Financial Analysis

CONTINGENT LIABILITIES AND COMMITMENTS The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for certain independent dealers of certain of its RV products. These arrangements, which are customary in the RV industry, provide for the repurchase of products sold to dealers in the event of default by the dealer on their agreement to pay the financial institution. The repurchase price is generally determined by the original sales price of the product and predefined curtailment arrangements. The Company typically resells the repurchased product at a discount from its repurchase price. The risk of loss from these agreements is spread over numerous dealers. In addition to the guarantee under these repurchase agreements, the Company may also be required to repurchase inventory relative to dealer terminations in certain states in accordance with state laws or regulatory requirements. The repurchase activity related to dealer terminations in certain states has historically not been material in relation to our repurchase obligation with financial institutions. The Companys total commercial commitments under standby repurchase obligations on dealer inventory financing as of July 31, 2025 and July 31, 2024 were $3,484,235 and $3,642,137, respectively. The commitment term is generally up to eighteen months. The Company accounts for the guarantee under repurchase agreements of dealers financing by deferring a portion …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS Substantially all non-highly compensated U.S. employees are eligible to participate in a 401(k) plan. The Company may make discretionary contributions to the 401(k) plan according to a matching formula determined by each operating subsidiary. Total expense for the plan was $5,403 in fiscal 2025, $4,840 in fiscal 2024 and $5,179 in fiscal 2023. The Company has established a deferred compensation plan for highly compensated U.S. employees who are not eligible to participate in a 401(k) plan. This plan allows participants to defer a portion of their compensation and the Company then invests the funds in a combination of corporate-owned life insurance (COLI) and mutual fund investments held by the Company. The employee deferrals and the results and returns of the investments selected by the participants, which totaled $146,064 at July 31, 2025 and $130,218 at July 31, 2024, are recorded as Other long-term liabilities in the Consolidated Balance Sheets. Investments held by the Company are accounted for at cash surrender value for COLI and at fair value for mutual fund investments. Both types of company-owned assets, which in total approximate the same value as the plan liabilities, are reported as Other long-term assets on the Consolidated Balance Sheets. Changes in the value of the plan assets are reflected within Other income, net on the Consolidated Statements of Income and Comprehensive Income. Changes in the value of the liability are reflected within S …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Companys revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components. 2025 2024 2023 NET SALES: Recreational vehicles North American Towable Travel Trailers and Other $ 2,298,926 $ 2,395,246 $ 2,587,686 Fifth Wheels 1,485,740 1,284,425 1,614,942 Total North American Towable 3,784,666 3,679,671 4,202,628 North American Motorized Class A 633,418 776,836 1,066,617 Class C 1,068,113 1,162,140 1,536,398 Class B 474,073 506,874 711,155 Total North American Motorized 2,175,604 2,445,850 3,314,170 Total North American 5,960,270 6,125,521 7,516,798 European Motorcaravan 1,657,916 1,747,291 1,409,137 Campervan 837,809 1,064,293 987,623 Caravan 177,749 235,928 358,415 Other RV-related 350,487 317,468 281,972 Total European 3,023,961 3,364,980 3,037,147 Total recreational vehicles 8,984,231 9,490,501 10,553,945 Other 859,609 781,927 777,639 Intercompany eliminations (264,350) (229,020) (209,979) Total $ …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS The Company assesses the inputs used to measure the fair value of certain assets and liabilities using a three-level hierarchy, as prescribed in ASC 820, Fair Value Measurements and Disclosures, as defined below: Level 1 inputs include quoted prices in active markets for identical assets or liabilities and are the most observable. Level 2 inputs include inputs other than Level 1 that are either directly or indirectly observable, such as quoted market prices for similar but not identical assets or liabilities, quoted prices in inactive markets or other inputs that can be corroborated by observable market data. Level 3 inputs are not observable, are supported by little or no market activity and include managements judgments about the assumptions market participants would use in pricing the asset or liability. The financial assets and liabilities that were accounted for at fair value on a recurring basis at July 31, 2025 and July 31, 2024 are as follows: Input Level July 31, 2025 July 31, 2024 Cash equivalents Level 1 $ 362,067 $ 310,210 Deferred compensation plan mutual fund assets Level 1 $ 12,302 $ 28,985 Equity investments Level 1 $ $ 1,169 Interest rate swap liabilities, net Level 2 $ 1,210 $ 1,137 Warrants to purchase shares Level 2 $ 10,885 $ Cash equivalents represent investments in short-term money market instruments that are direct obligations of the U.S. Treasury and/or repurchase agreements backed by U.S. Treasury obligations. These investment …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INTANGIBLE ASSETS AND GOODWILL The components of Amortizable intangible assets are as follows: July 31, 2025 July 31, 2024 Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships $ 1,126,554 $ 696,064 $ 1,107,396 $ 610,106 Trademarks 360,291 135,063 353,435 114,272 Design technology and other intangibles 268,148 165,108 259,660 134,980 Total amortizable intangible assets $ 1,754,993 $ 996,235 $ 1,720,491 $ 859,358 Estimated annual amortization expense is as follows: For the fiscal year ending July 31, 2026 $ 110,334 For the fiscal year ending July 31, 2027 101,466 For the fiscal year ending July 31, 2028 92,491 For the fiscal year ending July 31, 2029 76,563 For the fiscal year ending July 31, 2030 60,951 For the fiscal year ending July 31, 2031 and thereafter 316,953 $ 758,758 The Company completed its annual Goodwill impairment test for fiscal 2025 as of May 31, 2025, and no impairment was identified. There were no impairments of goodwill during fiscal 2024 or 2023. Changes in the carrying amount of Goodwill by reportable segment as of July 31, 2025 and July 31, 2024 are summarized as follows: North American Towable North American Motorized European Other Total Net balance as of July 31, 2023 $ 337,883 $ 65,064 $ 965,758 $ 431,717 $ 1,800,422 Fiscal year 2024 activity: Goodwill acquired 3,635 3,635 Foreign currency translation and other (17,084) (17,084) Net balance as of July 31, 2024 $ 337,883 $ 65,064 $ 948,674 $ 435,352 $ 1,786 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES The sources of income before income taxes are as follows: For the Fiscal Years Ended July 31, 2025 2024 2023 United States $ 180,390 $ 115,618 $ 315,939 Foreign 115,801 233,226 183,414 Total $ 296,191 $ 348,844 $ 499,353 The components of the provision for income taxes are as follows: For the Fiscal Years Ended July 31, Income Taxes: 2025 2024 2023 U.S. Federal $ 37,250 $ 52,832 $ 102,919 U.S. state and local 10,660 10,372 14,803 Foreign 20,750 48,242 45,174 Total current expense 68,660 111,446 162,896 U.S. Federal (4,997) (22,236) (28,819) U.S. state and local 268 (4,116) (3,447) Foreign (24,331) (1,650) (5,517) Total deferred expense (benefit) (29,060) (28,002) (37,783) Total income tax expense $ 39,600 $ 83,444 $ 125,113 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 limitations and changes to international tax provisions. The most relevant impact to the Company for fiscal year 2025 is the 100% bonus depreciation for qualified property placed in service after January 19, 2025. The other relevant provisions of the OBBB will impact the Company in fiscal years 2026 and 2027. For fiscal year 2026, the Company will have the option to accelerate its previously capitalized and unamortized U.S. research and development costs o …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company has operating leases primarily for land, buildings and equipment and has various finance leases for certain land and buildings principally expiring through 2035. Certain of the Companys leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases. The components of lease costs for the fiscal years ended July 31, 2025, July 31, 2024 and July 31, 2023 were as follows: Fiscal Years Ended July 31, 2025 2024 2023 Operating lease cost $ 35,383 $ 32,248 $ 30,200 Finance lease cost Amortization of right-of-use assets 746 746 746 Interest on lease liabilities 227 305 388 Total lease cost $ 36,356 $ 33,299 $ 31,334 Other information related to leases was as follows: Fiscal Years Ended July 31, Supplemental Cash Flow Information 2025 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,359 $ 32,167 $ 30,089 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,591 $ 7,960 $ 15,426 July 31, Supplemental Balance Sheet Information 2025 2024 Operating leases: Operating lease right-of-use assets $ 41,755 $ 43,139 Operating lease liabilities Other current liabilities $ 12 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT The components of long-term debt are as follows: July 31, 2025 July 31, 2024 Term loan $ 408,159 $ 594,361 Senior unsecured notes 500,000 500,000 Unsecured notes 5,723 27,070 Other debt 19,930 29,848 Total long-term debt 933,812 1,151,279 Debt issuance costs, net of amortization (10,833) (17,364) Total long-term debt, net of debt issuance costs 922,979 1,133,915 Less: Current portion of long-term debt (3,367) (32,650) Total long-term debt, net, less current portion $ 919,612 $ 1,101,265 The Company is a party to a term loan agreement, which includes both a United States dollar-denominated term loan tranche (USD term loan) and a Euro-denominated term loan tranche (Euro term loan) and a $1,000,000 asset-based credit facility (ABL). Since originally entering these loans, the Company has entered into various amendments to extend maturities, lower interest rates and make other minor modifications. Key provisions of the current agreements and the nature of recent amendments are described below. 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 USD term loan. Pursuant to the November 15, 2023 term loan amendments, the applicable margin used to determine the interest rate on USD term loan was reduced by 0.25% so that the applicable margin for Alternate Base Rate (ABR)-based loans was 1.75% and 2.75% for SOFR-based loans. The …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Accounting Pronouncements Recently Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2023-07 (ASU 2023-07) Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires additional disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, or the annual report for fiscal 2025 for the Company, and interim periods within fiscal years beginning after December 15, 2024, or interim periods starting in fiscal 2026 for the Company. The Company adopted ASU 2023-07 effective July 31, 2025. Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for financial statements for annual …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Companys revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components. 2025 2024 2023 NET SALES: Recreational vehicles North American Towable Travel Trailers and Other $ 2,298,926 $ 2,395,246 $ 2,587,686 Fifth Wheels 1,485,740 1,284,425 1,614,942 Total North American Towable 3,784,666 3,679,671 4,202,628 North American Motorized Class A 633,418 776,836 1,066,617 Class C 1,068,113 1,162,140 1,536,398 Class B 474,073 506,874 711,155 Total North American Motorized 2,175,604 2,445,850 3,314,170 Total North American 5,960,270 6,125,521 7,516,798 European Motorcaravan 1,657,916 1,747,291 1,409,137 Campervan 837,809 1,064,293 987,623 Caravan 177,749 235,928 358,415 Other RV-related 350,487 317,468 281,972 Total European 3,023,961 3,364,980 3,037,147 Total recreational vehicles 8,984,231 9,490,501 10,553,945 Other 859,609 781,927 777,639 Intercompany eliminations (264,350) (229,020 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"BUSINESS SEGMENTS The Companys Chief Operating Decision Maker (""CODM"") is the President and Chief Executive Officer. The CODM uses net sales, gross profit and income (loss) before income taxes to measure performance of the Companys segments, allocate resources and make operating decisions. The CODM regularly evaluates these financial measures compared to prior year and forecasted results. Income (loss) before income taxes is utilized during the Companys budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Company has three reportable segments, all related to recreational vehicles: (1) North American Towable Recreational Vehicles, (2) North American Motorized Recreational Vehicles and (3) European Recreational Vehicles. The North American Towable Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Heartland (which will be reported as a component of Jayco (towable) beginning in fiscal 2026), Jayco (towable), Keystone and KZ. The North American Motorized Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (motorized), Thor Motor Coach and the Tiffin Group. The European Recreational Vehicles reportable segment consists solely of the EHG business. EHG manufactures a full line of motorized and …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations THOR Industries, Inc. was founded in 1980 and is the sole owner of operating subsidiaries (collectively, the Company or THOR), that, combined, represent the worlds largest manufacturer of recreational vehicles (RVs) by units sold and revenue. The Company manufactures a wide variety of RVs in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to THOR, the Company, we, our and us refer to THOR Industries, Inc. and its subsidiaries. The Companys business activities are primarily comprised of three distinct operations, which include the design, manufacture and sale of North American Towable Recreational Vehicles, North American Motorized Recreational Vehicles and European Recreational Vehicles, with the European vehicles including both towable and motorized products as well as other RV-related products and services. Accordingly, the Company has presented financial information for these three segments in Note 2 to the Consolidated Financial Statements. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of THOR Industries, Inc. and its subsidiaries. The Company consolidates all majority-owned subsidiaries, and all intercompany balances and transactions are eliminat …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"STOCKHOLDERS EQUITY Stock-based Compensation The Company's Board of Directors (""the Board"") and the shareholders approved, and subsequently amended, the THOR Industries, Inc. 2016 Equity and Incentive Plan (the 2016 Equity and Incentive Plan). The maximum number of shares issuable under the amended 2016 Equity and Incentive Plan is 3,600,000. As of July 31, 2025, the remaining shares available to be granted under the 2016 Equity and Incentive Plan is 652,508. Awards may be in the form of options (incentive stock options and non-statutory stock options), restricted stock, restricted stock units, performance compensation awards and stock appreciation rights. Under the Companys program to award restricted stock units (RSU), the Compensation and Development Committee of the Board generally approves awards each October related to the financial performance of the most recently completed fiscal year. The awarded employee restricted stock units vest, and shares of common stock are issued, in equal installments on the first, second and third anniversaries of the date of grant. In addition, concurrent with the timing of the employee awards, the Environmental, Social, Governance and Nominating Committee of the Board has awarded restricted stock units to Board members that will vest, and shares of common stock will be issued, on the first anniversary of the date of the grant. The fair value of the employee and Board member restricted stock units is determined using the Companys stock …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Contingent Liabilities, Commitments and Legal Matters The Companys total commercial commitments under standby repurchase obligations on dealer inventory financing were $3,719,061 and $3,484,235 as of April 30, 2026 and July 31, 2025, respectively. The commitment term is generally up to eighteen months. The Company accounts for the guarantee under repurchase agreements of independent dealers financing by deferring a portion of the related product sale that represents the estimated fair value of the guarantee at inception. This estimate is based on recent historical experience supplemented by the Companys assessment of current economic and other conditions affecting its independent dealers. This deferred amount is included in the repurchase and guarantee reserve balances of $19,268 and $17,508 as of April 30, 2026 and July 31, 2025, respectively, which are included in Other current liabilities in the Condensed Consolidated Balance Sheets. Losses incurred related to repurchase agreements that were settled during the three and nine-month periods ended April 30, 2026 and April 30, 2025 were not material. Based on current market conditions and other conditions affecting its independent dealers, the Company believes that any future losses under these agreements will not have a material effect on the Companys consolidated financial position, results of operations or cash flows. The Company is also involved in certain litigation arising out of its operations in the normal course of it …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Companys revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components. Three Months Ended April 30, Nine Months Ended April 30, NET SALES: 2026 2025 2026 2025 Recreational vehicles North American Towable Travel Trailers $ 538,239 $ 676,680 $ 1,447,839 $ 1,797,995 Fifth Wheels 343,539 492,198 1,041,514 1,097,927 Total North American Towable 881,778 1,168,878 2,489,353 2,895,922 North American Motorized Class A 186,725 174,783 545,769 479,368 Class C 403,538 340,530 1,029,947 778,810 Class B 127,473 151,373 380,187 360,014 Total North American Motorized 717,736 666,686 1,955,903 1,618,192 Total North America 1,599,514 1,835,564 4,445,256 4,514,114 European Motorcaravan 543,757 481,554 1,291,004 1,135,416 Campervan 294,629 252,227 665,196 591,407 Caravan 50,428 59,083 112,406 134,334 Other RV-related 98,771 90,678 258,930 239,753 Total European 987,585 883,542 2,327,536 2,100,910 Total recreation …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The financial assets and liabilities that are accounted for at fair value on a recurring basis at April 30, 2026 and July 31, 2025 are as follows: Input Level April 30, 2026 July 31, 2025 Assets: Cash equivalents Level 1 $ 91,428 $ 362,067 Deferred compensation plan mutual fund assets Level 1 $ 2,479 $ 12,302 Warrants to purchase shares Level 2 $ 19,896 $ 10,885 Liabilities: Interest rate swaps Level 2 $ 1,101 $ 1,210 Foreign currency forward contracts Level 2 $ 404 $ Cash equivalents represent investments in short-term money market instruments that are direct obligations of the U.S. Treasury and/or repurchase agreements backed by U.S. Treasury obligations. These investments are reported as a component of Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Deferred compensation plan assets accounted for at fair value are investments in securities (primarily mutual funds) traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Additional plan investments in corporate-owned life insurance are recorded at their cash surrender value, not fair value, and therefore are not included above. Warrants to purchase shares represent certain warrants to purchase common and preferred shares of a non-public company that is not actively traded. Fair value is determined based upon prices paid by investors for the same or similar securities. These warrants are reported as a component …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Intangible Assets and Goodwill The components of Amortizable intangible assets, net are as follows: April 30, 2026 July 31, 2025 Accumulated Accumulated Cost Amortization Cost Amortization Dealer networks/customer relationships $ 1,134,782 $ 750,486 $ 1,126,554 $ 696,064 Trademarks 363,135 150,682 360,291 135,063 Design technology and other intangibles 272,244 186,886 268,148 165,108 Total amortizable intangible assets $ 1,770,161 $ 1,088,054 $ 1,754,993 $ 996,235 Estimated future amortization expense is as follows: For the remainder of the fiscal year ending July 31, 2026 $ 27,802 For the fiscal year ending July 31, 2027 102,488 For the fiscal year ending July 31, 2028 93,456 For the fiscal year ending July 31, 2029 77,272 For the fiscal year ending July 31, 2030 61,412 For the fiscal year ending July 31, 2031 and thereafter 319,677 $ 682,107 Changes in the carrying amount of Goodwill by reportable segment for the nine months ended April 30, 2026 are summarized as follows: North American Towable North American Motorized European Other Total Net balance as of August 1, 2025 $ 337,883 $ 65,064 $ 1,002,819 $ 435,352 $ 1,841,118 Fiscal 2026 activity: Goodwill acquired 10,568 10,568 Foreign currency translation 22,428 22,428 Net balance as of April 30, 2026 $ 337,883 $ 65,064 $ 1,025,247 $ 445,920 $ 1,874,114 Changes in the carrying amount of Goodwill by reportable segment for the nine months ended April 30, 2025 are summarized as follows: North American Towable North American Mo …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Provision for Income Taxes The overall effective income tax rate for the three months ended April 30, 2026 was 28.4%, and the effective income tax rate for the nine months ended April 30, 2026 was 28.7%. These rates were both negatively impacted by certain losses in foreign jurisdictions without an associated tax benefit and changes in statutory tax rates in certain foreign jurisdictions. The overall effective income tax rate for the three months ended April 30, 2025 was 13.9%, and the effective income tax rate for the nine months ended April 30, 2025 was 15.0%. These rates were both impacted by the jurisdictional mix of pre-tax earnings between foreign and domestic operations, including the favorable impact of certain foreign exchange gains not subject to taxation. The Company also recorded an income tax benefit from certain tax provision adjustments that primarily resulted from changes in estimates while completing the prior-year tax return during the three months ended April 30, 2025. Within the next 12 months, the Company does not anticipate any material changes in its unrecognized tax benefits recorded as of April 30, 2026.

IncomeTaxDisclosureTextBlock

Leases The components of lease costs for the three and nine-month periods ended April 30, 2026 and April 30, 2025 were as follows: Three Months Ended April 30, Nine Months Ended April 30, 2026 2025 2026 2025 Operating lease cost $ 9,777 $ 8,868 $ 28,700 $ 26,227 Finance lease cost: Amortization of right-of-use assets 1,338 186 1,711 559 Interest on lease liabilities 32 54 113 178 Total lease cost $ 11,147 $ 9,108 $ 30,524 $ 26,964 Other information related to leases was as follows: Nine Months Ended April 30, Supplemental Cash Flow Information 2026 2025 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 28,712 $ 26,202 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,724 $ 8,323 Supplemental Balance Sheet Information April 30, 2026 July 31, 2025 Operating leases: Operating lease liabilities: Other current liabilities $ 11,683 $ 12,108 Other long-term liabilities 32,117 30,081 Total operating lease liabilities $ 43,800 $ 42,189 Finance leases: Finance lease liabilities: Other current liabilities $ 1,067 $ 968 Other long-term liabilities 86 898 Total finance lease liabilities $ 1,153 $ 1,866

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Long-Term Debt The components of long-term debt are as follows: April 30, 2026 July 31, 2025 Term loan $ 359,138 $ 408,159 Senior unsecured notes 500,000 500,000 Unsecured notes 5,851 5,723 Other debt 17,650 19,930 Total long-term debt 882,639 933,812 Debt issuance costs, net of amortization (8,328) (10,833) Total long-term debt, net of debt issuance costs 874,311 922,979 Less: Current portion of long-term debt (2,867) (3,367) Total long-term debt, net, less current portion $ 871,444 $ 919,612 As discussed in Note 12 to the Companys Consolidated Financial Statements included in the Fiscal 2025 Form 10-K, the Company is a party to a term loan agreement, which consists of both a United States dollar-denominated term loan tranche (USD term loan) and a Euro-denominated term loan tranche (Euro term loan) and a $1,000,000 asset-based credit facility (ABL). As of April 30, 2026, the outstanding USD term loan balance of $50,000 was subject to a Secured Overnight Financing Rate (SOFR)-based rate totaling 5.90%. The total interest rate on the April 30, 2026 outstanding Euro term loan tranche balance of $309,138 was 4.76%. The Senior Unsecured Notes were issued on October 14, 2021 in an aggregate principal amount of $500,000 and bear fixed interest at a rate of 4.00%. As of April 30, 2026 and July 31, 2025, there were no outstanding ABL borrowings. ABL availability is based on borrowing base calculations of applicable eligible receivables and inventory, subject to certain limits. Availa …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. This ASU is effective for the Companys fiscal year 2026 beginning on August 1, 2025, and the Company adopted ASU 2023-09 effective August 1, 2025. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as updated by ASU 2025-01, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, issued in January 2025. This guidance provides updates to qualitative and quantitative disclosure requirements over the disaggregation of relevant expens …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue Recognition The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Companys revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components. Three Months Ended April 30, Nine Months Ended April 30, NET SALES: 2026 2025 2026 2025 Recreational vehicles North American Towable Travel Trailers $ 538,239 $ 676,680 $ 1,447,839 $ 1,797,995 Fifth Wheels 343,539 492,198 1,041,514 1,097,927 Total North American Towable 881,778 1,168,878 2,489,353 2,895,922 North American Motorized Class A 186,725 174,783 545,769 479,368 Class C 403,538 340,530 1,029,947 778,810 Class B 127,473 151,373 380,187 360,014 Total North American Motorized 717,736 666,686 1,955,903 1,618,192 Total North America 1,599,514 1,835,564 4,445,256 4,514,114 European Motorcaravan 543,757 481,554 1,291,004 1,135,416 Campervan 294,629 252,227 665,196 591,407 Caravan 50,428 59,083 112,406 134,334 Other RV-related 98,771 90,678 258,930 239,753 Total European 987,585 883,542 2,327,536 2,100, …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Business Segments The Companys Chief Operating Decision Maker (""CODM"") is the President and Chief Executive Officer. The CODM uses net sales, gross profit and income (loss) before income taxes to measure performance of the Companys segments, allocate resources and make operating decisions. The CODM regularly evaluates these financial measures compared to prior year and forecasted results. Income (loss) before income taxes is utilized during the Companys budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Company has three reportable segments, all related to recreational vehicles: (1) North American Towable Recreational Vehicles, (2) North American Motorized Recreational Vehicles and (3) European Recreational Vehicles. The North American Towable Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Jayco (towable), Keystone and KZ. The North American Motorized Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (motorized), Thor Motor Coach and the Tiffin Group. The European Recreational Vehicles reportable segment consists solely of the Erwin Hymer Group (EHG) business. EHG manufactures a full line of motorized and towable recreational vehicles, including motorcaravans, campervans, urban v …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Stockholders Equity Stock-based Compensation The Company's Board of Directors (the Board"") and its shareholders approved the THOR Industries, Inc. Amended and Restated Equity and Incentive Plan (the Plan) effective December 17, 2025. The maximum number of shares issuable under the Plan is 2,800,000. As of April 30, 2026, the remaining shares available to be granted under the Plan is 2,799,761. There are no shares available for new awards under any previous equity and incentive plans. The key terms and provisions of the Plan are generally consistent with the prior, recently expired equity and incentive plan. Awards under the Plan may be in the form of stock options (incentive stock options and non-statutory stock options), restricted stock, restricted stock units, performance compensation stock awards and stock appreciation rights. Total stock-based compensation expense recognized in the three-month periods ended April 30, 2026 and April 30, 2025 for stock-based awards totaled $6,702 and $8,188, respectively. Total stock-based compensation expense recognized in the nine-month periods ended April 30, 2026 and April 30, 2025 for stock-based awards totaled $25,599 and $26,798, respectively. Share Repurchase Program On June 18, 2025, the Board authorized the Company's management to utilize up to $400,000 to purchase shares of the Company's common stock beginning on June 18, 2025 and extending through July 31, 2027. The June 18, 2025 authorization is the Companys only active shar …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing