Winnebago Navigates Economic Headwinds, Bolsters Battery Tech

TL;DR

**WGO is a solid long-term play, but watch for cyclical demand and rising material costs to create short-term volatility.**

AI Summary

Winnebago Industries, Inc. (WGO) reported its fiscal year ended August 30, 2025, continuing its position as a leading North American manufacturer of outdoor lifestyle products under brands like Winnebago, Grand Design, Chris-Craft, Newmar, and Barletta. The company operates in three reportable segments: Towable RV, Motorhome RV, and Marine. Additionally, Winnebago manufactures advanced battery solutions through its Lithionics acquisition, completed on April 28, 2023, which provides lithium-ion battery solutions for RVs, boats, and specialty vehicles. The company's products range significantly in price, from approximately $20,000 to $163,000 for towable RVs, $143,000 to $1,717,000 for motorhome RVs, and $47,000 to $783,000 for marine products. Winnebago distributes its products through over 760 independent dealer locations across the U.S. and Canada. The aggregate market value of common stock held by non-affiliates was approximately $1,093,005,000 as of March 1, 2025, based on a closing price of $40.41. The company faces risks including general economic uncertainty, availability of financing for dealers and purchasers, and increased material and component costs.

Why It Matters

Winnebago's performance directly reflects the health of the discretionary consumer spending market, particularly for outdoor recreation. For investors, the company's ability to manage cyclical demand, supply chain costs, and dealer inventory levels, especially with its repurchase obligations, is critical. The acquisition of Lithionics on April 28, 2023, signals a strategic move into advanced battery solutions, potentially diversifying revenue streams and enhancing product offerings, which could give it a competitive edge against rivals like Thor Industries and Forest River. Employees and customers benefit from Winnebago's continued innovation in new product designs and features, maintaining brand loyalty and market presence.

Risk Assessment

Risk Level: medium — The company faces medium risk due to its exposure to cyclicality and seasonality, with sales historically lowest in the second fiscal quarter ending February. Furthermore, Winnebago's maximum exposure for repurchase agreements, which can vary significantly based on dealer inventory and economic conditions, presents a notable financial risk, though specific dollar amounts for this exposure are not provided in this excerpt.

Analyst Insight

Investors should monitor Winnebago's upcoming earnings reports for specific revenue and net income figures for Fiscal 2025, which are not detailed in this preliminary section. Pay close attention to management's commentary on dealer inventory levels and the impact of the Lithionics acquisition on profitability and market share in the growing EV/battery segment.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $1,093,005,000 — Aggregate Market Value of Non-Affiliate Common Stock (As of March 1, 2025, reflecting investor valuation.)
• $40.41 — Common Stock Closing Price (As of February 28, 2025, used to calculate market value.)
• 28,206,785 — Shares of Common Stock Outstanding (As of October 15, 2025, indicating total shares available.)
• $20,000 — Minimum Towable RV MSRP (Entry-level price for Winnebago and Grand Design towable RVs.)
• $163,000 — Maximum Towable RV MSRP (High-end price for Winnebago and Grand Design towable RVs.)
• $143,000 — Minimum Motorhome RV MSRP (Entry-level price for Winnebago, Newmar, and Grand Design motorhome RVs.)
• $1,717,000 — Maximum Motorhome RV MSRP (High-end price for Winnebago, Newmar, and Grand Design motorhome RVs.)
• $47,000 — Minimum Marine Product MSRP (Entry-level price for Chris-Craft and Barletta boats.)
• $783,000 — Maximum Marine Product MSRP (High-end price for Chris-Craft and Barletta boats.)
• 760 — Dealer Locations (Number of RV and marine dealer locations in the U.S. and Canada as of August 30, 2025.)

Key Players & Entities

• WINNEBAGO INDUSTRIES INC (company) — registrant
• WGO (company) — ticker symbol
• Lithionics Battery, LLC (company) — acquired entity
• New York Stock Exchange (regulator) — exchange where WGO is registered
• U.S. Securities and Exchange Commission (regulator) — filing recipient
• $1,093,005,000 (dollar_amount) — aggregate market value of common stock held by non-affiliates as of March 1, 2025
• $40.41 (dollar_amount) — closing price of common stock as of February 28, 2025
• 28,206,785 (dollar_amount) — shares of common stock outstanding as of October 15, 2025
• Thor Industries (company) — competitor
• Forest River (company) — competitor

FAQ

Risk Factors

• Economic Uncertainty [high — financial]: General economic uncertainty poses a risk to Winnebago Industries. This can impact consumer spending on discretionary items like RVs and boats, potentially leading to reduced demand and sales.
• Financing Availability [high — financial]: The availability of financing for both dealers and end consumers is a critical risk factor. Tightening credit markets or increased interest rates could hinder sales by making it more difficult or expensive for customers to purchase products.
• Material and Component Costs [medium — operational]: Increased costs for raw materials and components can negatively affect profitability. Winnebago relies on a supply chain for various parts, and price fluctuations or shortages can impact production costs and margins.
• Cybersecurity [medium — operational]: As a company with significant digital operations and customer data, cybersecurity threats are a risk. A breach could lead to financial losses, reputational damage, and operational disruptions.

Industry Context

Winnebago Industries operates as a leading North American manufacturer of outdoor lifestyle products, including RVs and marine craft, under well-recognized brands. The company competes in a market influenced by consumer discretionary spending, economic conditions, and the availability of financing. The recent acquisition of Lithionics signals a strategic move into advanced battery solutions, potentially diversifying revenue streams and catering to the growing demand for energy independence in recreational vehicles and other applications.

Regulatory Implications

Winnebago Industries is subject to standard business regulations concerning manufacturing, sales, and environmental compliance. While no specific regulatory risks are detailed in the provided text, potential areas of concern could include evolving emissions standards for vehicles, safety regulations for RVs and marine products, and compliance with financial reporting standards.

What Investors Should Do

1. [object Object]
2. [object Object]
3. [object Object]
4. [object Object]

Key Dates

• 2025-08-30: End of Fiscal Year 2025 — Marks the reporting period for the 10-K filing, encompassing the company's financial performance and operational activities for the year.
• 2025-03-01: Aggregate Market Value Calculation Date — Provides a snapshot of the company's market capitalization as perceived by investors on this date, valued at $1,093,005,000.
• 2025-02-28: Common Stock Closing Price Date — The closing price of $40.41 on this date was used to determine the aggregate market value of non-affiliate common stock.
• 2025-10-15: Shares of Common Stock Outstanding Record Date — Indicates the total number of shares outstanding as of this date, which was 28,206,785.
• 2024-08-31: End of Fiscal Year 2024 — The previous fiscal year end, relevant for year-over-year comparisons which are not detailed in the provided text.
• 2023-04-28: Lithionics Acquisition Completion — Marks the integration of advanced battery solutions into Winnebago's portfolio, diversifying its product offerings beyond RVs and marine products.

Glossary

Towable RV

A non-motorized vehicle designed to be towed by another vehicle, used for temporary living quarters during travel and recreation. (Represents one of Winnebago's three primary reportable segments, with a significant price range from $20,000 to $163,000.)

Motorhome RV

A self-propelled recreational vehicle that provides temporary living quarters. (Another key reportable segment for Winnebago, featuring a wide price spectrum from $143,000 to $1,717,000.)

Marine Products

Boats manufactured by brands like Chris-Craft and Barletta, used for recreational water activities. (The third reportable segment, with products ranging in price from $47,000 to $783,000.)

Lithionics

A subsidiary acquired by Winnebago Industries that designs and manufactures advanced lithium-ion battery solutions. (Represents a strategic diversification into energy storage solutions for RVs, boats, and other vehicles, completed in April 2023.)

RVIA

Recreation Vehicle Industry Association, an industry body that classifies types of recreational vehicles. (Provides industry context and classification standards for Winnebago's towable RV products.)

Non-affiliate Common Stock

Shares of the company's stock held by investors who are not considered company insiders or affiliated parties. (Used to calculate the aggregate market value of the company's publicly traded shares, indicating investor sentiment and valuation.)

Year-Over-Year Comparison

The provided text focuses on the fiscal year ended August 30, 2025, and does not contain comparative data from the previous fiscal year (ended August 31, 2024). Therefore, a direct comparison of key metrics like revenue growth, margin changes, or the emergence of new risks cannot be made based on this information alone.

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 par value per share WGO New York Stock
• $40.41 — , 2025, based upon the closing price of $40.41 as of February 28, 2025, as reported on
• $20,000 — etail prices ranging from approximately $20,000 to $163,000, which can vary depending o
• $163,000 — s ranging from approximately $20,000 to $163,000, which can vary depending on size and m
• $143,000 — etail prices ranging from approximately $143,000 to $1,717,000, which can vary depending
• $1,717,000 — ranging from approximately $143,000 to $1,717,000, which can vary depending on size and m
• $47,000 — etail prices ranging from approximately $47,000 to $783,000, which can vary depending o
• $783,000 — s ranging from approximately $47,000 to $783,000, which can vary depending on size and m

Filing Documents

• wgo-20250830.htm (10-K) — 1856KB
• winnebagonqsooptionagreeme.htm (EX-10.14) — 39KB
• winnebago-executiveeltrsua.htm (EX-10.18) — 38KB
• fy26aipplandocforelt-91920.htm (EX-10.22) — 56KB
• winnebago-psuawardagreemen.htm (EX-10.28) — 42KB
• wmhprofitabilityimprovemen.htm (EX-10.30) — 29KB
• exh21202510-k.htm (EX-21) — 14KB
• exh23202510-k.htm (EX-23) — 2KB
• exh311202510-k.htm (EX-31.1) — 12KB
• exh312202510-k.htm (EX-31.2) — 13KB
• exh321202510-k.htm (EX-32.1) — 6KB
• exh322202510-k.htm (EX-32.2) — 7KB
• image_0.jpg (GRAPHIC) — 19KB
• image_1.jpg (GRAPHIC) — 3KB
• wgo-20250830_g1.jpg (GRAPHIC) — 34KB
• wgo-20250830_g2.jpg (GRAPHIC) — 340KB
• 0000107687-25-000034.txt ( ) — 11750KB
• wgo-20250830.xsd (EX-101.SCH) — 63KB
• wgo-20250830_cal.xml (EX-101.CAL) — 126KB
• wgo-20250830_def.xml (EX-101.DEF) — 249KB
• wgo-20250830_lab.xml (EX-101.LAB) — 854KB
• wgo-20250830_pre.xml (EX-101.PRE) — 595KB
• wgo-20250830_htm.xml (XML) — 1749KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II 20 Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 63 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 PART III 64 Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 64 Item 13. Certain Relationships and Related Transactions, and Director Independence 64 Item 14. Principal Accountant Fees and Services 64 PART IV 65 Item 15. Exhibits and Financial Statement Schedules 65 Item 16. Form 10-K Summary 69

SIGNATURES

SIGNATURES 70 3 Table of Contents WINNEBAGO INDUSTRIES, INC. FORM 10-K Report for the Fiscal Year Ended August 30, 2025 Safe Harbor Statement Under the Private Securities Litigation Reform Act Certain of the matters discussed in this Annual Report on Form 10-K are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), which involve risks and uncertainties. With the exception of historical information, the matters discussed in this Annual Report on Form 10-K are forward-looking statements and may be identified by the use of words such as "anticipate," "assume," "believe," "estimate," "expect," "guidance," "intend," "outlook," "plan," "project," and other words and terms of similar meaning. Such statements reflect our current views and estimates with respect to future market conditions, company performance and financial results, operational investments, business prospects, new strategies, the competitive environment, and other events. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in such forward-looking statements. Readers should review Item 1A, Risk Factors , in this Annual Report on Form 10-K for the fiscal year ended August 30, 2025, for a description of important factors that could cause our actual results to differ materially from those contemplated by the forward-looking statements made in this Annual Report on Form 10-K. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: General economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth. Availability of financing for RV and marine dealers and retail purchasers. Co

Business

Item 1. Business. General The use of the terms "Winnebago Industries," "Winnebago," "we," "our," and "us" in this Annual Report on Form 10-K, unless the context otherwise requires, refer to Winnebago Industries, Inc. and its wholly-owned subsidiaries. Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. We also design and manufacture advanced battery solutions that deliver "house power," supporting internal electrical features and appliances for a variety of outdoor products including RVs, boats, specialty and other low-speed vehicles, as well as other industrial applications. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles. We produce our towable RV units in Indiana; our motorhome RV units in Iowa and Indiana; our marine units in Indiana and Florida; and our battery solutions in Florida. We distribute our RV and marine products primarily through independent dealers throughout the U.S. and Canada, who then retail the products to the end consumer. We also distribute our marine products internationally through independent dealers, who then retail the products to the end consumer. Our battery solutions are primarily sold to customers in the U.S. All references to Fiscal 2025 refer to the 52-week period ended August 30, 2025. Fiscal 2024 refers to the 53-week period ended August 31, 2024 and Fiscal 2023 refers to the 52-week period ended August 26, 2023. Available Information Our internet website, located at www.winnebagoind.com, provides additional information about us. On our website you can obtain, free of charge, this and prior year Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all other recent filings with the SEC. Our