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REV Group (REVG) investor relations material
REV Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Dec, 2025
Executive summary
Announced a strategic merger with Terex Corporation, expected to close in the first half of 2026, aiming to enhance scale, market position, and long-term value creation, with integration planning underway and segment management teams to remain intact.
Achieved record free cash flow of $190 million and returned over $120 million to shareholders via buybacks and dividends in fiscal 2025.
Operational improvements in specialty vehicles and disciplined cost management in recreational vehicles led to increased throughput, efficiency, and improved inventory and cash conversion.
Continued investments in facilities, automation, and capacity expansion, particularly in fire and ambulance segments, targeting efficiency and throughput gains.
Net income for the year was $95.2 million, down from $257.6 million in 2024, with Adjusted Net Income at $135.8 million.
Financial highlights
Full year 2025 consolidated net sales reached $2.46 billion, up 3.5% year-over-year; excluding exited bus businesses, net sales rose 11.1%.
Full year consolidated Adjusted EBITDA was $229.5 million, up 58.1% year-over-year excluding bus business, with margin improving by 280 basis points.
Fourth quarter net sales were $664.4 million, up 13% year-over-year excluding bus business; Adjusted EBITDA was $69.7 million, up 39.7%.
Gross profit for the year was $369.8 million, and operating income was $182.2 million, more than doubling from 2024.
Free cash flow for the year was $190 million, with operating cash flow at $241.1 million.
Segment performance
Specialty Vehicle segment Q4 sales were $507.4 million, up over 15% year-over-year excluding bus business; Adjusted EBITDA was $70.5 million, up over 39%.
Specialty Vehicle backlog grew to $4.4 billion, up 5.3% year-over-year, with a book-to-bill ratio above one, driven by demand for fire apparatus and ambulances.
Recreational Vehicle segment Q4 sales were about $157 million, flat year-over-year; Adjusted EBITDA was $9 million, up 11.1%.
Recreational Vehicle backlog declined 20% to $233 million, reflecting a challenging retail environment and lower order intake.
Recreational Vehicle segment benefited from favorable product mix and cost actions, but faced softer market demand.
What are the next key milestones for Terex merger
What drives RV segment backlog decline?
Detail inventory management improvements
Explain 'lift and shift' integration approach
SV efficiency: what's beyond 'middle innings'?
RV demand by class: what's the outlook?
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Frequently asked questions
REV Group, Inc. designs, manufactures, and distributes specialty vehicles, and related aftermarket parts and services worldwide. The company offers a range of specialty vehicles, such as ambulances and hearses; mobile command center vehicles; flatbed converted vans; minibuses; ambulatory/stretcher vehicles; van conversions; fire apparatus; limousines and sedan livery vehicles, including stretch sedans and limousines; international funeral coachway systems that span the width of the vehicle to protect caskets during vehicle transport; counter-attack systems that are specialized defense products used for prisoner transport; and chassis for specialty utility vehicle. It sells its products primarily through a network of independent dealers in North America and Europe. REV Group, Inc. is based in Brookfield, Wisconsin.
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