Camping World Holdings (CWH) reported results for the fourth quarter and full year ended Dec. 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.”
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.”
Fourth Quarter-over-Quarter Operating Highlights
- Revenue was $1.2 billion for the fourth quarter, a decrease of $30.9 million, or 2.6%.
- New vehicle revenue was $457.8 million for the fourth quarter, a decrease of $39.7 million, or 8.0%, and new vehicle unit sales were 10,750 units, a decrease of 825 units, or 7.1%. Used vehicle revenue was $386.5 million for the fourth quarter, an increase of $38.4 million, or 11.0%, and used vehicle unit sales were 12,035 units, an increase of 1,462 units, or 13.8%. Combined new and used vehicle unit sales were 22,785, an increase of 637 units, or 2.9%.
- Average selling price of new vehicles sold decreased 0.9% and average selling price of used vehicles sold decreased 2.5%.
- Same store new vehicle unit sales decreased 5.3% for the fourth quarter and same store used vehicle unit sales increased 14.7%. Combined same store new and used vehicle unit sales increased 4.3%.
- New vehicle gross margin was 12.3%, a decrease of 291 basis points, driven primarily by the 2.5% increase in the average cost per new vehicle sold and the 0.9% decrease in the average selling price per new vehicle sold. Used vehicle gross margin was 16.0%, a decrease of 277 basis points, primarily due to the 2.5% lower average selling price and the 0.9% increase in the average cost per used vehicle sold, driven in part by accelerated sales of aged used vehicles in December.
- Products, service and other revenue was $160.5 million, a decrease of $21.0 million, or 11.6%, due in part to increased mix of labor towards used reconditioning as used vehicle sales volumes increased, as well as a reduction in appointments for customer pay work. Products, service and other gross margin was 46.4%, an increase of 312 basis points, driven by higher labor billing rates and improved accessory inventory management.
- Gross profit was $338.2 million, a decrease of $38.7 million, or 10.3%, and total gross margin was 28.8%, a decrease of 247 basis points. The gross profit decrease was mainly driven by the $19.3 million lower new vehicle gross profit, $7.6 million of decreased finance and insurance, net (F&I) gross profit, $4.1 million of decreased products, service and other gross profit, and $3.5 million of decreased used vehicles gross profit.
- Selling, general and administrative expenses (SG&A) were $367.3 million, a decrease of $0.5 million, or 0.1%. This decrease was primarily driven by a $13.1 million decrease in cash compensation expenses, other than commissions; a $4.3 million decrease in advertising expenses; and a $3.7 million decrease in commissions costs, partially offset by a $15.4 million increase in stock-based compensation (SBC) expense and a $3.7 million increase in legal fees and reserves. The increase in SBC expense was primarily from $14.9 million of SBC expense relating to the December 2025 amendment to the employment agreement of former chairman and chief executive officer, Marcus Lemonis, which included $6.7 million of SBC expense for accelerated vesting on restricted stock units granted in January 2025. SG&A Excluding SBC was $346.6 million, a decrease of $15.9 million, or 4.4%.
- Floor plan interest expense was $19.4 million, an increase of $2.4 million, or 13.8%, primarily as a result of increased average floor plan balance, partially offset by lower average interest rates. Other interest expense, net was $29.5 million, a decrease of $2.8 million, or 8.8%, as a result of lower interest rates and, to a lesser extent, lower principal balances.
- Net loss was $(109.1) million for the fourth quarter of 2025, an increased loss of $49.6 million, or 83.3%. Adjusted EBITDA was $(26.2) million, an increased loss of $23.7 million.
- Diluted loss per share of Class A common stock was $(1.07), an increased loss of $0.51, or 91.1%. Adjusted loss per share – diluted of Class A common stock was $(0.73), an increased loss of $0.26, or 55.3%.
- The total number of store locations was 196 as of Dec. 31, 2025, a net decrease of 10 store locations from Dec. 31, 2024, or 4.9%, which included the consolidation of 17 store locations to improve the overall cost efficiency of the remaining store locations.
Full Year-over-Year Operating Highlights
- Revenue was $6.4 billion, an increase of $269.2 million, or 4.4%.
- New vehicle revenue was $2.8 billion, a decrease of $64.5 million, or 2.3%, and new vehicle unit sales were 74,458 units, an increase of 3,974 units, or 5.6%. Used vehicle revenue was $2.0 billion, an increase of $356.4 million, or 22.1%, and used vehicle unit sales were 63,574 units, an increase of 12,542 units, or 24.6%. Combined new and used vehicle unit sales were 138,032, an increase of 16,516 units, or 13.6%.
- Average selling price of new vehicles sold decreased 7.5% and average selling price of used vehicles sold decreased 2.0%.
- Same store new vehicle unit sales increased 6.9% and same store used vehicle unit sales increased 24.3%. Combined same store new and used vehicle unit sales increased 14.3%.
- New vehicle gross margin was 13.2%, a decrease of 120 basis points, driven primarily by the 7.5% decrease in the average selling price per new vehicle sold, partially offset by a 6.2% reduction in the average cost per new vehicle sold. Used vehicle gross margin was 18.5%, an increase of 14 basis points, primarily due to a 2.2% decrease in the average cost per unit sold, partially offset by the 2.0% lower average selling price.
- Products, service and other revenue was $757.0 million, a decrease of $63.1 million, or 7.7%, primarily due to increased mix of labor towards used reconditioning and away from customer pay and warranty work as used vehicle sales volumes increased, and the divestiture of its RV furniture business in May 2024, which contributed $9.3 million of revenue outside of the RV furniture sold through store locations. Products, service and other gross margin was 46.9%, an increase of 348 basis points, driven by higher labor billing rates, improved gross margins on the aftermarket parts assortment, and the divestiture of the RV furniture business, which had a negative gross margin for 2024.
- Gross profit was $1.9 billion, an increase of $51.7 million, or 2.8%, and total gross margin was 29.5%, a slight decrease of 45 basis points. The gross profit increase was mainly driven by an additional $68.3 million of used vehicle gross profit resulting from the increase in used vehicle unit sales discussed above and an increase of $39.8 million in F&I gross profit from the 13.6% increase in combined new and used vehicle unit sales and new F&I product offerings, partially offset by a $42.6 million decrease in new vehicle gross profit driven primarily by the 120 basis point decrease in new vehicle gross margin discussed above. The gross margin decrease primarily resulted from the lower average selling price per new vehicle sold that was mostly offset by higher finance and insurance, net revenue that contributes 100.0% gross margin.
- SG&A was $1.6 billion, an increase of $30.1 million, or 1.9%. This increase was primarily driven by a $22.6 million increase in SBC expense; a $12.5 million increase in outside service provider fees related primarily to software expenses and related maintenance expense and an $11.4 million increase in commissions costs, partially offset by a $16.7 million decrease in employee cash compensation costs other than commissions. The increase in SBC expense was primarily from $14.9 million of SBC expense relating to the December 2025 amendment to the employment agreement of former chairman and chief executive officer, Marcus Lemonis, which included $6.7 million of SBC expense for accelerated vesting on restricted stock units granted in January 2025, and $13.1 million of other SBC expense for unmodified restricted stock units and performance stock units granted to Lemonis in January 2025. SG&A Excluding SBC was $1.6 billion, an increase of $7.5 million, or 0.5%.
- Floor plan interest expense was $76.8 million, a decrease of $18.3 million, or 19.3%, primarily as a result of lower average interest rates. Other interest expense, net was $121.8 million, a decrease of $18.6 million, or 13.2%, as a result of lower interest rates and, to a lesser extent, lower principal balances.
- The company evaluated both positive and negative evidence and concluded that a full valuation allowance was necessary for the deferred tax assets of the public holding company, CWH, due to its cumulative historical operating results for income tax purposes over the past several years in each of the tax jurisdictions in which it operates. This valuation allowance resulted in a charge to income tax expense of $182.8 million. Additionally, an adjustment to the Tax Receivable Agreement liability for the change in the determination of the realizability of tax benefits underlying the estimate of future payments under the Tax Receivable Agreement was recorded for $149.0 million with an additional $37.3 million recorded to income tax expense for the associated revaluation of the deferred tax assets relating to the change in the balance of Tax Receivable Agreement liability.
- Net loss was $(105.6) million, an increased loss of $26.8 million, or 33.9%. Adjusted EBITDA was $242.9 million, an increase of $64.1 million, or 35.8%.
- Diluted loss per share of Class A common stock was $(1.43), an increased loss of $0.63, or 78.8%. Adjusted earnings per share – diluted of Class A common stock was $0.19, an increase of $0.59.
