Camping World (CWH) reported Q4 2025 revenue of USD 1.2 billion (-2.6%), with a net loss of USD 109.1 million and Adjusted EBITDA of -USD 26.2 million. Q4 new vehicle revenue was USD 457.8 million (-8.0%) on 10,750 units (-7.1%), while used vehicle revenue rose to USD 386.5 million (+11.0%) on 12,035 units (+13.8%), taking combined new and used unit sales to 22,785 (+2.9%). Total gross margin was 28.8% (down 247 basis points) and SG&A was USD 367.3 million (-0.1%), with SG&A excluding stock-based compensation of USD 346.6 million (-4.4%). For FY 2025, Camping World posted revenue of USD 6.4 billion (+4.4%), a net loss of USD 105.6 million, and Adjusted EBITDA of USD 242.9 million (+35.8%). The FY net loss was driven largely by adjustments to deferred tax assets and the Tax Receivable Agreement liability, including a USD 182.8 million deferred tax asset valuation allowance charge and a USD 149.0 million Tax Receivable Agreement liability adjustment. Camping World ended 2025 with USD 215.0 million in cash and USD 1.472 billion of outstanding long-term debt, and said its net debt leverage ratio improved to 5.7x (from 8.1x). Management said it repaid an additional USD 50 million of long-term debt in 2026 to date. The board paused the regular quarterly cash dividend program in February 2026, citing reduced availability of excess tax distributions, the impact of recent tax law changes, and a focus on deleveraging. The company issued FY 2026 Adjusted EBITDA guidance of USD 275 million to USD 325 million and said inventory management actions are expected to create gross margin headwinds in H1 2026 before turning to tailwinds in H2 2026. Camping World reported 196 store locations as of December 31, 2025, following consolidation of 17 locations to improve cost efficiency.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Camping World Holdings Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 202602241605BIZWIRE_USPR_____20260224_BW007447) on February 24, 2026, and is solely responsible for the information contained therein.