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Dec 31, 2025
Camping World Q4 2025 Earnings Report
Camping World Holdings, Inc. reported fourth quarter 2025 financial results, highlighting record market share and a return to Adjusted EBITDA growth for the full year.
Key Takeaways
Camping World ended 2025 with a record market share of over 13% and achieved a 35% increase in full-year Adjusted EBITDA. Despite a net loss in Q4 driven by tax-related adjustments, the company successfully optimized its dealership portfolio to nearly 200 locations and significantly reduced its net debt leverage ratio from 8.1x to 5.7x.
Achieved record combined new and used market share of over 13% at year-end.
Full-year Adjusted EBITDA grew by over 35% to $242.9 million.
Net debt leverage ratio improved significantly from 8.1x to 5.7x year-over-year.
The Board of Directors determined to pause the regular cash dividend program to prioritize deleveraging.
Revenue by Segment
Forward Guidance
For 2026, Camping World expects Adjusted EBITDA in the range of $275 million to $325 million, focusing on unit growth and cost efficiency.
Positive Outlook
- Early season RV show momentum provides confidence in outpacing industry trends.
- Targeting meaningful growth in Adjusted EBITDA for the full year 2026.
- Focus on accelerating Good Sam’s growth and SG&A cost efficiency.
- Expected tailwinds in the second half of 2026 from inventory management.
- Continued prioritization of deleveraging with $50 million debt repaid in early 2026.
Challenges Ahead
- Strict inventory management actions expected to result in gross margin headwinds in H1 2026.
- Regular cash dividend program has been paused to prioritize the balance sheet.
- Outlook subject to prevailing consumer interest rate trends.
- Uncertainty regarding consumer confidence and labor market trends.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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