Winnebago Industries Inc

winnebagoind.com

What Do They Do?

Manufactures recreational vehicles and boats for leisure travelers and outdoor recreation customers, plus battery systems for outdoor and specialty-vehicle markets.

How Do They Make Money?

Dealers buy motorhome RVs and typically pay before or on delivery; towable RVs and boats are sold on the same terms. Units ship from or are picked up at the manufacturing facilities.

revenue

Segment	Share	How money arrives
Towable RV Sold outright	39% FY2023: 41%	Sold outright
Motorhome RV Sold outright	47% FY2023: 45%	Sold outright
Marine Sold outright	13% FY2023: 13%	Sold outright

Who Are Their Customers?

Independent dealers in the U.S. and Canada buy RVs and boats and retail them to consumers; marine dealers also serve international markets. Specialty vehicles go through the dealer network, while battery products are sold directly to external customers, primarily in the U.S.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2026 and turned 5 cents into free cash flow.

Operating income, FY2026

2% of revenue

▲ +16% vs FY2025 ($57.2M, 2%)

Net income, FY2026

1% of revenue

▲ +34% vs FY2025 ($25.7M, 1%)

Free cash flow, FY2026

5% of revenue

▲ +62% vs FY2025 ($89.5M, 3%)

How Are They Changing?

Shrinking. Revenue fell 45% in 4 years, from $5B in FY2022 to $2.7B in FY2026, about 14% a year.

Grand Design motorhomes The latest report includes Grand Design motorhomes alongside Winnebago and Newmar, whereas the older report lists Winnebago and Newmar.

Revenue over time

Towable RV Motorhome RV Marine

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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