What the changes say
- New risks specifically address connected, electric, hybrid and autonomous RV technology, including cybersecurity, privacy, regulation and charging infrastructure.
What changed since the prior 10-K
New
- NewMACROECONOMIC, MARKET AND STRATEGIC RISKS
Our success depends on our ability to develop, commercialize and market innovative products and technologies
Failure to develop and commercialize lightweight, electric, hybrid, autonomous and connected RVs could weaken market position and increase cybersecurity, privacy and regulatory exposure.
- NewOPERATIONAL RISKS
Increases in the cost of raw materials and component parts could adversely affect our business, financial condition and results of operations
Volatile aluminum, lumber, petroleum-based products, chassis, electronics and other component costs may not be recoverable through pricing, reducing margins and cash flow.
- NewOPERATIONAL RISKS
Cybersecurity incidents or technology disruptions could adversely affect our operations, financial condition and reputation
Dependence on internal and third-party information systems supporting manufacturing, supply chains, finance and personal information creates disruption, confidentiality and reputational risks.
- NewOPERATIONAL RISKS
Our success depends on our ability to attract, develop and retain qualified employees and key management personnel
Labor shortages, rising compensation and benefit costs, European mandates and loss of key management personnel could impair operations and financial results.
- NewOPERATIONAL RISKS
Collective labor arrangements, additional unionization or work stoppages could increase our costs or disrupt our operations
European labor agreements and possible North American unionization may raise costs, restrict staffing flexibility or cause employee, supplier or transportation-provider work stoppages.
- NewOPERATIONAL RISKS
The concentration of our U.S. operations and certain key suppliers in northern Indiana exposes us to regional risks
Concentrating most U.S. operations and key suppliers in northern Indiana could make regional labor, disaster or public-health disruptions affect operations and supply simultaneously.
- NewOPERATIONAL RISKS
Natural disasters and adverse weather conditions could adversely affect our operations and financial results
Spring and summer weather affects RV demand, while disasters, climate changes, water scarcity and severe storms could damage facilities, inventory and supply chains.
- NewLEGAL AND REGULATORY RISKS
Evolving stakeholder expectations and regulatory requirements relating to environmental, social and governance matters could adversely affect our business
Changing ESG expectations and environmental rules may affect RV demand, access to capital, compliance costs, reputation, staffing and gasoline- or diesel-powered product requirements.
- NewLEGAL AND REGULATORY RISKS
We may be unable to adequately protect our intellectual property, and third parties may assert that our products or technologies infringe their intellectual property rights
Inadequate protection of brands, patents and digital technologies, or infringement claims involving products, components and connectivity standards, could weaken competitiveness and increase costs.
- NewFINANCIAL RISKS
Our risk management and compliance processes may not be effective in identifying or mitigating all material risks
Enterprise risk controls may miss risks arising from changing laws, technologies, human error, misconduct or unforeseen events, harming operations, finances or reputation.
Dropped
- DroppedMACROECONOMIC, MARKET AND STRATEGIC RISKS
Our long-term success and competitiveness depend on the successful execution of our innovation initiatives
- DroppedOPERATIONAL RISKS
Fluctuations in the prices of raw material and component parts may adversely affect our business
- DroppedOPERATIONAL RISKS
Our long-term viability and financial success are dependent upon our ability to attract and retain an experienced and skilled workforce, including within our management teams, while also maintaining a flexible and competitive compensation and benefit cost structure
- DroppedOPERATIONAL RISKS
We could be impacted by the potential adverse effects of union activities
- DroppedOPERATIONAL RISKS
Interruption of information systems service or misappropriation or breach of our information systems could cause disruption to our operations, disclosure of confidential or personal information or cause damage to our reputation
Successful execution of innovation initiatives and continued introduction of consumer-desired products.
- DroppedOPERATIONAL RISKS
Our U.S.-based operations are primarily centered in northern Indiana
- DroppedOPERATIONAL RISKS
Adverse weather conditions and weather-related events could have a negative impact on our revenues and results of operations
Raw-material and component price fluctuations, including tariffs and sourcing limitations.
- DroppedLEGAL AND REGULATORY RISKS
Increased public attention to environmental, social and governance matters may expose us to negative public perception, impose additional costs on our business or impact our stock price
- DroppedFINANCIAL RISKS
Our risk management policies and procedures may not be fully effective in achieving their purposes
Reworded
- 71% rewrittenLEGAL AND REGULATORY RISKS
More stringent privacy, data use, data protection and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information may have an adverse effect on our business
Adds consumers’ heightened expectations to safeguard personal information and slightly streamlines the description of privacy and cross-border data rules.
Was: More stringent privacy, data use, data protection and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information may have an adverse impact on our business
- 70% rewrittenMACROECONOMIC, MARKET AND STRATEGIC RISKS
RV industry sales volumes can be volatile as the industry is both cyclical and seasonal, making our business subject to significant fluctuations in production rates, sales, net income and stock price
Removes stock-price effects from the stated consequences and changes the description of industry demand changes from sudden and severe to sudden and significant.
- 69% rewrittenLEGAL AND REGULATORY RISKS
Anti-takeover provisions in our organizational documents could delay or prevent a change of control
Adds specific anti-takeover provisions covering preferred-stock issuance, director nominations, annual-meeting matters, special meetings and director removal.
- 66% rewrittenMACROECONOMIC, MARKET AND STRATEGIC RISKS
With our global footprint, macroeconomic, geopolitical and trade-related developments could materially adversely affect our business
Expands geopolitical examples to armed conflicts, sanctions and export controls and specifies effects on global markets, trade, supply chains and operating regions.
Was: With our global footprint, our business could be adversely affected by macroeconomic and geopolitical developments or other events
- 56% rewrittenLEGAL AND REGULATORY RISKS
Climate-related regulations and ongoing compliance requirements with chassis emissions standards designed to address climate change in both North America and Europe may result in additional disclosure requirements and compliance costs or limit the use of our products in certain areas
Keeps the emissions-regulation examples but no longer expressly cites disclosure requirements or limits on product use, focusing on sales and compliance costs.
Was: Climate-related regulations and ongoing compliance requirements with chassis emissions standards designed to address climate change in both North America and Europe may result in additional required disclosures and related compliance costs, or limit the use of our products in certain areas
- 51% rewritten
The following risk factors should be considered carefully together with the other information contained in this Annual Report on Form 10-K
Was: The following risk factors should be considered carefully in addition to the other information contained in this filing
- 50% rewrittenOPERATIONAL RISKS
We are highly dependent on our suppliers to deliver raw materials and component parts on a timely basis and in sufficient quantities to meet our production demands
Changes European component shortages from a fiscal 2024 example to an ongoing problem that continues to reduce efficiency and elevate work-in-process inventory.
Was: We are highly dependent on our suppliers to deliver raw materials and component parts timely and in sufficient quantities to meet our production demands
- 44% rewrittenMACROECONOMIC, MARKET AND STRATEGIC RISKS
The RV industry is highly competitive in both North America and Europe and our requirements as a public company may put us at a competitive disadvantage
Makes minor wording changes describing reduced margins or market share from competition, without changing the approximately 80 North American and 30 European manufacturer figures.
Was: The industry in which we operate is highly competitive both in North America and in Europe and our requirements as a public company may put us at a competitive disadvantage
- 42% rewrittenFINANCIAL RISKS
Changes in market liquidity conditions, credit ratings and other factors may impact our access to future funding and the cost of debt
- 39% rewrittenOPERATIONAL RISKS
A material portion of our revenue is derived from international sales
Was: A material portion of our revenue is derived from sales of our products to international sources
- 36% rewrittenOPERATIONAL RISKS
We rely on a small number of suppliers for certain key components, including chassis, and we may not be able to source these key components from alternative suppliers
- 30% rewrittenFINANCIAL RISKS
Our business is affected by the availability and terms of financing to independent dealers and retail purchasers
- 28% rewrittenFINANCIAL RISKS
Changes in tax rates, tax legislation or exposure to additional tax liabilities or tariffs could adversely affect our results of operations, cash flows, financial condition, dividend payments or strategic plans
Was: Changes in tax rates, tax legislation or exposure to additional tax liabilities or tariffs could have a negative impact on our results of operations, cash flows, financial condition, dividend payments or strategic plans
- 24% rewrittenFINANCIAL RISKS
As is customary in the RV industry, we have executed repurchase agreements with numerous lending institutions that finance certain of our independent dealers’ purchases of our products
Was: As is customary, we have executed repurchase agreements with numerous lending institutions who finance certain of our independent dealers’ purchases of our products
- 22% rewrittenOPERATIONAL RISKS
The loss of our largest independent dealer or an increase in independent dealer consolidations could have a material adverse effect on our business
Was: The loss of our largest independent dealer or an increase in independent dealer consolidations could have a material negative effect on our business
- 21% rewrittenOPERATIONAL RISKS
Our business depends on the performance of independent, non-franchise authorized dealers and third-party transportation carriers
- 21% rewrittenOPERATIONAL RISKS
We may not realize the anticipated benefits of strategic initiatives, including realignments or other reorganizational actions, and such initiatives may cause the Company to incur significant charges, disrupt our operations or harm our reputation
Was: We may not realize the anticipated benefits of strategic realignments or other reorganizational actions and such actions may cause the Company to incur significant charges, disrupt our operations or harm our reputation
- 20% rewrittenFINANCIAL RISKS
Our debt arrangements and provisions in our debt agreements may make us more sensitive to the effects of economic downturns
Was: The Company’s debt arrangements and provisions in our debt agreements may make us more sensitive to the effects of economic downturns
All 33 risk factors
Headings as the filing states them, in filing order.
Other
- 01The following risk factors should be considered carefully together with the other information contained in this Annual Report on Form 10-K51% rewritten
MACROECONOMIC, MARKET AND STRATEGIC RISKS
- 02RV industry sales volumes can be volatile as the industry is both cyclical and seasonal, making our business subject to significant fluctuations in production rates, sales, net income and stock price70% rewritten
- 03With our global footprint, macroeconomic, geopolitical and trade-related developments could materially adversely affect our business66% rewritten
- 04The RV industry is highly competitive in both North America and Europe and our requirements as a public company may put us at a competitive disadvantage44% rewritten
- 05Our success depends on our ability to develop, commercialize and market innovative products and technologiesnew
OPERATIONAL RISKS
- 06Increases in the cost of raw materials and component parts could adversely affect our business, financial condition and results of operationsnew
- 07We are highly dependent on our suppliers to deliver raw materials and component parts on a timely basis and in sufficient quantities to meet our production demands50% rewritten
- 08We rely on a small number of suppliers for certain key components, including chassis, and we may not be able to source these key components from alternative suppliers36% rewritten
- 09Product recalls, customer satisfaction actions and our recall obligations for both our products and for component parts supplied by vendors could adversely affect our financial condition and harm our reputation
- 10Our business and results of operations may be harmed if the frequency and size of product liability or other claims against us increase
- 11The loss of our largest independent dealer or an increase in independent dealer consolidations could have a material adverse effect on our business22% rewritten
- 12A material portion of our revenue is derived from international sales39% rewritten
- 13We may not realize the anticipated benefits of strategic initiatives, including realignments or other reorganizational actions, and such initiatives may cause the Company to incur significant charges, disrupt our operations or harm our reputation21% rewritten
- 14Business acquisitions pose integration and other risks
- 15Cybersecurity incidents or technology disruptions could adversely affect our operations, financial condition and reputationnew
- 16Our success depends on our ability to attract, develop and retain qualified employees and key management personnelnew
- 17Collective labor arrangements, additional unionization or work stoppages could increase our costs or disrupt our operationsnew
- 18Our business depends on the performance of independent, non-franchise authorized dealers and third-party transportation carriers21% rewritten
- 19The concentration of our U.S. operations and certain key suppliers in northern Indiana exposes us to regional risksnew
- 20Natural disasters and adverse weather conditions could adversely affect our operations and financial resultsnew
LEGAL AND REGULATORY RISKS
- 21More stringent privacy, data use, data protection and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information may have an adverse effect on our business71% rewritten
- 22Our business is subject to numerous national, regional, federal, state and local regulations in the various countries in which we operate, sell and/or use our products
- 23Climate-related regulations and ongoing compliance requirements with chassis emissions standards designed to address climate change in both North America and Europe may result in additional disclosure requirements and compliance costs or limit the use of our products in certain areas56% rewritten
- 24Evolving stakeholder expectations and regulatory requirements relating to environmental, social and governance matters could adversely affect our businessnew
- 25We may be unable to adequately protect our intellectual property, and third parties may assert that our products or technologies infringe their intellectual property rightsnew
- 26Anti-takeover provisions in our organizational documents could delay or prevent a change of control69% rewritten
FINANCIAL RISKS
- 27Changes in tax rates, tax legislation or exposure to additional tax liabilities or tariffs could adversely affect our results of operations, cash flows, financial condition, dividend payments or strategic plans28% rewritten
- 28As is customary in the RV industry, we have executed repurchase agreements with numerous lending institutions that finance certain of our independent dealers’ purchases of our products24% rewritten
- 29We could incur impairment charges for goodwill, intangible assets, equity investments or other long-lived assets
- 30Our business is affected by the availability and terms of financing to independent dealers and retail purchasers30% rewritten
- 31Our debt arrangements and provisions in our debt agreements may make us more sensitive to the effects of economic downturns20% rewritten
- 32Changes in market liquidity conditions, credit ratings and other factors may impact our access to future funding and the cost of debt42% rewritten
- 33Our risk management and compliance processes may not be effective in identifying or mitigating all material risksnew
Other Thor Industries 10-Ks
- 2025 10-K risk factors
32 risks, 1 new, 10 reworded since the prior year. The company added restructuring risks regarding plant closures and employee separations. Tariffs and tax details were expanded. International sales dropped to 36.1% of consolidated sales for fiscal 2025.
Filed Sep 24, 2025 - 2024 10-K risk factors
31 risks. RV industry sales volumes are cyclical, seasonal, and volatile, impacting financial results and stock price.
Filed Sep 24, 2024
About this page
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.