CWH Research | Milton Maxwell

CWH

Camping World Holdings, Inc.

10.14

+0.14+1.4%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Inventory cleanse details clarified

2/24/26Feb 24, 2026

Q&A unpacked the inventory cleansing plan, pinning a $35 million EBITDA hit to faster turnover targeting new 2.2-2.4 turns and used 3.4-3.5, with front-half margin pressure down 120bps to new ~12.5% and used ~17.5%. Travel trailers softened (70% of new sales), but fifth wheels jumped 25% same-store via exclusive brands. Parts/service gets CRM rollout and tech training for 60% service margins. Weather units likely lost; trade-ins minimal in 2026 guidance. Leverage eyes sub-4.7x this year. Front-half hurts. Investors watch turnover execution.

Key Stats

Market Cap

636.99M

P/E (TTM)

Basic EPS (TTM)

-1.00

Dividend Yield

0.05%

Recent Filings

10-K

FY2025 results

2/27/26Feb 27, 2026

Camping World Holdings delivered FY2025 revenue of $6.4B, up 4.4% y/y, with RV and Outdoor Retail driving 4.5% growth to $6.2B as used vehicle sales surged 22.1% y/y on 24.6% higher units while new vehicles dipped 2.3% on 7.5% lower ASP. Q4 accelerated used momentum amid normalized inventory, boosting segment gross profit 3.5% to $1.8B despite 26bps margin compression to 28.6%; finance and insurance per vehicle held steady at $4,633. Adjusted EBITDA climbed to $243M (3.8% margin) from deleveraging and $37M lower interest. Net debt fell post-November equity raise; revolver availability $23M. Yet high interest rates crimp RV demand.

8-K

Q4 results: growth, loss, deleveraging

2/24/26Feb 24, 2026

Camping World reported 2025 results with revenue up 4.4% to $6.4B on 13.6% unit growth, hitting record 13% market share, yet posted a $105.6M net loss from $182.8M deferred tax valuation allowance and $149M Tax Receivable adjustment. Adjusted EBITDA surged 35.8% to $242.9M; net leverage fell to 5.7x. Paused dividends to prioritize deleveraging. Guides 2026 Adjusted EBITDA $275M-$325M. Debt pays down fast.

8-K

RV units stabilize positively

1/13/26Jan 13, 2026

Camping World Holdings plans investor meetings on January 13, 2026, to share a business presentation under Reg FD. Charts show RV industry units stabilizing with a positive inflection since June, as 3- and 6-month averages crossed above the 12-month trend. Trends stabilized.

8-K

CEO Lemonis retires; Wagner promoted

12/8/25Dec 8, 2025

Camping World announced CEO Marcus Lemonis' retirement effective December 31, 2025, transitioning to Co-Founder and Special Advisor through 2026. President Matthew Wagner, 40, steps up as CEO and Board member January 1, 2026, with base salary hiked to $1M and 465,000 RSUs vesting over three years. Brent Moody becomes non-executive Chairman. Leadership shifts smoothly, yet execution risks loom.

10-Q

Q3 FY2025 results

10/30/25Oct 30, 2025

Camping World posted Q3 revenue up 4.7% y/y to $1.81B, with used vehicles surging 31.7% y/y on 32.9% unit growth while new vehicles dipped 7.0% y/y from lower ASPs; operating income climbed 22.9% y/y to $79.1M as floor plan interest fell 19.3% y/y. YTD revenue rose 6.1% y/y to $5.20B, operating income up 40.4% y/y to $230.3M, diluted EPS $(0.36) vs $(0.18) last year with anti-dilution from losses. Cash hit $230.5M, operating cash $95.2M YTD; Floor Plan Facility offers $685M unencumbered capacity, Term Loan at $1.31B. Acquisitions added $18.3M goodwill; $92M real property buys. Debt covenants met. Yet RV industry shipments remain volatile.

About

Camping World Holdings, Inc., together its subsidiaries, retails recreational vehicles (RVs), and related products and services in the United States. It operates through two segments, Good Sam Services and Plans; and RV and Outdoor Retail. The company provides a portfolio of services, protection plans, products, and resources in the RV industry. It also offers extended vehicle service contracts; vehicle roadside assistance plans; property and casualty insurance; travel protection, travel planning, and directories; and publications, as well as operates the Coast to Coast Resorts and Good Sam Campgrounds. In addition, the company provides new and used RVs; vehicle financing; RV repair and maintenance services; protection plans and services; various RV parts, equipment, supplies, and accessories, which include towing and hitching products, satellite and GPS systems, electrical and lighting products, appliances and furniture, and other products; and collision repair services comprising fiberglass front and rear cap replacement, windshield replacement, interior remodel solutions, and paint and body work. Further, it offers co-branded credit cards; operates Good Sam Club, a membership organization that offers savings on a range of products and services; and facilitates an RV rental platform that connects travelers with RV owners. The company serves customers through dealerships and service centers, and online and e-commerce platforms. Camping World Holdings, Inc. was founded in 1966 and is headquartered in Lincolnshire, Illinois.

CEO

Mr. Marcus A. Lemonis

IPO

10/7/2016

Website

https://www.campingworld.com

Employees

12,701

Sector

Consumer Cyclical

Industry

Auto & Truck Dealerships