LCI Industries (LCII) FY2025 results: revenue $4.1 billion, up 10.2% on the year
LCI Industries (LCII) reported revenue of $4.1 billion for fiscal 2025, the year ended 31 December 2025, up 10.2% on the year before. Net income was $188 million, up 31.8%, and diluted earnings per share $7.57. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$4.1 billion
+10.2% on the year
FY2018FY2025
Operating margin
6.8%
5.8% a year earlier
FY2018FY2025
Net income
$188 million
+31.8% on the year
FY2018FY2025
Diluted EPS
$7.57
+35.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 lowered, 1 narrowed, 7 new.
Fourth quarter sales rose 16%: Net sales grew to $932.7 million. The company attributed the increase mainly to OEM price increases tied to material costs, acquired businesses, and North American RV share gains.
Operating margin rose to 3.8%: Operating profit margin was 3.8% in the fourth quarter, up from 2.0% a year earlier, on operating profit of $35.4 million compared with $16.1 million.
OEM Segment margin rose to 3.7%: OEM Segment operating profit was $26.9 million, or 3.7% of net sales, compared with $1.9 million, or 0.3%, in the prior-year fourth quarter.
Aftermarket margin fell to 4.3%: Aftermarket sales rose 8% on product innovation and upgrade demand, partly offset by lower automotive aftermarket volumes. Operating margin fell with tariff, metal and freight costs and capacity investment.
Sourcing savings lifted the margin: The company said the year-over-year margin expansion mainly came from lower costs under its materials sourcing strategies and higher volume of higher-content fifth-wheel units.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
331
370
527
-10.6%
Capital expenditure
52.6
42.3
62.2
+24.4%
Free cash flow
278
328
465
-15.1%
Free cash flow margin
6.8%
8.8%
12.3%
Cash from investing
-147
-61.1
-83.7
Cash from financing
-125
-208
-426
Depreciation and amortisation
121
126
132
-3.5%
Share-based compensation
22.7
18.7
18.2
+21.6%
Buybacks
129
0.0
0.0
Dividends paid
114
109
106
+4.2%
Dividend per share
$4.60
$4.30
$4.20
+7.0%
Diluted shares, weighted
25m
26m
25m
-2.6%
Shares outstanding at period end
24m
25m
25m
-5.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,361
1,387
1,355
-1.9%
Debt
945
757
847
+24.8%
Operating lease liabilities
246
200
223
+23.1%
Other liabilities
624
551
534
+13.3%
Total liabilities and equity
3,176
2,895
2,959
+9.7%
Fixed assets
428
433
466
-1.1%
Goodwill
622
586
590
+6.2%
Intangible assets
403
392
449
+2.7%
Cash and equivalents
223
166
66.2
+34.3%
Receivables
243
200
215
+22.0%
Inventory
809
737
768
+9.8%
Other assets
448
382
406
+17.2%
Total assets
3,176
2,895
2,959
+9.7%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.