WINNEBAGO INDUSTRIES INC

Listed Company

WGOCIK 0000107687NYSELarge AcceleratedMotor HomesMinnesotaFY ends Aug 30

Period

FY 2025

Revenue

$2.80B

Net Income

$25.70M

Total Assets

$2.15B

Equity

$1.22B

Shares Out

28.27M

Op. Cash Flow

$128.90M

Business

WINNEBAGO INDUSTRIES INC is a leading North American manufacturer of outdoor lifestyle products for leisure travel and outdoor recreation. The company produces RVs (towable and motorhome), recreational boats, advanced lithium-ion battery “house power” solutions, specialty commercial vehicles, and original equipment manufacturing parts and services. Its operations are organized into three reportable segments: Towable RV, Motorhome RV, and Marine, and it also includes the Lithionics battery business and specialty vehicle operations. Products are distributed primarily through independent dealers in the U.S. and Canada, with marine products also sold internationally and batteries sold mainly in the U.S.

Summary from filing dated 2025-10-22

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-08-31	FY 2024 2024-08-31	FY 2023 2023-08-31	FY 2022 2022-08-31	FY 2021 2021-08-31
Net revenues	2,798	2,974	3,491	4,958	3,630
Cost of goods sold	2,433	2,540	2,905	4,028	2,979
Gross profit	365	434	586	929	650
Selling, general, and administrative expenses	286	280	268	316	229
Amortization	22	23	18	29	14
Goodwill impairment (Note 7)	0	30	0	0	—
Total operating expenses	308	333	285	346	243
Operating income	57	100	301	584	407
Interest expense, net	26	21	21	41	—
Loss on note repurchase (Note 9)	2	33	0	0	—
Non-operating (income) loss	−800,000	8	1	28	−500,000
Income before income taxes	30	38	279	515	368
Income tax provision	4	25	63	124	86
Net income	26	13	216	391	282
Basic (in dollars per share)	0.91	0.44	7.12	12.03	8.41
Diluted (in dollars per share)	0.91	0.44	6.23	11.84	8.28
Basic (in shares)	28	29	30	33	34
Diluted (in shares)	28	30	35	33	34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-08-31	FY 2024 2024-08-31	FY 2023 2023-08-31	FY 2022 2022-08-31	FY 2021 2021-08-31
Cash and cash equivalents	174	331	310	282	435
Receivables, less allowance for credit losses ($0.5 and $0.2, respectively)	192	184	179	254	254
Inventories, net	396	439	471	526	341
Prepaid expenses and other current assets	30	36	38	32	29
Total current assets	792	989	997	1,094	1,059
Property, plant, and equipment, net	333	339	327	276	191
Goodwill	484	484	515	484	348
Other intangible assets, net	457	479	502	472	390
Investment in life insurance	27	30	29	29	29
Operating lease assets	42	47	43	41	28
Other long-term assets	19	17	20	20	17
Total assets	2,154	2,384	2,432	2,417	2,063
Accounts payable	129	145	147	218	180
Current maturities of long-term debt, net	0	59	0	—	—
Accrued compensation	41	36	36	72	68
Product warranties	73	79	98	128	91
Self-insurance	16	20	23	21	19
Promotional	31	30	30	22	10
Accrued interest and dividends	13	15	14	13	11
Other current liabilities	23	21	49	49	20
Total current liabilities	327	405	396	522	407
Long-term debt, net	541	637	592	546	529
Deferred income tax liabilities, net	6	3	12	6	13
Unrecognized tax benefits	5	5	6	6	7
Long-term operating lease liabilities	39	46	42	40	27
Deferred compensation benefits, net of current portion	5	7	8	8	10
Other long-term liabilities	7	9	8	25	14
Total liabilities	930	1,111	1,064	1,154	1,006
Contingent liabilities and commitments (Note 12)	—	—	—	—	—
Preferred stock, par value $0.01: 10.0 shares authorized; zero shares issued and outstanding	0	0	0	0	0
Common stock, par value $0.50: 120.0 shares authorized; 51.8 shares issued	26	26	26	26	26
Additional paid-in capital	203	194	198	256	218
Retained earnings	1,710	1,723	1,748	1,538	1,173
Accumulated other comprehensive loss	−400,000	−400,000	−400,000	−500,000	−491,000
Treasury stock, at cost: 23.8 and 23.0 shares, respectively	−714	−670	−603	−556	−360
Total shareholders' equity	1,225	1,273	1,368	1,263	1,057
Total liabilities and shareholders' equity	2,154	2,384	2,432	2,417	2,063

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-08-31	FY 2024 2024-08-31	FY 2023 2023-08-31	FY 2022 2022-08-31	FY 2021 2021-08-31
Depreciation	39	36	29	24	18
Amortization of debt issuance costs	3	3	3	3	3
Last in, first-out ("LIFO") expense	2	4	500,000	8	3
Stock-based compensation	16	15	11	17	15
Deferred income taxes	3	8	16	−7	−2
Deferred compensation expense	700,000	900,000	700,000	500,000	1
Asset impairment	1	0	0	—	—
Restructuring and related costs	3	0	0	—	—
Contingent consideration fair value adjustment	0	1	600,000	29	0
Payments of earnout liability above acquisition-date fair value	0	−15	−13	0	0
Other, net	−1	5	800,000	2	−5
Receivables, net	−8	−5	77	2	−33
Inventories, net	41	27	64	−171	−162
Prepaid expenses and other assets	9	2	10	1	−7
Accounts payable	−12	−4	−68	27	52
Income taxes and unrecognized tax benefits	1	5	−9	−7	−4
Accrued expenses and other liabilities	−18	−38	−62	37	47
Net cash provided by operating activities	129	144	295	401	237
Purchases of property, plant, and equipment	−39	−45	−83	−88	−45
Acquisition of business, net of cash acquired	0	0	−88	−228	0
Proceeds from the sale of property, plant, and equipment	2	400,000	400,000	200,000	13
Other, net	2	−1	300,000	300,000	−600,000
Net cash used in investing activities	−35	−46	−170	−316	−33
Borrowings on long-term debt	49	2,652	3,718	4,736	3,628
Repayments on long-term debt	−209	−2,596	−3,718	−4,736	−3,628
Payments for convertible note bond hedge	0	−69	0	0	—
Proceeds from issuance of convertible note warrant	0	31	0	0	—
Proceeds from partial unwind of convertible note bond hedge	0	56	0	0	—
Payments for partial unwind of convertible note warrant	0	−25	0	0	—
Payments of cash dividends	−39	−37	−33	−24	−16
Payments for repurchases of common stock	−54	−75	−55	−214	−48
Payments of debt issuance costs	0	−10	0	−1	−200,000
Payments of earnout liability up to acquisition-date fair value	0	−6	−9	0	0
Other, net	2	1	200,000	2	2
Net cash used in financing activities	−251	−77	−97	−237	−62
Net (decrease) increase in cash and cash equivalents	−157	21	28	−152	142
Income taxes paid, net	3	14	58	140	89
Interest paid	30	29	24	24	24
Capital expenditures in accounts payable	400,000	5	3	7	4
Operating leases	3	10	6	17	3
Financing leases	200,000	2	2	3	1

Filings

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