Winnebago Guides Fiscal 2027 Revenue to $2.65 Billion to $2.80 Billion After 17.0% Fourth-Quarter Sales Drop

Winnebago Industries reported fourth-quarter fiscal 2026 net revenues of $645.1 million, down 17.0% from a year earlier, and set fiscal 2027 revenue guidance of $2.65 billion to $2.80 billion — a range that brackets the $2.7 billion of revenue it recorded for the year just ended.

The release, filed with the Securities and Exchange Commission before the market opened on October 21, 2026, covers the quarter and year ended August 29, 2026 and introduces guidance for the fiscal year that began in late August.

Towables absorb the volume decline as motorhomes turn

The fourth quarter shows a company shrinking its cost base roughly as fast as its sales fell. Gross profit was $80.7 million, or a 12.5% margin, against $99.2 million and 12.8% a year earlier. Operating expenses fell 20.1% to $63.1 million from $79.1 million, which limited the operating income decline to 12.3%, at $17.6 million versus $20.1 million. Net income was $9.7 million against $13.7 million a year earlier, and adjusted diluted earnings per share fell 31.0% to $0.49 from $0.71. Adjusted EBITDA dropped 14.7% to $32.6 million, a 5.1% margin.

The segment split explains where the pressure sat. Towable RV revenue fell to $220.3 million from $306.3 million a year earlier, and segment operating income fell to $9.3 million from $21.4 million; towable unit deliveries dropped to 5,985 from 7,833, with fifth-wheel units alone down to 1,314 from 2,153. Motorhome RV revenue declined less, to $323.6 million from $361.2 million, while segment operating income turned positive at $7.9 million against a loss of $300,000 a year earlier; the release credits that swing to operational efficiencies from transformation initiatives, lower discounts and allowances and cost containment, partly offset by volume deleverage. Marine revenue slipped to $92.3 million from $94.9 million a year earlier, with operating income of $6.6 million.

A full year carried by motorhomes and cost cuts

The annual figures invert the quarterly picture. Full-year revenue fell 3.4% to $2.7 billion, yet gross margin held at 13.0% and operating income rose 15.7% to $66.2 million from $57.2 million as operating expenses came down. Net income rose to $34.5 million from $25.7 million, and adjusted diluted earnings per share rose 7.2% to $1.79 from $1.67.

Motorhome RV did the heavy lifting: full-year segment revenue rose 8.4% to $1.26 billion and segment operating income reached $33.2 million against a loss of $7.3 million in fiscal 2025. Towable RV revenue fell to $1.05 billion from $1.22 billion a year earlier and segment operating income fell to $47.5 million from $72.7 million; Marine revenue declined to $356.4 million from $367.8 million. The release credits the full-year motorhome gain to lower discounts and allowances and volume leverage — a margin story built on pricing discipline and volume rather than a recovering retail market.

Happe described the footprint work in operational terms: "We took actions to rationalize capacity, drive operational efficiency, and better align our manufacturing footprint with market demand."

Fiscal 2027 guidance brackets the year just closed

For fiscal 2027, Winnebago guided consolidated net revenues to $2.65 billion to $2.80 billion, reported earnings per diluted share to $0.90 to $1.50, and adjusted earnings per diluted share to $1.65 to $2.25. The adjusted range excludes roughly $22 million of pretax intangible amortization and roughly $6 million of restructuring and related costs. The $2.25 top of that range sits above the $1.79 earned in fiscal 2026, while the $1.65 floor sits below it; the $1.95 midpoint is about 8.9% above fiscal 2026, so growth is implied but the range leaves room for a decline.

The company also put numbers on the market it is guiding against: North American RV wholesale shipments of 275,000 to 295,000 units for calendar 2026 and 265,000 to 295,000 units for calendar 2027. Happe said: "Fiscal 2027 outlook reflects a market where the timing and pace of recovery remain difficult to predict".

Leverage falls as cash flow outruns buybacks

The balance sheet improved through the quarter. Cash and cash equivalents ended at $181.4 million against $174.0 million a year earlier, total debt stood at $443.3 million, and net leverage fell to 2.2x from 3.0x at the end of the third quarter. Fourth-quarter operating cash flow was $142.5 million and full-year operating cash flow $168.7 million, while share repurchases totaled $1.7 million for the year against $53.7 million in fiscal 2025 — cash went to debt reduction instead. The board raised the quarterly dividend 3% to $0.36 per share, paid September 23, 2026, and the company extended its $350 million revolving credit facility through 2031. Happe said the company "exited the year with a stronger balance sheet and the flexibility to continue investing in innovation, operations and customer experience."

What the release does not settle before the call

The document carries no consensus comparison, no market reaction, no segment-level fiscal 2027 guidance, no quantified tariff estimate and no order backlog, so the durability of the motorhome margin recovery cannot be tested from the filing alone. Its shipment outlook is an industry-level assumption, not a company order book, and the adjusted EPS range excludes items that a reported figure will include. Winnebago scheduled a conference call for 9:00 a.m. Central Time on October 21, 2026, webcast through its investor relations site and archived for 90 days; the next hard checkpoint after that is the fiscal 2027 first-quarter report, which will show whether the guided revenue range and the 2.2x leverage ratio hold through the fiscal 2027 first quarter.