LCI Industries

lci1.com

What Do They Do?

Sells engineered components to recreational vehicle, transportation, marine and housing manufacturers, and accessories and replacement parts to customers in those markets.

How Do They Make Money?

OEMs and aftermarket customers pay for engineered components, accessories and replacement parts when products ship from the company’s facilities.

FY2025 revenue by reportable segment revenue

Segment	Share	How money arrives
Travel Trailer and Fifth Wheels Sold outright	41% FY2022: 50%	Sold outright
Motorhomes Sold outright	5.7% FY2022: 6.5%	Sold outright
OEMs Adjacent Industries Sold outright	30% FY2022: 26%	Sold outright
Aftermarket Segment Sold outright	23% FY2022: 17%	Sold outright

Who Are Their Customers?

RV and adjacent-industry manufacturers buy components; aftermarket products reach customers through retail dealers, wholesale distributors and service centers, as well as direct-to-consumer online sales.

Customers above 10% of revenue, FY2025

of revenue from two customers (18%, 15%)

FY2023: 31% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

7% of revenue

▲ +28% vs FY2024 ($218.2M, 6%)

Net income, FY2025

5% of revenue

▲ +32% vs FY2024 ($142.9M, 4%)

Free cash flow, FY2025

7% of revenue

▼ −15% vs FY2024 ($328M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −13%; vs $1.1B in Q2 FY2025
Net income: ▲ +16%; vs $57.6M in Q2 FY2025

Travel trailers and fifth-wheels share of revenue vs 39.9% in Q2 FY2025

Sep 4, 2026 Merger review restarted after LCI refiled its antitrust notice The refiling began a new waiting period; completion of the proposed Patrick merger remains subject to other closing conditions.
Jun 30, 2026 LCI agreed to merge with Patrick Industries The all-stock deal would make LCI a Patrick subsidiary if completed.

Shrinking. Revenue fell 8% in 4 years, from $4.5B in FY2021 to $4.1B in FY2025, about 2% a year.

Added repair centers The older report describes aftermarket support through customer call centers and product, technical, and installation training; the latest report also describes Lippert Factory Service, a network of centers for installation, repairs, and upfits.

Revenue over time

Travel Trailer and Fifth Wheels Motorhomes OEMs Adjacent Industries Aftermarket Segment

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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