# EDGAR Filing Document

**Accession Number:** 0001687221
**File Stem:** 0001193125-25-313462
**Filing Date:** 2025-12
**Character Count:** 36707
**Document Hash:** b115dbc56c0c9794ef42e4e7b01e2aa3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-313462.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001193125-25-313462

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251210

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REV Group, Inc.
- **CENTRAL INDEX KEY:** 0001687221
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 263013415
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37999
- **FILM NUMBER:** 251560814

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SOUTH EXECUTIVE DRIVE
- **CITY:** BROOKFIELD
- **STATE:** WI
- **ZIP:** 53005
- **BUSINESS PHONE:** 414-290-0190

**MAIL ADDRESS:**
- **STREET 1:** 245 SOUTH EXECUTIVE DRIVE
- **CITY:** BROOKFIELD
- **STATE:** WI
- **ZIP:** 53005

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

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**FORM** 8-K

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**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** December 10, 2025

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REV Group, Inc.

**(Exact name of Registrant as Specified in Its Charter)** 

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| | | |
|:---|:---|:---|
| Delaware | 001-37999 | 26-3013415 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

245 South Executive Drive**,** Suite 100

Brookfield**,** WI 53005

**(Address of Principal Executive Offices)**

**(**414**)** 290-0190

**Registrant's Telephone Number, Including Area Code** 

**Former Name or Former Address, if Changed Since Last Report: Not Applicable** 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock ($0.001 Par Value) | REVG | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On December 10, 2025, REV Group, Inc. issued a press release announcing its financial results for the full year and the three months ended October 31, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

The following exhibit relating to Item 2.02 shall be deemed furnished, and not filed:

&nbsp;&nbsp;&nbsp;&nbsp;99.1 [<u>REV Group, Inc. press release dated December 10, 2025</u>](revg-ex99_1.htm) <br> &nbsp;&nbsp;&nbsp;&nbsp;104 Cover Page Interactive Data File (formatted in iXBRL)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **REV Group, Inc.** | **REV Group, Inc.** |
| December 10, 2025 | By: | /s/ Amy A. Campbell |
|  |  | **Name: Amy A. Campbell** |
|  |  | **Title: Chief Financial Officer**<br>**(Principal Financial Officer)** |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img60885697_0.jpg](img60885697_0.jpg)

December 10, 2025

**NEWS RELEASE**

**FOR IMMEDIATE RELEASE**

**REV Group, Inc. Reports Strong Fiscal 2025 Fourth Quarter and Full Year Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal 2025 Fourth Quarter and Full Year Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fourth quarter and full year net sales of $664.4 million and $2,463.5 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fourth quarter and full year net income of $28.9 million and $95.2 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fourth quarter and full year Adjusted EBITDA<sup>1</sup> of $69.7 million and $229.5 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fourth quarter and full year Adjusted Net Income<sup>1</sup>of $40.9 million and $135.8 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full year cash provided by operating activities of $241.1 million; end of year Net Debt<sup>2</sup> of $5.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The preliminary Form S-4 for the proposed strategic merger with Terex Corporation announced on October 30th, 2025, was filed with the Securities and Exchange Commission on December 8, 2025, and the deal remains on track to close in the first half of calendar 2026.

Brookfield, Wis. -- (BUSINESS WIRE) -- REV Group, Inc. (NYSE: REVG) today reported results for the three months ended October 31, 2025 ("fourth quarter 2025"). Consolidated net sales in the fourth quarter 2025 were $664.4 million, compared to $597.9 million for the three months ended October 31, 2024 ("fourth quarter 2024"). Net sales for the fourth quarter 2024 included $9.8 million attributable to the Bus Manufacturing Businesses<sup>3</sup>. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $76.3 million, or 13.0% compared to the prior year quarter. The increase, excluding the impact of the Bus Manufacturing Businesses, was primarily due to increased net sales in the Special Vehicles segment, partially offset by lower net sales in the Recreational Vehicles segment.

Consolidated net sales were $2,463.5 million for the twelve months ended October 31, 2025 ("full year 2025"), compared to $2,380.2 million for the twelve months ended October 31, 2024 ("full year 2024"). Excluding the impact of the Bus Manufacturing Businesses, net sales increased $246.8 million, or 11.1% compared to the prior year. The increase, excluding the impact of the Bus Manufacturing Businesses, is primarily due to higher net sales in the Specialty Vehicles segment, partially offset by lower net sales in the Recreational Vehicles segment.

The company's fourth quarter 2025 net income was $28.9 million, or $0.59 per diluted share, compared to net income of $41.7 million, or $0.80 per diluted share, in the fourth quarter 2024. Adjusted Net Income for the fourth quarter 2025 was $40.9 million, or $0.83 per diluted share, compared to Adjusted Net Income of $26.9 million, or $0.51 per diluted share, in the fourth quarter 2024. Net income for the full year 2025 was $95.2 million, or $1.89 per diluted share, compared to net income of $257.6 million, or $4.72 per diluted share in full year 2024.

Adjusted EBITDA in the fourth quarter 2025 was $69.7 million, compared to $49.6 million in the fourth quarter 2024. Adjusted EBITDA for the fourth quarter 2024 included a $0.3 million loss attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $19.8 million, or 39.7% compared to the prior year quarter. The increase was primarily due to the higher contribution from the Specialty Vehicles and Recreational Vehicles segments. Full year 2025 Adjusted EBITDA was $229.5 million, compared to $162.8 million in full year 2024. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $84.3 million, or 58.1% compared to the prior year.

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<sup>1</sup> Adjusted Net Income and Adjusted EBITDA are non-GAAP measures that are reconciled to their nearest GAAP measure later in this release.

<sup>2</sup> Net Debt is defined as total debt less cash and cash equivalents. Total debt was $40.0 million and cash and cash equivalents were $34.7 million as of October 31, 2025.

<sup>3</sup>In fiscal 2024, the company exited bus manufacturing through the sale of Collins Bus Corporation ("Collins") in the first quarter, and El Dorado National (California), Inc ("ENC") in the fourth quarter. Collins and ENC are collectively referred to as the "Bus Manufacturing Businesses".

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"This has been a year of significant operational, financial and organizational change, and the team delivered exceptionally well. We improved efficiency and throughput, and saw strong execution from our supply chain group, which helped us manage costs effectively," President and CEO, Mark Skonieczny, said. "Sustained operational performance provided confidence to increase capital investments in key areas, while record cash flow also supported a reduction of debt and a return of cash to shareholders in the form of share repurchases and regular cash dividends. We are entering fiscal 2026 with continued strong momentum of financial and operational performance. With the recent Terex merger announcement, we're taking an important step that positions the business to build on the progress of the past three years at greater scale, and supports stronger shareholder returns in the years ahead."

**REV Group Fourth Quarter Segment Highlights**

**Specialty Vehicles Segment Highlights**

Specialty Vehicles segment net sales were $507.4 million in the fourth quarter 2025, an increase of $67.5 million, or 15.3%, from $439.9 million in the fourth quarter 2024. Net sales for the fourth quarter 2024 included $9.8 million attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $77.3 million, or 18.0% compared to the prior year quarter. This increase in net sales was primarily due to increased unit shipments of fire apparatus and ambulances, a favorable mix of fire apparatus, and price realization, partially offset by an unfavorable mix of ambulance units. Specialty Vehicles segment backlog at the end of the fourth quarter 2025 was $4,402.3 million compared to $4,179.8 million at the end of the fourth quarter 2024. The increase was primarily the result of continued demand and order intake for fire apparatus and ambulance units, along with pricing actions, partially offset by increased production and shipments of fire apparatus and ambulance units.

Specialty Vehicles segment Adjusted EBITDA was $70.5 million in the fourth quarter 2025, an increase of $20.3 million, or 40.4%, from Adjusted EBITDA of $50.2 million in the fourth quarter 2024. Adjusted EBITDA for the fourth quarter 2024 included a $0.3 million loss attributable to the Bus Manufacturing Businesses. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $20.0 million, or 39.6%, compared to the prior year quarter. Profitability within the segment benefited from price realization, a favorable mix of fire apparatus, and increased shipments of fire apparatus and ambulance units, partially offset by inflationary pressures and an unfavorable mix of ambulance units.

**Recreational Vehicles Segment Highlights**

Recreational Vehicles segment net sales were $157.2 million in the fourth quarter 2025, a decrease of $0.9 million, or 0.6%, from $158.1 million in the fourth quarter 2024. The decrease in net sales compared to the prior year quarter was primarily due to lower shipments of Class A units, and increased dealer assistance in certain categories, partially offset by a favorable mix of diesel units. The Recreational Vehicles segment backlog at the end of the fourth quarter 2025 was $232.9 million, a decrease of $58.6 million compared to $291.5 million at the end of the fourth quarter 2024. The decrease was primarily the result of lower order intake in certain categories, and unit shipments against backlog.

Recreational Vehicles segment Adjusted EBITDA was $9.0 million in the fourth quarter 2025, an increase of $0.9 million, or 11.1%, from $8.1 million in the fourth quarter 2024. The increase was primarily due to actions taken to better align fixed and variable costs with end market demand, and a favorable mix of diesel units, partially offset by increased retail assistance in certain categories and inflationary pressures.

**Working Capital, Liquidity and Capital Allocation**

Cash and cash equivalents totaled $34.7 million as of October 31, 2025. Net debt was $5.3 million, and the company had $307.6 million available under its ABL revolving credit facility as of October 31, 2025. Free Cash Flow<sup>4</sup>for the full year 2025 was $190.0 million. Trade working capital<sup>5</sup>for the company as of October 31, 2025 was $161.3 million, compared to $248.2 million as of October 31, 2024. The decrease was primarily related to disciplined inventory management and an increase in customer advances. Capital expenditures in the fourth quarter 2025 were $23.2 million compared to $5.3 million in the fourth quarter 2024.

**Quarterly Dividend**

The company's board of directors declared a quarterly cash dividend in the amount of $0.06 per share of common stock, payable on January 9, 2026, to shareholders of record on December 24, 2025, which equates to a rate of $0.24 per share of common stock on an annualized basis.

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<sup>4</sup>Free Cash Flow is defined as net cash from operating activities minus capital expenditures, and is reconciled to its nearest GAAP measure later in this release.

<sup>5</sup> Trade Working Capital is defined as accounts receivable plus inventories less accounts payable and customer advances.

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**Conference Call**

A conference call to discuss the company's fiscal year 2025 and fourth quarter business and financial results is scheduled for December 10, 2025, at 10:00 a.m. ET. A supplemental slide deck will be available on the REV Group, Inc. investor relations website. 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.

**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 is defined as Net Income for the relevant period before depreciation and amortization, interest expense and income taxes, as adjusted for certain items that we believe are not indicative of our ongoing operating performance. Adjusted Net Income is defined as Net Income, as adjusted for certain items that we believe are not indicative of our ongoing 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 back of this news 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.

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.

**Contact**

Drew Konop

VP, Investor Relations & Corporate Development

Email: investors@revgroup.com

Phone: 1-888-738-4037 (1-888-REVG-037)

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**REV GROUP, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(In millions, except share amounts)**

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| | | |
|:---|:---|:---|
|  | **October 31, <br>2025** | **October 31, <br>2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $34.7 | $24.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 167.6 | 152.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 527.1 | 602.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 48.3 | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 777.7 | 806.5 |
| Property, plant and equipment, net | 157.7 | 130.2 |
| Goodwill | 137.7 | 137.7 |
| Intangible assets, net | 85.8 | 95.4 |
| Right of use assets | 20.4 | 32.1 |
| Deferred income taxes | 9.7 | 5.4 |
| Other long-term assets | 11.0 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1200.0 | $1213.0 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $194.8 | $188.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term customer advances | 171.1 | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 40.4 | 33.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term accrued warranty | 25.7 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term lease obligations | 5.1 | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 78.2 | 61.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 515.3 | 469.3 |
| Long-term debt | 40.0 | 85.0 |
| Long-term customer advances | 167.5 | 160.1 |
| Long-term lease obligations | 16.1 | 25.7 |
| Other long-term liabilities | 44.8 | 37.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 783.7 | 777.9 |
| Commitments and contingencies |  |  |
| Shareholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock ($.001 par value, 95,000,000 shares authorized; none issued or outstanding) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock ($.001 par value, 605,000,000 shares authorized; 48,806,145 and 52,131,600 shares issued and outstanding, respectively) | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 215.4 | 316.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 200.6 | 118.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 0.2 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 416.3 | 435.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $1200.0 | $1213.0 |

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**REV GROUP, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

**(In millions, except share and per share amounts)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited)**<br>Three Months Ended** | (Unaudited)**<br>Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **October 31, <br>2025** | **October 31, <br>2024** | **October 31, <br>2025** | **October 31, <br>2024** |
| Net sales | $664.4 | $597.9 | $2463.5 | $2380.2 |
| Cost of sales | 561.8 | 519.1 | 2093.7 | 2082.9 |
| Gross profit | 102.6 | 78.8 | 369.8 | 297.3 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 55.1 | 41.1 | 187.6 | 190.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring |  | 3.1 |  | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 55.1 | 44.2 | 187.6 | 217.7 |
| Operating income | 47.5 | 34.6 | 182.2 | 79.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 6.3 | 7.5 | 25.1 | 28.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) on sale of business |  | (28.9) | 39.6 | (289.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 41.2 | 56.0 | 117.5 | 340.4 |
| Provision for income taxes | 12.3 | 14.3 | 22.3 | 82.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $28.9 | $41.7 | $95.2 | $257.6 |
| **Net income per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.60 | $0.81 | $1.92 | $4.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.59 | 0.80 | 1.89 | 4.72 |
| **Dividends declared per common share** | 0.06 | 0.05 | 0.24 | 3.20 |
| **Adjusted Net Income per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.84 | $0.52 | $2.73 | $1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.83 | 0.51 | 2.70 | 1.59 |
| **Weighted Average Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 48506752 | 51630191 | 49673809 | 53831965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 49319435 | 52407926 | 50373853 | 54625379 |

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**REV GROUP, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In millions)**

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **October 31, <br>2025** | **October 31, <br>2024** | **October 31, <br>2023** |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $95.2 | $257.6 | $45.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 26.0 | 25.4 | 26.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 12.3 | 12.7 | 14.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (17.7) | (15.3) | (12.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | 14.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss (Gain) on sale of business | 39.6 | (289.3) | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash adjustments | (1.2) | 0.3 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | (17.4) | 64.2 | (12.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 57.9 | 26.3 | (30.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (21.5) | 0.6 | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 5.0 | (11.7) | 44.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued warranty | 11.0 | 3.8 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 20.5 | (39.3) | 24.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 32.3 | 3.7 | 21.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term assets | (0.9) | (0.1) | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 241.1 | 53.4 | 126.5 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (51.1) | (27.6) | (32.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 3.8 | 4.5 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of businesses |  | 371.6 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | (3.0) |  | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (50.3) | 348.5 | (29.9) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net payments from borrowings on revolving credit | (45.0) | (65.0) | (80.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends | (12.9) | (192.0) | (12.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock | (107.6) | (126.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of withholding taxes for vesting of stock awards | (4.8) | (11.5) | (5.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (10.4) | (4.0) | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (180.7) | (398.6) | (95.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 10.1 | 3.3 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of year | 24.6 | 21.3 | 20.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of year | $34.7 | $24.6 | $21.3 |
| Supplemental disclosures of cash flow information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $17.8 | $23.8 | $24.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | 44.5 | 108.3 | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for operating lease liabilities | 10.1 | 10.3 | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating right-of-use assets obtained | 2.0 | 3.9 | 23.0 |

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**REV GROUP, INC. AND SUBSIDIARIES**

**SEGMENT INFORMATION**

**(In millions; unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended October 31,** | **Three Months Ended October 31,** | **Twelve Months Ended October 31,** | **Twelve Months Ended October 31,** |
|  | **2025** | **2024** | **2024** | **2024** |
| <u>Net Sales:</u> |  |  |  |  |
| Specialty Vehicles | $507.4 | $439.9 | $| 1726.4 |
| Recreational Vehicles | 157.2 | 158.1 |  | 654.6 |
| Corporate & Other | (0.2) | (0.1) |  | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $664.4 | $597.9 | $ | 2380.2 |
| <u>Adjusted EBITDA:</u> |  |  |  |  |
| Specialty Vehicles | $70.5 | $50.2 | $| 154.5 |
| Recreational Vehicles | 9.0 | 8.1 |  | 41.2 |
| Corporate & Other | (9.8) | (8.7) |  | (32.9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $69.7 | $49.6 | $ | 162.8 |
| <u>Adjusted EBITDA Margin:</u> |  |  |  |  |
| Specialty Vehicles | 13.9% | 11.4% |  | 8.9% |
| Recreational Vehicles | 5.7% | 5.1% |  | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 10.5% | 8.3% |  | 6.8% |
|  |  |  | **Increase (Decrease)** | **Increase (Decrease)** |
| <u>Period-End Backlog:</u> | **October 31, <br>2025** | **October 31, <br>2024** | **%** | **%** |
| Specialty Vehicles | $4402.3 | $4179.8 |  | 5.3% |
| Recreational Vehicles | 232.9 | 291.5 |  | -20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Backlog | $4635.2 | $4471.3 |  | 3.7% |

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**REV GROUP, INC. AND SUBSIDIARIES**

**ADJUSTED EBITDA BY SEGMENT**

**(In millions; unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended October 31, 2025** | **Three Months Ended October 31, 2025** | **Three Months Ended October 31, 2025** | **Three Months Ended October 31, 2025** |
|  | **Specialty Vehicles** | **Recreational Vehicles** | **Corporate & Other** | **Total** |
| **Net income (loss)** | $61.9 | $5.9 | $(38.9) | $28.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | 4.4 | 2.1 | 1.4 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 4.2 |  | 2.1 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **—** | **—** | 12.3 | 12.3 |
| **EBITDA** | 70.5 | 8.0 | (23.1) | 55.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses |  |  | 6.8 | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 3.2 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and related matters |  |  | 3.3 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items |  | 1.0 |  | 1.0 |
| **Adjusted EBITDA** | $70.5 | $9.0 | $(9.8) | $69.7 |
|  | **Three Months Ended October 31, 2024** | **Three Months Ended October 31, 2024** | **Three Months Ended October 31, 2024** | **Three Months Ended October 31, 2024** |
|  | **Specialty Vehicles** | **Recreational Vehicles** | **Corporate & Other** | **Total** |
| **Net income (loss)** | $69.3 | $6.4 | $(34.0) | $41.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | 3.9 | 1.6 | 0.5 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 3.2 | 0.1 | 4.2 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **—** | **—** | 14.3 | 14.3 |
| **EBITDA** | 76.4 | 8.1 | (15.0) | 69.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses |  |  | 1.0 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 2.7 |  | 0.4 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 4.9 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business | (28.9) |  |  | (28.9) |
| **Adjusted EBITDA** | $50.2 | $8.1 | $(8.7) | $49.6 |

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**REV GROUP, INC. AND SUBSIDIARIES**

**ADJUSTED EBITDA BY SEGMENT**

**(In millions; unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended October 31, 2025** | **Twelve Months Ended October 31, 2025** | **Twelve Months Ended October 31, 2025** | **Twelve Months Ended October 31, 2025** |
|  | **Specialty Vehicles** | **Recreational Vehicles** | **Corporate & Other** | **Total** |
| **Net income (loss)** | $196.3 | $(7.4) | $(93.7) | $95.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | 16.5 | 6.6 | 2.9 | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 13.8 | 0.3 | 11.0 | 25.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes |  |  | 22.3 | 22.3 |
| **EBITDA** | 226.6 | (0.5) | (57.5) | 168.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses |  |  | 7.3 | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 12.6 | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and related matters |  |  | 3.3 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of business and assets |  | 36.7 |  | 36.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items |  | 1.0 |  | 1.0 |
| **Adjusted EBITDA** | $226.6 | $37.2 | $(34.3) | $229.5 |
|  | **Twelve Months Ended October 31, 2024** | **Twelve Months Ended October 31, 2024** | **Twelve Months Ended October 31, 2024** | **Twelve Months Ended October 31, 2024** |
|  | **Specialty Vehicles** | **Recreational Vehicles** | **Corporate & Other** | **Total** |
| **Net income (loss)** | $382.0 | $32.3 | $(156.7) | $257.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | 16.7 | 6.6 | 2.1 | 25.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 10.5 | 0.4 | 17.6 | 28.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes |  |  | 82.8 | 82.8 |
| **EBITDA** | 409.2 | 39.3 | (54.2) | 394.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses |  |  | 7.4 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sponsor expense reimbursement |  |  | 0.2 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 11.9 |  | 0.4 | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring related charges | 7.8 |  |  | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 12.6 | 1.9 |  | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 12.7 | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and related matters | 2.3 |  | 0.6 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business | (289.3) |  |  | (289.3) |
| **Adjusted EBITDA** | $154.5 | $41.2 | $(32.9) | $162.8 |

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**REV GROUP, INC. AND SUBSIDIARIES**

**ADJUSTED NET INCOME**

**(In millions; unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Twelve Months Ended<br>October 31,** | **Twelve Months Ended<br>October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $28.9 | $41.7 | $95.2 | $257.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 0.3 | 0.5 | 1.7 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses | 6.8 | 1.0 | 7.3 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sponsor expense reimbursement |  |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs |  | 3.1 |  | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring related charges |  |  |  | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3.2 | 4.9 | 12.6 | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and related matters | 3.3 |  | 3.3 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of business and assets |  | (28.9) | 36.7 | (289.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items | 1.0 |  | 1.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect of adjustments | (2.6) | 4.6 | (22.0) | 58.8 |
| **Adjusted Net Income** | $40.9 | $26.9 | $135.8 | $87.1 |

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**REV GROUP, INC. AND SUBSIDIARIES**

**FREE CASH FLOW**

**(In millions; unaudited)**

---

| | |
|:---|:---|
|  | **Twelve months ended <br>October 31, 2025** |
| **Net cash provided by operating activities** | $241.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Capital expenditures | (51.1) |
| **Free Cash Flow** | $190.0 |

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