Thor Industries Swings to $39.5M Profit in H1 FY2026 on 8.5% Revenue Gain

Thor Industries Inc. (NYSE: THO), a manufacturer of recreational vehicles, reported net income of $39.5 million for the six months ending January 31, 2026, reversing a loss of $2.4 million in the same period a year earlier. The turnaround came as revenue climbed 8.5% to $4.51 billion from $4.16 billion. Read more earnings reports.

For the second quarter alone, the company posted net income of $17.8 million, compared to a loss of $551,000 in the prior-year quarter. Revenue in the three months ending January 31 rose 5.3% to $2.13 billion from $2.02 billion.

Gross profit for the half-year period reached $572.2 million, up 8.7% from $526.6 million, while selling, general and administrative expenses climbed 4.4% to $466.1 million from $446.4 million. The company reported operating expenses that included increased costs across its North American towable, North American motorized, and European segments.

Thor's balance sheet showed total assets of $7.02 billion as of January 31, down slightly from $7.07 billion at the end of July 2025. Inventory increased to $1.59 billion from $1.35 billion, while cash and cash equivalents fell sharply to $242.2 million from $586.6 million.

The company generated negative operating cash flow of $157.1 million for the six-month period, a reversal from positive cash flow of $61.6 million in the prior-year period. Cash used in financing activities totaled $149.5 million, down from $167.0 million a year earlier.

Long-term debt stood at $877.8 million as of January 31, down from $919.6 million at the end of July. Total stockholders' equity increased to $4.32 billion from $4.29 billion over the same period.

The company reported diluted earnings per share of $0.75 for the six-month period, compared to a loss of $0.04 per share in the prior year. For the second quarter, diluted earnings per share were $0.34 versus a loss of $0.01.