Camping World Holdings, Inc. Reports Fourth Quarter 2025 Results
LINCOLNSHIRE, Ill.--( BUSINESS WIRE)--Camping World Holdings, Inc. (NYSE: CWH) (“CWH” or, collectively with its subsidiaries, the “Company” or “Camping World”), America’s Largest Recreational Vehicle Dealer, today reported results for the fourth quarter and full year ended December 31, 2025.
Matthew Wagner, Chief Executive Officer and President of CWH stated, “2025 was a pivotal year for our organization. We returned the business to growth, delivering Adjusted EBITDA growth in excess of 35%. We again grew our combined new and used market share to a record level, ending the year at over 13%. We completed an extensive dealership portfolio optimization process, resulting in a more efficient base comprised of nearly 200 locations. Lastly, we executed on our succession plans, and I could not be more honored and excited to build upon our market leading position.”
Mr. Wagner continued, “We are focused on three well defined goals in 2026; new and used unit growth, accelerating Good Sam’s growth, and SG&A cost efficiency. We are using this critical juncture to strengthen our foundation by proactively accelerating our new and used inventory turns, reinvesting in the customer experience across the enterprise, and reprioritizing cash flows to fortify our balance sheet.”
Balance Sheet and Cash Flow
At the end of the fourth quarter of 2025, cash and cash equivalents totaled $215 million. Total outstanding long-term debt was $1.472 billion. The Company's net debt leverage ratio (1) improved to 5.7x at the end of 2025 compared to 8.1x at the end of 2024. Tom Kirn, Chief Financial Officer of CWH commented, “I’m pleased with the progress we’ve made in 2025 by reducing our net debt leverage by over two turns. To date in 2026, we’ve continued that momentum, paying down an incremental $50 million of long-term debt.”
Dividend Update
CWH historically paid a quarterly cash dividend to holders of Class A common stock. In February 2026, following consideration of forecasted tax distributions, the reduced availability of excess tax distributions to fund dividend payments driven partly by the impact of recent tax law changes, and in consideration of the Company’s focus on reducing net debt leverage, the Company’s Board of Directors determined to pause the regular cash dividend program. The Company’s Board of Directors will monitor changes in the above factors and plans to re-evaluate the future of the dividend program at a later date.
Full Year 2026 Outlook (2)
Mr. Wagner stated, “Early season RV show momentum underscores our confidence in our ability to outpace broader RV unit industry trends and meaningfully grow our Adjusted EBITDA in 2026. To best position our organization for sustained, multi-year growth, we have implemented strict, corrective inventory management objectives to structurally improve our turnover rates. These actions are expected to result in gross margin headwinds in the first half of 2026, before providing tailwinds in the second half of the year and beyond.”
For 2026, Camping World expects Adjusted EBITDA in the range of $275 million to $325 million. The Company’s outlook takes into account prevailing trends in the RV industry, including consumer interest rate trends, consumer confidence and labor market trends, competitive dynamics, and other key macroeconomic factors that may influence overall demand.
(1)
Net debt leverage ratio is equal to Net Debt (2) divided by Adjusted EBITDA (2) for the trailing twelve months.
(2)
Adjusted EBITDA and Net Debt are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release. A reconciliation for the Company’s Adjusted EBITDA outlook to the corresponding GAAP measure on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to certain items. However, in 2026 the Company expects equity-based compensation of approximately $23-26 million, depreciation and amortization of approximately $85-95 million, and other interest expense of approximately $110-120 million, each of which is a reconciling item to Net Income.
Fourth Quarter-over-Quarter Operating Highlights
Full Year-over-Year Operating Highlights
(3)
Adjusted (loss) earnings per share – diluted and SG&A Excluding SBC are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release.
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s fourth quarter and fiscal year 2025 financial results is scheduled for February 25, 2026, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-844-826-3035 (international callers please dial 1-412-317-5195) and using conference ID# 10206607. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investor.campingworld.com. Presentation materials are available at http://investor.campingworld.com. The replay of the conference call webcast and presentation materials will be available on the investor relations website for approximately 90 days.
Presentation
This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”), unless noted as a non-GAAP financial measure. The Company is the sole managing member of CWGS, LLC, with sole voting power in and control of the management of CWGS, LLC. As of December 31, 2025, the Company owned 61.4% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the fourth quarter and full year ended December 31, 2025 to our financial results from the fourth quarter and full year ended December 31, 2024, respectively.
About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Through Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor adventures fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 44 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about macroeconomic and industry trends, future reductions in SG&A, future average selling prices, business plans and goals, future growth of our operations, future deleveraging activities, inventory management objectives, investments in customer experience, future debt repayment, our dividend program and future financial results. These forward-looking statements are based on management’s current expectations.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: general economic conditions, including inflation, interest rates and tariffs; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the success of our manufacturers; changes in consumer preferences; competition in our industry; risks related to acquisitions, new store openings and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; our ability to execute and achieve the expected benefits of our cost cutting initiatives; our reliance on our fulfillment and distribution centers; impacts from natural disasters, including pandemics and health crises; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; risks associated with our private brand offerings; we may incur asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; our private brand offerings exposing us to various risks; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; risks related to climate change and other environmental, social and governance matters; and risks related to our organizational structure.
These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our Annual Report on Form 10-K for the year ended December 31, 2025 following the date hereof, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
We intend to use our official Facebook, X and Instagram accounts, each at the handle @CampingWorld, as well as the investor page of our website, investor.campingworld.com, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post through these social media channels and on our investor webpage may be deemed material. Accordingly, investors should subscribe to these accounts and our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts. These social media channels may be updated from time to time.
Camping World Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In Thousands Except Per Share Amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Revenue:
Good Sam Services and Plans
$
46,822
$
45,505
$
199,751
$
194,575
RV and Outdoor Retail
New vehicles
457,832
497,533
2,761,149
2,825,640
Used vehicles
386,510
348,148
1,970,224
1,613,849
Products, service and other
160,468
181,431
756,984
820,111
Finance and insurance, net
111,382
118,993
639,544
599,718
Good Sam Club
10,545
12,854
41,497
46,081
Subtotal
1,126,737
1,158,959
6,169,398
5,905,399
Total revenue
1,173,559
1,204,464
6,369,149
6,099,974
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Good Sam Services and Plans
21,761
18,651
84,201
70,726
RV and Outdoor Retail
New vehicles
401,594
421,965
2,396,241
2,418,169
Used vehicles
324,815
282,951
1,605,232
1,317,152
Products, service and other
86,020
102,919
401,598
463,640
Good Sam Club
1,133
1,062
4,725
4,791
Subtotal
813,562
808,897
4,407,796
4,203,752
Total costs applicable to revenue
835,323
827,548
4,491,997
4,274,478
Gross profit (exclusive of depreciation and amortization shown separately below):
Good Sam Services and Plans
25,061
26,854
115,550
123,849
RV and Outdoor Retail
New vehicles
56,238
75,568
364,908
407,471
Used vehicles
61,695
65,197
364,992
296,697
Products, service and other
74,448
78,512
355,386
356,471
Finance and insurance, net
111,382
118,993
639,544
599,718
Good Sam Club
9,412
11,792
36,772
41,290
Subtotal
313,175
350,062
1,761,602
1,701,647
Total gross profit
338,236
376,916
1,877,152
1,825,496
Operating expenses:
Selling, general, and administrative
367,277
367,759
1,603,222
1,573,117
Depreciation and amortization
23,718
21,285
95,335
81,190
Long-lived asset impairment
—
2,706
1,237
15,061
(Gain) loss on lease termination and/or remeasurement
(1,965
)
288
(1,996
)
(2,297
)
(Gain) loss on sale or disposal of assets
(746
)
330
(850
)
9,855
Total operating expenses
388,284
392,368
1,696,948
1,676,926
(Loss) income from operations
(50,048
)
(15,452
)
180,204
148,570
Other expense
Floor plan interest expense
(19,430
)
(17,068
)
(76,786
)
(95,121
)
Other interest expense, net
(29,487
)
(32,320
)
(121,836
)
(140,444
)
Tax Receivable Agreement liability adjustment
(216
)
—
148,956
—
Other expense, net
(6,459
)
(2,925
)
(10,379
)
(3,262
)
Total other expense
(55,592
)
(52,313
)
(60,045
)
(238,827
)
(Loss) income before income taxes
(105,640
)
(67,765
)
120,159
(90,257
)
Income tax (expense) benefit
(3,488
)
8,221
(225,797
)
11,377
Net loss
(109,128
)
(59,544
)
(105,638
)
(78,880
)
Less: net loss attributable to non-controlling interests
41,831
27,942
15,839
40,243
Net loss attributable to Camping World Holdings, Inc.
$
(67,297
)
$
(31,602
)
$
(89,799
)
$
(38,637
)
Loss per share of Class A common stock:
Basic
$
(1.07
)
$
(0.56
)
$
(1.43
)
$
(0.80
)
Diluted
$
(1.07
)
$
(0.56
)
$
(1.43
)
$
(0.80
)
Weighted average shares of Class A common stock outstanding:
Basic
63,013
56,586
62,724
48,005
Diluted
63,013
56,586
62,724
48,005
Camping World Holdings, Inc. and Subsidiaries
Supplemental Data (unaudited)
Three Months Ended
December 31,
Increase
Percent
2025
2024
(decrease)
Change
Unit sales
New vehicles
10,750
11,575
(825
)
(7.1
%)
Used vehicles
12,035
10,573
1,462
13.8
%
Total
22,785
22,148
637
2.9
%
Average selling price
New vehicles
$
42,589
$
42,983
$
(394
)
(0.9
%)
Used vehicles
32,115
32,928
(813
)
(2.5
%)
Same store unit sales (1)
New vehicles
9,897
10,446
(549
)
(5.3
%)
Used vehicles
11,020
9,609
1,411
14.7
%
Total
20,917
20,055
862
4.3
%
Same store revenue (1) ($ in 000s)
New vehicles
$
418,603
$
456,134
$
(37,531
)
(8.2
%)
Used vehicles
352,445
320,708
31,737
9.9
%
Products, service and other
131,607
145,829
(14,222
)
(9.8
%)
Finance and insurance, net
102,212
109,457
(7,245
)
(6.6
%)
Total
$
1,004,867
$
1,032,128
$
(27,261
)
(2.6
%)
Average gross profit per unit
New vehicles
$
5,231
$
6,529
$
(1,298
)
(19.9
%)
Used vehicles
5,126
6,166
(1,040
)
(16.9
%)
Finance and insurance, net per vehicle unit
4,888
5,373
(485
)
(9.0
%)
Total vehicle front-end yield (2)
10,064
11,728
(1,664
)
(14.2
%)
Gross margin
Good Sam Services and Plans
53.5
%
59.0
%
(548
)
bps
New vehicles
12.3
%
15.2
%
(291
)
bps
Used vehicles
16.0
%
18.7
%
(277
)
bps
Products, service and other
46.4
%
43.3
%
312
bps
Finance and insurance, net
100.0
%
100.0
%
Good Sam Club
89.3
%
91.7
%
(247
)
bps
Subtotal RV and Outdoor Retail
27.8
%
30.2
%
(241
)
bps
Total gross margin
28.8
%
31.3
%
(247
)
bps
Retail locations
RV dealerships
195
204
(9
)
(4.4
%)
RV service & retail centers
1
2
(1
)
(50.0
%)
Total
196
206
(10
)
(4.9
%)
RV and Outdoor Retail inventories ($ in 000s)
New vehicles
$
1,421,435
$
1,241,533
$
179,902
14.5
%
Used vehicles
530,861
413,546
117,315
28.4
%
Products, parts, accessories and misc.
159,255
166,495
(7,240
)
(4.3
%)
Total RV and Outdoor Retail inventories
$
2,111,551
$
1,821,574
$
289,977
15.9
%
Vehicle inventory per location ($ in 000s)
New vehicle inventory per dealer location
$
7,289
$
6,086
$
1,203
19.8
%
Used vehicle inventory per dealer location
2,722
2,027
695
34.3
%
Vehicle inventory turnover (3)
New vehicle inventory turnover
1.7
1.8
(0.1
)
(3.5
%)
Used vehicle inventory turnover
3.1
3.3
(0.2
)
(7.3
%)
Other data
Active Customers (4)
4,207,712
4,487,313
(279,601
)
(6.2
%)
Good Sam Club members (5)
1,619,078
1,753,798
(134,720
)
(7.7
%)
Service bays (6)
2,794
2,812
(18
)
(0.6
%)
Finance and insurance gross profit as a % of total vehicle revenue
13.2
%
14.1
%
(88
)
bps
n/a
Same store locations
175
n/a
n/a
n/a
Year Ended December 31,
Increase
Percent
2025
2024
(decrease)
Change
Unit sales
New vehicles
74,458
70,484
3,974
5.6
%
Used vehicles
63,574
51,032
12,542
24.6
%
Total
138,032
121,516
16,516
13.6
%
Average selling price
New vehicles
$
37,083
$
40,089
$
(3,006
)
(7.5
%)
Used vehicles
30,991
31,624
(633
)
(2.0
%)
Same store unit sales (1)
New vehicles
67,984
63,584
4,400
6.9
%
Used vehicles
58,254
46,858
11,396
24.3
%
Total
126,238
110,442
15,796
14.3
%
Same store revenue (1) ($ in 000s)
New vehicles
$
2,518,571
$
2,570,225
$
(51,654
)
(2.0
%)
Used vehicles
1,798,591
1,490,114
308,477
20.7
%
Products, service and other
609,435
652,874
(43,439
)
(6.7
%)
Finance and insurance, net
590,295
549,811
40,484
7.4
%
Total
$
5,516,892
$
5,263,024
$
253,868
4.8
%
Average gross profit per unit
New vehicles
$
4,901
$
5,781
$
(880
)
(15.2
%)
Used vehicles
5,741
5,814
(73
)
(1.3
%)
Finance and insurance, net per vehicle unit
4,633
4,935
(302
)
(6.1
%)
Total vehicle front-end yield (2)
9,921
10,730
(809
)
(7.5
%)
Gross margin
Good Sam Services and Plans
57.8
%
63.7
%
(580
)
bps
New vehicles
13.2
%
14.4
%
(120
)
bps
Used vehicles
18.5
%
18.4
%
14
bps
Products, service and other
46.9
%
43.5
%
348
bps
Finance and insurance, net
100.0
%
100.0
%
Good Sam Club
88.6
%
89.6
%
(99
)
bps
Subtotal RV and Outdoor Retail
28.6
%
28.8
%
(26
)
bps
Total gross margin
29.5
%
29.9
%
(45
)
bps
Other data
Finance and insurance gross profit as a % of total vehicle revenue
13.5
%
13.5
%
1
bps
n/a
Same store locations
175
n/a
n/a
n/a
unch – unchanged
bps – basis points
n/a – not applicable
(1)
Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year.
(2)
Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle unit sales.
(3)
Inventory turnover is calculated as vehicle costs applicable to revenue over the last twelve months divided by the average quarterly ending vehicle inventory over the last twelve months.
(4)
An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement.
(5)
Excludes Good Sam Club members under the free basic plan, which was introduced in November 2023 and provides for limited participation in the loyalty point program without access to the remaining member benefits.
(6)
A service bay is a fully-constructed bay dedicated to service, installation, and collision offerings.
Camping World Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
(In Thousands Except Per Share Amounts)
December 31,
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
215,043
$
208,422
Contracts in transit
53,327
61,222
Accounts receivable, net
170,498
120,412
Inventories
2,111,900
1,821,837
Prepaid expenses and other assets
67,338
58,045
Assets held for sale
175
1,350
Total current assets
2,618,281
2,271,288
Property and equipment, net
832,062
846,760
Operating lease assets
790,974
739,352
Deferred tax assets, net
1,426
215,140
Intangible assets, net
15,824
19,469
Goodwill
749,321
734,023
Other assets
36,446
37,245
Total assets
$
5,044,334
$
4,863,277
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
147,707
$
145,346
Accrued liabilities
128,399
118,557
Deferred revenues
90,456
92,124
Current portion of operating lease liabilities
65,365
61,993
Current portion of finance lease liabilities
8,820
7,044
Current portion of Tax Receivable Agreement liability
1,416
—
Current portion of long-term debt
57,939
23,275
Notes payable – floor plan, net
1,603,645
1,161,713
Other current liabilities
79,391
70,900
Total current liabilities
2,183,138
1,680,952
Operating lease liabilities, net of current portion
804,167
764,113
Finance lease liabilities, net of current portion
125,384
131,004
Tax Receivable Agreement liability, net of current portion
—
150,372
Long-term debt, net of current portion
1,413,618
1,493,318
Deferred revenues
56,773
63,642
Other long-term liabilities
89,455
94,927
Total liabilities
4,672,535
4,378,328
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share – 20,000 shares authorized; none issued and outstanding
—
—
Class A common stock, par value $0.01 per share – 250,000 shares authorized; 63,437 and 62,502 shares issued and outstanding, respectively
634
625
Class B common stock, par value $0.0001 per share – 75,000 shares authorized; 39,466 shares issued and outstanding
4
4
Class C common stock, par value $0.0001 per share – 0.001 share authorized, issued and outstanding
—
—
Additional paid-in capital
216,944
193,692
Retained earnings
11,008
132,241
Total stockholders' equity attributable to Camping World Holdings, Inc.
228,590
326,562
Non-controlling interests
143,209
158,387
Total stockholders' equity
371,799
484,949
Total liabilities and stockholders' equity
$
5,044,334
$
4,863,277
Camping World Holdings, Inc. and Subsidiaries
Summary of Consolidated Statements of Cash Flows (unaudited)
(In Thousands)
Year Ended December 31,
2025
2024
Net cash (used in) provided by operating activities
$
(131,985
)
$
245,159
Investing activities
Purchases of property and equipment
(129,442
)
(90,837
)
Proceeds from sale or disposal of property and equipment
7,152
4,025
Purchases of real property
(122,842
)
(9,602
)
Proceeds from the sale or disposal of real property
130,624
58,153
Purchases of businesses, net of cash acquired
(81,203
)
(72,323
)
Proceeds from divestiture of business
11,027
19,957
Purchases of other investments
(16,918
)
—
Proceeds from other investments
440
—
Purchases of intangible assets
—
(143
)
Proceeds from sale of intangible assets
—
2,595
Net cash used in investing activities
(201,162
)
(88,175
)
Financing activities
Proceeds from long-term debt
—
55,624
Payments on long-term debt
(49,920
)
(80,939
)
Net proceeds (payments) on notes payable – floor plan, net
444,761
(217,857
)
Borrowings on revolving line of credit
—
43,000
Payments on revolving line of credit
—
(63,885
)
Payments on finance leases
(8,353
)
(7,485
)
Payments on sale-leaseback arrangement
(202
)
(198
)
Payment of debt issuance costs
(56
)
(1,123
)
Payments on contingent consideration
(100
)
—
Proceeds from issuance of Class A common stock sold in a public offering, net of underwriter discounts and commissions
—
333,356
Payments of stock offering costs
(572
)
(408
)
Dividends on Class A common stock
(31,434
)
(24,749
)
Proceeds from exercise of stock options
—
549
RSU shares withheld for tax
(6,036
)
(5,412
)
Stock award shares withheld for tax
(855
)
—
Distributions to holders of LLC common units
(7,465
)
(18,682
)
Net cash provided by financing activities
339,768
11,791
Increase in cash and cash equivalents
6,621
168,775
Cash and cash equivalents at beginning of the period
208,422
39,647
Cash and cash equivalents at end of the period
$
215,043
$
208,422
Loss Per Share
Basic loss per share of Class A common stock is computed by dividing net loss attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted loss per share of Class A common stock is computed by dividing net loss attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted loss per share of Class A common stock (unaudited):
Three Months Ended
December 31,
Year Ended
December 31,
(In thousands except per share amounts)
2025
2024
2025
2024
Numerator:
Net loss
$
(109,128
)
$
(59,544
)
$
(105,638
)
$
(78,880
)
Less: net loss attributable to non-controlling interests
41,831
27,942
15,839
40,243
Net loss attributable to Camping World Holdings, Inc. — basic
$
(67,297
)
$
(31,602
)
$
(89,799
)
$
(38,637
)
Net loss attributable to Camping World Holdings, Inc. — diluted
$
(67,297
)
$
(31,602
)
$
(89,799
)
$
(38,637
)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic
63,013
56,586
62,724
48,005
Weighted-average shares of Class A common stock outstanding — diluted
63,013
56,586
62,724
48,005
Loss per share of Class A common stock — basic
$
(1.07
)
$
(0.56
)
$
(1.43
)
$
(0.80
)
Loss per share of Class A common stock — diluted
$
(1.07
)
$
(0.56
)
$
(1.43
)
$
(0.80
)
Weighted-average anti-dilutive securities excluded from the computation of diluted loss per share of Class A common stock:
Stock options to purchase Class A common stock
140
156
147
175
Liability-classified awards
148
—
37
—
Restricted stock units
2,085
1,824
2,338
1,979
Common units of CWGS, LLC that are convertible into Class A common stock
39,895
39,895
39,895
40,007
Weighted-average contingently issuable shares excluded from the computation of diluted loss per share of Class A common stock since all necessary conditions had not been satisfied:
Performance stock units
750
—
750
—
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we use the following non-GAAP financial measures: EBITDA; Adjusted EBITDA; Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic; Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted; Adjusted (Loss) Earnings Per Share – Basic; Adjusted (Loss) Earnings Per Share – Diluted; SG&A Excluding SBC; and Net Debt (collectively the "Non-GAAP Financial Measures"). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making. Certain of these Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives and for planning purposes. By providing these Non-GAAP Financial Measures, together with reconciliations, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. In addition, our Senior Secured Credit Facilities use Adjusted EBITDA and Net Debt, as calculated for our subsidiary CWGS Group, LLC, to measure our compliance with covenants such as the consolidated leverage ratio. The Non-GAAP Financial Measures have limitations as analytical tools, and the presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. They should not be construed as an inference that the Company’s future results will be unaffected by any items adjusted for in these Non-GAAP Financial Measures. In evaluating these Non-GAAP Financial Measures, it is reasonable to expect that certain of these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this section and in the reconciliation tables below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.
Our earnings call on February 25, 2026 may present guidance that includes Adjusted EBITDA. A full reconciliation of the forecasted Adjusted EBITDA to its most-directly comparable GAAP metric cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations.
The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation.
EBITDA and Adjusted EBITDA
We define “EBITDA” as net loss before other interest expense, net (excluding floor plan interest expense), provision for income tax expense (benefit) and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, gains and losses on lease termination and/or remeasurement, gains and losses on sale or disposal of assets, net, SBC, modification expense relating to Marcus A. Lemonis’ second amended and restated employment agreement, Tax Receivable Agreement liability adjustment, losses and gains and/or impairment on investments in equity securities, and other unusual or one-time items. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA and Adjusted EBITDA in the same manner. We present EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations.
The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measures (unaudited):
Three Months Ended
December 31,
Year Ended
December 31,
($ in thousands)
2025
2024
2025
2024
EBITDA and Adjusted EBITDA:
Net loss
$
(109,128
)
$
(59,544
)
$
(105,638
)
$
(78,880
)
Other interest expense, net
29,487
32,320
121,836
140,444
Depreciation and amortization
23,718
21,285
95,335
81,190
Income tax expense (benefit)
3,488
(8,221
)
225,797
(11,377
)
Subtotal EBITDA
(52,435
)
(14,160
)
337,330
131,377
Long-lived asset impairment (a)
—
2,706
1,237
15,061
(Gain) loss on lease termination and/or remeasurement (b)
(1,965
)
288
(1,996
)
(2,297
)
(Gain) loss on sale or disposal of assets, net (c)
(746
)
330
(850
)
9,855
SBC (d)
20,814
5,418
44,278
21,585
Employment agreement modification expense (e)
1,500
—
1,500
—
Tax Receivable Agreement liability adjustment (f)
216
—
(148,956
)
—
Loss and/or impairment on investments in equity securities (g)
6,459
2,925
10,379
3,262
Adjusted EBITDA
$
(26,157
)
$
(2,493
)
$
242,922
$
178,843
(a)
Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment.
(b)
Represents the gains and losses on the termination of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities.
(c)
Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets.
(d)
Represents noncash SBC expense relating to employees, directors, and consultants of the Company.
(e)
Represents the 2026 salary under the second amended and restated employment agreement (“Lemonis Second Employment Agreement”) for Marcus A. Lemonis, our former Chairman and Chief Executive Officer. We deemed the 2026 service conditions under the Lemonis Second Employment Agreement to be nonsubstantive for accounting purposes, so we accrued Mr. Lemonis’ 2026 salary of $1.5 million as of December 31, 2025, which was the date that Mr. Lemonis retired from the position of Chairman and Chief Executive Officer. Mr. Lemonis’ SBC and other compensation that may be settled in shares is included in the SBC amount above.
(f)
Represents an adjustment to the Tax Receivable Agreement liability for the change in the determination of the realizability of future cash tax benefits underlying the estimate of future payments under the Tax Receivable Agreement.
(g)
Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments.
Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. and Adjusted (Loss) Earnings Per Share
We define “Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic” as net loss attributable to Camping World Holdings, Inc. adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, gains and losses on lease termination and/or remeasurement, gains and losses on sale or disposal of assets, net, SBC, modification expense relating to Marcus A. Lemonis’ second amended and restated employment agreement, Tax Receivable Agreement liability adjustment, loss and/or impairment on investments in equity securities, other unusual or one-time items, the income tax (expense) benefit effect of these adjustments, income tax expense impact from the significant change in valuation allowance against deferred tax assets, and the effect of net loss attributable to non-controlling interests from these adjustments.
We define “Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net loss attributable to non-controlling interests from stock options and restricted stock units, if dilutive, or the assumed redemption, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly-issued Class A common stock of Camping World Holdings, Inc.
We define “Adjusted (Loss) Earnings Per Share – Basic” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. - Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted (Loss) Earnings Per Share – Diluted” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the redemption of all outstanding common units in CWGS, LLC for newly-issued shares of Class A common stock of Camping World Holdings, Inc., if dilutive, and (ii) the dilutive effect of stock options and restricted stock units, if any. We present Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted (Loss) Earnings Per Share – Basic, and Adjusted (Loss) Earnings Per Share – Diluted because we consider them to be important supplemental measures of our performance and we believe that investors’ understanding of our performance is enhanced by including these Non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.
The following table reconciles Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted (Loss) Earnings Per Share – Basic, and Adjusted (Loss) Earnings Per Share – Diluted to the most directly comparable GAAP financial performance measure:
Three Months Ended
December 31,
Year Ended
December 31,
(In thousands except per share amounts)
2025
2024
2025
2024
Numerator:
Net loss attributable to Camping World Holdings, Inc.
$
(67,297
)
$
(31,602
)
$
(89,799
)
$
(38,637
)
Adjustments related to basic calculation:
Long-lived asset impairment (a):
Gross adjustment
—
2,706
1,237
15,061
Income tax expense for above adjustment (b)
—
(397
)
—
(2,033
)
(Gain) loss on lease termination and/or remeasurement (c):
Gross adjustment
(1,965
)
288
(1,996
)
(2,297
)
Income tax (expense) benefit for above adjustment (b)
—
(42
)
—
301
(Gain) loss on sale or disposal of assets (d):
Gross adjustment
(746
)
330
(850
)
9,855
Income tax expense for above adjustment (b)
—
(49
)
(10
)
(1,310
)
SBC (e):
Gross adjustment
20,814
5,418
44,278
21,585
Income tax expense for above adjustment (b)
(3
)
(800
)
(21
)
(2,963
)
Employment agreement modification expense (f):
Gross adjustment
1,500
—
1,500
—
Tax Receivable Agreement liability adjustment (g):
Gross adjustment
216
—
(148,956
)
—
Income tax (expense) benefit for above adjustment (b)
(54
)
—
37,239
—
Loss and/or impairment on investments in equity securities (h):
Gross adjustment
6,459
2,925
10,379
3,262
Income tax expense for above adjustment (b)
—
(429
)
—
(473
)
Income tax expense impact from significant change in valuation allowance against deferred tax assets (i)
7,388
—
182,775
—
Adjustment to net loss attributable to non-controlling interests resulting from the above adjustments (j)
(10,103
)
(4,818
)
(21,177
)
(21,635
)
Adjusted net (loss) income attributable to Camping World Holdings, Inc. – basic
$
(43,791
)
$
(26,470
)
$
14,599
$
(19,284
)
Adjustments related to diluted calculation:
Reallocation of net income (loss) attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (k)
(31,728
)
—
5,337
—
Adjusted net (loss) income attributable to Camping World Holdings, Inc. – diluted
$
(75,519
)
$
(26,470
)
$
19,936
$
(19,284
)
Denominator:
Weighted-average Class A common shares outstanding – basic
63,013
56,586
62,724
48,005
Adjustments related to diluted calculation:
Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (l)
39,895
—
39,895
—
Dilutive liability-classified awards (l)
—
—
19
—
Dilutive restricted stock units (l)
—
—
169
—
Adjusted weighted average Class A common shares outstanding – diluted
102,908
56,586
102,807
48,005
Adjusted (loss) earnings per share - basic
$
(0.69
)
$
(0.47
)
$
0.23
$
(0.40
)
Adjusted (loss) earnings per share - diluted
$
(0.73
)
$
(0.47
)
$
0.19
$
(0.40
)
Anti-dilutive amounts (m):
Numerator:
Reallocation of net loss attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (k)
$
—
$
(23,124
)
$
—
$
(18,608
)
Income tax on reallocation of net loss attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (n)
$
—
$
5,736
—
5,323
Denominator:
Anti-dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (o)
—
39,895
—
40,007
Anti-dilutive options to purchase Class A common stock (o)
—
6
—
9
Anti-dilutive liability-classified awards (o)
74
—
—
—
Anti-dilutive restricted stock units (o)
91
313
—
268
Reconciliation of per share amounts:
Loss per share of Class A common stock — basic
$
(1.07
)
$
(0.56
)
$
(1.43
)
$
(0.80
)
Non-GAAP Adjustments (p)
0.38
0.09
1.66
0.40
Adjusted (loss) earnings per share - basic
$
(0.69
)
$
(0.47
)
$
0.23
$
(0.40
)
Loss per share of Class A common stock — diluted
$
(1.07
)
$
(0.56
)
$
(1.43
)
$
(0.80
)
Non-GAAP Adjustments (p)
0.38
0.09
1.65
0.40
Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (q)
(0.04
)
—
(0.03
)
—
Adjusted (loss) earnings per share - diluted
$
(0.73
)
$
(0.47
)
$
0.19
$
(0.40
)
(a)
Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment.
(b)
Represents the current and deferred income tax expense or benefit effect of the above adjustments. For the three months and year ended December 31, 2025, the income tax impact for many of the adjustments related to the public holding company, CWH, which had a full valuation allowance against its net deferred tax assets, for which no income tax benefit or expense could be recognized. This assumption uses a blended statutory tax rate of 25.0% for the adjustments for the 2025 and 2024 periods, which represent the estimated tax rates that would apply had the above adjustments been included in the determination of our non-GAAP metric.
(c)
Represents the gains and losses on the termination and/or remeasurement of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities.
(d)
Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets.
(e)
Represents noncash SBC expense relating to employees, directors, and consultants of the Company.
(f)
Represents the 2026 salary under the Lemonis Second Employment Agreement for Marcus A. Lemonis, our former Chairman and Chief Executive Officer. We deemed the 2026 service conditions under the Lemonis Second Employment Agreement to be nonsubstantive for accounting purposes, so we accrued Mr. Lemonis’ 2026 salary of $1.5 million as of December 31, 2025, which was the date that Mr. Lemonis retired from the position of Chairman and Chief Executive Officer. Mr. Lemonis’ SBC and other compensation that may be settled in shares is included in the SBC amount above.
(g)
Represents an adjustment to the Tax Receivable Agreement liability for the change in the determination of the realizability of future cash tax benefits underlying the estimate of future payments under the Tax Receivable Agreement.
(h)
Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivable with those investments.
(i)
Represents the income tax expense relating to the valuation allowance for deferred tax assets for CWH, the public holding company.
(j)
Represents the adjustment to net loss attributable to non-controlling interests resulting from the above adjustments that impact the net loss of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 38.8% and 41.4% for the three months ended December 31, 2025 and 2024, respectively, and 38.9% and 45.5% for the year ended December 31, 2025 and 2024, respectively.
(k)
Represents the reallocation of net loss attributable to non-controlling interests from the impact of the assumed change in ownership of CWGS, LLC from stock options, restricted stock units, and/or common units of CWGS, LLC.
(l)
Represents the impact to the denominator for stock options, liability-classified awards, restricted stock units, and/or common units of CWGS, LLC.
(m)
The below amounts have not been considered in our adjusted (loss) earnings per share – diluted amounts as the effect of these items are anti-dilutive. Additionally, 750,000 performance stock units granted in January 2025 were excluded from the calculation of our adjusted (loss) earnings per share – diluted, since they represent contingently issuable shares for which all of the necessary conditions had not been satisfied.
(n)
Represents the (floss) income tax expense effect of the above adjustment for reallocation of net loss attributable to non-controlling interests. For the three months and the year ended December 31, 2025, the income tax impact of this reallocation adjustment related to the public holding company, CWH, which had a full valuation allowance against its net deferred tax assets, for which no income tax benefit or expense could be recognized. This assumption uses a blended statutory tax rate of 25.0% for the adjustments for the 2025 and 2024 periods.
(o)
Represents the impact to the denominator for stock options, restricted stock units, and/or common units of CWGS, LLC.
(p)
Represents the per share impact of the Non-GAAP adjustments to net loss detailed above (see (a) through (j) above).
(q)
Represents the per share impact of stock options, restricted stock units, and/or common units of CWGS, LLC from the difference in their dilutive impact between the GAAP and Non-GAAP (loss) earnings per share calculations.
Our “Up-C” corporate structure may make it difficult to compare our results with those of companies with a more traditional corporate structure. There can be a significant fluctuation in the numerator and denominator for the calculation of our adjusted (loss) earnings per share – diluted depending on if the common units in CWGS, LLC are considered dilutive or anti-dilutive for a given period. To improve comparability of our financial results, users of our financial statements may find it useful to review our loss per share assuming the full redemption of common units in CWGS, LLC for all periods, even when those common units would be anti-dilutive. The relevant numerator and denominator adjustments have been provided under “Anti-dilutive amounts” in the table above (see (m) above).
SG&A Excluding SBC
We define “SG&A Excluding SBC” as SG&A before SBC relating to SG&A. We caution investors that amounts presented in accordance with our definition of SG&A Excluding SBC may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate SG&A Excluding SBC in the same manner. We present SG&A Excluding SBC because we believe that investors’ understanding of our performance and drivers of our other Non-GAAP Financial Measures, such as Adjusted EBITDA, is enhanced by including this Non-GAAP Financial Measure. We believe it provides a reasonable basis for comparing our ongoing results of operations.
The following table reconciles SG&A Excluding SBC to the most directly comparable GAAP financial performance measure:
Three Months Ended
December 31,
Year Ended
December 31,
($ in thousands)
2025
2024
2025
2024
SG&A Excluding SBC:
SG&A
$
367,277
$
367,759
$
1,603,222
$
1,573,117
SBC - SG&A
(20,698
)
(5,322
)
(43,819
)
(21,213
)
SG&A Excluding SBC
$
346,579
$
362,437
$
1,559,403
$
1,551,904
As a percentage of gross profit
102.5
%
96.2
%
83.1
%
85.0
%
Net Debt
We define “Net Debt” as the sum of long-term debt, finance lease liabilities and our revolving line of credit balance outstanding, if any, less cash and cash equivalents. We commonly use Net Debt along with Adjusted EBITDA, as described above, to calculate the “Net Debt Leverage” ratio , which we define as Net Debt divided by Adjusted EBITDA for the trailing twelve months. We caution investors that amounts presented in accordance with our definition of Net Debt may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate Net Debt in the same manner. We present Net Debt because we believe that investors’ understanding of our solvency and borrowing capacity is enhanced by including this Non-GAAP Financial Measure.
The following table reconciles Net Debt to the most directly comparable GAAP financial performance measure, which is total debt:
December 31,
December 31,
($ in thousands)
2025
2024
Net Debt:
Current portion:
Finance lease liabilities
$
8,820
$
7,044
Long-term debt
57,939
23,275
Total current portion of debt
66,759
30,319
Noncurrent portion:
Finance lease liabilities
125,384
131,004
Long-term debt
1,413,618
1,493,318
Total noncurrent portion of debt
1,539,002
1,624,322
Total debt
1,605,761
1,654,641
Less: cash and cash equivalents
(215,043
)
(208,422
)
Net Debt
$
1,390,718
$
1,446,219
Net Debt Leverage (1)
5.7
8.1
(1)
We define Net Debt Leverage as Net Debt divided by Adjusted EBITDA for the trailing twelve months.