- **Merger with Terex**: $10B+ combined entity set to close H1 2026, positioning for operational synergies and scale.
- **Record Financials**: FY25 EBITDA up 41% to $229.5M, free cash flow $190M, and 12.5% Specialty Vehicles margin.
- **Operational Excellence**: $58M inventory reduction, 2-year backlog duration, and 1.1x book-to-bill ratio.
- **Growth Drivers**: Secular demand in fire/emergency vehicles, Class C RV momentum, and $51M capital investments in automation.

**【CEO Summary Section】**
- Announced strategic merger with Terex Corporation, expected to close in H1 2026, creating a combined entity with $10B+ revenue and enhanced operational efficiency.
- FY25 revenue growth of 3.5% ($2.46B) driven by Specialty Vehicles segment, with adjusted EBITDA up 41% to $229.5M.
- Operational improvements: 12.5% Specialty Vehicles EBITDA margin (vs. 8.8% pro forma 2024), $58M inventory reduction, and 2-year backlog duration.
- Capital allocation: $121M returned to shareholders (dividends + buybacks) and $51M invested in automation, capacity expansion, and efficiency upgrades.
- FY25 free cash flow of $190M, net debt of $5.3M, and $34.7M cash on hand for merger integration.

**【CFO Financial Commentary】**
- **Specialty Vehicles Segment**: Q4 sales $507.4M (+18% YoY), EBITDA $70.5M (+39.6% YoY), 13.9% margin. Full year backlog $4.4B (+5.3% YoY), 1.1x book-to-bill ratio.
- **Recreational Vehicles Segment**: Q4 sales $157M (flat YoY), EBITDA $9M (+10% YoY). Backlog $233M (-20% YoY) due to dealer caution, but Class C demand strong.
- **Cash Flow**: FY25 operating cash flow $241M, free cash flow $190M (record). Capital expenditures $51M focused on automation and capacity.

**【Q&A Key Highlights】**
- **Specialty Vehicles Demand**: Order rates stable at 1.1x book-to-bill, driven by secular tailwinds in fire/emergency vehicles (municipal tax strength, aging fleets).
- **Tariff Impact**: No material competitive advantage vs. peers; cost mitigation via supplier diversification and lean practices.
- **Efficiency Progress**: Middle innings of operational improvement (7/9 innings), with further gains via automation and process simplification.
- **RV Market**: Class C demand strong (Renegade brand momentum), Class A lumpy, Class B challenged by retail assistance costs.
- **Capacity Investments**: Focused on aerial apparatus expansion (S-180) and robotics automation to reduce cycle times and improve quality.

REVG(Quitar la ciudad)

REVG(Quitar la ciudad)

REV Group (REVG) Financials Overview

REVG Q4 2025 Earnings

Earnings

EPS

Revenue

Revenue & Expenses

Key Indicators

Income Statement

Trend

Breakdown

Balance Sheet

Trend

Breakdown

Cash Flow

Trend

Breakdown

Revenue Breakdown

By Business

By Region

Dividend

Payout Ratio

Dividend Yield

You can ask Aime