THOR INDUSTRIES INC

THOR Industries, Inc.

Overview

• THOR Industries, Inc. is a leading global manufacturer of recreational vehicles (RVs). It is the largest RV manufacturer in North America by units sold and revenue and is one of the largest in Europe. The company designs, manufactures, and sells a broad range of RVs and related parts and accessories through a network of independent, non-franchise dealers.
• Headquarters and governance: Incorporated in Delaware; principal executive office in Elkhart, Indiana.
• Supply operations include Airxcel, Inc. and Postle Operating, LLC.
• Website: www.thorindustries.com

Brands and Operations

• North American brands: Airstream, Jayco, Keystone, KZ, Thor Motor Coach, and Tiffin Motorhomes.
• European operations: Erwin Hymer Group (EHG) and multiple European RV brands.

Segments and Products

THOR reports three segments:

1. North American Towable Recreational Vehicles (Airstream Towable, Jayco Towable, Keystone, KZ)
2. North American Motorized Recreational Vehicles (Airstream Motorized, Jayco Motorized, Thor Motor Coach, Tiffin Motorhomes)
3. European Recreational Vehicles (Erwin Hymer Group, EHG)

Product types by region:

• North America: travel trailers, fifth wheels, Class A, Class C, and Class B motorhomes.
• Europe: motorcaravans (integrated, semi-integrated, alcove), caravans, campervans, urban vehicles, and related RV services.

Airxcel and Postle are reported as "Other" in the consolidated statements and supply components and materials to RV manufacturers.

Customers and Distribution

• Dealer network: independent, non-franchise dealers.
  • U.S. and Canada: approximately 2,000 dealer locations carrying THOR products.
  • Europe: approximately 1,100 dealer locations (including two company-owned stores).
• Dealer concentration: FreedomRoads, LLC accounted for about 13.0% of THOR’s consolidated net sales in fiscal 2026 (and roughly 13% of accounts receivable at July 31, 2026; approximately 14% in 2025 and 2024).
• Dealers generally stock THOR products and may carry multiple brands. THOR typically does not finance dealer purchases; dealer floor plans are arranged by banks and other financiers.

Employees

• Total employees: approximately 19,500 full-time worldwide as of July 31, 2026.
  • United States: approximately 11,900 total; about 2,000 salaried.
  • Europe: approximately 7,600 total; about 3,800 salaried.
• Labor representation: about 120 North American employees represented by certified labor organizations; European operations involve works councils and/or unions in many locations.

Financial Highlights (Net Sales)

Net sales (in thousands of U.S. dollars):

• 2026: 9,608,145
• 2025: 9,579,490
• 2024: 10,043,408

Backlog (as of dates shown)

Total RV backlog (in thousands): 3,298,760

• North American backlog: 1,644,790
  • North American Towable: 916,584
  • North American Motorized: 728,206
• European backlog: 1,653,970

The backlog reflects unfilled dealer orders and is expected to be filled in the remainder of 2026 and the first half of 2027, subject to supply conditions.

Revenue

• Revenue is represented by net sales as shown above.

Key Operational Notes

• Production approach: manufactured to dealer orders where feasible. North American capacity can be increased quickly; European capacity adjustments are more complex.
• Supply chain and inputs: reliance on multiple suppliers for chassis and other components. Chassis supply shortages and other material and component constraints have affected production historically. Ongoing risks include supplier consolidation and regulatory changes related to emissions and materials (for example, PFAS and formaldehyde).
• International exposure: approximately 39.4% of consolidated sales involve international markets (Canada and Europe). Foreign currency and regulatory factors affect operations.
• Inventory and recalls: the company self-insures portions of product liability and recall exposure; recall-related costs are managed as part of risk disclosures.
• Intellectual property and branding: THOR maintains registrations for trademarks across its brands and holds patents related to its business.

THOR Industries operates a diversified RV business across North America and Europe, with a broad brand portfolio, an extensive dealer distribution network, and a substantial production backlog.