• Third quarter net sales of $644.9 million compared to $579.4 million in the prior year quarter, the latter of which included $44.2 million related to the Bus Manufacturing Businesses¹
  • Excluding the impact of the Bus Manufacturing Businesses, net sales increased $109.7 million, or 20.5% compared to the prior year quarter
• Third quarter net income of $29.1 million compared to net income of $18.0 million in the prior year quarter
• Third quarter Adjusted EBITDA² was $64.1 million compared to $45.2 million in the prior year quarter, the latter of which included $6.6 million related to the Bus Manufacturing Businesses
  • Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $25.5 million, or 66.1% compared to the prior year quarter
• Third quarter Adjusted Net Income² of $38.6 million compared to $24.8 million in the prior year quarter
• Updated full-year fiscal 2025 outlook:
  • Net sales of $2.4 to $2.45 billion, Net income of $95 to $108 million, Adjusted EBITDA of $220.0 to $230.0 million, Adjusted Net Income of $127 to $138 million, Net cash provided by operating activities of $190 to $195 million, and Free Cash Flow² of $140 to $150 million including capital expenditures of $45.0 to $50.0 million

REV Group, Inc. (NYSE: REVG) (the “company”), a leading manufacturer of specialty and recreational vehicles, today reported results for the three months ended July 31, 2025 (“third quarter 2025”). Consolidated net sales in the third quarter 2025 were $644.9 million, compared to $579.4 million for the three months ended July 31, 2024 (“third quarter 2024”). Net sales for the third quarter 2024 included $44.2 million attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $109.7 million, or 20.5% compared to the prior year quarter. The increase, excluding the impact of the Bus Manufacturing Businesses, was due to higher net sales in the Specialty Vehicles and Recreational Vehicles segments.

The company’s third quarter 2025 net income was $29.1 million, or $0.59 per diluted share, compared to net income of $18.0 million, or $0.35 per diluted share, in the third quarter 2024. Adjusted Net Income for the third quarter 2025 was $38.6 million, or $0.79 per diluted share, compared to Adjusted Net Income of $24.8 million, or $0.48 per diluted share, in the third quarter 2024. Adjusted EBITDA in the third quarter 2025 was $64.1 million, compared to $45.2 million in the third quarter 2024. Adjusted EBITDA for the third quarter 2024 included $6.6 million attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $25.5 million, or 66.1% compared to the prior year quarter. The increase, excluding the impact of the Bus Manufacturing Businesses, was primarily due to higher contribution from the Specialty Vehicles segment.

“We are pleased with our continued momentum this quarter, highlighted by robust growth in shipments and earnings across the Specialty Vehicles segment. Third quarter performance reflects the continued improvement of our manufacturing capabilities, the strength of our customer relationships, and operational resilience in a dynamic market,” REV Group Inc. President and CEO, Mark Skonieczny, said. “We delivered strong cash flow from operations, reinforcing our solid balance sheet and liquidity position. This financial strength gives us the flexibility to continue investing in our business and expanding production capacity while advancing our strategic agenda aimed at creating value for both customers and shareholders. Within the quarter, we also executed on our expanded capital investment plan aimed at increasing production capacity. In August, we broke ground on an expansion of our Spartan Emergency Response facility in Brandon, South Dakota, which will increase our manufacturing footprint and fabrication capabilities of custom and semi-custom vehicles to help us meet demand.”

REV Group Third Quarter Segment Highlights

Specialty Vehicles Segment

Specialty Vehicles segment net sales were $483.3 million in the third quarter 2025, an increase of $51.2 million, or 11.8%, from $432.1 million in the third quarter 2024. Net sales for the third quarter 2024 included $44.2 million attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $95.4 million, or 24.6% compared to the prior year quarter. The increase in net sales compared to the prior year quarter, excluding the impact of the Bus Manufacturing Businesses, was primarily due to increased shipments and a favorable mix of fire apparatus and ambulance units and price realization. Specialty Vehicles segment backlog at the end of the third quarter 2025 was $4,275.5 million, an increase of $161.1 million compared to $4,114.4 million at the end of the third quarter 2024. The increase was primarily due to continued demand and order intake for fire apparatus and ambulance units and pricing actions, partially offset by increased production and shipments of fire apparatus and ambulance units.

Specialty Vehicles segment Adjusted EBITDA was $64.6 million in the third quarter 2025, an increase of $20.3 million, or 45.8%, from Adjusted EBITDA of $44.3 million in the third quarter 2024. Adjusted EBITDA for the third quarter 2024 included $6.6 million attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $26.9 million, or 71.4% compared to the prior year quarter. Profitability within the segment, excluding the impact of the Bus Manufacturing Businesses, was primarily due to increased shipments of fire apparatus and ambulance units, and price realization, partially offset by inflationary pressures.

Recreational Vehicles Segment

Recreational Vehicles segment net sales were $161.7 million in the third quarter 2025, an increase of $14.3 million, or 9.7%, from $147.4 million in the third quarter 2024. The increase in net sales compared to the prior year quarter was primarily due to higher shipments of motorized units in certain categories and pricing actions, partially offset by increased dealer assistance on certain models. Recreational Vehicles segment backlog at the end of the third quarter 2025 was $224.3 million, a decrease of $16.0 million compared to $240.3 million at the end of the third quarter 2024. The decrease was primarily the result of lower order intake in certain categories.

Recreational Vehicles segment Adjusted EBITDA was $8.1 million in the third quarter 2025, a decrease of $1.3 million, or 13.8%, from $9.4 million in the third quarter 2024. The decrease was primarily due to the impact of tariffs related to the import of luxury vans and increased dealer assistance on certain models, partially offset by higher shipments of motorized units, pricing actions, and cost reduction initiatives.

Working Capital, Liquidity, and Capital Allocation

Net debt³ totaled $54.0 million as of July 31, 2025, including $36.0 million cash on hand. The company had $247.2 million available under its ABL revolving credit facility as of July 31, 2025, a decrease of $102.4 million compared to the October 31, 2024 availability of $349.6 million. Trade working capital⁴ for the company as of July 31, 2025 was $191.6 million, compared to $248.2 million as of October 31, 2024. The decrease was primarily due to the timing of accounts payable payments, lower inventory, and higher receipts of customer advances, partially offset by the timing of accounts receivable collections. Capital expenditures in the third quarter 2025 were $11.6 million compared to $5.9 million in the third quarter 2024.

The company did not repurchase any common shares during the third quarter 2025. Accordingly, as of July 31, 2025, authorization to purchase approximately $142.4 million of shares remained under the current share repurchase program.

Updated Fiscal Year 2025 Outlook

Quarterly Dividend

The company’s board of directors declared a regular quarterly cash dividend in the amount of $0.06 per share of common stock, payable on October 10, 2025, to shareholders of record on September 26, 2025, which equates to a rate of $0.24 per share of common stock on an annualized basis.

Conference Call

A conference call to discuss the company’s third quarter 2025 business and financial results and our outlook is scheduled for September 3, 2025, at 10:00 a.m. ET. A supplemental slide deck will be available on the REV Group, Inc. investor relations website: http://investors.revgroup.com. The call will be webcast simultaneously over the Internet. To access the webcast, listeners can go to http://investors.revgroup.com/investor-events-and-presentations/events at least 15 minutes prior to the event and follow instructions for listening to the webcast. An audio replay of the call and related question and answer session will be available for 12 months at this website.

About REV Group

REV Group (REVG) companies are leading designers and manufacturers of specialty vehicles and related aftermarket parts and services, which serve a diversified customer base, primarily in the United States, through two segments: Specialty Vehicles and Recreational Vehicles. The Specialty Vehicles Segment provides customized vehicle solutions for applications, including essential needs for public services (ambulances and fire apparatus) and commercial infrastructure (terminal trucks and industrial sweepers). REV Group’s Recreational Vehicle Segment manufactures a variety of RVs, from Class B vans to Class A motorhomes. REV Group's portfolio is made up of well-established principal vehicle brands, including many of the most recognizable names within their industry. REV Group trades on the NYSE under the symbol REVG. Investors-REVG.

Note Regarding Non-GAAP Measures

The company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that the evaluation of our ongoing operating results may be enhanced by a presentation of Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow, which are non-GAAP financial measures. Adjusted EBITDA represents net income or net loss before depreciation and amortization, interest expense, and income taxes, as adjusted for certain non-recurring, one-time and other adjustments which we believe are not indicative of our underlying operating performance. Adjusted Net Income represents net income or net loss as adjusted for certain after-tax, non-recurring, one-time and other adjustments, which we believe are not indicative of our underlying operating performance. Free Cash Flow is calculated as net cash from operating activities minus capital expenditures.

The company believes that the use of Adjusted EBITDA, Adjusted Net Income and Free Cash Flow provide additional meaningful methods of evaluating certain aspects of its operating performance from period to period on a basis that may not be otherwise apparent under GAAP when used in addition to, and not in lieu of, GAAP measures. A reconciliation of Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow to the most closely comparable financial measures calculated in accordance with GAAP is included in the financial appendix of this release.

Cautionary Statement About Forward-Looking Statements

This news release contains statements that the company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. This news release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate,” “aim,” “strive,” “goal,” “seek,” “forecast” or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this news release and include statements regarding our intentions, beliefs, goals or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate, including REV Group’s outlook and guidance for the full fiscal year 2025.

Our forward-looking statements are subject to risks and uncertainties, including those highlighted under “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the company’s annual report on Form 10-K, and in the company’s subsequent quarterly reports on Form 10-Q, together with the company’s other filings with the SEC, which risks and uncertainties may cause actual results to differ materially from those projected or implied by the forward-looking statement. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which only speak as of the date hereof. The company does not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise.

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