Monitor the execution of inventory management initiatives in 2026's first half, as they are expected to create gross margin headwinds but improve turnover. The pause in dividends signals a focus on deleveraging, which could improve credit metrics but may disappoint income-seeking investors. The significant increase in Adjusted EBITDA, despite the net loss, suggests underlying operational improvement.
Price Chart
Executive Summary
Camping World reported a full-year net loss of $105.6 million in 2025, driven by tax-related charges, but achieved 35.8% year-over-year growth in Adjusted EBITDA to $242.9 million. The company paused its dividend to prioritize deleveraging, having reduced net debt leverage from 8.1x to 5.7x, and issued 2026 guidance of $275-$325 million in Adjusted EBITDA, citing gross margin headwinds in the first half due to inventory management.
Key Financial Metrics
Key Facts
- Full-year net loss of $105.6 million, up from $78.9 million in 2024, primarily due to a $182.8 million tax valuation allowance and $149.0 million Tax Receivable Agreement liability adjustment.
- Full-year Adjusted EBITDA of $242.9 million, up 35.8% from $178.8 million in 2024.
- Revenue increased 4.4% to $6.4 billion, driven by a 24.6% increase in used vehicle unit sales, though new vehicle revenue declined 2.3%.
- Net debt leverage improved to 5.7x from 8.1x; $50 million of long-term debt repaid in 2026 to date.
- Company paused regular cash dividend program to focus on reducing net debt leverage.
- 2026 Adjusted EBITDA guidance of $275-$325 million, with expected gross margin headwinds in the first half due to inventory turnover initiatives.
Financial Impact
Adjusted EBITDA increased by $64.1 million (35.8%) to $242.9 million; revenue increased by $269.2 million (4.4%) to $6.4 billion.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| New Vehicles | $2.8B | -2.3% |
| Used Vehicles | $2.0B | +22.1% |
| Products, service and other | $757.0M | -7.7% |
Risk Factors
- Gross margin headwinds in the first half of 2026 could pressure near-term profitability.
- The pause in the dividend program may negatively impact investor sentiment, particularly among income-focused shareholders.
- The company's ability to achieve its 2026 Adjusted EBITDA guidance of $275-$325 million is dependent on successfully navigating inventory management challenges and prevailing macroeconomic conditions.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (CWH) — Batch item 1 | 0001104659-26-019118 |
| Document: cwh-20260224x8k.htm | 0001104659-26-019118 |
| Document: 0001104659-26-019118-index-headers.html | 0001104659-26-019118 |
| Document: 0001104659-26-019118-index.html | 0001104659-26-019118 |
| Document: 0001104659-26-019118.txt | 0001104659-26-019118 |
| 8-K Filing (CWH) — Batch item 6 | 0001104659-26-019118 |
| Document: cwh-20260224x8k.htm | 0001104659-26-019118 |
| Document: 0001104659-26-019118-index-headers.html | 0001104659-26-019118 |
| Document: 0001104659-26-019118-index.html | 0001104659-26-019118 |
| Document: 0001104659-26-019118.txt | 0001104659-26-019118 |
| CONTEXT: Previous Earnings (2026-02-24) | 0001104659-26-019118 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | SC 13G | $4.53 | awaiting T+5 | — | $4.55 (+0.33%) |
Oct 5, 2026 22d ago | 8-K | $4.55 $4.54 | ▲ +0.22% | ▲ +0.64% | $4.55 (+0.11%) |
Oct 1, 2026 26d ago | SC 13G | $5.01 $4.48 | ▼ −10.58% | ▼ −11.88% | $4.55 (−9.28%) |
Aug 31, 2026 8w ago | 8-K | $6.49 $6.18 | ▼ −4.78% | ▼ −4.86% | $4.55 (−29.97%) |
Jul 17, 2026 14w ago | Press Release | $6.18 | awaiting T+5 | — | $4.55 (−26.46%) |
Apr 10, 2026 28w ago | 8-K | $7.29 $7.69 | ▲ +5.49% | ▲ +0.98% | $4.55 (−37.65%) |
Mar 30, 2026 30w ago | Court Ruling | $6.58 $6.37 | ▼ −3.19% | ▼ −7.49% | $4.55 (−30.93%) |
Feb 28, 2026 34w ago | Institutional Cluster | $8.08 $7.47 | ▼ −7.55% | ▼ −6.34% | $4.55 (−43.75%) |
Feb 24, 2026 34w ago | 8-K | $9.06 $7.65 | ▼ −15.56% | ▼ −14.46% | $4.55 (−49.83%) |
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