Patrick Industries Q2 2026: Revenue Holds at $1.04B, Merger with LCI Announced, Convertible Notes Triggered
PATK is trading near its 52-week low of $81.29 (7.7% above the low).
Summary
Patrick Industries posted flat Q2 revenue of $1.04B and announced an all-stock merger with LCI Industries, while its convertible notes became convertible and a new lawsuit emerged.
Key Events · Earnings and Guidance · PATK
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Q2 Revenue Flat at $1.04B
Net sales of $1.04 billion, down 1% year-over-year, as a 15% decline in RV was offset by 22% growth in marine and 28% in powersports. Adjusted EPS was $1.29.
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All-Stock Merger with LCI Industries
Announced June 30, 2026, the merger will give Patrick shareholders 52% of the combined company. LCI shareholders receive 1.244 Patrick shares per LCI share. The deal includes a $94.2 million termination fee and is expected to close in H1 2027.
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Convertible Notes Triggered
The 1.75% convertible notes due 2028 became convertible from July 1 to September 30, 2026, because the stock price exceeded 130% of the conversion price. No conversions occurred in H1 2026.
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Aggressive Stock Buybacks
Repurchased $106.1 million of stock in H1 2026 at an average price of $95.82, with $61.9 million remaining under the program. Buybacks are now restricted by the merger agreement.
Analysis · PATK · Manufacturing
Patrick Industries reported Q2 2026 revenue of $1.04 billion, essentially flat year-over-year, with adjusted EPS of $1.29. The quarter was marked by a 15% drop in RV sales offset by strength in marine and powersports. More importantly, the company disclosed a pending all-stock merger with LCI Industries, creating a combined entity with Patrick shareholders owning 52%. The deal carries a $94.2 million termination fee and is expected to close in the first half of 2027. Additionally, the 1.75% convertible notes due 2028 became convertible starting July 1, 2026, which could lead to dilution if holders convert. The company also repurchased $106.1 million of stock in the first half, leaving $61.9 million under its buyback program, though repurchases are now restricted by the merger agreement. A new class action lawsuit regarding tobacco surcharges in employee benefit plans adds a legal overhang.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 36.1% of the 1052 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PATK was trading at $87.55 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $81.29 to $148.50. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.