WINNEBAGO INDUSTRIES INC (WGO) FY2025 10-K Annual Report
WINNEBAGO INDUSTRIES INC (WGO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Oct 22, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
WINNEBAGO INDUSTRIES INC FY2025 10-K Analysis
Business Overview
- • Core business: Manufacturing and selling outdoor lifestyle products including towable and motorhome RVs, marine boats, and specialty commercial vehicles
- • New emphasis: Acquisition of Lithionics Battery LLC in April 2023, expanding into advanced lithium-ion battery solutions with proprietary NeverDie® Technology
- • Strategic shift: Integration of battery solutions to support residential power features, enhancing product differentiation in RV, marine, and specialty vehicle markets
- • Notable metric: Diverse RV product pricing from $20,000 up to $1,717,000; expanded manufacturing footprint including plants in Indiana, Iowa, Florida
- • Unusual fact: Battery solutions segment added via 2023 acquisition, marking a significant move into energy solutions complementing traditional product lines
Management Discussion & Analysis
- • Revenue $2,798.2M, down 5.9% YoY from $2,973.5M, decline driven by lower unit volume and reduced average selling price
- • Operating income $57.2M (2.0% margin) vs $100.2M (3.4% margin), down 42.9% due to deleverage and higher warranty costs
- • Best segment: Barletta marine and Grand Design motorhome investments noted; worst impact on Winnebago motorhome business from volume declines
- • Net income $25.7M, up 98.1% from $13.0M, aided by an absence of goodwill impairment and lower tax provision ($4.4M vs $25.4M)
- • Management cautious due to inflation, rates, consumer confidence; expects demand stabilization and dealer ordering normalization; monitoring tariff risks
Risk Factors
- • Regulatory risk tied to NIST Cybersecurity Framework compliance impacting cybersecurity program design
- • Macro risk from evolving cyber threats despite no material incidents in fiscal 2025
- • Operational risk from reliance on third-party service providers for cybersecurity, monitored via contractual obligations
- • Competitive risk from potential cybersecurity breaches affecting company reputation and market position
- • Structural risk of key-person dependency on Vice President of Information Security leading cybersecurity program since 2021
WINNEBAGO INDUSTRIES INC FY2025 Key Financial MetricsXBRL
Revenue
$2.8B
▼ -5.9% YoY
Net Income
$26M
▲ +97.7% YoY
Gross Margin
13.0%
▼ -153bp YoY
Operating Margin
2.0%
▼ -133bp YoY
Net Margin
0.9%
▲ +48bp YoY
ROE
2.1%
▲ +108bp YoY
Total Assets
$2.2B
▼ -9.6% YoY
EPS (Diluted)
$0.91
▲ +106.8% YoY
Operating Cash Flow
$129M
▼ -10.4% YoY
Source: XBRL data from WINNEBAGO INDUSTRIES INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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