WINNEBAGO INDUSTRIES INCWGO
WINNEBAGO INDUSTRIES INC Segments Disclosure
Business Segments
We have nine operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Grand Design motorhomes, 6) Chris-Craft marine, 7) Barletta marine, 8) Winnebago specialty vehicles, and 9) Lithionics. Financial performance is evaluated based on each operating segment's operating income, as defined below.
During the fourth quarter of Fiscal 2025, we changed our segment profit measure from adjusted EBITDA to operating income as our primary measure of segment profitability, as it more accurately reflects how the chief operating decision maker (“CODM”) evaluates segment performance and allocates resources. This change also aligns with our incentive compensation structure, which is directly tied to operating income.
Our three reportable segments are: Towable RV (an aggregation of the Grand Design towables and the Winnebago towables operating segments), Motorhome RV (an aggregation of the Winnebago motorhomes, Newmar motorhomes, and Grand Design motorhomes operating segments), and Marine (an aggregation of the Chris-Craft marine and Barletta marine operating segments). Towable RV is comprised of non-motorized RV products that are generally towed by another vehicle, along with other related manufactured products and services. Motorhome RV is comprised of products that include a motorhome chassis, along with other related manufactured products and services. Marine is comprised of products that include boats, along with other related manufactured products and services.
The Corporate / All Other category includes the Winnebago specialty vehicles and Lithionics operating segments as well as certain corporate administration expenses, such as corporate leadership and administration costs. None of these operating segments have ever met any of the quantitative thresholds for determining reportable segments.
Our Chief Executive Officer, the CODM regularly reviews consolidated financial results in their entirety and operating segment financial information through operating income and has ultimate responsibility for enterprise decisions. Our CODM is responsible for allocating resources and assessing the performance of the consolidated enterprise and operating segments by reviewing budget to actual comparisons within the financial package regularly provided to them. Each operating segment is allocated resources, and segment management is responsible for operating decisions and assessing performance within their respective operating segment. Capital is allocated to each operating segment, by the CODM, based on factors such as business size, operating segment performance (measured by operating income), strategic initiatives of both the operating segment and the enterprise, and the total available capital of the consolidated enterprise. The accounting policies of all reportable segments are the same as those described in Note 1 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K.
We monitor and evaluate the operating performance of our reportable segments based on operating income. Operating income is defined as net revenues less cost of goods sold (“COGS”) and selling, general, and administrative expenses (“SG&A”).
Identifiable assets of the reportable segments exclude general corporate assets, which principally consist of cash and cash equivalents and certain deferred tax balances. The general corporate assets are included in the Corporate / All Other category.
Net sales and significant expense categories included in operating income by reportable segment as well as a reconciliation to consolidated income before income taxes are as follows:
| Fiscal 2025 | |||||||||||||||||||||||||||||||||||
| (in millions) | Towable RV | Motorhome RV | Marine | Segment Total | Corporate / all other | Consolidated | |||||||||||||||||||||||||||||
Net revenues(1) | $ | 1,220.2 | $ | 1,159.7 | $ | 367.8 | $ | 2,747.7 | $ | 50.5 | $ | 2,798.2 | |||||||||||||||||||||||
| Cost of goods sold | $ | 1,038.5 | $ | 1,056.0 | $ | 303.7 | $ | 2,398.2 | |||||||||||||||||||||||||||
Selling, general, and administrative expenses(2) | $ | 109.0 | $ | 111.0 | $ | 36.4 | $ | 256.4 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 72.7 | $ | (7.3) | $ | 27.7 | $ | 93.1 | $ | (35.9) | $ | 57.2 | |||||||||||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (25.9) | ||||||||||||||||||||||||||||||||||
| Loss on note repurchase | (2.0) | ||||||||||||||||||||||||||||||||||
| Non-operating income | 0.8 | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 30.1 | |||||||||||||||||||||||||||||||||
(1) See Note 13 in the Notes to Consolidated Financial Statements for more information on segment revenues.
(2) Includes compensation for non-production employees, selling and marketing expenses, depreciation and amortization on non-production assets, professional services, and other miscellaneous expenses.
| Fiscal 2024 | |||||||||||||||||||||||||||||||||||
| (in millions) | Towable RV | Motorhome RV | Marine | Segment Total | Corporate / all other | Consolidated | |||||||||||||||||||||||||||||
Net revenues(1) | $ | 1,318.8 | $ | 1,279.8 | $ | 325.5 | $ | 2,924.1 | $ | 49.4 | $ | 2,973.5 | |||||||||||||||||||||||
| Cost of goods sold | $ | 1,102.8 | $ | 1,120.6 | $ | 277.4 | $ | 2,500.8 | |||||||||||||||||||||||||||
Selling, general, and administrative expenses(2) | $ | 112.9 | $ | 106.3 | $ | 31.3 | $ | 250.5 | |||||||||||||||||||||||||||
| Goodwill impairment | $ | — | $ | — | $ | 30.3 | $ | 30.3 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 103.1 | $ | 52.9 | $ | (13.5) | $ | 142.5 | $ | (42.3) | $ | 100.2 | |||||||||||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (21.1) | ||||||||||||||||||||||||||||||||||
| Loss on note repurchase | (32.7) | ||||||||||||||||||||||||||||||||||
| Non-operating loss | (8.0) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 38.4 | |||||||||||||||||||||||||||||||||
(1) See Note 13 in the Notes to Consolidated Financial Statements for more information on segment revenues.
(2) Includes compensation for non-production employees, selling and marketing expenses, depreciation and amortization on non-production assets, professional services, and other miscellaneous expenses.
| Fiscal 2023 | |||||||||||||||||||||||||||||||||||
| (in millions) | Towable RV | Motorhome RV | Marine | Segment Total | Corporate / all other | Consolidated | |||||||||||||||||||||||||||||
Net revenues(1) | $ | 1,415.3 | $ | 1,560.1 | $ | 469.7 | $ | 3,445.1 | $ | 45.6 | $ | 3,490.7 | |||||||||||||||||||||||
| Cost of goods sold | $ | 1,151.4 | $ | 1,331.8 | $ | 384.3 | $ | 2,867.5 | |||||||||||||||||||||||||||
Selling, general, and administrative expenses(2) | $ | 109.4 | $ | 103.9 | $ | 32.9 | $ | 246.2 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 154.5 | $ | 124.4 | $ | 52.5 | $ | 331.4 | $ | (30.7) | $ | 300.7 | |||||||||||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (20.5) | ||||||||||||||||||||||||||||||||||
| Non-operating loss | (1.0) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 279.2 | |||||||||||||||||||||||||||||||||
(1) See Note 13 in the Notes to Consolidated Financial Statements for more information on segment revenues.
(2) Includes compensation for non-production employees, selling and marketing expenses, depreciation and amortization on non-production assets, professional services, and other miscellaneous expenses.
Other financial information by reportable segment and corporate/all other is as follows:
| Fiscal 2025 | |||||||||||||||||||||||||||||||||||
| (in millions) | Towable RV | Motorhome RV | Marine | Segment Total | Corporate / All Other | Consolidated | |||||||||||||||||||||||||||||
| Total assets, at year end | $ | 697.0 | $ | 795.7 | $ | 369.7 | $ | 1,862.4 | $ | 292.0 | $ | 2,154.4 | |||||||||||||||||||||||
| Capital expenditures | 5.4 | 28.9 | 4.0 | $ | 38.3 | 1.1 | 39.4 | ||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 17.8 | $ | 24.1 | $ | 9.0 | $ | 50.9 | $ | 9.7 | $ | 60.6 | |||||||||||||||||||||||
| Fiscal 2024 | |||||||||||||||||||||||||||||||||||
| (in millions) | Towable RV | Motorhome RV | Marine | Segment Total | Corporate / All Other | Consolidated | |||||||||||||||||||||||||||||
| Total assets, at year end | $ | 719.0 | $ | 788.0 | $ | 377.8 | $ | 1,884.8 | $ | 499.4 | $ | 2,384.2 | |||||||||||||||||||||||
| Capital expenditures | 6.3 | 22.6 | 5.7 | 34.6 | 10.4 | 45.0 | |||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 19.3 | $ | 20.8 | $ | 8.8 | $ | 48.9 | $ | 9.7 | $ | 58.6 | |||||||||||||||||||||||
| Fiscal 2023 | |||||||||||||||||||||||||||||||||||
| (in millions) | Towable RV | Motorhome RV | Marine | Segment Total | Corporate / All Other | Consolidated | |||||||||||||||||||||||||||||
| Total assets, at year end | $ | 751.2 | $ | 802.2 | $ | 426.9 | $ | 1,980.3 | $ | 452.1 | $ | 2,432.4 | |||||||||||||||||||||||
| Capital expenditures | 25.6 | 31.1 | 19.1 | 75.8 | 7.4 | 83.2 | |||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 17.6 | $ | 17.6 | $ | 8.0 | $ | 43.2 | $ | 3.7 | $ | 46.9 | |||||||||||||||||||||||
Net revenues by geography are as follows:
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 2,619.6 | $ | 2,775.1 | $ | 3,346.6 | |||||||||||
International(1) | 178.6 | 198.4 | 144.1 | ||||||||||||||
| Net revenues | $ | 2,798.2 | $ | 2,973.5 | $ | 3,490.7 | |||||||||||
(1) Includes revenues from dealer locations outside of the United States.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Oct 22, 2025 | Showing above |
| 2024 | Oct 23, 2024 | |
| 2023 | Oct 18, 2023 | |
| 2022 | Oct 19, 2022 | |
| 2021 | Oct 20, 2021 | |
| 2020 | Oct 21, 2020 | |
| 2019 | Oct 23, 2019 | |
| 2018 | Oct 18, 2018 | |
| 2017 | Oct 20, 2017 | |
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.