Patrick Industries Reports 6% Increase in Net Sales to $3.95 Billion for Fiscal Year 2025

Patrick Industries, Inc. reported a 6% increase in net sales for the fiscal year ending December 31, 2025, reaching approximately $3.95 billion, compared to $3.72 billion in 2024. The growth was primarily driven by a 9% increase in sales to the recreational vehicle (RV) market, which accounted for 45% of total sales, amounting to $1.78 billion. The marine and powersports segments also contributed positively, with sales rising 6% and 9%, respectively. However, sales to the manufactured housing (MH) market saw a slight decline of less than 1%, totaling $681.5 million.

The company's profitability metrics showed mixed results. Gross profit increased by 9% to $912.9 million, with gross margin improving to 23.1% from 22.5% in the previous year. Operating income rose 7% to $276 million, while net income decreased by 2% to $135 million, reflecting increased operational costs, particularly in selling, general, and administrative expenses, which rose by 11% to $361.6 million. The company also reported a decrease in interest expenses, down 6% to $74.5 million, contributing to a slight improvement in overall financial health.

Strategically, Patrick Industries has focused on acquisitions to bolster its market position, completing transactions totaling approximately $117 million in 2025, with a cumulative investment of about $560 million over the past three years. These acquisitions are aimed at enhancing product offerings and expanding market reach. The company operates through two segments: Manufacturing, which accounted for 74% of net sales, and Distribution, which made up the remaining 26%. The Manufacturing segment saw a 7% increase in sales, while the Distribution segment's sales grew by 3%.

Operationally, Patrick Industries maintained a workforce of approximately 10,000 employees as of December 31, 2025, with 80% in hourly positions. The company served around 4,500 active customers, with significant sales concentration among major RV manufacturers, including Forest River and Thor, which together accounted for 28% of consolidated net sales. The company continues to adapt to market conditions, focusing on inventory management and customer service to navigate fluctuations in demand.

Looking ahead, Patrick Industries expressed optimism about long-term growth in the RV and marine markets, driven by consumer interest in outdoor activities. However, the company acknowledged potential risks, including economic downturns, inflationary pressures, and changes in consumer preferences, which could impact future performance. The company remains committed to leveraging its operational capabilities and strategic acquisitions to support growth and enhance shareholder value.