Thor Industries Q2 EPS $0.04, Revenues up 5.3%, Backlog Falls 42.1%
Thor Industries posted Q2 fiscal 2026 EPS of $0.04 versus a $0.01 loss a year earlier, with revenues rising 5.3% to $2.13 billion. Despite a 42.1% drop in North American towables backlog and soft European demand, its 17% debt-to-capital ratio and recent acquisitions support long-term growth.
1. Q2 Financial Results
Thor Industries delivered Q2 fiscal 2026 earnings per share of $0.04 compared to a $0.01 loss in the prior year, while revenues grew 5.3% year over year to $2.13 billion.
2. Strategic Acquisitions and Balance Sheet Strength
Key acquisitions—Erwin Hymer Group, TiffinHomes, Airxcel and the Elkhart board buyout—expanded Thor’s product portfolio, European presence and aftermarket revenue. Its debt-to-capital ratio remains at a conservative 0.17, and the quarterly dividend was raised to $0.52.
3. Backlog Decline and European Demand
Order backlog plunged 42.1% for North American towables and 7.3% for motorized units as of January 3, 2026, while European RV sales fell 2.5% in 2025, pressuring near-term production and margins.
4. Electrification and Operating Model Transformation
Thor is restructuring its North American OEM brands into two operating groups for better coordination and is developing electric RV platforms through a partnership with Harbinger to position itself for the shift toward e-mobility.