REV Group designs, engineers, and assembles specialty vehicles across two segments: Specialty Vehicles (~75% of revenue) and Recreational Vehicles (~25%). The Specialty Vehicles segment is built around fire apparatus (pumpers, aerials, ARFF vehicles) and ambulances, sold primarily to municipal fire and EMS departments across North America. These are highly customized, mission-critical products that benefit from a recurring, municipally-funded replacement cycle. The segment also includes terminal trucks and industrial sweepers, though these are smaller contributors. The RV segment produces motorized Class A, B, C, and Super C motorhomes under brands including Fleetwood RV, American Coach, Holiday Rambler, and Renegade RV, sold through independent dealer networks. REV's manufacturing model is assembly-oriented — integrating purchased components like chassis, engines, and wiring into finished vehicles — giving the business a largely variable cost structure. In fire and ambulances, revenue is driven by unit throughput, annual price increases, and product mix toward higher-content units. The Specialty Vehicles segment carries a $4.3B backlog representing over two years of production. The RV segment is more cyclical, sensitive to consumer confidence and interest rates, and has faced pressure since late FY23. REV is working to expand margins through throughput growth, pricing discipline, and lean manufacturing. REV recently entered into a merger agreement with Terex, which would combine REV with Terex's specialty equipment operations.