Core Viewpoint - LCI Industries reported strong financial performance in Q4 2025, with significant year-over-year sales growth and margin expansion, driven by market share gains and product content growth across various end markets [4][3]. Financial Performance - Consolidated net sales for Q4 reached $933 million, reflecting a 16% increase year-over-year [3][7]. - Operating profit was reported at $35 million, with an operating margin of 3.8%, an increase of 180 basis points [2][7]. - GAAP net income was $19 million, or $0.77 per diluted share, more than doubling from $0.37 per diluted share in the prior year [2][7]. - Adjusted net income, excluding restructuring costs, was $22 million, or $0.89 per diluted share [2][7]. Market Segments - The OEM segment saw net sales rise 18% to $737 million, attributed to market share gains and increased sales of newer products [8][9]. - The RV OEM revenue increased by 17%, driven by sales price increases and a favorable mix shift towards higher-content units [8][9]. - The aftermarket segment grew modestly, with sales up 8% to $196 million, although margins were pressured due to higher material and logistics costs [5][12]. Growth Opportunities - The company identified a potential annual automotive opportunity of approximately $50 million due to a competitor's bankruptcy [5][14]. - LCI's five newest products are generating an annualized revenue run rate of about $225 million [10][9]. - The company expects about 1.5 million RVs to enter the repair and replacement cycle over the next one to three years, enhancing aftermarket demand [12]. 2026 Outlook - Management guided for consolidated revenue of $4.2 billion to $4.3 billion in 2026, with an operating margin of 7.5% to 8% and adjusted diluted EPS of $8.25 to $9.25 [7][16]. - January net sales were approximately $343 million, indicating a 4% increase from the prior year [16]. - The company anticipates completing 8 to 10 facility consolidations in 2026 to enhance efficiency [18]. Capital Allocation and Shareholder Returns - LCI ended 2025 with over $200 million in cash and a net debt to adjusted EBITDA ratio of 1.8x [19][21]. - The company returned $243 million to shareholders in 2025, including $114 million in dividends and $129 million in share repurchases [21]. - Expected capital expenditures for 2026 are between $60 million to $80 million, with a focus on maintaining dividends and opportunistic repurchases [21].