Camping World (CWH) Q4 2025 earnings summary

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.