WGO Filings — Winnebago Industries, Inc. - FilingSpy
WGO
Winnebago Industries, Inc.
A maker of motorhomes, travel trailers, and boats under brands like Winnebago, Grand Design, Newmar, Chris-Craft, and Barletta, sold through independent dealers. Founded in 1958 in Forest City, Iowa, when local businessman John K. Hanson lured a California trailer firm to town, it took its name in 1961 from Winnebago County, Iowa—not from the motorhome. It also builds Lithionics lithium-ion batteries using its NeverDie® Technology for RVs and boats.
Towable RV revenue fell 26% as Motorhome swung to an operating profit, pushing consolidated revenue down 9.9%.
Towable RV unit deliveries fell 26.5%, the steepest drop in over two years, while the Motorhome returned to an . declined 9.9% to $698.7 million and was 13.6%, as the Towable decline and higher input costs outweighed Motorhome growth from new products. The company redeemed its remaining Senior Secured Notes, leaving it debt-free on its term loan and holding an undrawn $350 million credit line.
Key takeaways
Towable RV fell 26.1% on a 26.5% drop in unit deliveries, and contracted to 5.8% from 8.0% a year ago as higher input costs and compressed profitability.
Motorhome RV rose 10.1% on 7.1% higher unit volume, and the swung to an of $9.6 million from a $3.2 million loss a year ago, aided by new products and price adjustments.
Marine declined 8.3% on lower unit volume, and fell to 5.8% from 9.3% due to higher input costs and deleverage, breaking a four-quarter streak of revenue growth.
Section summaries
Management's Discussion and Analysis
Q3 FY2026 net revenues fell 9.9% to $698.7M on lower Towable and Marine volume, while Motorhome growth drove a swing to operating profit.
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Consolidated Q3 net revenues decreased 9.9% to $698.7M, driven by lower unit volume partially offset by selective price adjustments and product mix.
Towable RV revenues fell 26.1% on a 26.5% drop in unit deliveries, with margin contracting to 5.8% from 8.0% due to higher input costs and volume .
Motorhome RV revenues rose 10.1% on 7.1% higher unit volume, and swung to $9.6M from a $3.2M loss, aided by new products and price adjustments.
Consolidated was 13.6%, down 0.1 points , as higher input costs and in Towable and Marine were largely offset by Motorhome growth and selective price adjustments.
improved to $26.2 million provided from $52.5 million used a year ago, driven by higher profitability and favorable changes.
The company redeemed the remaining $100 million of its 6.25% Senior Secured Notes due 2028, leaving no near-term debt maturities, and ended the quarter with $57.1 million in cash and an undrawn $350 million .
What changed
Motorhome unit deliveries rose 7.1% and the posted a $9.6 million , confirming the inflection flagged last quarter — the return to growth and profitability has now held for two consecutive quarters as the Winnebago motorhome transformation and Grand Design motorhome launch progress.
Towable RV unit volume fell 26.5% after rising 12.2% in Q1 and falling in Q2, settling the question of whether the Q2 decline was a one-quarter setback: the slide has deepened, and the shift toward lower-priced models continues to cap .
Marine dropped to 5.8% from 9.3% a year ago, and the higher warranty expense flagged in Q2 has now been joined by higher input costs, signaling that the pressure in the pontoon boat market is broadening beyond a one-time cost.
of 13.6% was essentially flat , but the composition shifted: Motorhome volume helped, while Towable and Marine input costs and deleverage hurt — warranty expense, a multi-year , was not cited as a primary driver this quarter.
The company redeemed its remaining $100 million of Senior Secured Notes, eliminating the debt overhang that had been a watch item since the Q2 FY2025 , and cash rose to $57.1 million from $47.4 million last quarter.
What to watch
Towable RV unit deliveries and average selling price next quarter, to gauge whether the 26.5% unit decline this quarter represents a trough or signals further deterioration in dealer restocking for the that generates the largest share of .
Motorhome unit deliveries and , to see whether the second consecutive quarter of growth and profitability marks a durable inflection as the Winnebago motorhome transformation and Grand Design motorhome launch continue to scale.
Marine and , to assess whether the break in the four-quarter growth streak and the from higher input costs signal a renewed downturn in the pontoon boat market.
trajectory, to see whether the higher input costs cited in Towable and Marine this quarter persist or ease, and whether Motorhome volume can continue to offset them.
Marine revenues declined 8.3% on lower unit volume, and margin fell to 5.8% from 9.3% due to higher input costs and .
improved to $26.2M provided from $52.5M used in the prior-year period, driven by higher profitability and favorable changes.
The company redeemed $100M of Senior Secured Notes, has no near-term debt maturities, and holds $57.1M in cash plus a $350M undrawn ABL .
Quantitative and Qualitative Disclosures About Market Risk
The assets we maintain to fund deferred compensation have market risk, but we maintain a corresponding liability for these assets. The market risk is therefore borne by the participants in the deferred compensation program. Interest rate risk The ABL Credit Facility, which is ou…
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The assets we maintain to fund deferred compensation have market risk, but we maintain a corresponding liability for these assets. The market risk is therefore borne by the participants in the deferred compensation program.
Interest rate risk
The ABL Credit Facility, which is our only floating rate debt instrument, remains undrawn as of May 30, 2026.
For a description of our legal proceedings, see Note 9 in the Notes to Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
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For a description of our legal proceedings, see Note 9 in the Notes to Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
There have been no material changes from the risk factors previously disclosed in Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended August 30, 2025.
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There have been no material changes from the risk factors previously disclosed in Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended August 30, 2025.