THOR INDUSTRIES INC

Listed Company

THOCIK 0000730263NYSELarge AcceleratedMotor HomesDelawareFY ends Jul 31

Period

FY 2025

Revenue

$9.58B

Net Income

$258.56M

Total Assets

$7.07B

Equity

$4.29B

Shares Out

52.60M

Op. Cash Flow

$577.92M

Business

THOR INDUSTRIES INC manufactures and sells recreational vehicles (RVs) and related products through a global group of operating subsidiaries. It offers a wide range of towable and motorized RVs—including travel trailers, fifth wheels, motorhomes, campervans and urban vehicles—plus parts, accessories and other RV-related products and services. The company operates three reportable segments: North American Towable Recreational Vehicles, North American Motorized Recreational Vehicles and European Recreational Vehicles, and includes subsidiaries such as Airstream, Jayco, Keystone, Thor Motor Coach, the Erwin Hymer Group, Airxcel and Postle. THOR distributes primarily through independent, non‑franchise dealers across the United States, Canada and Europe, supplemented by aftermarket sales, dealer shows and digital marketing.

Summary from filing dated 2025-09-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Net sales	9,579	10,043	11,122	16,313	12,317
Cost of products sold	8,239	8,591	9,525	13,506	10,422
Gross profit	1,341	1,452	1,596	2,806	1,895
Selling, general and administrative expenses	923	896	870	1,116	870
Amortization of intangible assets	119	133	141	157	117
Interest expense, net	48	89	97	90	—
Other income, net	46	14	11	17	30
Income before income taxes	296	349	499	1,460	845
Income taxes	40	83	125	322	184
Net income	257	265	374	1,138	661
Less: Net income (loss) attributable to non-controlling interests	−2	92,000	−31,000	439,000	998,000
Net income attributable to THOR Industries, Inc.	259	265	374	1,138	660
Basic (in shares)	53	53	53	55	55
Diluted (in shares)	53	54	54	55	56
Basic (in dollars per share)	4.87	4.98	7	20.67	11.93
Diluted (in dollars per share)	4.84	4.94	6.95	20.59	11.85
Foreign currency translation gain (loss), net of tax	99	−26	114	−239	8
Unrealized (loss) on derivatives, net of tax	0	0	−675,000	9	10
Other income (loss), net of tax	1	−86,000	−807,000	2	—
Total other comprehensive income (loss), net of tax	100	−26	113	−228	18
Total comprehensive income	357	239	487	911	679
Comprehensive (loss) attributable to non-controlling interest	−6	−760,000	−409,000	−994,000	1
Comprehensive income attributable to THOR Industries, Inc.	363	240	487	912	678

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Cash and cash equivalents	587	501	441	312	446
Accounts receivable, trade, net	542	502	544	849	796
Accounts receivable, other, net	166	199	99	95	153
Inventories, net	1,352	1,367	1,653	1,755	1,369
Prepaid income taxes, expenses and other	132	81	56	52	36
Total current assets	2,778	2,650	2,794	3,062	2,804
Property, plant and equipment, net	1,316	1,391	1,388	1,258	1,185
Goodwill	1,841	1,787	1,800	1,804	1,563
Amortizable intangible assets, net	759	861	997	1,117	937
Deferred income tax assets, net	36	28	6	8	41
Equity investments	137	137	127	11	—
Other	199	166	149	147	124
Total other assets	2,972	2,980	3,079	3,087	2,665
TOTAL ASSETS	7,065	7,021	7,261	7,408	6,654
Accounts payable	738	628	736	822	915
Current portion of long-term debt	3	33	11	13	12
Short-term financial obligations	60	72	49	21	26
Compensation and related items	178	185	189	255	250
Product warranties	291	312	345	318	268
Income and other taxes	59	75	101	57	86
Promotions and rebates	162	170	163	134	129
Product, property and related liabilities	19	32	55	62	39
Other	73	60	66	73	71
Total current liabilities	1,585	1,567	1,716	1,756	1,795
Long-term debt	920	1,101	1,291	1,754	1,595
Deferred income tax liabilities, net	54	74	76	116	114
Unrecognized tax benefits	12	12	15	17	16
Other liabilities	205	192	179	164	187
Total long-term liabilities	1,191	1,380	1,561	2,052	1,911
Contingent liabilities and commitments	—	—	—	—	—
Preferred stockauthorized 1,000,000 shares; none outstanding	0	0	0	0	0
Common stockpar value of $.10 per share; authorized 250,000,000 shares; issued 67,282,807 and 66,859,738 shares, respectively	7	7	7	7	7
Additional paid-in capital	608	577	539	498	460
Retained earnings	4,407	4,255	4,092	3,813	2,770
Accumulated other comprehensive income (loss), net of tax	10	−94	−69	−182	45
Less treasury shares of 14,649,597 and 13,928,314, respectively, at cost	−744	−677	−593	−543	−360
Stockholders equity attributable to THOR Industries, Inc.	4,288	4,067	3,976	3,593	2,922
Non-controlling interests	1	7	7	8	26
Total stockholders equity	4,290	4,074	3,983	3,601	2,948
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	7,065	7,021	7,261	7,408	6,654

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Depreciation	152	145	136	128	113
Amortization of debt issuance costs and extinguishment charges	7	18	11	11	—
Deferred income tax benefit	−30	−25	−34	−52	−9
Gain on disposition of property, plant and equipment	−24	−10	−3	−8	1
Stock-based compensation expense	31	38	40	31	31
Accounts receivable	7	−60	313	39	−235
Inventories	29	237	110	−382	−539
Prepaid income taxes, expenses and other	−12	−27	1	−14	−33
Accounts payable	90	−102	−121	−117	229
Accrued liabilities and other	−64	−85	295,000	78	123
Long-term liabilities and other	15	18	13	−21	51
Net cash provided by operating activities	578	546	982	990	526
Purchases of property, plant and equipment	−123	−140	−208	−242	−129
Proceeds from dispositions of property, plant and equipment	63	25	14	—	—
Business acquisitions, net of cash acquired	0	−7	−6	−782	−311
Other	−5	−25	−22	−41	9
Net cash used in investing activities	−64	−147	−222	−1,049	−428
Borrowings on term-loan credit facilities	0	187	0	0	0
Payments on term-loan credit facilities	−205	−341	−402	−333	−60
Borrowings on revolving asset-based credit facilities	0	114	0	660	226
Payments on revolving asset-based credit facilities	0	−112	−100	−559	−225
Payments on other debt	−32	−11	−12	−12	−14
Payments of debt issuance costs	0	−10	0	−8	0
Cash dividends paid	−106	−102	−96	−95	−91
Payments on finance lease obligations	−855,000	−755,000	−1	−1	−749,000
Purchase of treasury shares	−53	−68	−42	−165	0
Payments related to vesting of stock-based awards	−14	−16	−7	−18	−8
Short-term financial obligations and other, net	−15	23	25	−17	−16
Net cash used in financing activities	−426	−338	−636	−48	−188
Effect of exchange rate changes on cash and cash equivalents	−2	−975,000	6	−30	−2
Net increase in cash and cash equivalents	85	60	130	−137	−93
Income taxes paid	109	147	143	381	227
Interest paid	59	86	95	74	79
Capital expenditures in accounts payable	4	5	5	5	6

Filings

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