Thor Industries, Inc. (THO) Cash Flow Statement
Where THO’s cash came from and went, FY2026
July 31, 2026 · U.S. dollars- Cash from operations
- $321.2M −44.4% vs FY2025
- Capital expenditures
- $152.4M 1.6% of revenue
- Free cash flow
- $168.8M 1.8% margin
- Returned to shareholders
- $223.9M 133% of free cash flow
- Change in cash
- −$104.6M cash at year-end $482.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
THO operating cash flow, capex and free cash flow
THO cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $419.3MFY2017 | $321.2MFY2026 | −2.9%/yr | |
| Capital expenditures | $115.0MFY2017 | $152.4MFY2026 | +3.2%/yr | |
| Free cash flow | $304.3MFY2017 | $168.8MFY2026 | −6.3%/yr | |
| Free cash flow margin | 4.2%FY2017 | 1.8%FY2026 | −2.4 pts | |
| Operating cash flow / net income | 1.12FY2017 | 1.84FY2026 | +0.72 | |
| Stock-based compensation | $12.5MFY2017 | $26.6MFY2026 | +8.7%/yr | |
| Dividends paid | $69.4MFY2017 | $108.8MFY2026 | +5.1%/yr | |
| Share buybacks (net) | $0FY2017 | $115.1MFY2026 | — | |
| Capex / revenue | 1.6%FY2017 | 1.6%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
THO cash flow by activity
THO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
THO cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $174.7M | $256.6M | $265.4M | $374.2M | $1.14B | $660.9M | $221.4M | $132.5M | $430.2M | $374.3M |
| Depreciation & amortization | $266.4M | $271.2M | $277.1M | $276.9M | $284.5M | $230.6M | $196.2M | $148.8M | $93.2M | $98.3M |
| Stock-based compensation | $26.6M | $30.9M | $37.9M | $39.5M | $31.4M | $30.5M | $19.9M | $18.9M | $17.0M | $12.5M |
| Change in working capital | −$131.9M | $65.9M | −$18.6M | $317.3M | −$415.7M | −$403.0M | $89.9M | $139.2M | −$88.5M | −$25.5M |
| Other non-cash items | −$14.4M | −$46.6M | −$16.3M | −$26.3M | −$48.1M | $7.5M | $13.6M | $68.6M | $14.6M | −$40.2M |
| Cash from operating activities | $321.2M | $577.9M | $545.5M | $981.6M | $990.3M | $526.5M | $540.9M | $508.0M | $466.5M | $419.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$152.4M | −$123.0M | −$139.6M | −$208.2M | −$242.4M | −$128.8M | −$106.7M | −$130.2M | −$138.2M | −$115.0M |
| Investments (net) | — | −$64.5M | −$146.8M | −$222.5M | −$1.05B | −$428.5M | −$84.2M | −$6.5M | −$50.4M | −$116.7M |
| Acquisitions & other investing | $26.9M | $123.0M | $139.6M | $208.2M | $242.4M | $128.8M | $106.7M | −$1.73B | $5.1M | $115.0M |
| Cash from investing activities | −$125.4M | −$64.5M | −$146.8M | −$222.5M | −$1.05B | −$428.5M | −$84.2M | −$1.87B | −$183.5M | −$116.7M |
| Financing activities | ||||||||||
| Dividends paid | −$108.8M | −$106.1M | −$102.1M | −$96.0M | −$94.9M | −$90.8M | −$88.3M | −$84.1M | −$78.0M | −$69.4M |
| Share repurchases & issuance (net) | −$115.1M | −$52.6M | −$68.4M | −$42.0M | −$165.1M | $0 | $0 | — | $0 | $0 |
| Net borrowing (repayment) | — | −$237.8M | −$163.9M | −$515.5M | $581.1M | −$73.6M | −$15.7M | $1.87B | −$145.4M | −$215.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$72.7M | −$29.7M | −$3.3M | $17.8M | −$368.9M | −$24.1M | −$288.9M | −$246.2M | −$7.7M | −$4.6M |
| Cash from financing activities | −$296.6M | −$426.3M | −$337.7M | −$635.7M | −$47.8M | −$188.4M | −$392.9M | $1.54B | −$231.0M | −$289.3M |
| Summary | ||||||||||
| Net change in cash | −$104.6M | $85.3M | $60.1M | $129.7M | −$137.2M | −$95.5M | $87.3M | $176.0M | $52.0M | $13.4M |
| Cash at end of period | $482.0M | $586.6M | $501.3M | $441.2M | $311.6M | $445.9M | $538.5M | $451.3M | $275.2M | $223.3M |
| Free cash flow | $168.8M | $454.9M | $405.9M | $773.4M | $747.9M | $397.6M | $434.2M | $377.8M | $328.3M | $304.3M |
| Free cash flow margin | 1.8% | 4.7% | 4.0% | 7.0% | 4.6% | 3.2% | 5.3% | 4.8% | 3.9% | 4.2% |
| Capex / revenue | 1.6% | 1.3% | 1.4% | 1.9% | 1.5% | 1.0% | 1.3% | 1.7% | 1.7% | 1.6% |
| Operating cash flow / net income | 1.84 | 2.25 | 2.06 | 2.62 | 0.87 | 0.80 | 2.44 | 3.84 | 1.08 | 1.12 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $41.3M | $95.5M | $14.6M | $23.2M | $126.6M | $133.9M | −$3.1M | −$873,000 | $91.5M | $114.5M | $7.2M | $55.0M |
| Depreciation & amortization | $69.5M | $66.0M | $64.9M | $66.0M | $71.4M | $66.2M | $66.0M | $67.7M | $73.6M | $68.2M | $68.1M | $67.3M |
| Stock-based compensation | $979,000 | $6.7M | $7.9M | $10.9M | $4.1M | $8.2M | $8.1M | $10.5M | $8.9M | $9.4M | $9.2M | $10.5M |
| Change in working capital | $123.4M | $83.6M | −$193.4M | −$145.6M | $100.4M | $56.4M | −$44.9M | −$46.1M | $166.6M | $66.6M | −$173.4M | −$78.4M |
| Other non-cash items | $9.0M | −$17.6M | −$6.3M | $552,000 | −$43.8M | −$7.0M | $4.7M | −$471,000 | −$2.5M | −$6.9M | −$15.0M | $5.3M |
| Cash from operating activities | $244.2M | $234.2M | −$112.2M | −$44.9M | $258.7M | $257.7M | $30.8M | $30.7M | $338.0M | $251.7M | −$103.9M | $59.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$54.3M | −$38.1M | −$28.4M | −$31.6M | −$37.9M | −$33.5M | −$26.3M | −$25.3M | −$33.6M | −$27.2M | −$40.7M | −$38.2M |
| Investments (net) | — | — | — | — | $2.9M | −$32.9M | −$9.1M | −$25.3M | −$43.9M | −$21.9M | −$29.9M | −$51.1M |
| Acquisitions & other investing | −$10.0M | $8.1M | $18.0M | $10.8M | $37.9M | $33.5M | $26.3M | $25.3M | $33.6M | $27.2M | $40.7M | $38.2M |
| Cash from investing activities | −$64.2M | −$30.0M | −$10.4M | −$20.8M | $2.9M | −$32.9M | −$9.1M | −$25.3M | −$43.9M | −$21.9M | −$29.9M | −$51.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$26.9M | −$27.1M | −$54.8M | −$27.5M | −$26.4M | −$26.6M | −$53.2M | −$26.6M | −$25.4M | −$25.6M | −$51.1M | −$25.5M |
| Share repurchases & issuance (net) | −$34.3M | −$50.5M | −$25.2M | −$5.0M | −$50.9M | $1.7M | −$1.7M | $0 | −$25.4M | −$13.0M | $0 | −$30.0M |
| Net borrowing (repayment) | — | −$959,000 | −$47.3M | −$11.4M | −$98.1M | −$48.9M | −$28.9M | −$62.0M | — | — | — | $10.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$6.3M | −$1.1M | −$8.6M | $30.4M | −$6.9M | −$3.3M | −$18.6M | $24.0M | −$113.6M | −$161.5M | $97.0M | $25.5M |
| Cash from financing activities | −$67.5M | −$79.6M | −$136.0M | −$13.5M | −$182.2M | −$77.1M | −$102.4M | −$64.6M | −$164.3M | −$200.1M | $45.9M | −$19.2M |
| Summary | ||||||||||||
| Net change in cash | $110.0M | $129.8M | −$267.7M | −$76.7M | $78.3M | $134.5M | −$71.4M | −$56.1M | $129.5M | $31.6M | −$85.6M | −$15.4M |
| Cash at end of period | $482.0M | $371.9M | $242.2M | $509.9M | $586.6M | $508.3M | $373.8M | $445.2M | $501.3M | $371.8M | $340.2M | $425.8M |
| Free cash flow | $189.9M | $196.0M | −$140.7M | −$76.4M | $220.7M | $224.2M | $4.6M | $5.5M | $304.4M | $224.6M | −$144.6M | $21.5M |
| Free cash flow margin | 8.2% | 7.0% | −6.6% | −3.2% | 8.7% | 7.7% | 0.2% | 0.3% | 12.0% | 8.0% | −6.5% | 0.9% |
| Capex / revenue | 2.3% | 1.4% | 1.3% | 1.3% | 1.5% | 1.2% | 1.3% | 1.2% | 1.3% | 1.0% | 1.8% | 1.5% |
| Operating cash flow / net income | 5.91 | 2.45 | −7.67 | −1.94 | 2.04 | 1.92 | — | — | 3.70 | 2.20 | −14.39 | 1.08 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
THO cash generation
In fiscal 2026 (ended July 31, 2026), Thor Industries generated $321.2 million of cash from operations (down 44.4%) and spent $152.4 million on capital expenditures, leaving free cash flow of $168.8 million, 1.8% of revenue. It returned $223.9 million to shareholders through dividends ($108.8 million) and net share buybacks ($115.1 million). Cash and equivalents fell by $104.6 million over the year.
Related: THO income statement, THO balance sheet, THO dividend history. See the THO stock overview for the latest quote and news.
THO cash flow FAQ
What is Thor Industries's free cash flow?
Thor Industries's free cash flow was $168.8 million in fiscal 2026: $321.2 million of operating cash flow minus $152.4 million of capital expenditures It was $454.9 million a year earlier..
How much cash does Thor Industries generate from operations?
Thor Industries generated $321.2 million of cash from operating activities in fiscal 2026, 1.84 times its net income of $174.7 million.
How much does Thor Industries spend on capital expenditures?
Thor Industries spent $152.4 million on capital expenditures in fiscal 2026, 1.6% of revenue, compared with $123.0 million the year before.
How much stock does Thor Industries buy back?
Thor Industries spent $115.1 million on net share repurchases in fiscal 2026.
How much does Thor Industries pay in dividends?
Thor Industries paid $108.8 million in dividends in fiscal 2026, 64.4% of free cash flow.