Winnebago Industries Inc (WGO) · Oct 21, 2026 · Earnings

Winnebago earnings meet EPS bar as towables slump

In line — Adjusted EPS $0.49 vs ~$0.49 consensus

Winnebago earnings came in near the EPS consensus, but revenue fell short as towables weakened and the RV recovery stayed uneven.

Winnebago is trying to rebuild profitability through a motorhome transformation, lower costs, refreshed products and tighter production while RV demand remains soft and dealers stay cautious. That backdrop was already visible after management cut Fiscal 2026 guidance in June; the new information is that the quarter finished with an EPS result near expectations but a weaker revenue mix than the headline earnings number suggests.

Metric	Q4 FY2026	Q4 FY2025	Comparison
Revenue	$645.1M	$777.3M	-17.0%
Adjusted diluted EPS	$0.49	$0.71	-31.0%
Published EPS consensus	~$0.49	—	In line
Published revenue consensus	~$660.1M	—	~2.3% below
Full-year adjusted diluted EPS	$1.79	$1.67	+7.2%
Operating cash flow	$168.7M	$128.9M	+30.9%
Long-term debt, net	$443.3M	$540.5M	Down $97.2M

The quarter was an earnings in-line, not an operating recovery. Adjusted EPS of $0.49 was effectively equal to the published consensus of roughly $0.49, but revenue of $645.1 million landed about 2.3% below the roughly $660.1 million expectation. The revenue decline was driven by lower unit volume and mix, while adjusted EPS benefited from cost control and lower interest expense.

Towables remain the main weak spot. Fourth-quarter Towable RV revenue fell 28.1% and operating income dropped 56.5%, with total deliveries down 23.6%; that is a sharper deterioration than the consolidated revenue decline. This matters because towables are still the largest business, so improving motorhome execution has not yet offset weakness in the core volume engine. 〔0〕

Motorhomes are the clearest evidence that the turnaround is beginning to work. The segment’s full-year revenue rose 8.4%, and it swung to $33.2 million of operating income from a $7.3 million loss a year earlier. However, fourth-quarter motorhome revenue still declined 10.4%, so the improvement is more about profitability and mix than a broad-based volume rebound. The filing’s claim of “traction” is supported by the margin outcome, but not yet by consolidated growth.

The balance sheet is a genuine offset to the soft demand picture. Full-year operating cash flow rose to $168.7 million, year-end cash increased to $181.4 million, and net debt fell materially from the prior year. That gives Winnebago more room to fund product and capacity changes through the downturn, although the filing also shows inventories slightly above the prior year and no meaningful fourth-quarter revenue recovery yet.

The forward setup remains cautious rather than reset higher. Management expects North American RV wholesale shipments of 275,000–295,000 units in calendar 2026 and 265,000–295,000 in 2027, signaling that a sector-wide volume rebound is still difficult to time. The supplied filing text does not include the numeric Fiscal 2027 revenue or EPS targets after introducing the outlook, so the business case rests more on self-help, product launches and share gains than on a clearly quantified recovery forecast. 〔1〕

Bottom line: This was broadly in line on adjusted EPS but mixed underneath: cash generation and motorhome profitability improved, while towables produced a meaningful revenue and margin setback. The filing strengthens the turnaround foundation, but it does not yet show a broad RV demand recovery.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Winnebago earnings meet EPS bar as towables slump

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