Business Segments

6 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Business Segments

Business Segments

The Company’s Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer. The CODM uses net sales, gross profit and income (loss) before income taxes to measure performance of the Company’s segments, allocate resources and make operating decisions. The CODM regularly evaluates these financial measures compared to prior year and forecasted results. Income (loss) before income taxes is utilized during the Company’s budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Company has three reportable segments, all related to recreational vehicles: (1) North American Towable Recreational Vehicles, (2) North American Motorized Recreational Vehicles and (3) European Recreational Vehicles.

The North American Towable Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Jayco (towable), Keystone and KZ. The North American Motorized Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (motorized), Thor Motor Coach and the Tiffin Group. The European Recreational Vehicles reportable segment consists solely of the Erwin Hymer Group (“EHG”) business. EHG manufactures a full line of motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles and caravans in nine primary RV production locations within Europe. EHG produces and sells numerous brands primarily within Europe, including Buccaneer, Buerstner, Carado, CrossCamp, Dethleffs, Elddis, Eriba, Etrusco, Hymer, Laika, LMC, Niesmann+Bischoff, Sunlight and Xplore. In addition, EHG’s operations include other RV-related products and services.

The operations of the Company’s Airxcel and Postle subsidiaries are included in “Other”. Net sales included in Other relates primarily to the sale of specialized component parts and aluminum extrusions. Intercompany eliminations primarily adjust for Postle and Airxcel sales to the Company’s North American Towables and North American Motorized segments, which are consummated at established transfer prices generally consistent with the selling prices of products to third parties.

Corporate results include items such as corporate governance expenses, interest expense and certain product development expenses.

Other expense (income) includes the gains or losses on the sales of fixed assets, foreign currency changes and equity method investment gains and losses, as well as market value changes in the Company's deferred compensation plan assets and other non-operational items.

Total assets include those assets used in the operation of each reportable and non-reportable segment, and the Corporate assets consist primarily of cash and cash equivalents, deferred income taxes, deferred compensation plan assets, equity and other investments and certain Corporate real estate holdings primarily utilized by THOR’s U.S.-based operating subsidiaries.

The accounting policies of the reportable segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Fiscal 2025 Form 10-K.

The following tables summarize the Company's financial performance by reportable segment:

	Three Months Ended January 31,				Six Months Ended January 31,
NET SALES:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	710,485	$	828,266	$	1,607,575	$	1,727,044
North American Motorized	577,071		446,298		1,238,167		951,506
Total North America	1,287,556		1,274,564		2,845,742		2,678,550
European	684,472		612,465		1,339,951		1,217,368
Total recreational vehicles	1,972,028		1,887,029		4,185,693		3,895,918
Other	223,665		185,653		482,721		379,164
Intercompany eliminations	(69,837)		(54,575)		(153,435)		(114,191)
Total	$	2,125,856	$	2,018,107	$	4,514,979	$	4,160,891

	Three Months Ended January 31,				Six Months Ended January 31,
COST OF PRODUCTS SOLD:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	634,987	$	736,620	$	1,413,082	$	1,522,961
North American Motorized	522,431		411,557		1,111,905		874,038
Total North America	1,157,418		1,148,177		2,524,987		2,396,999
European	609,343		531,536		1,187,008		1,043,791
Total recreational vehicles	1,766,761		1,679,713		3,711,995		3,440,790
Other	176,502		147,986		382,182		307,744
Intercompany eliminations	(68,661)		(54,789)		(151,426)		(114,282)
Total	$	1,874,602	$	1,772,910	$	3,942,751	$	3,634,252

	Three Months Ended January 31,				Six Months Ended January 31,
GROSS PROFIT:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	75,498	$	91,646	$	194,493	$	204,083
North American Motorized	54,640		34,741		126,262		77,468
Total North America	130,138		126,387		320,755		281,551
European	75,129		80,929		152,943		173,577
Total recreational vehicles	205,267		207,316		473,698		455,128
Other, net	45,987		37,881		98,530		71,511
Total	$	251,254	$	245,197	$	572,228	$	526,639

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE:	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	50,079	$	59,333	$	114,437	$	123,636
North American Motorized	31,169		27,033		66,747		57,400
Total North America	81,248		86,366		181,184		181,036
European	78,547		67,296		170,528		147,023
Total recreational vehicles	159,795		153,662		351,712		328,059
Other, net	22,148		19,420		43,956		38,894
Corporate	30,078		33,140		70,383		79,466
Total	$	212,021	$	206,222	$	466,051	$	446,419

	Three Months Ended January 31,				Six Months Ended January 31,
AMORTIZATION EXPENSE:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	3,937	$	4,519	$	8,014	$	9,038
North American Motorized	3,209		3,657		6,418		7,314
Total North America	7,146		8,176		14,432		16,352
European	12,071		11,629		24,135		23,836
Total recreational vehicles	19,217		19,805		38,567		40,188
Other, net	8,580		9,253		17,158		18,506
Corporate	—		186		—		372
Total	$	27,797	$	29,244	$	55,725	$	59,066

	Three Months Ended January 31,				Six Months Ended January 31,
INTEREST EXPENSE (INCOME), NET:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	(3)	$	(3)	$	(6)	$	(6)
North American Motorized	—		(3)		(1)		(6)
Total North America	(3)		(6)		(7)		(12)
European	(163)		336		394		1,665
Total recreational vehicles	(166)		330		387		1,653
Other, net	38		60		82		125
Corporate	9,548		11,560		17,968		25,400
Total	$	9,420	$	11,950	$	18,437	$	27,178

	Three Months Ended January 31,				Six Months Ended January 31,
OTHER EXPENSE (INCOME), NET:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	(9,710)	$	(355)	$	(5,618)	$	(3,558)
North American Motorized	(642)		(244)		(955)		(619)
Total North America	(10,352)		(599)		(6,573)		(4,177)
European	(3,018)		(542)		(3,168)		(2,334)
Total recreational vehicles	(13,370)		(1,141)		(9,741)		(6,511)
Other, net	(212)		880		(805)		944
Corporate	(5,394)		(358)		(10,919)		2,299
Total	$	(18,976)	$	(619)	$	(21,465)	$	(3,268)

	Three Months Ended January 31,				Six Months Ended January 31,
INCOME (LOSS) BEFORE INCOME TAXES:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	31,195	$	28,152	$	77,666	$	74,973
North American Motorized	20,904		4,298		54,053		13,379
Total North America	52,099		32,450		131,719		88,352
European	(12,308)		2,210		(38,946)		3,387
Total recreational vehicles	39,791		34,660		92,773		91,739
Other, net	15,433		8,268		38,139		13,042
Corporate	(34,232)		(44,528)		(77,432)		(107,537)
Total	$	20,992	$	(1,600)	$	53,480	$	(2,756)

The following tables provide other supplemental financial information by reportable segment:

TOTAL ASSETS:	January 31, 2026		July 31, 2025
Recreational vehicles
North American Towable	$	1,319,428	$	1,270,005
North American Motorized	1,120,550		978,762
Total North America	2,439,978		2,248,767
European	2,955,872		2,965,645
Total recreational vehicles	5,395,850		5,214,412
Other	1,041,644		1,018,622
Corporate	579,354		832,250
Total	$	7,016,848	$	7,065,284

DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	12,010	$	13,155	$	24,128	$	26,249
North American Motorized	7,996		8,621		15,998		17,277
Total North America	20,006		21,776		40,126		43,526
European	32,098		30,327		65,245		62,568
Total recreational vehicles	52,104		52,103		105,371		106,094
Other	12,080		13,000		24,137		25,872
Corporate	694		891		1,405		1,689
Total	$	64,878	$	65,994	$	130,913	$	133,655

	Three Months Ended January 31,				Six Months Ended January 31,
CAPITAL ACQUISITIONS:	2026		2025		2026		2025
Recreational vehicles
North American Towable	$	6,584	$	3,408	$	13,900	$	7,566
North American Motorized	6,554		2,716		12,291		5,852
Total North America	13,138		6,124		26,191		13,418
European	10,442		16,140		19,632		27,041
Total recreational vehicles	23,580		22,264		45,823		40,459
Other	6,637		1,556		10,254		5,185
Corporate	2,747		1,186		6,804		3,711
Total	$	32,964	$	25,006	$	62,881	$	49,355