Winnebago Industries Revenue Rises 6% to $657.4M in Q2 FY2026

Winnebago Industries (NYSE: WGO), a manufacturer of recreational vehicles and marine products, reported revenue of $657.4 million for the quarter ending February 28, 2026, a 6% increase from $620.2 million in the same quarter last year. Net income swung to $4.8 million from a net loss of $400,000 in the prior-year period. Read more earnings reports.

For the six months ending February 28, 2026, the company posted revenue of $1.36 billion, up 9% from $1.25 billion in the first half of fiscal 2025. Net income for the half-year totaled $10.3 million, compared with a net loss of $5.6 million a year earlier.

Operating income for the second quarter reached $11.8 million, up from $7.8 million in the year-ago quarter. The company's gross profit expanded to $85.6 million from $83.1 million, reflecting improved margins as revenue outpaced cost increases. Cost of goods sold rose to $571.8 million from $537.1 million.

For the six-month period, operating income climbed to $25.6 million from $6.9 million in the prior year. Gross profit for the half increased to $174.6 million from $159.9 million.

Operating expenses declined slightly to $73.8 million in the second quarter from $75.3 million a year earlier. Selling, general and administrative expenses dropped to $68.4 million from $69.7 million. For the six-month period, operating expenses totaled $149 million, down from $153 million.

Segment Performance

Revenue across the company's business segments showed varied performance. Motorhome revenue reached $262.4 million in the second quarter, down from $288.2 million in the prior-year quarter. Towable revenue climbed to $304.7 million from $235.6 million. Marine revenue totaled $79.2 million, slightly below the year-ago figure of $81.7 million.

For the six-month period, Motorhome revenue totaled $555.8 million compared with $542.2 million last year. Towable revenue jumped to $613.2 million from $507.3 million. Marine revenue came in at $171.7 million, essentially flat with $172.2 million in the first half of fiscal 2025.

Balance Sheet and Cash Position

Total assets stood at $2.05 billion as of February 28, 2026, down from $2.15 billion at the end of fiscal 2025 in August. Cash and cash equivalents dropped sharply to $47.4 million from $174 million at fiscal year-end. Inventory increased to $407.6 million from $396.4 million.

Long-term debt declined to $442.3 million from $540.5 million at the end of August 2025. Total liabilities fell to $816.4 million from $929.7 million. Stockholders' equity edged up to $1.24 billion from $1.22 billion.

Cash Flow

Cash from operations for the six months totaled $600,000, a sharp improvement from negative $27.2 million in the year-ago period. Cash used in investing activities totaled $5.8 million, down from $15.2 million. Cash used in financing activities came to $121.4 million compared with $173 million in the prior-year period.

Per Share Results

Diluted earnings per share for the second quarter were $0.17, reversing a loss of $0.02 per share in the year-ago quarter. For the six-month period, diluted EPS totaled $0.36 compared with a loss of $0.20 per share last year. The company had 28.3 million shares outstanding as of February 28, 2026.