LCI INDUSTRIESLCII
LCI INDUSTRIES Segments Disclosure
SEGMENT REPORTING
The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.
The OEM Segment, which accounted for 77 percent, 76 percent, and 77 percent of consolidated net sales for the years ended December 31, 2025, 2024, and 2023, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 54 percent, 53 percent, and 47 percent of the Company's OEM Segment net sales in 2025, 2024, and 2023, respectively, were of components for travel trailer and fifth-wheel RVs.
The Aftermarket Segment, which accounted for 23 percent, 24 percent, and 23 percent of consolidated net sales for each of the years ended December 31, 2025, 2024, and 2023, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation markets, primarily through retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer sales through online platforms. The Aftermarket Segment also includes biminis, covers, buoys, and fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.
The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The decisions concerning the allocation of the Company's resources are made by the CODM with oversight by the Board of Directors. The CODM evaluates the performance of each segment and makes decisions concerning the allocation of resources based upon segment operating profit, generally defined as income before interest expense and income taxes. Segment assets are not reviewed by the CODM and therefore are not disclosed below. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements.
The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers for the years ended December 31:
| 2025 | |||||||||||||||||
| (In thousands) | U.S. (a) | Int'l (b) | Total | ||||||||||||||
| OEM Segment: | |||||||||||||||||
| RV OEMs: | |||||||||||||||||
| Travel trailers and fifth-wheels | $ | 1,690,624 | $ | 17,612 | $ | 1,708,236 | |||||||||||
| Motorhomes | 143,872 | 92,104 | 235,976 | ||||||||||||||
| Adjacent Industries OEMs | 1,058,607 | 186,834 | 1,245,441 | ||||||||||||||
| Total OEM Segment net sales | 2,893,103 | 296,550 | 3,189,653 | ||||||||||||||
| Aftermarket Segment: | |||||||||||||||||
| Total Aftermarket Segment net sales | 847,141 | 85,223 | 932,364 | ||||||||||||||
| Total net sales | $ | 3,740,244 | $ | 381,773 | $ | 4,122,017 | |||||||||||
| 2024 | |||||||||||||||||
| (In thousands) | U.S. (a) | Int'l (b) | Total | ||||||||||||||
| OEM Segment: | |||||||||||||||||
| RV OEMs: | |||||||||||||||||
| Travel trailers and fifth-wheels | $ | 1,486,108 | $ | 28,470 | $ | 1,514,578 | |||||||||||
| Motorhomes | 130,545 | 102,521 | 233,066 | ||||||||||||||
| Adjacent Industries OEMs | 927,276 | 185,530 | 1,112,806 | ||||||||||||||
| Total OEM Segment net sales | 2,543,929 | 316,521 | 2,860,450 | ||||||||||||||
| Aftermarket Segment: | |||||||||||||||||
| Total Aftermarket Segment net sales | 803,354 | 77,404 | 880,758 | ||||||||||||||
| Total net sales | $ | 3,347,283 | $ | 393,925 | $ | 3,741,208 | |||||||||||
| 2023 | |||||||||||||||||
| (In thousands) | U.S. (a) | Int'l (b) | Total | ||||||||||||||
| OEM Segment: | |||||||||||||||||
| RV OEMs: | |||||||||||||||||
| Travel trailers and fifth-wheels | $ | 1,310,638 | $ | 48,215 | $ | 1,358,853 | |||||||||||
| Motorhomes | 160,857 | 108,499 | 269,356 | ||||||||||||||
| Adjacent Industries OEMs | 1,085,631 | 189,902 | 1,275,533 | ||||||||||||||
| Total OEM Segment net sales | 2,557,126 | 346,616 | 2,903,742 | ||||||||||||||
| Aftermarket Segment: | |||||||||||||||||
| Total Aftermarket Segment net sales | 814,103 | 66,963 | 881,066 | ||||||||||||||
| Total net sales | $ | 3,371,229 | $ | 413,579 | $ | 3,784,808 | |||||||||||
(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America
Long-lived assets, including net fixed assets, operating lease right-of-use assets, goodwill, and other net intangible assets, domiciled in countries outside of the United States of America were $373.7 million and $361.8 million as of December 31, 2025 and 2024, respectively.
Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows for the years ended December 31:
| Segments | |||||||||||||||||
| (In thousands) | OEM | Aftermarket | Total | ||||||||||||||
| 2025 | |||||||||||||||||
Net sales to external customers (a) | $ | 3,189,653 | $ | 932,364 | $ | 4,122,017 | |||||||||||
| Cost of sales | 2,533,371 | 608,351 | 3,141,722 | ||||||||||||||
| Gross profit | 656,282 | 324,013 | 980,295 | ||||||||||||||
Selling, general and administrative expenses (b) | 472,162 | 228,211 | 700,373 | ||||||||||||||
Operating profit | $ | 184,120 | $ | 95,802 | $ | 279,922 | |||||||||||
Expenditures for long-lived assets (c) | 28,248 | 30,926 | 59,174 | ||||||||||||||
| Depreciation and amortization | 86,996 | 34,235 | 121,231 | ||||||||||||||
| 2024 | |||||||||||||||||
Net sales to external customers (a) | $ | 2,860,450 | $ | 880,758 | $ | 3,741,208 | |||||||||||
| Cost of sales | 2,303,283 | 558,210 | 2,861,493 | ||||||||||||||
| Gross profit | 557,167 | 322,548 | 879,715 | ||||||||||||||
Selling, general and administrative expenses (b) | 450,086 | 211,392 | 661,478 | ||||||||||||||
Operating profit | $ | 107,081 | $ | 111,156 | $ | 218,237 | |||||||||||
Expenditures for long-lived assets (c) | 28,593 | 19,469 | 48,062 | ||||||||||||||
| Depreciation and amortization | 93,327 | 32,366 | 125,693 | ||||||||||||||
| 2023 | |||||||||||||||||
Net sales to external customers (a) | $ | 2,903,742 | $ | 881,066 | $ | 3,784,808 | |||||||||||
| Cost of sales | 2,448,176 | 560,442 | 3,008,618 | ||||||||||||||
| Gross profit | 455,566 | 320,624 | 776,190 | ||||||||||||||
Selling, general and administrative expenses (b) | 438,205 | 214,557 | 652,762 | ||||||||||||||
Operating profit | $ | 17,361 | $ | 106,067 | $ | 123,428 | |||||||||||
Expenditures for long-lived assets (c) | 68,750 | 20,230 | 88,980 | ||||||||||||||
| Depreciation and amortization | 99,976 | 31,792 | 131,768 | ||||||||||||||
(a) Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 18 percent, 18 percent, and 15 percent of the Company's consolidated net sales for the years ended December 31, 2025, 2024, and 2023, respectively. Thor Industries, Inc., a customer of both segments, accounted for 15 percent, 16 percent, and 16 percent of the Company's consolidated net sales for the years ended December 31, 2025, 2024, and 2023, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2025, 2024, and 2023. No customer accounted for more than 10 percent of consolidated accounts receivable, net at December 31, 2025 and 2024.
(b) Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense. Warehouse and transportation costs are included in selling, general and administrative expenses for segment reporting purposes.
(c) Expenditures for long-lived assets include capital expenditures, as well as fixed assets, goodwill and other intangible assets purchased as part of the acquisition of businesses. The Company purchased $6.2 million, $6.0 million, and $28.3 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2025, 2024, and 2023, respectively.
Net sales by OEM Segment product were as follows for the years ended December 31:
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| OEM Segment: | |||||||||||||||||
| Chassis, chassis parts, and slide-out mechanisms | $ | 895,486 | $ | 811,607 | $ | 785,158 | |||||||||||
| Windows and doors | 882,799 | 838,530 | 851,761 | ||||||||||||||
| Furniture and mattresses | 501,435 | 404,021 | 464,113 | ||||||||||||||
| Axles, ABS, and suspension solutions | 316,877 | 306,760 | 313,224 | ||||||||||||||
| Appliances | 310,098 | 251,503 | 215,630 | ||||||||||||||
| Other | 282,958 | 248,029 | 273,856 | ||||||||||||||
| Total OEM Segment net sales | 3,189,653 | 2,860,450 | 2,903,742 | ||||||||||||||
| Total Aftermarket Segment net sales | 932,364 | 880,758 | 881,066 | ||||||||||||||
| Total net sales | $ | 4,122,017 | $ | 3,741,208 | $ | 3,784,808 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.