On this page of StockholderLetter.com we present the latest annual shareholder letter from THOR INDUSTRIES INC — ticker symbol THO. Reading current and past THO letters to shareholders can bring important insights into the investment thesis.

 •  11/3/2025 Letter Continued (Full PDF)
 •  11/1/2023 THO Stockholder Letter
 •  11/6/2024 THO Stockholder Letter
 •  More "Auto Manufacturers" Category Stockholder Letters
 •  THO Benford's Law Stock Score = 98

THO Shareholder/Stockholder Letter Transcript:

THOR Industries, Inc. | Fiscal Year 2025
ANNUAL Report

While the broader operating
environment has continued to present
challenges, we took bold actions in    scal
2025 to position the Company to emerge
from the recent malaise as an even
stronger organization.

ANNUAL REPORT FISCAL 2025 | 3
DEAR FELLOW SHAREHOLDERS
OF THOR INDUSTRIES:
THOR delivered solid results in    scal 2025 despite a
A smaller   but still important   effort to improve
challenging macroeconomic backdrop that could
organizational ef   ciency includes the upcoming move
best be described as    dynamic.    Throughout the year,
of the production of Entegra Class A Diesel units to
our teams navigated global trade uncertainty and an
Tif   n   s Red Bay, Alabama facility.
ever-changing operating environment that shifted
as quickly as the headlines   particularly during the
Presidential election, which is historically a dif   cult
time for our industry.
We began a comprehensive refresh of Keystone   s
product portfolio and rebranded Keystone to better
re   ect its evolving identity   an effort that, alongside
recalibrated dealer relationships, has the potential
to meaningfully improve market share and retail
Fiscal 2025 Financial Highlights:
performance.
    Generated consolidated revenue of $9.58 billion
    Net income attributable to THOR of $258.6 million,
At the same time, innovation remains central to our
which translated into diluted earnings per share of
long-term strategy. In September, we unveiled the
$4.84
Entegra Embark hybrid Class A motorhome   the    rst
    Generated cash    ows from operations of $577.9
of its kind in the industry. Built on a proprietary electric
million, compared to $545.5 million the previous year
chassis, the Embark offers up to 450 miles of range with
    Reduced the Company   s total debt obligations with
payments of approximately $237.0 million made
during    scal 2025 and returned $158.8 million to
shareholders in the form of dividends and stock
broader
energy capabilities. This launch marks a signi   cant
milestone in our electri   cation journey and reinforces
A Bright Future
Positioning for Long-Term Success
the
inspired design, advanced safety systems, and off-grid
our leadership in sustainable RV innovation.
repurchases
While
a gasoline range extender and features a European-
operating
environment
has
continued to present challenges, we took bold actions
in    scal 2025 to position the Company to emerge from
the recent malaise as an even stronger organization.
The realignment of Heartland products under Jayco is
As we enter    scal 2026, we are cognizant that the
operating environment could remain choppy, which is
re   ected in our cautious outlook. That said, I have never
been more optimistic about the long-term health of
the Company and the RV industry.
a cornerstone of our restructuring strategy, aimed at
Just last month, I saw    rsthand the attraction and
streamlining operations, improving brand alignment
dedication consumers have for the RV lifestyle while
and enhancing quality to the end consumer. We are
attending the Caravan Salon in D  sseldorf, Germany,
con   dent this realignment will drive long-term margin
where more than 270,000 people came out to see the
expansion and pro   tability growth.
newest products the industry had to offer   just 1,000
attendees shy of the strongest show of all time.

4 | THOR INDUSTRIES, INC.
In North America, our companies continue to navigate
given that we enable people to affordably enjoy the
a complex environment that followed the COVID surge.
outdoors with their friends and family.
The highest in   ation in nearly four decades, combined
with elevated interest rates, has pressured affordability
for consumers. However, our teams have responded
with exciting products that meet consumers where
demand exists. We are beginning to see the results of
this, along with other initiatives to drive stronger retail
and market share performance.
We head into the new    scal year focused on controlling
what is controllable and positioning the business to
achieve even greater heights when the cycle becomes
a tailwind   something I am con   dent will happen,
BOB MARTIN
President and Chief Executive Of   cer

ANNUAL REPORT FISCAL 2025 | 5
FINANCIAL HIGHLIGHTS
FISCAL YEARS ENDED, JULY 31
($ in 000s), except per-share amounts
2025
2024
2023
2022
2021
Net sales
$9,579,490
$10,043,408
$11,121,605
$16,312,525
$12,317,380
*URss SUR  t
$1,340,641
$1,451,962
$1,596,353
$2,806,030
$1,894,973
Income before income taxes
$296,191
$348,844
$499,353
$1,459,864
$844,581
Net income attributable to THOR
Industries, Inc.
$258,559
$265,308
$374,271
$1,137,804
$659,872
$4,289,552
$4,074,053
$3,983,398
$3,600,654
$2,948,106
$586,596
$501,316
$441,232
$311,553
$445,852
$1,193,279
$1,083,005
$1,077,098
$1,306,563
$1,008,738
1.75
1.69
1.63
1.74
1.56
Capital acquisitions
$121,616
$139,617
$208,908
$240,561
$131,681
Depreciation and amortization of
intangibles
$271,207
$277,145
$276,928
$284,453
$230,581
$7,065,284
$7,020,823
$7,260,830
$7,408,132
$6,654,088
$4.84
$4.94
$6.95
$20.59
$11.85
$81.50
$76.97
$74.72
$67.08
$53.25
Stockholders' equity
Cash and cash equivalents
Working capital
Current ratio
Total assets
PER-SHARE AMOUNTS
Net income attributable to
THOR Industries, Inc.     diluted
Book value



 11/3/2025 Letter Continued (Full PDF)