REV Group, Inc. reported a consolidated net sales increase of 3.5% for the fiscal year ending October 31, 2025, reaching $2.46 billion, compared to $2.38 billion in the previous year. The growth was primarily driven by the Specialty Vehicles segment, which saw a net sales increase of 5.1% to $1.81 billion, attributed to higher shipments of fire apparatus and ambulances, as well as favorable pricing. In contrast, the Recreational Vehicles segment experienced a slight decline in net sales, down 0.8% to $649.2 million, primarily due to lower unit shipments despite a favorable product mix.
The company's gross profit for the fiscal year rose to $369.8 million, a 24.4% increase from $297.3 million in 2024. This improvement was largely due to increased sales and lower material costs, alongside operational efficiency initiatives within the Specialty Vehicles segment. However, net income fell significantly to $95.2 million, a 63% decrease from $257.6 million in the prior year, primarily due to a $39.6 million loss on the sale of the Lance and Avery businesses and increased transaction costs related to the proposed merger with Terex Corporation.
In terms of strategic developments, REV Group announced a proposed merger with Terex Corporation on October 29, 2025, which aims to create a leading specialty equipment manufacturer. The merger is subject to shareholder and regulatory approvals and is expected to enhance the company's market position in emergency, waste, and utility equipment sectors. The merger agreement stipulates that shareholders will receive a combination of Terex stock and cash upon completion.
Operationally, REV Group's total backlog increased to $4.64 billion as of October 31, 2025, up from $4.47 billion the previous year, driven by strong demand for fire apparatus and ambulance units. The Specialty Vehicles segment backlog rose by 5.3%, while the Recreational Vehicles segment backlog decreased by 20.1%. The company maintained a workforce of approximately 5,700 employees, with no significant labor disruptions reported.
Looking ahead, REV Group anticipates continued growth driven by favorable demographic trends, increased municipal spending, and the ongoing demand for replacement vehicles in both the Specialty and Recreational Vehicles segments. However, the company also faces challenges, including potential economic downturns, supply chain disruptions, and the successful integration of the proposed merger with Terex. The management remains focused on operational improvements and strategic acquisitions to enhance profitability and market share.
About REV Group, Inc.
REV Group, Inc. designs, manufactures, and distributes specialty vehicles and recreational vehicles, serving markets such as emergency response, public safety, industrial, and consumer leisure. Its core offerings include fire apparatus, ambulances, terminal trucks, sweepers, and various RV classes. The company leverages a broad brand portfolio, extensive manufacturing network, and customized solutions to meet diverse customer needs across North America.
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