LCI Industries reported strong fourth-quarter and fiscal-year 2025 results, posting double-digit sales growth and sharp gains in profitability as the company benefited from higher RV OEM demand, acquisitions and pricing actions tied to material costs. The Elkhart, Ind.-based supplier, which operates through its Lippert subsidiary, said fourth-quarter net sales increased 16% to $932.7 million, up from $803.1 million a year earlier.
“We delivered a very strong 2025 with our strategic execution delivering results that validate our multiyear investment in operational excellence and diversification,” president and CEO Jason Lippert said in an earnings report.
Net income for the quarter rose 96% to $18.7 million, or $0.77 per diluted share, compared with $9.5 million, or $0.37 per diluted share, in the fourth quarter of 2024. Operating profit margin expanded to 3.8% from 2%, while adjusted EBITDA increased 53% to $70.1 million, or 7.5% of net sales. Adjacent Industries OEM net sales increased 21% year-over-year to $296.5 million, driven primarily by sales from acquired businesses and higher sales to North American marine and utility trailer OEMs.
For the fiscal year, LCI reported that net sales increased 10% to $4.1 billion, up from $3.7 billion in 2024, while net income climbed 32% to $188.3 million. Operating profit margin improved to 6.8% from 5.8%, and adjusted EBITDA rose 19% to $408.2 million. The company said it generated $331 million in operating cash flow and returned $243 million to shareholders through dividends and share repurchases.
LCI projects 2026 revenue of $4.2 billion to $4.3 billion and operating profit margin of 7.5% to 8%, with adjusted earnings per share expected to range from $8.25 to $9.25. LCI also forecast North American RV wholesale shipments of 335,000 to 350,000 units, while estimating January 2026 net sales of about $343 million, up 4% year-over-year.
