6 | % | | | 30.1 | | | 1.1 | % Income tax provision | | 9.9 | | 0.4 | % | | | 4.4 | | | 0.2 | % Net income | $ | 34.5 | | 1.2 | % | | $ | 25.7 | | | 0.9 | % | | | | | | | Earnings per common share: | | | | | | | Basic | $ | 1.22 | | | | $ | 0.91 | | | Diluted | $ | 1.21 | | | | $ | 0.91 | | | Weighted average common shares outstanding: | | | | | | | Basic | | 28.2 | | | | | 28.2 | | | Diluted | | 28.4 | | | | | 28.3 | | | | | | | | | | | | | Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. In addition, percentages may not add in total due to rounding. | | | | | | | | | | | | | | | | | | | | Winnebago Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited and subject to reclassification) | | | (in millions) | August 29, 2026 | | August 30, 2025 Assets | | | Current assets | | | Cash and cash equivalents | $ | 181.4 | | $ | 174.0 Receivables, net | | 153.5 | | | 192.0 Inventories, net | | 404.7 | | | 396.4 Prepaid expenses and other current assets | | 38.7 | | | 29.8 Total current assets | | 778.3 | | | 792.2 Property, plant, and equipment, net | | 317.6 | | | 333.0 Goodwill | | 484.2 | | | 484.2 Other intangible assets, net | | 435.3 | | | 456.9 Investment in life insurance | | 28.3 | | | 27.1 Operating lease assets | | 39.6 | | | 41.6 Other long-term assets | | 18.2 | | | 19.4 Total assets | $ | 2,101.5 | | $ | 2,154.4 | | | Liabilities and Shareholders' Equity | | | Current liabilities | | | Accounts payable | $ | 174.1 | | $ | 129.3 Accrued expenses | | 185.1 | | | 197.8 Total current liabilities | | 359.2 | | | 327.1 Long-term debt, net | | 443.3 | | | 540.5 Deferred income tax liabilities, net | | 12.3 | | | 5.9 Unrecognized tax benefits | | 4.1 | | | 4.8 Long-term operating lease liabilities | | 36.3 | | | 39.3 Deferred compensation benefits, net of current portion | | 4.3 | | | 5.1 Other long-term liabilities | | 5.4 | | | 7.0 Total liabilities | | 864.9 | | | 929.7 Shareholders' equity | | 1,236.6 | | | 1,224.7 Total liabilities and shareholders' equity | $ | 2,101.5 | | $ | 2,154.4 | | | | | Winnebago Industries, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited and subject to reclassification) | | Year Ended (in millions) | August 29, 2026 | | August 30, 2025 Operating activities | | | Net income | $ | 34.5 | | | $ | 25.7 | Adjustments to reconcile net income to net cash provided by operating activities | | | Depreciation | | 38.3 | | | | 38.5 | Amortization | | 21.7 | | | | 22.1 | Amortization of debt issuance costs | | 2.5 | | | | 3.0 | Last in, first-out expense | | 0.1 | | | | 1.8 | Stock-based compensation | | 16.9 | | | | 15.8 | Deferred income taxes | | 6.3 | | | | 2.9 | Deferred compensation expense | | 0.6 | | | | 0.7 | Loss on note repurchase (Note 8) | | 0.8 | | | | 2.0 | Asset impairment | | — | | | | 1.2 | Restructuring and related costs | | 1.6 | | | | 2.9 | Other, net | | (2.7 | ) | | | (1.0 | ) Change in operating assets and liabilities, net of assets and liabilities acquired | | | Receivables, net | | 38.5 | | | | (8.2 | ) Inventories, net | | (8.4 | ) | | | 40.5 | Prepaid expenses and other assets | | (4.3 | ) | | | 9.2 | Accounts payable | | 43.7 | | | | (11.6 | ) Income taxes and unrecognized tax benefits | | 3.3 | | | | 1.3 | Accrued expenses and other liabilities | | (24.7 | ) | | | (17.9 | ) Net cash provided by operating activities | | 168.7 | | | | 128.9 | | | | Investing activities | | | Purchases of property, plant, and equipment | | (24.1 | ) | | | (39.4 | ) Proceeds from the sale of property, plant, and equipment | | 5.6 | | | | 2.2 | Other, net | | — | | | | 2.4 | Net cash used in investing activities | | (18.5 | ) | | | (34.8 | ) | | | Financing activities | | | Borrowings on long-term debt | | 3.0 | | | | 48.8 | Repayments on long-term debt | | (103.0 | ) | | | (208.7 | ) Payments of cash dividends | | (39.9 | ) | | | (38.9 | ) Payments for repurchases of common stock | | (1.7 | ) | | | (53.7 | ) Payments of debt issuance costs | | (2.2 | ) | | | — | Other, net | | 1.0 | | | | 1.5 | Net cash used in financing activities | | (142.8 | ) | | | (251.0 | ) | | | Net increase (decrease) in cash and cash equivalents | | 7.4 | | | | (156.9 | ) Cash and cash equivalents at beginning of period | | 174.0 | | | | 330.9 | Cash and cash equivalents at end of period | $ | 181.4 | | | $ | 174.0 | | | | | | | Supplemental Disclosures | | | Income taxes paid, net | $ | 0.9 | | | $ | 2.5 | Interest paid | | 22.3 | | | | 29.5 | | | | Non-cash investing and financing activities | | | Capital expenditures in accounts payable | $ | 1.4 | | | $ | 0.4 | Dividends declared not yet paid | | 11.7 | | | | 11.0 | Increase in lease assets in exchange for lease liabilities: | | | Operating leases | | 5.5 | | | | 2.7 | Financing leases | | — | | | | 0.2 | | | | | | | | Winnebago Industries, Inc. Supplemental Information by Reportable Segment - Towable RV (in millions, except unit data) (Unaudited and subject to reclassification) | | Three Months Ended | August 29, 2026 | | % of Revenues(1) | | August 30, 2025 | | % of Revenues(1) | | $ Change(1) | | % Change(1) Net revenues | $ | 220.3 | | | | $ | 306.3 | | | | $ | (86.0 | ) | | (28.1)% Operating income | | 9.3 | | 4.2 | % | | | 21.4 | | 7.0 | % | | | (12.1 | ) | | (56.5)% | | | | | | | | | | | | Three Months Ended Unit deliveries | August 29, 2026 | | Product Mix(2) | | August 30, 2025 | | Product Mix(2) | | Unit Change | | % Change Travel trailer | | 4,671 | | 78.0 | % | | | 5,680 | | 72.5 | % | | | (1,009 | ) | | (17.8)% Fifth wheel | | 1,314 | | 22.0 | % | | | 2,153 | | 27.5 | % | | | (839 | ) | | (39.0)% Total Towable RV | | 5,985 | | 100.0 | % | | | 7,833 | | 100.0 | % | | | (1,848 | ) | | (23.6)% | | | | | | | | | | | | Year Ended | August 29, 2026 | | % of Revenues(1) | | August 30, 2025 | | % of Revenues(1) | | $ Change(1) | | % Change(1) Net revenues | $ | 1,050.8 | | | | $ | 1,220.2 | | | | $ | (169.4 | ) | | (13.9)% Operating income | | 47.5 | | 4.5 | % | | | 72.7 | | 6.0 | % | | | (25.2 | ) | | (34.7)% | | | | | | | | | | | | Year Ended Unit deliveries | August 29, 2026 | | Product Mix(2) | | August 30, 2025 | | Product Mix(2) | | Unit Change | | % Change Travel trailer | | 20,021 | | 74.1 | % | | | 21,714 | | 69.7 | % | | | (1,693 | ) | | (7.8)% Fifth wheel | | 6,983 | | 25.9 | % | | | 9,455 | | 30.3 | % | | | (2,472 | ) | | (26.1)% Total Towable RV | | 27,004 | | 100.0 | % | | | 31,169 | | 100.0 | % | | | (4,165 | ) | | (13.4)% | | | | | | | | | | | Dealer Inventory(3) | August 29, 2026 | | | | August 30, 2025 | | | | Unit Change | | % Change Units | | 15,471 | | | | | 16,200 | | | | | (729 | ) | | (4.5)% | | | | | | | | | | | | | | | (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. (2) Percentages may not add due to rounding differences. (3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations. Winnebago Industries, Inc. Supplemental Information by Reportable Segment - Motorhome RV (in millions, except unit data) (Unaudited and subject to reclassification) | | Three Months Ended | August 29, 2026 | | % of Revenues(1) | | August 30, 2025 | | % of Revenues(1) | | $ Change(1) | | % Change(1) Net revenues | $ | 323.6 | | | | $ | 361.2 | | | | | $ | (37.6 | ) | | (10.4)% Operating income (loss) | | 7.9 | | 2.4 | % | | | (0.3 | ) | | (0.1)% | | | 8.2 | | | NM | | | | | | | | | | | | Three Months Ended Unit deliveries | August 29, 2026 | | Product Mix(2) | | August 30, 2025 | | Product Mix(2) | | Unit Change | | % Change Class A | | 187 | | 11.9 | % | | | 403 | | | 23.1 | % | | | (216 | ) | | (53.6)% Class B | | 518 | | 33.0 | % | | | 524 | | | 30.0 | % | | | (6 | ) | | (1.1)% Class C | | 865 | | 55.1 | % | | | 818 | | | 46.9 | % | | | 47 | | | 5.7 | % Total Motorhome RV | | 1,570 | | 100.0 | % | | | 1,745 | | | 100.0 | % | | | (175 | ) | | (10.0)% | | | | | | | | | | | | Year Ended | August 29, 2026 | | % of Revenues(1) | | August 30, 2025 | | % of Revenues(1) | | $ Change(1) | | % Change(1) Net revenues | $ | 1,257.5 | | | | $ | 1,159.7 | | | | | $ | 97.7 | | | 8.4 | % Operating income (loss) | | 33.2 | | 2.6 | % | | | (7.3 | ) | | (0.6)% | | | 40.4 | | | NM | | | | | | | | | | | | Year Ended Unit deliveries | August 29, 2026 | | Product Mix(2) | | August 30, 2025 | | Product Mix(2) | | Unit Change | | % Change Class A | | 892 | | 15.1 | % | | | 1,211 | | | 21.1 | % | | | (319 | ) | | (26.3)% Class B | | 1,934 | | 32.6 | % | | | 1,682 | | | 29.3 | % | | | 252 | | | 15.0 | % Class C | | 3,099 | | 52.3 | % | | | 2,849 | | | 49.6 | % | | | 250 | | | 8.8 | % Total Motorhome RV | | 5,925 | | 100.0 | % | | | 5,742 | | | 100.0 | % | | | 183 | | | 3.2 | % | | | | | | | | | | | Dealer Inventory(3) | August 29, 2026 | | | | August 30, 2025 | | | | Unit Change | | % Change Units | | 3,395 | | | | | 3,562 | | | | | | (167 | ) | | (4.7)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. (2) Percentages may not add due to rounding differences. (3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations. NM: Not meaningful. Winnebago Industries, Inc. Supplemental Information by Reportable Segment - Marine (in millions, except unit data) (Unaudited and subject to reclassification) | | Three Months Ended | August 29, 2026 | | % of Revenues(1) | | August 30, 2025 | | % of Revenues(1) | | $ Change(1) | | % Change(1) Net revenues | $ | 92.3 | | | | $ | 94.9 | | | | $ | (2.6 | ) | | (2.7)% Operating income | | 6.6 | | 7.1 | % | | | 6.7 | | 7.1 | % | | | (0.1 | ) | | (1.5)% | | | | | | | | | | | | Three Months Ended Unit deliveries | August 29, 2026 | | | | August 30, 2025 | | | | Unit Change | | % Change Boats | | 1,141 | | | | | 1,164 | | | | | (23 | ) | | (2.0)% | | | | | | | | | | | | Year Ended | August 29, 2026 | | % of Revenues(1) | | August 30, 2025 | | % of Revenues(1) | | $ Change(1) | | % Change(1) Net revenues | $ | 356.4 | | | | $ | 367.8 | | | | $ | (11.4 | ) | | (3.1)% Operating income | | 20.9 | | 5.9 | % | | | 27.7 | | 7.5 | % | | | (6.8 | ) | | (24.5)% | | | | | | | | | | | | Year Ended Unit deliveries | August 29, 2026 | | | | August 30, 2025 | | | | Unit Change | | % Change Boats | | 4,423 | | | | | 4,635 | | | | | (212 | ) | | (4.6)% | | | | | | | | | | | Dealer Inventory(2,3) | August 29, 2026 | | | | August 30, 2025 | | | | Unit Change | | % Change Units | | 2,510 | | | | | 2,687 | | | | | (177 | ) | | (6.6)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. (2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments. (3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations. NM: Not meaningful. Winnebago Industries, Inc. Non-GAAP Reconciliation (Unaudited and subject to reclassification) Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States ("GAAP"), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies. The following table reconciles diluted earnings per share to Adjusted diluted earnings per share: | | | | Three Months Ended | | Year Ended | August 29, 2026 | | August 30, 2025 | | August 29, 2026 | | August 30, 2025 Diluted earnings per share | $ | 0.34 | | | $ | 0.49 | | | $ | 1.21 | | | $ | 0.91 | Amortization(1) | | 0.19 | | | | 0.19 | | | | 0.76 | | | | 0.78 | Loss on note repurchase(1) | | — | | | | — | | | | 0.03 | | | | 0.07 | Asset impairment(1) | | — | | | | — | | | | — | | | | 0.04 | Restructuring and related costs(1) | | — | | | | 0.10 | | | | 0.06 | | | | 0.10 | Gain on sale of property, plant and equipment(1) | | — | | | | — | | | | (0.10 | ) | | | — | Tax impact of adjustments(2) | | (0.04 | ) | | | (0.07 | ) | | | (0.17 | ) | | | (0.23 | ) Adjusted diluted earnings per share(3) | $ | 0.49 | | | $ | 0.71 | | | $ | 1.79 | | | $ | 1.67 | (1) Represents a pre-tax adjustment. (2) Income tax impact calculated using the statutory tax rate for the U.S. of 22.0% and 23.0% for Fiscal 2026 and Fiscal 2025. (3) Per share numbers may not foot due to rounding. The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA: | Three Months Ended | | Year Ended (in millions) | August 29, 2026 | | August 30, 2025 | | August 29, 2026 | | August 30, 2025 Net income | $ | 9.7 | | $ | 13.7 | | | $ | 34.5 | | | $ | 25.7 | Interest expense, net | | 4.6 | | | 6.6 | | | | 20.9 | | | | 25.9 | Income tax provision (benefit) | | 2.9 | | | (0.4 | ) | | | 9.9 | | | | 4.4 | Depreciation | | 9.5 | | | 9.8 | | | | 38.3 | | | | 38.5 | Amortization | | 5.5 | | | 5.4 | | | | 21.7 | | | | 22.1 | EBITDA | | 32.2 | | | 35.1 | | | | 125.3 | | | | 116.6 | Loss on note repurchase | | — | | | — | | | | 0.8 | | | | 2.0 | Asset impairment | | — | | | — | | | | — | | | | 1.2 | Restructuring and related costs | | — | | | 2.9 | | | | 1.6 | | | | 2.9 | Gain on sale of property, plant and equipment | | — | | | — | | | | (2.8 | ) | | | — | Non-operating loss (income) | | 0.4 | | | 0.2 | | | | 0.1 | | | | (0.8 | ) Adjusted EBITDA | $ | 32.6 | | $ | 38.2 | | | $ | 125.0 | | | $ | 121.9 | | | | | | | | | | | | | | | Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance. Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry.

RV Manufacturer Winnebago (NYSE:WGO) fell short of the market's revenue expectations in calendar Q3 2026 (fiscal Q4 2026), with sales falling 17% year on year to $645.1 million. The company's full-year revenue guidance of $2.73 billion at the midpoint came in 2.8% below analysts' estimates. Its non-GAAP profit of $0.49 per share was 5.3% above analysts' consensus estimates. Is now the time to buy Winnebago? Find out in our full research report. - Revenue: $645.1 million vs analyst estimates of $660.9 million (17% year-on-year decline, 2.4% miss) - Adjusted EPS: $0.49 vs analyst estimates of $0.47 (5.3% beat) - Adjusted EBITDA: $32.6 million vs analyst estimates of $31.48 million (5.1% margin, 3.6% beat) - Adjusted EPS guidance for the upcoming financial year 2027 is $1.95 at the midpoint, missing analyst estimates by 17.3% - Operating Margin: 2.7%, in line with the same quarter last year - Free Cash Flow Margin: 21%, down from 22% in the same quarter last year - Market Capitalization: $655 million "Even as market pressure across our segments persisted, we began to see encouraging early signs across several strategic initiatives: real traction in the Winnebago Motorhome transformation, stabilizing share trends and improving market share at Grand Design Towables, growing market penetration for Grand Design Motorized, and impressive share growth at Winnebago Towables," Happe said. "We took actions to rationalize capacity, drive operational efficiency, and better align our manufacturing footprint with market demand. These initiatives remain at different stages of development, and we expect their financial contribution to build gradually, with greater value accruing in future years. Together with the strong continued growth of Barletta's market presence in pontoons and our growing portable power offerings, this progress reinforces our confidence in the long-term earnings potential of our portfolio. Created to provide high-quality, affordable RVs to the post-war American family, Winnebago (NYSE:WGO) is a manufacturer of recreational vehicles, providing a range of motorhomes, travel trailers, and fifth-wheel products for outdoor and adventure lifestyles. Reviewing a company's long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Winnebago's demand was weak over the last five years as its sales fell at a 5.7% annual rate. This wasn't a great result and suggests it's a low quality business. Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. Winnebago's annualized revenue declines of 4.6% over the last two years suggest its demand continued shrinking. Winnebago also breaks out the revenue for its most important segments, Motorhomes and Towables, which are 50.2% and 34.1% of revenue. Over the last two years, Winnebago's Motorhomes revenue (homes on wheels) averaged 3.8% year-on-year growth. On the other hand, its Towables revenue (non-motorized vehicles) averaged 7.6% declines. This quarter, Winnebago missed Wall Street's estimates and reported a rather uninspiring 17% year-on-year revenue decline, generating $645.1 million of revenue. Looking ahead, sell-side analysts expect revenue to grow 4.2% over the next 12 months. Although this projection suggests its newer products and services will catalyze better top-line performance, it is still below the sector average. ALSO WORTH WATCHING: Nvidia's Quiet Partner. Nvidia's chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all. Every AI server needs specialized infrastructure the chip companies don't make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE. Operating margin is a key measure of profitability. Think of it as net income - the bottom line - excluding the impact of taxes and interest on debt, which are less connected to business fundamentals. Winnebago was profitable over the last five years but held back by its large cost base. Its average operating margin of 6.5% was weak for an industrials business. This result isn't too surprising given its low gross margin as a starting point. Analyzing the trend in its profitability, Winnebago's operating margin decreased by 9.3 percentage points over the last five years. Winnebago's performance was poor no matter how you look at it - it shows that costs were rising and it couldn't pass them onto its customers. This quarter, Winnebago generated an operating margin profit margin of 2.7%, in line with the same quarter last year. This indicates the company's cost structure has recently been stable. Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions. Sadly for Winnebago, its EPS declined by 26.8% annually over the last five years, more than its revenue. This tells us the company struggled because its fixed cost base made it difficult to adjust to shrinking demand. Diving into the nuances of Winnebago's earnings can give us a better understanding of its performance. As we mentioned earlier, Winnebago's operating margin was flat this quarter but declined by 9.3 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; interest expenses and taxes can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. For Winnebago, its two-year annual EPS declines of 27.2% are similar to its five-year trend. These results were bad no matter how you slice the data. In Q3, Winnebago reported adjusted EPS of $0.49, down from $0.71 in the same quarter last year. Despite falling year on year, this print beat analysts' estimates by 5.3%. Over the next 12 months, Wall Street expects Winnebago's full-year EPS to grow 30.8% from $1.80 to $2.35. It was encouraging to see Winnebago beat analysts' EBITDA expectations this quarter. We were also glad its EPS outperformed Wall Street's estimates. On the other hand, its full-year EPS guidance missed and its revenue fell short of Wall Street's estimates. Overall, this was a weaker quarter. The stock traded up 4.8% to $24.29 immediately after reporting. Is Winnebago an attractive investment opportunity right now? When making that decision, it's important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it's free.

For the quarter ended August 2026, Winnebago Industries (WGO) reported revenue of $645.1 million, down 17% over the same period last year. EPS came in at $0.49, compared to $0.71 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $664.76 million, representing a surprise of -2.96%. The company delivered an EPS surprise of -2%, with the consensus EPS estimate being $0.50. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Winnebago performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: - Unit deliveries - Total Motorhome RV: 1,570 versus the three-analyst average estimate of 1,668. - Unit deliveries - Total Towable RV: 5,985 versus the three-analyst average estimate of 5,838. - Unit deliveries - Total Motorhome RV - Class C: 865 compared to the 862 average estimate based on two analysts. - Unit deliveries - Total Towable RV - Travel trailer: 4,671 versus 4,488 estimated by two analysts on average. - Unit deliveries - Total Towable RV - Fifth wheel: 1,314 compared to the 1,493 average estimate based on two analysts. - Unit deliveries - Marine - Boats: 1,141 versus the two-analyst average estimate of 981. - Unit deliveries - Total Motorhome RV - Class A: 187 versus the two-analyst average estimate of 292. - Unit deliveries - Total Motorhome RV - Class B: 518 versus 524 estimated by two analysts on average. - Net Revenues- Motorhome RV: $323.6 million versus the four-analyst average estimate of $346.62 million. The reported number represents a year-over-year change of -10.4%. - Net Revenues- Marine: $92.3 million versus the four-analyst average estimate of $81.46 million. The reported number represents a year-over-year change of -2.7%. - Net Revenues- Towable RV: $220.3 million versus the four-analyst average estimate of $223.05 million. The reported number represents a year-over-year change of -28.1%. - Operating income- Towable RV: $9.3 million versus $11.61 million estimated by three analysts on average. View all Key Company Metrics for Winnebago here>>> Shares of Winnebago have returned -18% over the past month versus the Zacks S&P 500 composite's +1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Winnebago Industries, Inc. (WGO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research