THOMEDIUM SIGNALOPERATIONAL10-K

Thor Industries is restructuring its RV segment by consolidating Heartland's operations and brands into Jayco while relocating its principal executive office.

The integration of Heartland's trade names and operations into Jayco represents a meaningful consolidation that should streamline Thor's RV portfolio and potentially reduce operational complexity. This organizational restructuring, combined with the office relocation, suggests management is optimizing the business structure for improved efficiency and focus.

Comparing 2025-09-24 vs 2024-09-24View on EDGAR →
FINANCIAL ANALYSIS

Thor's balance sheet strengthened notably with debt reduction of 18.6% to $923 million while cash increased 17% to $587 million, indicating improved financial flexibility. The company increased capital expenditures by 20% to $138 million, suggesting continued investment in growth, while moderately reducing share buybacks to $53 million. Overall, the financial position appears healthier with reduced leverage and stronger liquidity.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-23%
$68.4M$52.6M

Buyback activity reduced 23% — capital being redeployed elsewhere or cash conservation underway.

Capital Expenditure
Cash Flow
+20.1%
$115.0M$138.2M

Capex increased 20.1% — ongoing investment in capacity or infrastructure for future growth.

Total Debt
Balance Sheet
-18.6%
$1.1B$923.0M

Debt reduced 18.6% — deleveraging strengthens balance sheet and reduces financial risk.

Cash & Equivalents
Balance Sheet
+17%
$501.3M$586.6M

Cash grew 17% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2025-09-24
PRIOR — 2024-09-24
ADDED
Our principal executive office is located at 52700 Independence Ct., Elkhart, Indiana 46514 and our telephone number is (574) 970-7460.
( Airstream ), Heartland Recreational Vehicles, LLC ( Heartland , which will be reported as a component of Jayco beginning in fiscal 2026), Jayco, Inc.
Heartland Heartland manufactured and sold conventional travel trailers and fifth wheels and included the operations of Heartland, Cruiser RV and DRV.
Heartland manufactured and sold conventional travel trailers and fifth wheels under trade names such as Bighorn , North Trail , Cyclone, Prowler and Sundance.
Heartland's trade names have been transferred to Jayco and, as such, will be reported as a component of Jayco beginning in fiscal 2026.
KZ manufactures and sells conventional travel trailers and fifth wheels under trade names such as Classic, Sportsmen , Connect , Ridgeway, Durango, Durango Gold and Sportster X , while Venture RV manufactures and sells conventional travel trailers and fifth wheels under trade names such as Sienna, Sonic, Stratus and SportTrek.
Erwin Hymer Group EHG manufactures motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles and caravans in nine primary RV production locations within Europe.
The North American Towable Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Heartland, Jayco (towable), Keystone and KZ.
Motorcaravans include various types such as integrated, semi-integrated and alcove, and are generally constructed on light-duty truck chassis, supplied complete with engine and drivetrain components by chassis manufacturers such as Stellantis, Mercedes-Benz and Ford.
Long-term capacity reductions in Europe generally involve agreed-upon terms with the applicable works council.
REMOVED
Our principal executive office is located at 601 East Beardsley Avenue, Elkhart, Indiana 46514 and our telephone number is (574) 970-7460.
( Airstream ), Heartland Recreational Vehicles, LLC ( Heartland , which includes Cruiser RV, LLC ( CRV ) and DRV, LLC ( DRV )), Jayco, Inc.
( Jayco , which includes Jayco, Starcraft, Highland Ridge and Entegra Coach), Keystone RV Company ( Keystone , which includes CrossRoads and Dutchmen), K.Z., Inc.
Heartland Heartland manufactures and sells conventional travel trailers and fifth wheels and includes the operations of Heartland, Cruiser RV and DRV.
Heartland, including Cruiser RV and DRV, manufactures and sells conventional travel trailers and fifth wheels under trade names such as Bighorn , Trail Runner , North Trail , Cyclone , Torque , Prowler , Milestone , Shadow Cruiser , MPG , Hitch, Sundance and Stryker and luxury fifth wheels under the trade name DRV Mobile Suites .
KZ manufactures and sells conventional travel trailers and fifth wheels under trade names such as Classic, Escape , Sportsmen , Connect , Venom , Gold , Durango and Sportster , while Venture RV manufactures and sells conventional travel trailers under trade names such as Stratus , SportTrek and Sonic .
Erwin Hymer Group EHG manufactures towable and motorized recreational vehicles, including motorcaravans, caravans, campervans and urban vehicles in eight primary RV production locations within Europe.
The North American Towable Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Heartland (including Cruiser RV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen), and KZ (including Venture RV).
For additional information regarding our segments, see Note 3 to the Consolidated Financial Statements.
Motorcaravans include various types such as integrated, semi-integrated and alcove, and are generally constructed on light-duty truck chassis, supplied complete with engine and drivetrain components by chassis manufacturers such as Stellantis, Mercedes-Benz, Ford and Iveco.
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