REV Group, Inc. (NYSE: REVG) is a manufacturer of specialty and recreational vehicles, primarily operating through two segments: Specialty Vehicles and Recreational Vehicles. The company’s offerings include fire apparatus and ambulances for public service, alongside a variety of RVs catering to consumer needs.

For the second quarter of fiscal 2025, REV Group reported consolidated net sales of $629.1 million, up from $616.9 million in the same quarter of the previous year. Excluding the impact of the exited Bus Manufacturing Businesses, net sales rose by $45.1 million, or 7.7%. The company achieved a second quarter net income of $19.0 million compared to $15.2 million in the prior year quarter.

Adjusted EBITDA for the second quarter was $58.9 million, significantly higher than $37.5 million in the previous year. After removing the $1.5 million contribution from the divested bus business, the adjusted EBITDA increased by $22.9 million, or 63.6%. Adjusted net income reached $35.4 million, up from $20.9 million in the prior year.

The Specialty Vehicles segment recorded sales of $453.9 million in the second quarter 2025, marking an increase of $16.5 million, or 3.8%, compared to $437.4 million in the prior year. Excluding $32.9 million from the divested bus business, net sales rose by $49.4 million or 12.2%. Adjusted EBITDA for this segment was $56.3 million, increasing by $22.5 million, or 66.6%, from $33.8 million in the second quarter 2024.

The Recreational Vehicles segment saw a decrease in sales to $175.3 million, down $4.4 million, or 2.4%, from $179.7 million in the same quarter last year. Adjusted EBITDA for this segment declined to $10.9 million, a decrease of $1.2 million, or 9.9%, from $12.1 million in the prior year quarter.

REV Group’s total backlog at the end of the second quarter was approximately $4.55 billion, compared to $4.34 billion a year earlier. The Specialty Vehicles backlog stood at $4.28 billion, up from $4.06 billion last year, while the Recreational Vehicles backlog was at $267.9 million, down from $274.7 million.

Cash from operating activities for the quarter reached $117 million. The company spent $11.4 million on capital expenditures and repurchased approximately 2.9 million shares of common stock for $88 million. Net debt was $101.2 million, down from $130 million in the prior year.

For the full year fiscal 2025, the company updated its guidance, projecting net sales between $2.35 billion and $2.45 billion, net income between $88 million and $107 million, and adjusted EBITDA between $200 million and $220 million. Capital expenditures guidance has also been raised to a range of $45 million to $50 million, up from a previous range of $30 million to $35 million.