v3.26.1
Business Segments
 9 Months Ended
Apr. 30, 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), net includes the gains or losses on the sales of fixed assets, foreign currency changes, equity method investment results, market value changes in the Company's deferred compensation plan assets and other stock and warrant investments as well as any 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 April 30,Nine Months Ended April 30,
NET SALES:2026202520262025
Recreational vehicles
North American Towable$881,778$1,168,878$2,489,353$2,895,922
North American Motorized717,736666,6861,955,9031,618,192
Total North America1,599,5141,835,5644,445,2564,514,114
European987,585883,5422,327,5362,100,910
Total recreational vehicles2,587,0992,719,1066,772,7926,615,024
Other276,805258,427759,526637,591
Intercompany eliminations(82,366)(82,717)(235,801)(196,908)
Total$2,781,538$2,894,816$7,296,517$7,055,707
Three Months Ended April 30,Nine Months Ended April 30,
COST OF PRODUCTS SOLD:2026202520262025
Recreational vehicles
North American Towable$792,085$994,561$2,205,167$2,517,522
North American Motorized654,789596,3891,766,6941,470,427
Total North America1,446,8741,590,9503,971,8613,987,949
European845,556740,7122,032,5641,784,503
Total recreational vehicles2,292,4302,331,6626,004,4255,772,452
Other217,590201,881599,772509,624
Intercompany eliminations(83,252)(81,846)(234,678)(196,127)
Total$2,426,768$2,451,697$6,369,519$6,085,949

Three Months Ended April 30,Nine Months Ended April 30,
GROSS PROFIT:2026202520262025
Recreational vehicles
North American Towable$89,693$174,317$284,186$378,400
North American Motorized62,94770,297189,209147,765
Total North America152,640244,614473,395526,165
European142,029142,830294,972316,407
Total recreational vehicles294,669387,444768,367842,572
Other, net60,10155,675158,631127,186
Total$354,770$443,119$926,998$969,758

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:Three Months Ended April 30,Nine Months Ended April 30,
2026202520262025
Recreational vehicles
North American Towable$57,019$73,096$171,456$196,732
North American Motorized34,69234,332101,43991,732
Total North America91,711107,428272,895288,464
European74,73079,937245,258226,960
Total recreational vehicles166,441187,365518,153515,424
Other, net24,27921,88268,23560,776
Corporate40,20929,026110,592108,492
Total$230,929$238,273$696,980$684,692

Three Months Ended April 30,Nine Months Ended April 30,
AMORTIZATION EXPENSE:2026202520262025
Recreational vehicles
North American Towable$3,931$4,519$11,945$13,557
North American Motorized3,2093,6579,62710,970
Total North America7,1408,17621,57224,527
European12,09911,98936,23435,825
Total recreational vehicles19,23920,16557,80660,352
Other, net8,5799,25325,73727,760
Corporate—186—558
Total$27,818$29,604$83,543$88,670
Three Months Ended April 30,Nine Months Ended April 30,
INTEREST EXPENSE (INCOME), NET:2026202520262025
Recreational vehicles
North American Towable$(2)$(3)$(8)$(9)
North American Motorized2(1)1(7)
Total North America—(4)(7)(16)
European445084382,173
Total recreational vehicles445044312,157
Other, net3356115181
Corporate9,57810,64527,54636,045
Total$9,655$11,205$28,092$38,383

Three Months Ended April 30,Nine Months Ended April 30,
OTHER EXPENSE (INCOME), NET:2026202520262025
Recreational vehicles
North American Towable$(23,938)$(882)$(29,556)$(4,440)
North American Motorized(305)(574)(1,260)(1,192)
Total North America(24,243)(1,456)(30,816)(5,632)
European(1,011)4,097(4,179)1,763
Total recreational vehicles(25,254)2,641(34,995)(3,869)
Other, net(301)(557)(1,106)386
Corporate(21,550)6,373(32,469)8,672
Total$(47,105)$8,457$(68,570)$5,189

Three Months Ended April 30,Nine Months Ended April 30,
INCOME (LOSS) BEFORE INCOME TAXES:2026202520262025
Recreational vehicles
North American Towable$52,683$97,587$130,349$172,560
North American Motorized25,34932,88379,40246,262
Total North America78,032130,470209,751218,822
European56,16746,29917,22149,686
Total recreational vehicles134,199176,769226,972268,508
Other, net27,51125,04165,65038,083
Corporate(28,237)(46,230)(105,669)(153,767)
Total$133,473$155,580$186,953$152,824
The following tables provide other supplemental financial information by reportable segment:

TOTAL ASSETS:April 30, 2026July 31, 2025
Recreational vehicles
North American Towable$1,260,437$1,270,005
North American Motorized1,132,886978,762
Total North America2,393,3232,248,767
European3,080,5052,965,645
Total recreational vehicles5,473,8285,214,412
Other1,097,2801,018,622
Corporate583,667832,250
Total$7,154,775$7,065,284

DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:Three Months Ended April 30,Nine Months Ended April 30,
2026202520262025
Recreational vehicles
North American Towable$11,633$13,207$35,761$39,456
North American Motorized9,3848,40025,38225,677
Total North America21,01721,60761,14365,133
European31,99530,90697,24093,474
Total recreational vehicles53,01252,513158,383158,607
Other
12,22112,75836,35838,630
Corporate
7179022,1222,591
Total$65,950$66,173$196,863$199,828

Three Months Ended April 30,Nine Months Ended April 30,
CAPITAL ACQUISITIONS:2026202520262025
Recreational vehicles
North American Towable$9,481$5,252$23,381$12,818
North American Motorized10,4724,17522,76310,027
Total North America19,9539,42746,14422,845
European12,22321,24531,85548,286
Total recreational vehicles32,17630,67277,99971,131
Other
3,2712,79213,5257,977
Corporate
2,1431,7008,9475,411
Total$37,590$35,164$100,471$84,519