Winnebago Industries, Inc. (NYSE: WGO) has reported its financial results for the fiscal 2026 first quarter ended November 29, 2025. The company experienced a 12.3% increase in net revenues, with $702.7 million compared to $625.6 million in the first quarter of fiscal 2025. Gross profit also saw growth, reaching $89.0 million, representing a 12.7% gross margin, compared to 12.3% in the first quarter of fiscal 2025. Net income came in at $5.5 million, or $0.19 per diluted share, with adjusted earnings per diluted share at $0.38, a significant improvement from adjusted loss per diluted share of $0.03 in the first quarter of fiscal 2025.
The adjusted EBITDA stood at $30.2 million, reflecting a remarkable 109.7% year-over-year increase. The company also reported a net cash flow from operations of $25.4 million, compared to net cash flow used in operations of $16.7 million in the first quarter of fiscal 2025. The net leverage ratio improved to 2.7x at quarter-end from 3.1x at fiscal 2025 year-end.
The three segments—towable RV, motorhome RV, and marine—exhibited positive performance. The towable RV segment saw a 15.5% increase in net revenues, reaching $293.4 million, with an operating income of $11.1 million and an operating income margin of 3.8%. The motorhome RV segment experienced a 13.5% increase in net revenues, reaching $308.5 million, with an operating income of $8.2 million and an operating income margin of 2.7%. The marine segment also delivered, with a 2.2% increase in net revenues, reaching $92.5 million, and an operating income of $6.1 million, while the operating income margin stood at 6.6%.
The company's balance sheet also showed improvement, with cash and cash equivalents totaling $181.7 million at the end of the first quarter of fiscal 2026 compared to $174.0 million at the end of fiscal 2025 fourth quarter. Total outstanding debt was $541.0 million, with working capital improving to $488.1 million.
Looking ahead, Winnebago Industries revised its fiscal 2026 financial guidance, with expectations for consolidated net revenues in the range of $2.8 billion to $3.0 billion, reported earnings per diluted share in the range of $1.40 to $2.10, and adjusted earnings per diluted share guidance to a range of $2.10 to $2.80. The company also raised its FY 2026 earnings guidance range.
Following these announcements, the company's shares moved 8.51%, and are now trading at a price of $43.76. If you want to know more, read the company's complete 8-K report here.
