Camping World (CWH) Q4 2025 earnings summary

Executive summary

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

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

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

• Weather disruptions in early 2026 led to an estimated loss of 1,500 unit sales and $13.5 million in gross profit.

• Succession plan executed with new CEO and President in place.

Financial highlights

• Full year revenue rose 4.4% to $6.4 billion compared to 2024.

• Q4 revenue was $1.2 billion, driven by a 14% increase in used unit volumes, offset by a 7% decline in new unit volumes year-over-year.

• Net loss for 2025 was $105.6 million, up 33.9% year-over-year, mainly due to deferred tax asset and Tax Receivable Agreement adjustments.

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

• Ended the quarter with $215 million in cash.

Outlook and guidance

• 2026 adjusted EBITDA guidance set at $275 million-$325 million, with over 50% expected in the first half.

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

• Inventory management changes to pressure gross margin in 1H26, with expected improvement in 2H26.

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

• New ASP expected at $39,000-$40,000; used ASP at $31,500 for 2026.