Winnebago Industries manufactures recreational vehicles and recreational boats in North America. The company sells through a network of over 760 independent dealers across the U.S. and Canada, who in turn sell to end consumers. Winnebago operates three segments: Towable RV, Motorhome RV, and Marine. Towable RVs — travel trailers and fifth wheels sold under the Winnebago and Grand Design brands — are the largest segment by revenue. Motorhomes are sold under three brands: Winnebago, Newmar (dominant in premium Class A diesel), and Grand Design's new Lineage lineup. The Marine segment includes Barletta aluminum pontoon boats and premium Chris-Craft fiberglass boats. Profitability is driven by unit volume, product mix, and fixed cost leverage — margins compress in downturns as volumes fall and dealer incentives rise, then recover quickly as demand picks up. Key near-term initiatives include the ramp of Grand Design Motorized (the Lineage Class C became the #3 Class C diesel brand in its first year), a turnaround of underperforming Winnebago-branded towable and motorhome businesses, and continued share gains at Barletta. Winnebago has grown historically through M&A, acquiring Grand Design in 2016, Newmar in 2019, Barletta in 2021, and lithium battery maker Lithionics in 2023. The RV industry is currently in a prolonged trough, with 2025 wholesale shipments expected around 320,000-340,000 units, well below mid-cycle levels.