Patrick Industries Q2 2026: Revenue Flat at $1.04B, EPS $1.28, Merger Costs Emerge
PATK is trading near its 52-week low of $81.29 (6.6% above the low).
Summary
Patrick Industries reported Q2 2026 revenue of $1.04 billion and adjusted EPS of $1.29, with RV weakness offset by growth in other segments. Cash flow declined sharply, and merger-related costs appeared for the first time following the LCI Industries deal announcement.
Key Events · Earnings and Guidance · PATK
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Revenue Flat at $1.04B
Net sales of $1.04 billion were nearly unchanged from $1.05 billion a year ago. Marine revenue jumped 22%, Powersports rose 28%, and Housing grew 2%, fully offsetting a 15% decline in RV revenue tied to a 16% drop in RV wholesale shipments.
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Adjusted EPS Misses Prior Year
Adjusted diluted EPS was $1.29, down from $1.50 in Q2 2025. GAAP diluted EPS was $1.28, up 33% from $0.96, but the prior-year quarter included a $24.4 million legal settlement charge that depressed the comparison.
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Operating Cash Flow Drops Sharply
Year-to-date cash from operations fell to $69 million from $189 million, driven by higher working capital investment, particularly in inventory to support the composite products growth strategy.
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Shareholder Returns Remain Aggressive
The company returned $106 million to shareholders in Q2, including $91 million to repurchase 980,000 shares and $15 million in dividends. $62 million remains under the current buyback authorization.
Analysis · PATK · Manufacturing
Patrick Industries delivered a mixed Q2 2026. Revenue held nearly flat at $1.04 billion as growth in Marine, Powersports, and Housing offset a 15% decline in RV. Operating income fell to $77 million from $87 million, pressured by RV weakness and merger-related costs. Net income rose 34% to $43 million, but adjusted EPS of $1.29 missed last year's $1.50. Cash from operations dropped sharply to $69 million year-to-date from $189 million, reflecting higher working capital. The company returned $106 million to shareholders via dividends and buybacks. This earnings report lands just one month after the announcement of the all-stock merger with LCI Industries, and the $437K in merger costs signals integration work is underway. The results show a company managing through a cyclical RV downturn while preparing for a transformative combination.
At the time of this filing, PATK was trading at $86.62 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $81.29 to $148.50. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.