Winnebago Industries, Inc. (WGO): Business Model Canvas [Dec-2025 Updated]

You're looking to see how Winnebago Industries, Inc. actually makes its money, beyond just the ticker symbol. After two decades analyzing these kinds of operations, I can tell you their model isn't just about building RVs; it's a sophisticated play across premium outdoor segments-from Newmar motorhomes to Barletta pontoons-all supported by a massive independent dealer network. For Fiscal Year 2025, this strategy translated to \$2.8 billion in consolidated net revenues, underpinned by strong cash generation of \$128.9 million from operations. We've mapped out the nine essential blocks below, showing exactly how they source components, manage their diverse brand portfolio, and keep those retail channels moving. Dive in to see the precise mechanics behind their market position.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Winnebago Industries, Inc. moving product and securing its supply chain as of late 2025. These aren't just vendors; they're essential to delivering the final product.

Independent dealer network for distribution across North America.

The distribution backbone relies on a wide network of independent dealers. These partners are crucial for getting the product to the retail customer and managing local inventory. For instance, Lichtsinn RV is cited as the Top Winnebago Dealer in North America, a relationship maintained since 2015, showing the depth of some of these key dealer ties. Winnebago Industries focuses on aligning shipments with retail demand to support these partners and maintain inventory health, which is a constant balancing act in this industry.

Chassis and engine suppliers for motorhome production.

Motorhome production is fundamentally dependent on major automotive partners for the base vehicle. Winnebago Industries relies on chassis and engine suppliers, such as Ford and Mercedes-Benz, to build out the Motorhome RV segment. While specific contract values aren't public, the health of this relationship directly impacts the Motorhome RV segment's ability to meet demand, which saw a revenue decline of 2.6% in the third quarter of fiscal 2025, partly due to volume adjustments.

Strategic marketing and brand partners like the Minnesota Twins and McDonald's.

Brand visibility and specific product tie-ins are supported by external marketing relationships. These partnerships help drive consumer interest and can be tied to special edition models or promotional campaigns. Specific financial outlays or direct revenue attribution for partners like the Minnesota Twins or McDonald's aren't detailed in the latest reports, but they form part of the broader ecosystem supporting the brand.

Component suppliers for vertical integration, including Lithionics Battery.

Winnebago Industries has moved to secure critical technology by acquiring suppliers, making this a key resource as well as a partnership. The acquisition of Lithionics Battery in May 2023 is a prime example of vertical integration to secure advanced power systems. This move reinforces the electrical ecosystem across the portfolio. Here's a look at how those batteries are specified in current models:

Winnebago Model	Lithionics Battery Specification	Power Output
Revel 44E and Travato 59KL	165-amp-hour Lithium-ion	8,448 watts
View/Navion 24D, 24R, 24T	12V 320-amp hour Lithium	Not explicitly stated
Vista/Sunstar National Park Foundation LE	320AH Lithium house battery	Not explicitly stated

These batteries use the NeverDie Battery Management System and have the UL1973 safety certification. This level of integration is designed to enhance the margin profile over time, a key goal following the full-year fiscal 2025 net revenues of $2.8 billion.

Financial institutions providing wholesale floorplan financing for dealers.

The ability for dealers to hold inventory hinges on access to wholesale financing. These financial partners are critical enablers of the distribution channel. While specific institution names aren't listed as partners, the financial stability of Winnebago Industries supports these relationships. The company reported a significant improvement in its net leverage ratio, moving to 3.1x at the end of the fourth quarter of fiscal 2025 from 4.8x the prior quarter. Also, the company declared a quarterly cash dividend of $0.34 per share in May 2025, signaling confidence to the broader financial community.

The reliance on these external entities can be summarized by the key areas of dependency:

• Top North American Dealer: Lichtsinn RV.
• Battery Technology Partner: Lithionics Battery (now subsidiary).
• Chassis Partners: Ford and Mercedes-Benz (implied).
• Key Financial Metric: Net leverage ratio improved to 3.1x in Q4 FY2025.
• Total FY2025 RV Unit Volume: 36,911 units.
• Q4 FY2025 Operating Cash Flow: $181.4 Million.

Finance: draft 13-week cash view by Friday.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Key Activities

Manufacturing and assembly across multiple facilities in four states.

Winnebago Industries, Inc. maintains production sites across Iowa, Indiana, Minnesota, and Florida. Leveraging vertical integration in key component areas is a stated commitment. For the full Fiscal Year 2025, consolidated net revenues were $2,798.2 million. The company's operating expenses for the full year were $307.9 million, compared to $333.3 million in Fiscal 2024. Full Year Fiscal 2025 net cash flow from operations totaled $128.9 million.

Metric	FY 2025 Value	FY 2024 Value
Consolidated Net Revenues	$2,798.2 million	$3.0 billion
Gross Profit	$365.1 million	$433.5 million
Gross Profit Margin	13.0%	14.6% (Implied)
Adjusted EBITDA	$121.9 million	$190.6 million

Product design and innovation, focusing on new models and technology like Winnebago Connect.

The company highlights purposeful innovation focused on solving real-world problems. The Advanced Technology Group (ATG), established in 2019, supports design across four key technology areas:

• Alternative energy management.
• Data & connectivity.
• Material science.
• Autonomy.

New product introductions in 2025 included the View/Navion 24R featuring the WinnebagoConnect smart RV system. The company showcased over 165 models across its leading RV brands at the 2025 Florida RV SuperShow. For the fourth quarter of Fiscal 2025, net revenues reached $777.3 million, an increase of 7.8% compared to the fourth quarter of Fiscal 2024.

Managing a diversified portfolio of premium outdoor lifestyle brands.

Winnebago Industries operates under several distinguished brands, which include the following:

• Winnebago
• Grand Design RV
• Newmar
• Chris-Craft
• Barletta

The Marine segment saw strong profitability growth, bolstered by continued retail share gains in the Barletta and Chris-Craft brands. In Q1 Fiscal 2025, the Marine segment net revenues were up 3.6% year-over-year to $90.5M, with adjusted EBITDA margin expanding 110 basis points to 9.3%. The company's net leverage ratio improved to 3.1x at the end of Q4 Fiscal 2025.

Supply chain management to mitigate material and component cost volatility.

Executing cost structure optimization and transformation efforts.

Management has been focused on operational efficiency and cost containment. For the full year Fiscal 2025, the consolidated gross profit margin decreased 160 basis points year-over-year to 13.0%. This compression was primarily due to deleverage and slightly higher warranty experience. In the fourth quarter of Fiscal 2025, the gross profit margin was 12.8%, down 30 basis points, due to costs associated with the transformation of the Winnebago-branded businesses. In Q1 Fiscal 2025, the consolidated gross margin fell 290 basis points YoY to 12.3%, citing deleverage, higher warranty costs (including recall costs), and competitive discounting. The CEO stated a focus on operational efficiency, tightening variable spend, and aligning production rates to demand, including workforce adjustments. The Q4 2025 operating expenses were $79.1 million, a decrease of 29.5% compared to Q4 2024's $112.0 million, partially due to cost reduction initiatives in Fiscal 2025.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Key Resources

You're looking at the core assets Winnebago Industries, Inc. relies on to execute its strategy right now. These aren't just line items on a balance sheet; they're the engines of future value.

Portfolio of premium brands: Winnebago Industries, Inc. backs its market position with a collection of established names across the outdoor lifestyle sector. This brand architecture is key to segment coverage.

• Winnebago
• Grand Design
• Newmar
• Chris-Craft
• Barletta

Manufacturing footprint in Iowa, Indiana, Minnesota, and Florida: The physical presence supports production across various product lines, from motorhomes to marine craft. The company maintains its motorhome manufacturing hub in Northern Iowa, with facilities also in Indiana, Florida, and Minnesota.

Intellectual property and vertical integration in advanced battery solutions: Winnebago Industries, Inc. secured critical in-house capability by acquiring Lithionics Battery. This move directly supports the Advanced Technology Group (ATG) focus on alternative energy management. Lithionics Battery utilizes proprietary technologies, including the NeverDie Technology Battery Management System, to deliver lithium-ion solutions.

Strong balance sheet with net cash flow from operations of $\text{\$128.9 million}$ in FY 2025: That cash generation is a solid foundation, especially given the operating environment you're tracking. Here's a quick look at the full-year Fiscal 2025 financial snapshot related to cash and leverage.

Financial Metric (Full Year FY 2025) Amount/Value Net Cash Flow from Operations $\text{\$128.9 million}$ Net Revenues $\text{\$2,798.2 million}$ Gross Margin $\text{13.0\%}$ Net Leverage Ratio (End of Q4 FY2025) $\text{3.1x}$

Experienced engineering and design talent for product innovation: The Advanced Technology Group (ATG), established in 2019, is tasked with deploying industry-changing products across four technology areas. This internal capability is designed to drive a step change in customer experience across the portfolio.

• Alternative energy management
• Data & connectivity
• Material science
• Autonomy

Finance: draft 13-week cash view by Friday.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Value Propositions

Winnebago Industries, Inc. delivers value through a portfolio spanning entry-level to luxury outdoor recreation products, evidenced by its fiscal year 2025 net revenues of $2,798.2 million and a full-year gross margin of 13.0%. The company's product breadth is reflected in its total fiscal 2025 RV unit volume of 36,911 units, with the Towables segment representing 84% of the firm's RV unit volume, a significant increase from 31% in fiscal 2016. This diversity helps offset pressures in other areas, as seen when the Winnebago-branded motorhomes business experienced lower unit volume.

The value proposition is supported by segment performance, which shows the strength across the portfolio:

Segment/Metric	Fiscal Year 2025 Result	Comparison/Context
Marine Segment Net Revenues (FY 2025)	$367.8 million	A 13% year-over-year increase.
Marine Segment Net Revenues (Q4 FY 2025)	$94.9 million	A 17.9% increase year-over-year for the quarter.
Newmar Class A Diesel Market Share	Exceeds 30%	Demonstrates strength in the luxury motorhome category.
Q4 FY 2025 Net Revenues	$777.3 million	An increase of 7.8% from the fourth quarter of Fiscal 2024.

Premium quality and brand heritage are core to the offering, reinforcing customer trust. Winnebago Industries was recognized by Newsweek as one of America's Most Trustworthy Companies for 2025, a distinction based on an independent survey of over 25,000 U.S. consumers. This reputation is complemented by the heritage of its acquired brands; for instance, Chris-Craft builds on a 150-year legacy, and Barletta Boats has received Customer Satisfaction Index Awards for the sixth year in a row.

Innovation is delivered through integrated technology, such as the Winnebago Connect smart RV system, which acts as a proactive assistant for onboard systems. Key technological value points include:

• Proactively monitors and controls all onboard RV systems.
• Provides detailed measurements, such as black tank level at 83% full, estimating 36 hours until capacity.
• Features remote diagnostics capability to expedite service work.
• Enables over-the-air software upgrades to automatically enhance RV systems.
• Initially debuted on the Winnebago View and Navion 24T floorplans.

The high-quality marine products from Chris-Craft and Barletta contribute significantly, with the marine segment achieving fiscal year 2025 net revenues of $367.8 million, marking a 13% increase over the prior year. This growth helps offset margin pressure in other areas, as the company's overall fiscal 2025 net revenues were down 5.9% to $2,798.2 million.

Strong dealer support is maintained through a focus on aligning shipments with retail demand, a strategy the industry is demonstrating discipline in. Winnebago Industries expects total North American RV wholesale shipments for calendar year 2025 to be in the range of 320,000 to 340,000 units, and for calendar year 2026, the estimate is 315,000 to 345,000 units. This prudent, demand-driven approach supports channel stability, especially during the off-season. The company's financial health supports these operations, with the net leverage ratio improving to 3.1x at the end of the fourth quarter of fiscal 2025.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Customer Relationships

Dealer-centric support model to maintain inventory health and sales.

Winnebago Industries, Inc. emphasizes aligning shipments with retail demand to support dealer partners and maintain inventory health. For calendar 2025, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 320,000 to 340,000 units. The company generated consolidated net revenues of $2.8 billion for the full year of Fiscal 2025.

The relationship with the dealer network is critical, especially given the ongoing inventory management focus. Here's a look at some relevant financial context:

Metric	Fiscal 2025 (Full Year)	Fiscal 2024
Consolidated Net Revenues	$2.8 billion	$3.0 billion
North American RV Wholesale Shipments Estimate (Calendar 2025)	320,000 to 340,000 units	N/A
Q4 Net Revenues	$777.3 million	$720.9 million

Dedicated customer service and warranty programs post-sale.

Post-sale support is reflected in warranty performance, which impacts gross profit margin. For the full year Fiscal 2025, the gross profit margin decreased year-over-year to 13.0%, partially due to 'slightly higher warranty experience' in Q4 FY25. In the third quarter of Fiscal 2025, the gross profit margin decreased to 13.7%, primarily due to higher warranty experience. In 2024, Winnebago Industries paid $104 million in warranty claims, which was a 5% increase from the prior year. The company accrued $85 million in warranty reserves in 2024, marking a 26% increase. Still, Q4 FY25 operating income margin saw an offset from 'lower warranty expense' compared to Q4 FY24.

Brand-specific community building and engagement with enthusiasts.

Community engagement is supported by trends showing high enthusiasm for outdoor recreation. A July 2025 survey indicated that 52% of women plan to increase their outdoor activity in 2025, which is a six-point jump from the prior year. Furthermore, 89% of women surveyed plan to maintain or increase their outdoor activity levels in 2025. The company also focuses on specific brand performance, with Newmar's Class A diesel market share exceeding 30%.

Key community and brand metrics include:

• 52% of women planning increased outdoor activity in 2025.
• 89% of women maintaining or increasing outdoor activity in 2025.
• Newmar Class A diesel market share over 30%.
• Quarterly cash dividend declared at $0.34 per share in Q3 FY25.

Digital and social media interaction for product education and support.

The survey data suggests a demand for educational resources to address obstacles women face when venturing outdoors. The company uses digital channels to communicate product information, such as the Factory Authorized Sales Event offering $5,000 Customer Cash on select 2025 and older models or No Payments, No Interest for 90 days.

Direct factory-level support and service at key locations.

Winnebago Industries operates multiple facilities across the U.S. to support its manufacturing and service needs. These key locations include facilities in Iowa, Indiana, Minnesota, and Florida. The company is also advancing its Grand Design motorized strategy and the revitalization of the Winnebago Towables business.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Channels

You're looking at how Winnebago Industries, Inc. gets its products-from RVs to powerboats-into the hands of customers. The distribution strategy relies heavily on established partnerships, supplemented by direct digital engagement and targeted physical events.

The core of the distribution is the extensive network of independent, authorized dealers across the U.S. and Canada. While specific dealer counts aren't public, management noted achieving momentum that it is achieving with dealers, even as dealers in some segments, like Motorhome RV, continued efforts to right-size field inventories as of Q3 Fiscal 2025. The dealer network moves the bulk of the volume; for example, in Fiscal 2025, the Towable RV segment delivered 31,169 units through this channel.

For consumer research, Winnebago Industries supports the dealer channel with brand-specific websites and digital configurators for consumer research. The company is integrating technology like the WinnebagoConnect smart RV system, which was featured on updated products like the View/Navion 24R. For financial stakeholders, the dedicated investor relations portal is available at http://investor.wgo.net.

RV and boat shows serve as critical points for product display and lead generation. Winnebago Industries showcased over 165 models across its three leading RV brands at the 2025 Florida RV SuperShow in January. Furthermore, the company debuted several new RV models and smart technology at the September 2025 Hershey RV Show, aligning with its strategy to boost revenues through product innovation.

Factory-direct sales for certain specialty or commercial vehicles represent a smaller, specialized channel. Winnebago Industries builds commercial community outreach vehicles, alongside its core RV and marine products. This segment, which includes Winnebago Specialty Motorhome and Winnebago Specialty Vehicles, uses a more direct route to market for these specific applications.

Finally, investor relations and corporate responsibility reporting to stakeholders is a key channel for communicating financial health and strategy. The company released its Fourth Quarter and Full Year Fiscal 2025 financial results on October 22, 2025, with full-year net revenues reported at $2,798.2 million. Winnebago Industries was named one of America's Most Responsible Companies by Newsweek for the fourth consecutive year as of December 2025, highlighting its governance and sustainability efforts.

Here's a look at the financial output that flows through these channels for Fiscal 2025:

Segment	FY 2025 Net Revenues	FY 2025 Units Sold	Q3 FY 2025 Average Selling Price
Towable RV	Not explicitly stated for full year, but Q3 Net Revenues were $371.7 million	31,169 units (FY 2025)	$38,934 (Q3 FY 2025)
Motorhome RV	Not explicitly stated for full year, but Q3 Net Revenues were $291.2 million	5,742 units (FY 2025)	$208,146 (Q3 FY 2025)
Marine	Not explicitly stated for full year, but Q3 Net Revenues were $100.7 million	4,635 boats (FY 2025)	Not explicitly stated for Q3 FY 2025

The performance across these channels varied significantly in Fiscal 2025. For instance, the Motorhome RV segment saw unit sales jump from 1,545 to 1,745 in Q4 FY2025, while the Towable segment saw a contraction in deliveries from 8,183 to 7,833 in the same period. Newmar, part of the Motorhome channel, maintained a market share exceeding 30% in the Class A diesel segment.

You should check the Q1 Fiscal 2026 results conference call scheduled for December 19, 2025, for the latest dealer inventory and digital engagement commentary. Finance: draft 13-week cash view by Friday.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Customer Segments

You're looking at the core groups Winnebago Industries, Inc. serves across its diverse portfolio of recreational vehicles and marine products as of late 2025. The company clearly segments its focus across motorized, towable, and watercraft consumers.

The overall financial context for Fiscal Year 2025 shows Net revenues of $2,798.2 million and total RV unit deliveries of 36,911 (31,169 Towable + 5,742 Motorhome).

Recreational Vehicle (RV) Enthusiasts, from First-Time Buyers to Seasoned Travelers

This broad group is primarily served through the Towable RV segment, which delivered 31,169 units in Fiscal 2025. This segment includes travel trailers and fifth wheels under brands like Grand Design. The company has focused on revitalization efforts in its Winnebago Towables business.

• Towable RV segment delivered 31,169 units in Fiscal 2025.
• The company is expanding product offerings across diverse price points.
• The overall North American RV wholesale shipment expectation for calendar year 2025 was in the range of 320,000 to 340,000 units.

Premium/Luxury Motorhome Buyers Seeking High-End Class A and Super C Units

The Motorhome RV segment, which delivered 5,742 units in Fiscal 2025, includes these high-end buyers. Winnebago Industries is actively investing in this space, including the new Grand Design motorhomes operating segment launched in Fiscal 2025.

For the Newmar brand within this category, market share exceeds 30% in the Class A diesel market.

Marine Consumers in the Pontoon and Sterndrive Powerboat Markets

The Marine segment, featuring Chris-Craft and Barletta brands, delivered 4,635 boats in Fiscal 2025, showing an increase in unit volume. This segment has been a growth driver, with Barletta achieving a market share of 9.5% in aluminum pontoons for the 12-month period ending February 28, 2025, positioning it as the number three player.

Younger, Active Consumers Seeking Class B Camper Vans and Smaller Towables

This group is targeted through Class B motorhomes and smaller towable units, where the company leverages product differentiation and sharper affordability options to maintain healthy market share in core mid-range segments. The introduction of products like the Grand Design Lineage series motorhomes has seen enthusiastic reception, indicating demand in this area.

Commercial and Community Outreach Organizations Requiring Specialty Vehicles

While specific unit volumes for specialty vehicles are not explicitly broken out, these customers are served through the broader Motorhome RV segment, which saw 5,742 unit deliveries in Fiscal 2025. The company maintains a focus on operational efficiencies and product mix to support profitability across all segments.

Here's a quick look at the unit volumes by segment for the full Fiscal Year 2025:

Segment	FY 2025 Units Delivered	Key Brand/Focus
Towable RV	31,169	Grand Design, Winnebago Towables revitalization
Motorhome RV	5,742	Class A, B, C, Newmar, Grand Design Motorhomes
Marine	4,635	Barletta (9.5% aluminum pontoon share), Chris-Craft

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Winnebago Industries, Inc.'s operational expenses as of late 2025. Here's the quick math on where the money goes, grounded in the Fiscal 2025 year-end results.

Cost of Goods Sold (COGS), primarily raw materials and component parts.

For the full Fiscal Year 2025, Winnebago Industries, Inc. reported consolidated Net Revenues of $2,798.2 million. With a full-year Gross Profit of $365.1 million, the implied Cost of Goods Sold was approximately $2,433.1 million. This translated to a full-year Gross Profit Margin of 13.0%. The margin was pressured by deleverage and slightly higher warranty experience across the year.

Manufacturing labor and overhead costs across multiple production facilities.

Labor and overhead are embedded within the COGS figure above. Winnebago Industries produces its towable RVs in Indiana, motorhome RVs in Iowa and Indiana, and marine products in Indiana and Florida. The company noted that transformation efforts resulted in operating efficiencies in the Towables business.

Segment/Cost Component	FY 2025 Full Year Metric	Q4 FY 2025 Metric
Implied COGS (Raw Materials & Labor/Overhead)	$2,433.1 million (Calculated)	N/A
Gross Margin	13.0%	12.8%
Towable RV Operating Income Margin	N/A	7.0% (Expanded 210 bps)

Selling, General, and Administrative (SG&A) expenses, including marketing and warranty costs.

Total Operating Expenses for the full Fiscal Year 2025 were $307.9 million. For the fourth quarter of Fiscal 2025, SG&A expenses were $79.1 million, which represented 9.5% of that quarter's net revenues. Warranty costs were a factor, with higher experience noted in the Towables segment during the fourth quarter.

• SG&A Expenses (Q4 FY 2025): $79.1 million
• SG&A as % of Q4 Revenue: 9.5%
• Total Operating Expenses (FY 2025): $307.9 million

Investment in Research and Development (R&D) for new product platforms.

While a specific R&D line item for the full year isn't explicitly stated, the company's guidance for Fiscal 2025 adjusted EPS excluded the pretax impact of intangible amortization of approximately $22 million. Investments were made to support the growth of the Grand Design motorhome and Barletta marine businesses.

Interest expense on debt, with a net leverage ratio of 3.1x at FY 2025 end.

The net leverage ratio stood at 3.1x at the end of the Fiscal 2025 fourth quarter. Total outstanding debt at that time was $540.5 million. For the fourth quarter of Fiscal 2025, the reported Interest expense, net, was $6.6 million.

• Net Leverage Ratio (FY 2025 End): 3.1x
• Total Outstanding Debt (FY 2025 End): $540.5 million
• Interest Expense, Net (Q4 FY 2025): $6.6 million

Finance: draft 13-week cash view by Friday.

Winnebago Industries, Inc. (WGO) - Canvas Business Model: Revenue Streams

You're looking at the top-line generation for Winnebago Industries, Inc. as of late 2025. This is where the cash actually comes from, built on a diversified portfolio of outdoor lifestyle products.

Total consolidated net revenues for Winnebago Industries for the Fiscal Year 2025 landed at $2,798.2 million. This figure represented a 5.9% decrease compared to Fiscal 2024 revenues of $3.0 billion. The fourth quarter of Fiscal 2025, however, showed a rebound, with net revenues hitting $777.3 million, marking a 7.8% increase from the fourth quarter of Fiscal 2024.

The revenue streams are fundamentally tied to the three main product categories, plus the supporting aftermarket business. Here's a look at the components that make up that total revenue, using the most specific figures available:

Revenue Stream Component	Specific Financial Data Point	Fiscal Period/Context
Total Consolidated Net Revenues	$2,798.2 million	Fiscal Year 2025
Motorhome RVs Sales	Increased 17.3% year-over-year	Q4 Fiscal 2025 Net Revenues
Marine Products Sales (Chris-Craft, Barletta)	$90.5 million	Q1 Fiscal 2025 Net Revenues
Marine Products Sales (Chris-Craft, Barletta)	Increased 3.6% year-over-year	Q1 Fiscal 2025 Net Revenues
Towable RVs Sales	Reported a slight decrease in net revenues	Q4 Fiscal 2025

The business relies heavily on the sales of its core recreational vehicle lines, but the Marine segment, which includes brands like Chris-Craft and Barletta, provides important diversification. For instance, in the first quarter of Fiscal 2025, the Marine segment delivered net revenues of $90.5 million, showing year-over-year growth of 3.6%, supported by market share gains.

You see the segmentation in the quarterly performance, too. The Motorhome RV segment saw its net revenues climb by 17.3% in the fourth quarter of Fiscal 2025, driven by a favorable product mix and higher unit volume. The Towable RV segment, on the other hand, experienced a slight decrease in net revenues for that same quarter.

Revenue generation is also supported by the less volatile streams:

• Sales of Towable RVs (e.g., Grand Design, Winnebago Towables).
• Sales of Motorhome RVs (e.g., Winnebago, Newmar).
• Sales of Marine products (Chris-Craft, Barletta).
• Parts, accessories, and service revenue.

Looking ahead, Winnebago Industries projects Fiscal 2026 consolidated net revenues to fall between $2.75 billion and $2.95 billion. That's the near-term expectation for how these revenue streams will perform.