v3.25.4
Business Segments
 6 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company’s Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer. The CODM uses net sales, gross profit and income (loss) before income taxes to measure performance of the Company’s segments, allocate resources and make operating decisions. The CODM regularly evaluates these financial measures compared to prior year and forecasted results. Income (loss) before income taxes is utilized during the Company’s budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Company has three reportable segments, all related to recreational vehicles: (1) North American Towable Recreational Vehicles, (2) North American Motorized Recreational Vehicles and (3) European Recreational Vehicles.

The North American Towable Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Jayco (towable), Keystone and KZ. The North American Motorized Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (motorized), Thor Motor Coach and the Tiffin Group. The European Recreational Vehicles reportable segment consists solely of the Erwin Hymer Group (“EHG”) business. EHG manufactures a full line of motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles and caravans in nine primary RV production locations within Europe. EHG produces and sells numerous brands primarily within Europe, including Buccaneer, Buerstner, Carado, CrossCamp, Dethleffs, Elddis, Eriba, Etrusco, Hymer, Laika, LMC, Niesmann+Bischoff, Sunlight and Xplore. In addition, EHG’s operations include other RV-related products and services.

The operations of the Company’s Airxcel and Postle subsidiaries are included in “Other”. Net sales included in Other relates primarily to the sale of specialized component parts and aluminum extrusions. Intercompany eliminations primarily adjust for Postle and Airxcel sales to the Company’s North American Towables and North American Motorized segments, which are consummated at established transfer prices generally consistent with the selling prices of products to third parties.

Corporate results include items such as corporate governance expenses, interest expense and certain product development expenses.

Other expense (income) includes the gains or losses on the sales of fixed assets, foreign currency changes and equity method investment gains and losses, as well as market value changes in the Company's deferred compensation plan assets and other non-operational items.

Total assets include those assets used in the operation of each reportable and non-reportable segment, and the Corporate assets consist primarily of cash and cash equivalents, deferred income taxes, deferred compensation plan assets, equity and other investments and certain Corporate real estate holdings primarily utilized by THOR’s U.S.-based operating subsidiaries.

The accounting policies of the reportable segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Fiscal 2025 Form 10-K.

The following tables summarize the Company's financial performance by reportable segment:

Three Months Ended January 31,Six Months Ended January 31,
NET SALES:2026202520262025
Recreational vehicles
North American Towable$710,485$828,266$1,607,575$1,727,044
North American Motorized577,071446,2981,238,167951,506
Total North America1,287,5561,274,5642,845,7422,678,550
European684,472612,4651,339,9511,217,368
Total recreational vehicles1,972,0281,887,0294,185,6933,895,918
Other223,665185,653482,721379,164
Intercompany eliminations(69,837)(54,575)(153,435)(114,191)
Total$2,125,856$2,018,107$4,514,979$4,160,891
Three Months Ended January 31,Six Months Ended January 31,
COST OF PRODUCTS SOLD:2026202520262025
Recreational vehicles
North American Towable$634,987$736,620$1,413,082$1,522,961
North American Motorized522,431411,5571,111,905874,038
Total North America1,157,4181,148,1772,524,9872,396,999
European609,343531,5361,187,0081,043,791
Total recreational vehicles1,766,7611,679,7133,711,9953,440,790
Other176,502147,986382,182307,744
Intercompany eliminations(68,661)(54,789)(151,426)(114,282)
Total$1,874,602$1,772,910$3,942,751$3,634,252

Three Months Ended January 31,Six Months Ended January 31,
GROSS PROFIT:2026202520262025
Recreational vehicles
North American Towable$75,498$91,646$194,493$204,083
North American Motorized54,64034,741126,26277,468
Total North America130,138126,387320,755281,551
European75,12980,929152,943173,577
Total recreational vehicles205,267207,316473,698455,128
Other, net45,98737,88198,53071,511
Total$251,254$245,197$572,228$526,639

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE:Three Months Ended January 31,Six Months Ended January 31,
2026202520262025
Recreational vehicles
North American Towable$50,079$59,333$114,437$123,636
North American Motorized31,16927,03366,74757,400
Total North America81,24886,366181,184181,036
European78,54767,296170,528147,023
Total recreational vehicles159,795153,662351,712328,059
Other, net22,14819,42043,95638,894
Corporate30,07833,14070,38379,466
Total$212,021$206,222$466,051$446,419

Three Months Ended January 31,Six Months Ended January 31,
AMORTIZATION EXPENSE:2026202520262025
Recreational vehicles
North American Towable$3,937$4,519$8,014$9,038
North American Motorized3,2093,6576,4187,314
Total North America7,1468,17614,43216,352
European12,07111,62924,13523,836
Total recreational vehicles19,21719,80538,56740,188
Other, net8,5809,25317,15818,506
Corporate—186—372
Total$27,797$29,244$55,725$59,066
Three Months Ended January 31,Six Months Ended January 31,
INTEREST EXPENSE (INCOME), NET:2026202520262025
Recreational vehicles
North American Towable$(3)$(3)$(6)$(6)
North American Motorized—(3)(1)(6)
Total North America(3)(6)(7)(12)
European(163)3363941,665
Total recreational vehicles(166)3303871,653
Other, net386082125
Corporate9,54811,56017,96825,400
Total$9,420$11,950$18,437$27,178

Three Months Ended January 31,Six Months Ended January 31,
OTHER EXPENSE (INCOME), NET:2026202520262025
Recreational vehicles
North American Towable$(9,710)$(355)$(5,618)$(3,558)
North American Motorized(642)(244)(955)(619)
Total North America(10,352)(599)(6,573)(4,177)
European(3,018)(542)(3,168)(2,334)
Total recreational vehicles(13,370)(1,141)(9,741)(6,511)
Other, net(212)880(805)944
Corporate(5,394)(358)(10,919)2,299
Total$(18,976)$(619)$(21,465)$(3,268)

Three Months Ended January 31,Six Months Ended January 31,
INCOME (LOSS) BEFORE INCOME TAXES:2026202520262025
Recreational vehicles
North American Towable$31,195$28,152$77,666$74,973
North American Motorized20,9044,29854,05313,379
Total North America52,09932,450131,71988,352
European(12,308)2,210(38,946)3,387
Total recreational vehicles39,79134,66092,77391,739
Other, net15,4338,26838,13913,042
Corporate(34,232)(44,528)(77,432)(107,537)
Total$20,992$(1,600)$53,480$(2,756)
The following tables provide other supplemental financial information by reportable segment:

TOTAL ASSETS:January 31, 2026July 31, 2025
Recreational vehicles
North American Towable$1,319,428$1,270,005
North American Motorized1,120,550978,762
Total North America2,439,9782,248,767
European2,955,8722,965,645
Total recreational vehicles5,395,8505,214,412
Other1,041,6441,018,622
Corporate579,354832,250
Total$7,016,848$7,065,284

DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:Three Months Ended January 31,Six Months Ended January 31,
2026202520262025
Recreational vehicles
North American Towable$12,010$13,155$24,128$26,249
North American Motorized7,9968,62115,99817,277
Total North America20,00621,77640,12643,526
European32,09830,32765,24562,568
Total recreational vehicles52,10452,103105,371106,094
Other
12,08013,00024,13725,872
Corporate
6948911,4051,689
Total$64,878$65,994$130,913$133,655

Three Months Ended January 31,Six Months Ended January 31,
CAPITAL ACQUISITIONS:2026202520262025
Recreational vehicles
North American Towable$6,584$3,408$13,900$7,566
North American Motorized6,5542,71612,2915,852
Total North America13,1386,12426,19113,418
European10,44216,14019,63227,041
Total recreational vehicles23,58022,26445,82340,459
Other
6,6371,55610,2545,185
Corporate
2,7471,1866,8043,711
Total$32,964$25,006$62,881$49,355