THOR INDUSTRIES INCTHO

THOR INDUSTRIES INC Segments Disclosure

10-KFiled Sep 24, 20255 min read
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), Heartland (which will be reported as a component of Jayco (towable) beginning in fiscal 2026), 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 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 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 product development expenses.

Other expense (income) 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 19.

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:

202520242023
NET SALES:
Recreational vehicles
North American Towable$3,784,666 $3,679,671 $4,202,628 
North American Motorized2,175,604 2,445,850 3,314,170 
Total North America5,960,270 6,125,521 7,516,798 
European3,023,961 3,364,980 3,037,147 
Total recreational vehicles8,984,231 9,490,501 10,553,945 
Other859,609 781,927 777,639 
Intercompany eliminations(264,350)(229,020)(209,979)
Total$9,579,490 $10,043,408 $11,121,605 
202520242023
COST OF PRODUCTS SOLD:
Recreational vehicles
North American Towable$3,287,690 $3,252,285 $3,699,141 
North American Motorized1,964,970 2,168,010 2,871,455 
Total North America5,252,660 5,420,295 6,570,596 
European2,563,642 2,783,769 2,531,803 
Total recreational vehicles7,816,302 8,204,064 9,102,399 
Other685,739 616,549 636,164 
Intercompany eliminations(263,192)(229,167)(213,311)
Total$8,238,849 $8,591,446 $9,525,252 

GROSS PROFIT:
Recreational vehicles
North American Towable$496,976 $427,386 $503,487 
North American Motorized210,634 277,840 442,715 
Total North America707,610 705,226 946,202 
European460,319 581,211 505,344 
Total recreational vehicles1,167,929 1,286,437 1,451,546 
Other, net172,712 165,525 144,807 
Total$1,340,641 $1,451,962 $1,596,353 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE:
Recreational vehicles
North American Towable$256,536 $246,330 $243,616 
North American Motorized124,715 136,398 175,509 
Total North America381,251 382,728 419,125 
European306,254 298,013 271,038 
Total recreational vehicles687,505 680,741 690,163 
Other, net81,517 75,108 65,955 
Corporate153,532 139,682 113,936 
Total$922,554 $895,531 $870,054 

AMORTIZATION EXPENSE:
Recreational vehicles
North American Towable$18,076 $20,101 $26,226 
North American Motorized14,627 15,487 13,065 
Total North America32,703 35,588 39,291 
European48,566 51,649 54,634 
Total recreational vehicles81,269 87,237 93,925 
Other, net37,200 45,183 46,883 
Corporate558 124 — 
Total$119,027 $132,544 $140,808 
202520242023
INTEREST EXPENSE (INCOME), NET:
Recreational vehicles
North American Towable$(11)$(14)$(15)
North American Motorized(8)1 (6)
Total North America(19)(13)(21)
European2,191 6,078 2,618 
Total recreational vehicles2,172 6,065 2,597 
Other, net164 295 374 
Corporate46,105 82,306 94,476 
Total$48,441 $88,666 $97,447 
OTHER EXPENSE (INCOME), NET:
Recreational vehicles
North American Towable$(24,637)$(8,263)$(3,463)
North American Motorized(14,043)(542)(1,060)
Total North America(38,680)(8,805)(4,523)
European1,674 (5,906)(2,571)
Total recreational vehicles(37,006)(14,711)(7,094)
Other, net91 (360)(5,370)
Corporate(8,657)1,448 1,155 
Total$(45,572)$(13,623)$(11,309)

INCOME (LOSS) BEFORE INCOME TAXES:
Recreational vehicles
North American Towable$247,012 $169,232 $237,123 
North American Motorized85,343 126,496 255,207 
Total North America332,355 295,728 492,330 
European101,634 231,377 179,625 
Total recreational vehicles433,989 527,105 671,955 
Other, net53,740 45,299 36,965 
Corporate(191,538)(223,560)(209,567)
Total$296,191 $348,844 $499,353 
The following tables provide other supplemental financial information by reportable segment:

20252024
TOTAL ASSETS:
Recreational vehicles
North American Towable$1,270,005 $1,290,117 
North American Motorized978,762 1,077,808 
Total North America2,248,767 2,367,925 
European2,965,645 2,871,316 
Total recreational vehicles5,214,412 5,239,241 
Other, net1,018,622 1,058,842 
Corporate832,250 722,740 
Total$7,065,284 $7,020,823 

202520242023
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:
Recreational vehicles
North American Towable$52,662 $54,716 $60,880 
North American Motorized34,119 34,789 32,639 
Total North America86,781 89,505 93,519 
European129,434 126,831 121,464 
Total recreational vehicles216,215 216,336 214,983 
Other, net51,699 58,233 60,172 
Corporate3,293 2,576 1,773 
Total$271,207 $277,145 $276,928 


CAPITAL ACQUISITIONS:
Recreational vehicles
North American Towable$15,808 $16,938 $63,898 
North American Motorized15,249 16,329 42,902 
Total North America31,057 33,267 106,800 
European71,454 70,497 65,745 
Total recreational vehicles102,511 103,764 172,545 
Other, net11,792 26,108 34,190 
Corporate7,313 9,745 2,173 
Total$121,616 $139,617 $208,908 
202520242023
DESTINATION OF NET SALES BY GEOGRAPHIC REGION:
United States$6,120,620 $6,190,597 $7,444,023 
Germany1,922,361 2,023,566 1,816,282 
Other Europe1,103,112 1,343,081 1,220,158 
Canada392,985 435,839 587,559 
Other foreign40,412 50,325 53,583 
Total$9,579,490 $10,043,408 $11,121,605 

20252024
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION:
United States$677,364 $787,696 
Germany490,681 448,182 
Other Europe131,386 137,588 
Other16,297 17,252 
Total$1,315,728 $1,390,718 

Historical Timeline

Fiscal YearFiled
2025Sep 24, 2025Showing above
2024Sep 24, 2024
2023Sep 25, 2023
2022Sep 28, 2022
2021Sep 28, 2021
2020Sep 28, 2020
2019Sep 30, 2019
2018Sep 20, 2018
2017Sep 27, 2017
2016Sep 26, 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.

Other Available Disclosures

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