THO — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-22

• Our supply operations include Airxcel, Inc. ("Airxcel") and Postle Operating, LLC ("Postle").

• For the fiscal years ended July 31, 2026, 2025 and 2024, THOR, through its operating subsidiaries, is the largest manufacturer of RVs in North America, by units sold and revenue, based on retail statistics published by Statistical Surveys, Inc. (“Stat Surveys”) and other reported data. Our North Ame…

• Airstream manufactures and sells premium quality travel trailers and motorhomes. Airstream travel trailers are distinguished by their rounded shape and bright aluminum finish and, in our opinion, constitute the most recognized product in the recreational vehicle industry. Airstream manufactures and …

• Thor Motor Coach manufactures and sells gasoline and diesel Class A, Class C and Class B motorhomes. Its products are sold under trade names such as ACE, Resonate, Hurricane, Windsport, Outlaw, Indigo, Luminate, Vegas, Axis, Rize, Scope, Sequence, Tellaro, Palladium, Talavera, Sanctuary, Tranquility…

• The increase in total North American Recreational Vehicle backlog is primarily due to an increase in North American Towable backlog due to an increase in year-over-year orders for North American Towable products.

Text removed vs the prior filing · source: 10-K · 2025-09-24

• For the fiscal years ended July 31, 2025, 2024 and 2023, THOR, through its operating subsidiaries, is the largest manufacturer of RVs in North America, by units sold and revenue, based on retail statistics published by Statistical Surveys, Inc. (“Stat Surveys”) and other reported data. Our North Ame…

• Airstream manufactures and sells premium quality travel trailers and motorhomes. Airstream travel trailers are distinguished by their rounded shape and bright aluminum finish and, in our opinion, constitute the most recognized product in the recreational vehicle industry. Airstream manufactures and …

• 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. Hea…

• Thor Motor Coach manufactures and sells gasoline and diesel Class A, Class C and Class B motorhomes. Its products are sold under trade names such as Ace, Aria, Axis, Challenger, Chateau, Compass, Dazzle, Delano, Echelon, Four Winds, Gemini, Geneva, Hurricane, Inception, Indigo, Luminate, Magnitude, …

• The increase in total North American Recreational Vehicle backlog is primarily due to an increase in North American Motorized backlog, which was adversely impacted at July 31, 2024 by lower retail sales and dealer and consumer concerns over the higher interest rates and carrying costs at that time.

Text added vs the prior filing · source: 10-K · 2026-09-22

• The market price of our common stock may experience significant volatility due to factors both related and unrelated to our operating performance, including changes in economic and industry conditions, interest rates and credit availability, trade and regulatory developments, competitive activity, i…

• With our global footprint, macroeconomic, geopolitical and trade-related developments could materially adversely affect our business.

• Due to the interconnectedness of the global economy, a financial crisis, economic downturn or recession, trade policy volatility, geopolitical tensions, armed conflicts, sanctions, export controls, natural disasters, public health emergencies or other significant events in one area of the world can …

• The RV industry is highly competitive in both North America and Europe and our requirements as a public company may put us at a competitive disadvantage.

• The RV industry is generally characterized by relatively low barriers to entry, which results in a highly competitive business environment. According to Stat Surveys and CIVD, respectively, there are approximately 80 RV manufacturers in the U.S. and Canada and approximately 30 RV manufacturers acros…

Text removed vs the prior filing · source: 10-K · 2025-09-24

• The stock market, in general, experiences volatility that has often been unrelated to the underlying operating performance of companies. Likewise, at various points in our history, our stock price has experienced volatility that has not been correlated to our operating results. If this volatility we…

• •Development of new products and features by our competitors;

• •Development of new collaborative arrangements by us, our competitors or other parties;

• •Actual or anticipated changes in government regulations applicable to our business in the various jurisdictions in which we operate;

• •Actual or anticipated changes to trade policy, tariffs and import/export regulations;

Text added vs the prior filing · source: 10-K · 2026-09-22

• A product recall was issued in late fiscal 2021 related to certain purchased parts utilized in certain of our products, and an accrual to cover anticipated costs was established at that time. During fiscal 2022 through fiscal 2025, the accrual was adjusted quarterly based on developments involving t…

Text removed vs the prior filing · source: 10-K · 2025-09-24

• A product recall was issued in late fiscal 2021 related to certain purchased parts utilized in certain of our products, and an accrual to cover anticipated costs was established at that time. During fiscal 2022 through fiscal 2025, the accrual was adjusted quarterly based on developments involving t…

• The Company does not believe there will be a material adverse impact to our future results of operations and cash flows due to these matters.

Text added vs the prior filing · source: 10-K · 2026-09-22

• During fiscal year 2026 and fiscal year 2025, the Company embarked upon numerous and varied restructuring initiatives that impacted the majority of its operations across all reportable segments in efforts to streamline operations and improve labor efficiencies. See Note 17 to the Consolidated Financ…

• The One Big Beautiful Bill Act (“OBBB”) was signed into law on July 4, 2025. The OBBB includes a broad range of tax reform provisions affecting businesses including, but not limited to, 100% bonus depreciation, expensing of U.S.-based research and development costs, interest expense deduction limita…

• THOR’s total North American RV backlog as of July 31, 2026 increased $115,156, or 7.5%, to $1,644,790 from $1,529,634 as of July 31, 2025. The increase in backlog is primarily a result of an increase in year-over-year orders for North American Towable products.

• Economic and industry-wide factors that have historically affected, and which we believe will continue to affect, our operating results include the costs of commodities, the availability of critical supply components and labor costs incurred in the production of our products. Material and labor cost…

• We are actively managing our response to the imposition and effect of U.S. tariffs on imports, including: (i) the impact of the opinion by the U.S. Supreme Court issued in February 2026 holding that the International Emergency Economic Powers Act ("IEEPA") does not authorize the imposition of tariff…

Text removed vs the prior filing · source: 10-K · 2025-09-24

• The One Big Beautiful Bill Act (“OBBB”) was signed into law on July 4, 2025. The OBBB includes a broad range of tax reform provisions affecting businesses including, but not limited to, 100% bonus depreciation, expensing of U.S.-based research and development costs, interest expense deduction limita…

• On November 15, 2023, the Company entered into amendments to both its term loan and ABL agreements to extend maturities and lower the applicable margins used to determine the interest rate on the U.S. dollar-denominated loan tranche. The maturity date for the term loan was extended from February 1, …

• Subsequently, on July 1, 2024, the Company entered into an amendment to its term loan to modify the applicable margins used to determine the interest rate on both the U.S. dollar-denominated loans and Euro-denominated loans. The U.S. dollar interest rate under the amended agreement was reduced by 0.…

• THOR’s total North American RV backlog as of July 31, 2025 increased $200,352, or 15.1%, to $1,529,634 from $1,329,282 as of July 31, 2024, with the increase driven primarily by an increase in North American Motorized backlog, which was adversely impacted at July 31, 2024 by lower retail sales and d…

• As part of their September 2025 forecast, RVIA also issued their initial estimates for calendar year 2026 wholesale unit shipments. In the most likely scenario, towable and motorized unit shipments are projected to increase to an approximated annual total of 349,300 units, or 3.6% higher than the mo…