Reported results
- Net sales for fiscal 2026 were $9,608.1 million, an increase of 0.3% compared to fiscal 2025 net sales of $9,579.5 million (GAAP)
- Net income attributable to THOR for fiscal 2026 was $177.5 million, a decrease of 31.3% compared to fiscal 2025 of $258.6 million (GAAP)
- EBITDA (non-GAAP) for fiscal 2026 was $541.9 million, a decrease of 12.0% compared to fiscal 2025 of $615.8 million
- Adjusted EBITDA (non-GAAP) for fiscal 2026 was $544.4 million, a decrease of 17.4% compared to fiscal 2025 of $659.1 million
- Gross profit margin for fiscal 2026 was 12.6%, a decrease of 140 basis points compared to fiscal 2025 of 14.0% (GAAP)
- Diluted earnings per share for fiscal 2026 was $3.38, a decrease of 30.2% compared to fiscal 2025 of $4.84 (GAAP)
Guidance
- Company expects a relatively flat retail environment in fiscal 2027 compared to fiscal 2026
- Management expects cumulative impact of strategic initiatives and restructuring activities to drive costs out of the business and improve earnings profile in excess of $100 million annually once initiatives are fully implemented
- Detailed fiscal 2027 guidance to be provided later in the fall after key industry events in late September
Notes
The company states it will provide complete fiscal 2027 guidance and cost savings expectations alongside annual guidance later in the fall, pending insights from industry events (Hershey PA show and Elkhart IN Open House) scheduled for late September. Restructuring costs were incurred in fiscal 2025 and fiscal 2026. European segment net sales increased 3.1% on a constant currency basis in fiscal 2026. North American Motorized segment gained 130 basis points of market share for the six months ended June 30, 2026.
Price and volatility reaction
The stock moved +3.4% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -10.6 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 69.94 | 2026-09-21 |
| Close after release | 72.31 | 2026-09-23 |
| Realised move | +3.4% | close to close |
| 30d ATM IV change | -10.6 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-22 (8-K, Item 2.02). Read the original filing on sec.gov.