Patrick Industries, Inc. reported a 6% year-over-year increase in third-quarter net sales to $976 million, driven by organic growth and acquisitions across all major markets, according to the company’s October 30, 2025 press release and Q3 2025 Earnings Presentation.
The company’s diversified portfolio, spanning the RV, marine, powersports, and housing sectors, offset industry shipment declines with gains in market share and higher content per unit.
For RV manufacturers and suppliers, the results highlight ongoing demand for premium components and integrated systems despite a 2% drop in wholesale RV shipments.
Patrick’s RV revenue rose 7% to $426 million, representing 44% of total net sales, and content per unit increased 3% year over year to $5,055 on a trailing 12-month basis.
Operating income totaled $66 million, down from $74 million in the same period of 2024, with an operating margin of 6.8% compared to 8.1%.
Net income was $35 million versus $41 million a year earlier. Diluted earnings per share were $1.01, including a $0.07 dilutive impact from convertible notes and related warrants. Adjusted EBITDA was $112 million, or 11.5% of sales.
Chief Executive Officer Andy Nemeth credited Patrick’s “focus on customer service and partnership, innovation, and new product development” for driving market share gains across its portfolio.
“Several new innovations and concepts introduced by our Advanced Product Group are starting to take hold as we look to further gain traction as an industry leader in full component solutions,” Nemeth said.
President Jeff Rodino highlighted the company’s acquisition of LilliPad Marine LLC as an example of its strategy to broaden product offerings through targeted investments.
“Our strategic and disciplined approach to deploying capital toward initiatives that generate attractive long-term returns continues to show tangible benefits,” Rodino said.
Across Patrick’s markets:
- Marine revenue rose 11% to $150 million as content per powerboat unit increased 4% to $4,091.
- Powersports revenue climbed 12% to $98 million, reflecting higher attachment rates for premium utility vehicle content and growth in other businesses.
- Housing revenue increased 1% to $302 million despite a 2% decline in manufactured housing shipments.
Gross margin for the quarter was 22.6%, down slightly from 23.1% a year earlier, reflecting model-year changeover inefficiencies.
Year-to-date operating cash flow was $199 million, and total available liquidity stood at $779 million at quarter-end.
Patrick reported a net leverage ratio of 2.8× and returned $13 million to shareholders through dividends during the quarter.
2025-2026 Outlook
Patrick expects RV wholesale shipments for 2025 to range from 335,000 to 345,000 units and retail shipments to decline by a low-single-digit percentage.
Adjusted operating margin for the full year is projected around 7%, with 2026 outlook calling for margin expansion of 70 to 90 basis points.
Nemeth said Patrick is “well positioned for the fourth quarter and fiscal 2026,” citing lean channel inventories and organizational investments aimed at supporting scalable growth and margin improvement.
What it Means for RV Manufacturers and Suppliers
For RV OEMs and suppliers, Patrick’s Q3 results highlight steady content growth despite shipment pressure.
The 3% increase in content per RV unit to $5,055 suggests continued focus on value-added component integration and premium interior designs.
Patrick’s strong balance sheet and diversified exposure across the Outdoor Enthusiast markets also position it to sustain supply chain partnerships as OEMs manage production discipline and dealer inventory levels.