NYSE: THO
THOR INDUSTRIES INCCIK 0000730263 · SIC 3716 · Motor Homes
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THOR net income falls 31.3% to $177.5M as tariffs squeeze margins; buybacks double to $115.1M
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THOR Industries declares $0.52 quarterly dividend, payable July 15
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revenue $2.78B, net income $97.2M. Thor Industries faces demand downturn, tariff headwinds, and margin compression
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THOR Industries reports Q3 FY2026 results, updates full-year guidance
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THOR Industries declares $0.52 quarterly dividend, payable April 20
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Latest financial statements
From 10-K filed Sep 22, 2026 (period ending Jul 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except share and per share data)
| Description | Years ended July 31, 2026 | Years ended July 31, 2025 | Years ended July 31, 2024 |
|---|---|---|---|
| Net sales | 9,608,145 | 9,579,490 | 10,043,408 |
| Cost of products sold | 8,395,515 | 8,238,849 | 8,591,446 |
| Gross profit | 1,212,630 | 1,340,641 | 1,451,962 |
| Selling, general and administrative expenses | 903,396 | 922,554 | 895,531 |
| Amortization of intangible assets | 112,159 | 119,027 | 132,544 |
| Interest expense, net | 36,836 | 48,441 | 88,666 |
| Other income, net | 78,482 | 45,572 | 13,623 |
| Income before income taxes | 238,721 | 296,191 | 348,844 |
| Income taxes | 64,067 | 39,600 | 83,444 |
| Net income | 174,654 | 256,591 | 265,400 |
| Less: Net income (loss) attributable to non-controlling interests | (2,885) | (1,968) | 92 |
| Net income attributable to THOR Industries, Inc. | 177,539 | 258,559 | 265,308 |
| Weighted-average common shares outstanding: | |||
| Basic | 52,365,109 | 53,085,577 | 53,248,488 |
| Diluted | 52,562,672 | 53,400,306 | 53,687,377 |
| Earnings per common share: | |||
| Basic | 3.39 | 4.87 | 4.98 |
| Diluted | 3.38 | 4.84 | 4.94 |
| Comprehensive income: | |||
| Net income | 174,654 | 256,591 | 265,400 |
| Other comprehensive income (loss), net of tax | |||
| Foreign currency translation gain (loss), net of tax | 4,259 | 99,230 | (25,925) |
| Other income (loss), net of tax | 929 | 1,265 | (86) |
| Total other comprehensive income (loss), net of tax | 5,188 | 100,495 | (26,011) |
| Total comprehensive income | 179,842 | 357,086 | 239,389 |
| Comprehensive (loss) attributable to non-controlling interest | (2,531) | (5,569) | (760) |
| Comprehensive income attributable to THOR Industries, Inc. | 182,373 | 362,655 | 240,149 |
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
| Description | July 31, 2026 | July 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 481,988 | 586,596 |
| Accounts receivable, trade, net | 486,751 | 541,713 |
| Accounts receivable, other, net | 214,145 | 165,650 |
| Inventories, net | 1,423,117 | 1,351,796 |
| Prepaid income taxes, expenses and other | 133,934 | 132,220 |
| Total current assets | 2,739,935 | 2,777,975 |
| Property, plant and equipment, net | 1,309,504 | 1,315,728 |
| Other assets: | ||
| Goodwill | 1,916,330 | 1,841,118 |
| Amortizable intangible assets, net | 684,494 | 758,758 |
| Deferred income tax assets, net | 3,707 | 35,668 |
| Equity investments | 63,815 | 136,784 |
| Other | 238,370 | 199,253 |
| Total other assets | 2,906,716 | 2,971,581 |
| TOTAL ASSETS | 6,956,155 | 7,065,284 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 740,546 | 738,143 |
| Current portion of long-term debt | 2,814 | 3,367 |
| Short-term financial obligations | 60,839 | 60,112 |
| Accrued liabilities: | ||
| Compensation and related items | 156,884 | 178,259 |
| Product warranties | 273,724 | 291,130 |
| Income and other taxes | 58,479 | 59,392 |
| Promotions and rebates | 173,977 | 162,477 |
| Product, property and related liabilities | 19,777 | 18,634 |
| Other | 63,064 | 73,182 |
| Total current liabilities | 1,550,104 | 1,584,696 |
| Long-term debt | 865,145 | 919,612 |
| Deferred income tax liabilities, net | 49,776 | 54,404 |
| Unrecognized tax benefits | 10,345 | 12,175 |
| Other liabilities | 220,804 | 204,845 |
| Total long-term liabilities | 1,146,070 | 1,191,036 |
| Contingent liabilities and commitments | ||
| Stockholders’ equity: | ||
| Preferred stock—authorized 1,000,000 shares; none outstanding | — | — |
| Common stock—par value of $.10 per share; authorized 250,000,000 shares; issued 67,659,100 and 67,282,807 shares, respectively | 6,766 | 6,728 |
| Additional paid-in capital | 635,691 | 608,481 |
| Retained earnings | 4,475,937 | 4,407,163 |
| Accumulated other comprehensive income, net of tax | 15,224 | 10,390 |
| Less treasury shares of 16,044,739 and 14,649,597, respectively, at cost | (872,160) | (744,264) |
| Stockholders’ equity attributable to THOR Industries, Inc. | 4,261,458 | 4,288,498 |
| Non-controlling interests | (1,477) | 1,054 |
| Total stockholders’ equity | 4,259,981 | 4,289,552 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 6,956,155 | 7,065,284 |
Consolidated Statements of Cash Flows
(amounts in thousands)
| Description | Years ended July 31, 2026 | Years ended July 31, 2025 | Years ended July 31, 2024 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | 174,654 | 256,591 | 265,400 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 154,196 | 152,180 | 144,601 |
| Amortization of intangibles | 112,159 | 119,027 | 132,544 |
| Amortization of debt issuance costs and extinguishment charges | 3,835 | 7,342 | 18,274 |
| Asset impairment charges | 13,232 | 3,534 | — |
| Unrealized (gain) loss on fair-value investments | (22,235) | (4,674) | 2,937 |
| Deferred income tax expense (benefit) | 27,427 | (29,502) | (24,970) |
| Gain on disposition of property, plant and equipment | (36,696) | (24,464) | (9,597) |
| Stock-based compensation expense | 26,578 | 30,872 | 37,901 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 4,272 | 6,690 | (60,153) |
| Inventories | (73,282) | 29,122 | 236,916 |
| Prepaid income taxes, expenses and other | (27,028) | 5,276 | (12,569) |
| Accounts payable | (817) | 90,409 | (101,910) |
| Accrued liabilities and other | (27,164) | (63,535) | (85,081) |
| Long-term liabilities and other | (7,908) | (945) | 1,255 |
| Net cash provided by operating activities | 321,223 | 577,923 | 545,548 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (152,387) | (122,987) | (139,635) |
| Proceeds from dispositions of property, plant and equipment | 67,875 | 63,305 | 24,927 |
| Business acquisitions, net of cash acquired | (9,555) | — | (7,314) |
| Other | (31,376) | (4,783) | (24,790) |
| Net cash used in investing activities | (125,443) | (64,465) | (146,812) |
| Cash flows from financing activities: | |||
| Borrowings on term-loan credit facilities | — | — | 186,723 |
| Payments on term-loan credit facilities | (56,264) | (205,000) | (340,619) |
| Borrowings on revolving asset-based credit facilities | 23,216 | — | 113,502 |
| Payments on revolving asset-based credit facilities | (23,174) | — | (111,555) |
| Payments on other debt | (3,425) | (31,993) | (11,152) |
| Payments of debt issuance costs | — | — | (10,480) |
| Cash dividends paid | (108,765) | (106,130) | (102,137) |
| Payments on finance lease obligations | (968) | (855) | (755) |
| Purchase of treasury shares | (115,126) | (52,647) | (68,387) |
| Payments related to vesting of stock-based awards | (12,770) | (14,318) | (16,245) |
| Short-term financial obligations and other, net | 657 | (15,363) | 23,428 |
| Net cash used in financing activities | (296,619) | (426,306) | (337,677) |
| Effect of exchange rate changes on cash and cash equivalents | (3,769) | (1,872) | (975) |
| Net increase (decrease) in cash and cash equivalents | (104,608) | 85,280 | 60,084 |
| Cash and cash equivalents, beginning of period | 586,596 | 501,316 | 441,232 |
| Cash and cash equivalents, end of period | 481,988 | 586,596 | 501,316 |
| Supplemental cash flow information: | |||
| Income taxes paid (1) | 61,802 | 108,822 | 147,126 |
| Interest paid | 43,633 | 58,626 | 86,421 |
| Non-cash investing and financing transactions: | |||
| Capital expenditures in accounts payable | 6,303 | 4,058 | 5,429 |
Amounts as printed on the EDGAR/iXBRL face — (amounts in thousands, except share and per share data); (amounts in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗