REV Group Inc Q4 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Oliver Chang - Morgan Stanley - Analyst : Thanks for having me on today on behalf of Angel. Guys on Specialty orders, could you guys just talk a little bit more about what you're seeing on these orders? I assume they're shipping for 2028. Just curious if you can unpack what kind of pricing versus volume you're getting on those orders today? And then for the units that are already in the backlog, can you just remind us on like how the pricing will flow through? I know you're not guiding 2026 at this point, but just on the stuff that's in the backlog, how does the price flow through for next year and 2027?

Question: Oliver Chang - Morgan Stanley - Analyst : Got it. That's helpful. And then maybe just switching gears a little bit on market share. Obviously, the tariffs they haven't really helped on the cost side for you guys. But just curious on the revenue side, have you seen any shifts in customer behavior or are you guys taking share on the back of some of these tariffs? I know potentially maybe there's some favorability for domestic trucks versus international ones. So just curious there.

Question: Gregory Burns - Sidoti & Company LLC - Analyst : You've had some facilities investments to increase your efficiency and throughput. When you look at the backlog, where are there still opportunities within the network to invest in capacity to further increase that your throughput rates?

Question: Gregory Burns - Sidoti & Company LLC - Analyst : Okay. I don't know if this would fall into forward-looking statements or not. But when you look at the demand cycle within the Specialty Vehicles segment, it seems to be holding up like a lower for longer type demand. Maybe you could talk about why you think that is? What's driving that? And maybe your view on when we might start to see a more normalization of the strong demand that we've seen over the last few years?