v3.26.3
BUSINESS SEGMENTS
 12 Months Ended
Jul. 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 Tiffin Motorhomes. The European Recreational Vehicles reportable segment consists solely of the EHG business. EHG manufactures a full line of motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles and caravans in eight primary RV production locations within Europe. EHG produces and sells numerous brands primarily within Europe, including Buccaneer, Buerstner, Carado, Corigon, 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 related 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 other research and product development expenses.

Other expense (income), net 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 such as insurance gains or losses as discussed in Note 20.

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.

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

202620252024
NET SALES:
Recreational vehicles
North American Towable$3,176,687 $3,784,666 $3,679,671 
North American Motorized2,455,160 2,175,604 2,445,850 
Total North America5,631,847 5,960,270 6,125,521 
European3,296,729 3,023,961 3,364,980 
Total recreational vehicles8,928,576 8,984,231 9,490,501 
Other976,976 859,609 781,927 
Intercompany eliminations(297,407)(264,350)(229,020)
Total$9,608,145 $9,579,490 $10,043,408 
202620252024
COST OF PRODUCTS SOLD:
Recreational vehicles
North American Towable$2,820,110 $3,287,690 $3,252,285 
North American Motorized2,239,310 1,964,970 2,168,010 
Total North America5,059,420 5,252,660 5,420,295 
European2,853,046 2,563,642 2,783,769 
Total recreational vehicles7,912,466 7,816,302 8,204,064 
Other780,508 685,739 616,549 
Intercompany eliminations(297,459)(263,192)(229,167)
Total$8,395,515 $8,238,849 $8,591,446 

GROSS PROFIT:
Recreational vehicles
North American Towable$356,577 $496,976 $427,386 
North American Motorized215,850 210,634 277,840 
Total North America572,427 707,610 705,226 
European443,683 460,319 581,211 
Total recreational vehicles1,016,110 1,167,929 1,286,437 
Other, net196,520 172,712 165,525 
Total$1,212,630 $1,340,641 $1,451,962 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Recreational vehicles
North American Towable$221,454 $256,536 $246,330 
North American Motorized130,004 124,715 136,398 
Total North America351,458 381,251 382,728 
European327,621 306,254 298,013 
Total recreational vehicles679,079 687,505 680,741 
Other, net89,166 81,517 75,108 
Corporate135,151 153,532 139,682 
Total$903,396 $922,554 $895,531 

AMORTIZATION EXPENSE:
Recreational vehicles
North American Towable$15,852 $18,076 $20,101 
North American Motorized12,836 14,627 15,487 
Total North America28,688 32,703 35,588 
European48,168 48,566 51,649 
Total recreational vehicles76,856 81,269 87,237 
Other, net35,303 37,200 45,183 
Corporate— 558 124 
Total$112,159 $119,027 $132,544 
202620252024
INTEREST EXPENSE (INCOME), NET:
Recreational vehicles
North American Towable$(11)$(11)$(14)
North American Motorized— (8)1 
Total North America(11)(19)(13)
European(176)2,191 6,078 
Total recreational vehicles(187)2,172 6,065 
Other, net139 164 295 
Corporate36,884 46,105 82,306 
Total$36,836 $48,441 $88,666 
OTHER EXPENSE (INCOME), NET:
Recreational vehicles
North American Towable$(28,047)$(24,637)$(8,263)
North American Motorized(1,153)(14,043)(542)
Total North America(29,200)(38,680)(8,805)
European(4,171)1,674 (5,906)
Total recreational vehicles(33,371)(37,006)(14,711)
Other, net(165)91 (360)
Corporate(44,946)(8,657)1,448 
Total$(78,482)$(45,572)$(13,623)

INCOME (LOSS) BEFORE INCOME TAXES:
Recreational vehicles
North American Towable$147,329 $247,012 $169,232 
North American Motorized74,163 85,343 126,496 
Total North America221,492 332,355 295,728 
European72,241 101,634 231,377 
Total recreational vehicles293,733 433,989 527,105 
Other, net72,077 53,740 45,299 
Corporate(127,089)(191,538)(223,560)
Total$238,721 $296,191 $348,844 
The following tables provide other supplemental financial information by reportable segment:

20262025
TOTAL ASSETS:
Recreational vehicles
North American Towable$1,226,040 $1,270,005 
North American Motorized903,992 978,762 
Total North America2,130,032 2,248,767 
European3,035,269 2,965,645 
Total recreational vehicles5,165,301 5,214,412 
Other, net1,188,092 1,018,622 
Corporate602,762 832,250 
Total$6,956,155 $7,065,284 

202620252024
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:
Recreational vehicles
North American Towable$47,410 $52,662 $54,716 
North American Motorized34,553 34,119 34,789 
Total North America81,963 86,781 89,505 
European131,798 129,434 126,831 
Total recreational vehicles213,761 216,215 216,336 
Other, net49,686 51,699 58,233 
Corporate2,908 3,293 2,576 
Total$266,355 $271,207 $277,145 


CAPITAL ACQUISITIONS:
Recreational vehicles
North American Towable$30,531 $15,808 $16,938 
North American Motorized31,061 15,249 16,329 
Total North America61,592 31,057 33,267 
European57,523 71,454 70,497 
Total recreational vehicles119,115 102,511 103,764 
Other, net24,349 11,792 26,108 
Corporate11,168 7,313 9,745 
Total$154,632 $121,616 $139,617 
202620252024
DESTINATION OF NET SALES BY GEOGRAPHIC REGION:
United States$5,826,706 $6,120,620 $6,190,597 
Germany2,007,923 1,922,361 2,023,566 
Other Europe1,298,428 1,103,112 1,343,081 
Canada440,085 392,985 435,839 
Other foreign35,003 40,412 50,325 
Total$9,608,145 $9,579,490 $10,043,408 

20262025
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION:
United States$695,100 $677,364 
Germany483,884 490,681 
Other Europe119,343 131,386 
Other11,177 16,297 
Total$1,309,504 $1,315,728