Winnebago Earnings: RV Makers Continue to Wait for Fiscal 2025 Second-Half Recovery

The recreational vehicle industry continues to be in a holding pattern as dealers remain uneasy about restocking inventory, especially motorhomes. High—though recently falling—interest rates and the slow winter selling months make dealers unwilling to use capital for units they may not sell until the spring. Winnebago’s fiscal 2025 first-quarter results reflect that sentiment, with total revenue down 18% year over year on lower RV volume in motorized and towables as well as lower price points. Consumers continue to trade down. CEO Michael Happe cited competitors' fierce discounting that at times the company felt compelled to match for Winnebago brand motorhomes.