Camping World (CWH) Q4 2025 earnings summary

Executive summary

• Achieved over 35% growth in full-year adjusted EBITDA, reaching $242.9 million, and a 14% improvement in same-store unit sales year-over-year.

• Record combined new and used vehicle market share above 13%.

• Good Sam segment delivered record revenue; parts, service, and other categories saw strong gross margin improvement.

• Weather disruptions in early 2025 led to an estimated loss of 1,500 unit sales and $13.5 million in gross profit.

• Dealership portfolio optimized to 196 locations by year-end 2025; succession plan executed with new CEO and President.

Financial highlights

• Full-year revenue rose 4.4% to $6.4 billion; Q4 revenue was $1.2 billion, driven by a 14% increase in used unit volumes, offset by a 7% decline in new unit volumes.

• Adjusted EBITDA for 2025 was $242.9 million, up 35.8% year-over-year.

• Net loss for 2025 was $105.6 million, mainly due to deferred tax asset and Tax Receivable Agreement adjustments.

• Ended the quarter with $215 million in cash; $50 million in long-term debt repaid in early 2026.

• Good Sam services and plans revenue increased by about 3% in Q4 and to $199.8 million for the year.

Outlook and guidance

• 2026 adjusted EBITDA guidance set at $275 million–$325 million, reflecting inventory cleansing and cost savings.

• Over 50% of annual adjusted EBITDA expected in the first half of 2026.

• Inventory cleansing strategy expected to negatively impact EBITDA by about $35 million in 2026, mainly in the first half.

• Retail industry expectations: 325,000–350,000 new units and 715,000–750,000 used units sold in 2026.

• Early RV show momentum and inventory management changes expected to drive outperformance versus industry trends, with margin improvement in 2H26.