Winnebago Industries outperformed expectations in the first quarter of fiscal year 2026, with an approach that President and CEO Mike Happe said reached buyers across the RV spectrum.
“We are kind of playing the game at both ends,” Happe said. “We have absolutely improved our lower price point products in almost every brand that we carry. We are also introducing products with higher price points that are being successful, as well. The Super C products from Newmar and Grand Design are a good example of that.”
The company reported motorhome revenues rose 13.5% in the fiscal first quarter of 2026 from the fiscal first quarter of 2025.
Happe said he welcomes motorized RV improvement as the segment has seen sales declines for some time. Happe said motorized RVs present a specific opportunity.
“The two segments that have been very strong have been Class C, traditional Class Cs, both diesel and gas, but also Super Cs,” Hughes said. “That is where you have seen a lot of dealers, I believe, shift their recent inventory management practices to making sure that they have the products that they want to have in the Class C space. We are watching that Class C category carefully. Hopefully, we will see some retail momentum in calendar year 2026.”
Happe said the company has grown market share with luxury Type A and Type C models. Happe said the company as a whole reached motorhome market shares of 33.9% in Type A diesel motorhomes, 21.4% in Type B, 13.7% in Type C and 12.3% in Type A gas models.
“Our luxury Newmar brand and Grand Design motorhomes’ rapidly growing Lineage series are hitting those sweet spots,” Happe said.
Happe said Grand Design’s motorized brand exceeded $100 million in net revenue in fiscal 2025 and has gained over 4% of market share since launching in 2023.
“Many of the products that are on the wish list at Grand Design, from a motorized perspective, have not seen the light of day yet in the market,” he said. “We are really pleased with the products that have been released.”
Happe said Winnebago-branded motorhomes’ contribution to the company’s margin improvement was not as significant as Newmar and Grand Design’s contributions. He said Winnebago’s legacy motorhomes will continue to improve throughout 2026 and 2027.
“The business refresh initiatives taking shape at our flagship Winnebago motorhomes business,” he said, “further strengthen that brand as a third pillar of our motorized RV strategy.”
Happe said Newmar’s new compact Type C Freedom Aire offers consumers a more affordable way to experience the brand’s luxury. It also fulfills the demand the company sees in the Type C market.
“A lot of people want to get into that brand,” Happe said, “and we are trying to provide a catalog there that gives them access across multiple segments.”
The company reported towable revenue growth of 15.5% compared with the fiscal first quarter of 2025. Happe said affordability continues to shape consumers’ buying habits. He said the company’s towable RVs are a good fit.
“We are aggressively leaning into the shift towards lower-price products with models including the Transcend series, Imagine and Reflection 100 from Grand Design,” he said. “Winnebago’s new Thrive is proving to be an exceptionally popular entry-level travel trailer among consumers whose RV journey is just getting started.”
Happe said company leaders will watch how consumers respond to Winnebago Industries’ new RV brands at shows across the country in the first three months of the year. He said he would know more about consumers’ preferences by the company’s next investor call in March. He said Winnebago’s goal is to have each brand turning RVs two times.
“We are really trying to stay disciplined and keep dealer inventory in good shape,” Happe said. “If you look at our aging inventory, the percentage of aged inventory in our businesses is, on a consolidated basis, less than it was a year ago. We not only feel good about the quantity of inventory in the business, but we are particularly pleased with the quality of the inventory at this time.”
