Winnebago Industries reported lower revenue and earnings for the third quarter of fiscal 2026 as persistent weakness in retail demand, cautious dealer ordering and broader macroeconomic pressures continued to affect its recreational vehicle and marine businesses.
Net revenue for the quarter ended May 30 totaled $698.7 million, a 9.9% decrease from $775.1 million during the same period in fiscal 2025.
Net income fell to $14.5 million, or $0.51 per diluted share, from $17.6 million, or $0.62 per diluted share, a year earlier. Adjusted earnings per diluted share declined to $0.66 from $0.81.
According to a press release, President and Chief Executive Officer Michael Happe said the company continued aligning production with retail demand as dealers maintained conservative inventory levels amid elevated fuel costs, geopolitical uncertainty and weak consumer confidence.
“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” Happe said in a press release. “Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel.”
Gross profit declined 10.5% to $94.9 million from $106 million in the prior-year quarter. Gross margin remained relatively stable at 13.6 percent as selective pricing actions helped offset higher input costs and the effects of lower production volumes.
Selling, general and administrative expenses decreased 5.4% to $66.5 million, primarily reflecting cost reduction initiatives. Operating income fell 23.9% to $23 million, while consolidated adjusted EBITDA declined 18.7% to $37.8 million from $46.5 million in the third quarter of fiscal 2025. Adjusted EBITDA margin was 5.4%.
Happe said performance varied across the company’s business segments. He said the Motorhome RV business continued to improve in sales, profitability and market presence, supported by Grand Design Motorized and Newmar.
Towable RV demand, however, remained weak, particularly in higher-priced categories. Happe said recently introduced Winnebago-branded products, including Thrive and Access, contributed to improved retail dollar share and stronger year-over-year financial performance despite the broader market slowdown.
The company’s marine business also produced mixed results during the quarter. Happe said Barletta continued gaining market share despite lower sales volumes, reaching a 9.3% trailing 12-month market share through April.
He attributed Barletta’s market share gains to continued demand for its premium pontoon lineup and the expansion of its product offerings, including the recently introduced Sanza model.
Happe said the company remains focused on strengthening profitability through product development, operational efficiencies and disciplined inventory management. He added that stable gross margins during the quarter reflected the company’s product mix, pricing discipline and operational execution despite continued challenges in the retail market.