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Camping World
Camping World (CWH) investor relations material
Camping World Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved over 35% growth in full-year adjusted EBITDA for 2025, reaching $242.9 million, with same-store unit sales up 14% and record combined new and used vehicle market share above 13%.
Good Sam generated record revenue and is positioned for further margin improvement in 2026.
Fourth quarter saw a 4% increase in same-store sales volume for new and used vehicles, maintaining a 13% market share.
Completed dealership portfolio optimization, reducing locations to 196 by year-end 2025, and executed a succession plan with a new CEO and President.
Weather disruptions in early 2026 led to an estimated loss of 1,500 unit sales and $13.5 million in gross profit.
Financial highlights
Full year revenue rose 4.4% to $6.4 billion in 2025, with Q4 revenue at $1.2 billion, driven by a 14% increase in used unit volumes and a 7% decline in new unit volumes.
Adjusted EBITDA for 2025 was $242.9 million, up 35.8% year-over-year; Q4 adjusted EBITDA loss was $26.2 million, mainly due to inventory clearing and insurance product cancellation reserves.
Net loss for 2025 was $105.6 million, primarily due to deferred tax asset and Tax Receivable Agreement adjustments; diluted loss per share was $(1.43), adjusted EPS was $0.19.
Good Sam services and plans revenue increased by about 3% in Q4 and to $199.8 million for the year.
Ended the quarter with $215 million in cash.
Outlook and guidance
2026 adjusted EBITDA guidance is $275 million–$325 million, with over 50% expected in the first half of the year.
Inventory cleansing strategy expected to negatively impact 2026 EBITDA by about $35 million, mainly in the first half.
Retail expectations for new RV sales are 325,000–350,000 units, and used sales 715,000–750,000 units for the industry.
New vehicle ASP expected at $39,000–$40,000; used at $31,500 for 2026.
Early RV show momentum and inventory management changes expected to drive outperformance versus industry trends, with margin improvement in 2H26.
Tax law changes impact on dividend funding?
Detail 2026 inventory actions and margin impact
Good Sam growth strategy given member decline?
Explain dividend pause rationale.
Inventory cleansing impact on 2026 margins.
2026 PS&O growth initiatives.
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Next Camping World earnings date
Q1 202629 Apr, 2026
Camping World
Next Camping World earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Camping World Holdings, Inc. engages in the retail of RVs and related products and services provided by company-operated and franchised dealer locations in the United States, Canada, Mexico, and Chile. It offers products for purchasing and financing of RVs; as well as technical services that include parts and accessories, RV maintenance and repair, extended service contracts, and installation services; financing services; and refurbishment products. The company also provides warranties for parts purchased from its dealers to protect against defects in manufacturing or materials. It serves recreational vehicle (RV) customers who range from first-time buyers to experienced RV enthusiasts; individual families to large motor coaches used by vacation companies; and small motocross companies to large horse trailers.
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