Thor Industries reported financial results for fiscal 2025, detailing changes made to its Heartland and Keystone RV brands during the past quarter.
Thor reported net sales down 4.6% in fiscal 2025 from fiscal 2024. Profits fell 2.5% year-over-year.
Among towable RVs, fiscal 2025 net sales rose 2.9% from fiscal 2024. Wholesale shipments rose 6.2% year-over-year.
Among motorized RVs, fiscal 2025 net sales fell 11% from fiscal 2024. Wholesale shipments fell 8.6% year-over-year.
Thor Industries said numerous company changes were driven by affordability concerns. Thor said affordability remains among the most significant marketplace challenges.
“Our operating companies are working tirelessly,” the company said, “to prevent any incremental costs from being passed on to the consumer, but in some cases it is unavoidable.”
Thor said recent strong sales of single-axle travel trailers provide its brands with opportunities to generate future sales when consumers trade into larger RVs. The company also cited success in private-label motorized RV sales for hitting key price points that drive consumer sales.
The company said once Heartland RV dealers sell through current inventory to bring new Heartland RVs to their lots, Thor Industries expects Heartland to drive profits and potentially gain market share in multiple years.
Thor Industries said Keystone RV conducted a comprehensive organization review after losing market share after the pandemic. Thor said Keystone RV added product design employees and has refreshed its product lineup.
“We believe that by leaning into full body paint on trailers, adding key content and creating a more geographically diverse product portfolio,” Thor said, “Keystone will materially differentiate itself from the competition….All of this will occur amidst a simultaneous recalibration with the independent dealer network that should help drive further momentum.”
Thor Industries said the company was confident in Keystone RV’s ability to regain market share.
Thor Industries also addressed:
- Private-label RVs. The company said brands are its foundation, but private-label RVs have a place with growing dealership groups. Independent dealers generally will source private-label RVs at lower prices. Thor said because private-label orders are generally larger than traditional orders, Thor companies gain efficiencies in component planning and supply-chain pricing. Thor said the efficiencies’ benefits largely offset private-label RVs’ typically lower wholesale prices.
- The company sees potential enthusiasm and caution in fiscal 2026. Thor said further interest rate cuts could benefit Thor companies. The labor market remains a potential headwind. Thor said, “The work we have done to improve our relationships with independent dealer partners should translate into improving retail as we progress through fiscal 2026.”
