Please wait
lciia.jpg
    
LCI INDUSTRIES REPORTS FOURTH QUARTER
AND FULL YEAR FINANCIAL RESULTS
Delivered Strong Revenue Growth and Doubled Operating Income in Q4
Innovation and M&A Driving Growth
Provides Outlook for 2026 KPIs

Fourth Quarter 2025 Highlights Versus Fourth Quarter 2024
•Net sales increased 16% to $933 million, driven primarily by organic growth in RV OEM
•Operating profit margin expanded 180 bps to 3.8% from 2.0%
•Net income increased 96% to $19 million, or 2.0% of net sales
•Diluted earnings per share more than doubled to $0.77 from $0.37
•Adjusted net income of $22 million; adjusted diluted EPS increased 138% to $0.89 from $0.37
•Adjusted EBITDA increased 53% to $70 million, or 7.5% of net sales
•Towable RV content per unit up 11% to $5,670

Full Year 2025 Highlights Versus Full Year 2024
•Net sales increased 10% to $4.1 billion
•Operating profit margin expanded 100 bps to 6.8%
•Net income increased 32% to $188 million, or 4.6% of net sales
•Diluted earnings per share increased 35% to $7.57 from $5.60
•Adjusted net income of $185 million; adjusted diluted EPS increased 33% to $7.46 from $5.60
•Adjusted EBITDA increased 19% to $408 million, or 10% of net sales

Other Highlights
•Cash flows from operations of $331 million for the year ended December 31, 2025
•$243 million returned to shareholders in the form of dividends and share repurchases during 2025
•Strong liquidity position of $818 million, comprising $223 million of cash and cash equivalents and $595 million of availability on revolving credit facility at December 31, 2025
•Innovation continues to drive profitable sales growth and share gains with top five new innovative products projected at $225 million annualized sales run rate
•Expanded our presence in the transportation market with two key bus component acquisitions, Trans Air and Freedman Seating Company

Elkhart, Indiana - February 18, 2026 - LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported fourth quarter and full year 2025 results.

“We delivered a very strong 2025 with our strategic execution delivering results that validate our multi-year investment in operational excellence and diversification. Despite a difficult wholesale environment in the fourth quarter, our team's relentless focus on innovation, efficiency, and market expansion contributed to a strong fourth quarter performance. This included 16% revenue growth and operating profit that more than doubled, capping off a year of accomplishments that has positioned us well as we look to the future," said Jason Lippert, President and Chief Executive Officer. “The foundation we've built through our competitive moat - combining our scale, deep industry expertise, enhanced technology, and an extremely talented team – positions us to capture significant growth opportunities across our multiple end markets. With our towable content per unit increasing 67% since 2020, a robust aftermarket business touching nearly every RV on the road, and gaining meaningful traction in our other OEM markets, we enter 2026 in a strong competitive position, poised to deliver operating margin expansion and exceptional shareholder value creation.”

Fourth Quarter 2025 Results

Consolidated net sales increased 16.1% to $932.7 million in the fourth quarter of 2025, up from $803.1 million in the same period of 2024. The $129.6 million increase was primarily driven by a $115.0 million increase in the OEM


Segment, reflecting sales price increases due to higher material costs, sales from acquired businesses during the year ($40.1 million in the fourth quarter), and strong North American RV sales from market share gains and a higher mix of premium fifth-wheel units.
Net income was up 96% to $18.7 million, or $0.77 per diluted share, compared to $9.5 million, or $0.37 per diluted share, in the fourth quarter of 2024. Adjusted net income, which excludes restructuring costs, net of tax effect, more than doubled to $21.6 million, or $0.89 per diluted share, compared to $9.5 million, or $0.37 per diluted share. Adjusted EBITDA increased 53% to $70.1 million, compared to $45.8 million in the fourth quarter of 2024. Operating profit margin was 3.8% in the fourth quarter of 2025 compared to 2.0% in the same period of 2024. The year-over-year margin expansion primarily benefitted from reduced costs from materials sourcing strategies and increased North American RV sales volume related to an increased sales mix of higher content fifth-wheel units and market share gains, partially offset by $3.9 million of restructuring costs related to the closure of the Company's glass operations in Ireland.

*Additional information regarding adjusted net income and adjusted EBITDA used throughout this release, as well as reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure of net income, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.

Full Year 2025 Results

Consolidated net sales increased 10% to $4.1 billion for the full year 2025, up from $3.7 billion in 2024. The $380.8 million increase was primarily driven by contributions from acquired businesses during the year ($124.5 million), sales price increases due to higher material costs, and higher North American RV sales driven by an increased mix of higher content fifth-wheel units, market share gains and a modest increase in total North American RV wholesale shipments.

Net income for the full year 2025 was up 32% to $188.3 million, or $7.57 per diluted share, compared to net income of $142.9 million, or $5.60 per diluted share, for the full year 2024. Adjusted net income increased to $185.4 million, or $7.46 per diluted share, from $142.9 million, or $5.60 per diluted share, and excludes loss on extinguishment of debt, gain on sale of real estate, restructuring costs, and executive separation costs, net of tax effect. Adjusted EBITDA for the year ended December 31, 2025 increased 19% to $408.2 million, compared to $343.9 million for the full year 2024. Operating profit margin was 6.8% for the full year 2025 compared to 5.8% in 2024. The margin expansion primarily benefitted from reduced costs from materials sourcing strategies and leveraging of fixed expenses over higher North American RV sales volumes related to an increased sales mix of higher content fifth-wheel units, market share gains, and a modest increase in RV wholesale shipments.

OEM Segment - Fourth Quarter Performance

OEM net sales increased $115.0 million, or 18%, to $736.5 million for the fourth quarter of 2025, compared to the same period of 2024. RV OEM net sales increased 17% to $440.0 million, primarily driven by sales price increases related to higher material costs, an increase in RV sales mix toward higher content fifth-wheel units, and market share gains. Adjacent Industries OEM net sales increased 21% year-over-year to $296.5 million, driven primarily by sales from acquired businesses and higher sales to North American marine and utility trailer OEMs.

Operating profit of the OEM Segment was $26.9 million in the fourth quarter of 2025, or 3.7% of net sales, compared to $1.9 million, or 0.3% of net sales, in the same period in 2024. The operating profit margin expansion of the OEM Segment was primarily driven by increases in selling prices for targeted products, primarily related to increased material costs, reduced costs from material sourcing strategies, and improved fixed cost absorption, partially offset by higher material costs on the expense side, which were impacted by tariffs and higher steel, aluminum, and freight costs, and restructuring costs related to the closure of the Company's glass operations in Ireland.



Aftermarket Segment - Fourth Quarter Performance

Aftermarket net sales increased 8% to $196.2 million for the fourth quarter of 2025, compared to the same period of 2024. The increase was primarily driven by product innovations, increased demand for our upgrade and service parts as more units enter the upgrade and repair cycle within the RV aftermarket, and sales price increases related to higher material costs, partially offset by lower volumes within the automotive aftermarket. Operating profit of the Aftermarket Segment was $8.5 million, or 4.3% of net sales, compared to $14.3 million, or 7.9% of net sales, in the same period of 2024. The operating profit margin change was primarily driven by higher material costs related to tariffs and higher steel, aluminum, and freight costs, increases in sales mix toward lower margin products, and investments in capacity, distribution and logistics technology to support the growth of the Aftermarket Segment, partially offset by increases in selling prices for targeted products, primarily related to increased material costs, and reduced costs from material sourcing strategies.

Income Taxes

The Company's effective tax rate was 26.2% and 27.2% for the year and quarter ended December 31, 2025, respectively, compared to 24.5% and 13.5% for the year and quarter ended December 31, 2024, respectively. The increase in the effective tax rate for the full year and fourth quarter 2025 compared to 2024 was primarily due to an increase in the state tax rate.

Balance Sheet and Other Items

At December 31, 2025, the Company's cash and cash equivalents balance was $222.6 million, up from $165.8 million at December 31, 2024. The Company used $128.6 million for share repurchases, $114.0 million for dividend payments to shareholders, $112.7 million for the acquisitions of businesses, and $52.6 million for capital expenditures in the twelve months ended December 31, 2025.

The Company's outstanding long-term indebtedness, including current maturities, was $945.2 million at December 31, 2025. As of December 31, 2025, the Company had $595.2 million of borrowing availability under its revolving credit facility.

Outlook

Based on current market and economic conditions along with existing tariffs, the Company expects the following:

•January 2026 net sales of approximately $343 million, up 4% from prior year
•2026 North American RV wholesale shipments of 335,000 to 350,000
•2026 revenue of $4.2 billion to $4.3 billion
•2026 operating profit margin of 7.5% to 8.0%
•2026 adjusted EPS of $8.25 to $9.25

Conference Call & Webcast

LCI Industries will host a conference call to discuss its fourth quarter results on Wednesday, February 18, 2026, at 8:30 a.m. Eastern time. An online, real-time webcast, as well as a supplemental earnings presentation, will be available on the Company's website, www.investors.lci1.com. The conference call and webcast can also be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required access code 773066. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call.

A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for those outside the U.S. and referencing access code 126125. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.



About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to production levels, future financial results and business prospects, net sales, expenses and income (loss), operating margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand and shipments, run rates, integration of acquisitions, planned divestitures and facility consolidations, optimization of facilities and infrastructure, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Contact:
Lillian D. Etzkorn, CFO
(574) 535-1125
Investors@lci1.com

###


LCI INDUSTRIES
OPERATING RESULTS
(unaudited)
 Three Months Ended 
December 31,		Twelve Months Ended 
December 31,
 2025202420252024
(In thousands, except per share amounts)  
Net sales$932,700 $803,138 $4,122,017 $3,741,208 
Cost of sales726,788 633,732 3,141,722 2,861,493 
Gross profit205,912 169,406 980,295 879,715 
Warehouse and transportation51,320 44,546 205,060 196,482 
Selling, general and administrative expenses119,230 108,726 495,313 464,996 
Operating profit35,362 16,134 279,922 218,237 
Interest expense, net9,707 5,100 35,710 28,899 
Loss on extinguishment of debt— — 8,859 — 
Gain on sale of real estate— — (19,716)— 
Income before income taxes25,655 11,034 255,069 189,338 
Provision for income taxes6,971 1,487 66,819 46,471 
Net income$18,684 $9,547 $188,250 $142,867 
Net income per common share:    
Basic$0.77 $0.37 $7.59 $5.61 
Diluted$0.77 $0.37 $7.57 $5.60 
Weighted average common shares outstanding:    
Basic24,219 25,481 24,803 25,447 
Diluted24,349 25,599 24,855 25,507 
  
Depreciation$16,860 $16,482 $67,055 $70,393 
Amortization$14,021 $13,211 $54,176 $55,300 
Capital expenditures$14,573 $10,943 $52,644 $42,333 



LCI INDUSTRIES
SEGMENT RESULTS
(unaudited)
 Three Months Ended 
December 31,		Twelve Months Ended 
December 31,
2025202420252024
(In thousands)
Net sales:  
OEM Segment:  
RV OEMs:  
Travel trailers and fifth-wheels$382,644 $328,254 $1,708,236 $1,514,578 
Motorhomes57,361 47,808 235,976 233,066 
Adjacent Industries OEMs296,511 245,491 1,245,441 1,112,806 
Total OEM Segment net sales736,516 621,553 3,189,653 2,860,450 
Aftermarket Segment:    
Total Aftermarket Segment net sales196,184 181,585 932,364 880,758 
Total net sales$932,700 $803,138 $4,122,017 $3,741,208 
Operating profit:    
OEM Segment$26,893 $1,858 $184,120 $107,081 
Aftermarket Segment8,469 14,276 95,802 111,156 
Total operating profit$35,362 $16,134 $279,922 $218,237 
Depreciation and amortization:
OEM Segment depreciation$11,843 $12,446 $48,331 $53,484 
Aftermarket Segment depreciation5,017 4,036 18,724 16,909 
Total depreciation$16,860 $16,482 $67,055 $70,393 
OEM Segment amortization$9,996 $9,417 $38,665 $39,843 
Aftermarket Segment amortization4,025 3,794 15,511 15,457 
Total amortization$14,021 $13,211 $54,176 $55,300 



LCI INDUSTRIES
BALANCE SHEET INFORMATION
(unaudited)
 December 31,December 31,
 20252024
(In thousands)  
ASSETS  
Current assets  
Cash and cash equivalents$222,615 $165,756 
Accounts receivable, net243,425 199,560 
Inventories, net809,094 736,604 
Prepaid expenses and other current assets74,552 58,318 
Total current assets1,349,686 1,160,238 
Fixed assets, net428,031 432,728 
Goodwill622,183 585,773 
Other intangible assets, net402,568 392,018 
Operating lease right-of-use assets272,995 224,313 
Other long-term assets100,524 99,669 
Total assets$3,175,987 $2,894,739 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities  
Current maturities of long-term indebtedness$3,683 $423 
Accounts payable, trade202,257 187,684 
Current portion of operating lease obligations44,174 38,671 
Accrued expenses and other current liabilities223,253 185,275 
Total current liabilities473,367 412,053 
Long-term indebtedness941,502 756,830 
Operating lease obligations246,047 199,929 
Deferred taxes27,495 26,110 
Other long-term liabilities126,743 112,931 
Total liabilities1,815,154 1,507,853 
Total stockholders' equity1,360,833 1,386,886 
Total liabilities and stockholders' equity$3,175,987 $2,894,739 





LCI INDUSTRIES
SUMMARY OF CASH FLOWS
(unaudited)
 Twelve Months Ended 
December 31,
 20252024
(In thousands)  
Cash flows from operating activities:  
Net income$188,250 $142,867 
Adjustments to reconcile net income to cash flows provided by operating activities:  
Depreciation and amortization121,231 125,693 
Stock-based compensation expense22,689 18,653 
Deferred taxes15,882 (7,073)
Loss on extinguishment of debt8,859 — 
Gain on sale of real estate(19,716)— 
Other non-cash items17,999 7,209 
Changes in assets and liabilities, net of acquisitions of businesses: 
Accounts receivable, net(25,535)13,469 
Inventories, net(35,008)46,335 
Prepaid expenses and other assets(12,435)4,532 
Accounts payable, trade4,436 3,474 
Accrued expenses and other liabilities44,324 15,125 
Net cash flows provided by operating activities330,976 370,284 
Cash flows from investing activities:  
Capital expenditures(52,644)(42,333)
Acquisitions of businesses(112,693)(19,957)
Proceeds from sale of real estate22,674 — 
Other investing activities(4,404)1,192 
Net cash flows used in investing activities(147,067)(61,098)
Cash flows from financing activities:  
Vesting of stock-based awards, net of shares tendered for payment of taxes(5,298)(9,159)
Proceeds from revolving credit facility— 86,248 
Repayments under revolving credit facility(19,261)(138,752)
Proceeds from term loan borrowings391,000 — 
Repayments under term loan and other borrowings(283,765)(36,655)
Proceeds from issuance of convertible notes448,500 — 
Repurchase of convertible notes(368,920)— 
Purchases of convertible note hedge contracts(67,574)— 
Proceeds from issuance of warrants concurrent with note hedge contracts27,600 — 
Payment of dividends(114,043)(109,471)
Payment of contingent consideration and holdbacks related to acquisitions(893)(2)
Repurchases of common stock(128,571)— 
Other financing activities(4,266)(430)
Net cash flows used in financing activities(125,491)(208,221)
Effect of exchange rate changes on cash and cash equivalents (1,559)(1,366)
Net increase in cash and cash equivalents56,859 99,599 
Cash and cash equivalents at beginning of period165,756 66,157 
Cash and cash equivalents at end of period$222,615 $165,756 


LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
(unaudited)
Three Months EndedTwelve Months Ended
December 31,December 31,
2025202420252024
Industry Data(1) (in thousands of units):
Industry Wholesale Production:
Travel trailer and fifth-wheel RVs64.7 67.7 298.2 291.6 
Motorhome RVs8.4 8.0 36.0 34.9 
Industry Retail Sales:
Travel trailer and fifth-wheel RVs51.3 55.4 305.3 307.7 
Impact on dealer inventories13.4 12.3 (7.1)(16.1)
Motorhome RVs7.6 7.9 37.7 40.0 
Twelve Months Ended
December 31,
20252024
Lippert Content Per Industry Unit Produced:
Travel trailer and fifth-wheel RV$5,670 $5,097 
Motorhome RV$3,993 $3,742 
December 31,
20252024
Balance Sheet Data (debt availability in millions):
Remaining availability under the revolving credit facility (2)
$595.2 $452.5 
Days sales in accounts receivable, based on last twelve months29.7 29.9 
Inventory turns, based on last twelve months4.2 4.0 
2026
Estimated Full Year Data:
Revenue
$4.2 - $4.3 billion
Operating profit margin
7.5% - 8.0%
Adjusted diluted EPS
$8.25 - $9.25
Capital expenditures
$60 - $80 million
Depreciation and amortization
$115 - $125 million
Stock-based compensation expense
$24 - $27 million
Annual tax rate
25% - 27%
(1) Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry retail sales data provided by Statistical Surveys, Inc.
(2) Remaining availability under the revolving credit facility is subject to covenant restrictions.


LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)

The following table reconciles net income to Adjusted EBITDA and net income as a percentage of net sales to Adjusted EBITDA as a percentage of net sales.
Three Months Ended December 31,Twelve Months Ended December 31,
 2025202420252024
(In thousands) 
Net income$18,684 $9,547 $188,250 $142,867 
Interest expense, net9,707 5,100 35,710 28,899 
Provision for income taxes6,971 1,487 66,819 46,471 
Depreciation expense16,860 16,482 67,055 70,393 
Amortization expense14,021 13,211 54,176 55,300 
EBITDA$66,243 $45,827 $412,010 $343,930 
Loss on extinguishment of debt— — 8,859 — 
Gain on sale of real estate— — (19,716)— 
Restructuring costs3,900 — 3,900 — 
Executive separation costs— — 3,193 — 
Adjusted EBITDA$70,143 $45,827 $408,246 $343,930 
Net sales$932,700 $803,138 $4,122,017 $3,741,208 
Net income as a percentage of net sales2.0%1.2%4.6%3.8%
Adjusted EBITDA as a percentage of net sales7.5%5.7%9.9%9.2%


The following table reconciles net income to adjusted net income and net income per diluted share to adjusted net income per diluted share.
Three Months Ended December 31,Twelve Months Ended December 31,
 2025202420252024
(In thousands, except per share amounts) 
Net income$18,684 $9,547 $188,250 $142,867 
Loss on extinguishment of debt— — 8,859 — 
Gain on sale of real estate— — (19,716)— 
Restructuring costs3,900 — 3,900 — 
Executive separation costs— — 3,193 — 
Tax effect of adjustments(936)— 900 — 
Adjusted net income$21,648 $9,547 $185,386 $142,867 
Net income per common share - diluted$0.77 $0.37 $7.57 $5.60 
Loss on extinguishment of debt— — 0.36 — 
Gain on sale of real estate— — (0.79)— 
Restructuring costs0.16 — 0.16 — 
Executive separation costs— — 0.13 — 
Tax effect of adjustments(0.04)— 0.03 — 
Adjusted net income per common share - diluted$0.89 $0.37 $7.46 $5.60 
Weighted average common shares outstanding - diluted24,34925,59924,85525,507
In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measures of Adjusted EBITDA, Adjusted EBITDA as a percentage of net sales, adjusted net income, and adjusted net income per diluted common share to illustrate and improve comparability of its results from period to period. Adjusted EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, amortization expense, loss on extinguishment of debt, gain on sale of real estate, restructuring costs, and executive separation costs during the three and twelve month periods ended December 31, 2025 and 2024. Adjusted net income is defined as net income adjusted for loss on extinguishment of debt, gain on sale of real estate, restructuring costs, and executive separation costs, and the related tax effects during the three and twelve month periods ended December 31, 2025. The restructuring costs adjusted out of the non-GAAP measures relate to the closure of the Company's glass operations in Ireland. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. These measures are not in accordance with, nor are they substitutes for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.