What does Camping World do and what are its main business segments?

What is Camping World's gross profit margin?

What were the key takeaways from Camping World’s earnings call?

What is Camping World's latest dividend and current dividend yield?

What were the key takeaways from Camping World's earnings call?

What is the revenue and EPS growth rate for Camping World year over year?

What factors drove the changes in Camping World's revenue and profit?

What guidance did Camping World's management provide for the next earnings period?

- **EBITDA Guidance**: 2026 target of $275M-$325M, reflecting $35M EBITDA hit from inventory cleansing.
- **Inventory Strategy**: Accelerating turnover to 2.2-2.4x on new and 3.4-3.5x on used, despite near-term margin pressure.
- **Dividend Pause**: Cash retention to reduce leverage, with focus on deleveraging and growth.
- **Growth Drivers**: Exclusive RV brands, Good Sam digital services, and trade-in wave preparation.
- **Risk Factors**: Weather disruptions (1,500 units lost in Q1), used RV sales softness, and industry retail uncertainty.

**【CEO Summary Section】**
- **Revenue Growth**: Full-year 2025 adjusted EBITDA grew 35%, with same-store unit sales up 14%. Q4 new and used vehicle sales volumes increased 4%, despite weather disruptions.
- **Strategic Priorities**: 
  - **RV Sales Growth**: Expanding exclusive brands, optimizing used RV procurement, and accelerating inventory turnover to prepare for a trade-in wave.
  - **Cost Efficiency**: Achieved $25M annualized SG&A savings, offsetting $35M EBITDA impact from inventory cleansing.
  - **Good Sam Growth**: Accelerating digital services and customer retention, with services revenue up 3% in Q4.
- **2026 Outlook**: Adjusted EBITDA guidance of $275M-$325M, reflecting inventory cleansing and industry retail sales trends.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $1.2B, driven by 14% used unit growth. Vehicle gross margins pressured by aged inventory clearing, leading to Q4 adjusted EBITDA loss of $26.2M.
- **Liquidity**: $215M cash on hand, with $50M debt repayment post-dividend pause.
- **Balance Sheet**: Targeting net debt leverage below 4.7x by end-2026, with focus on deleveraging and growth capital.

**【Q&A Highlights】**
- **Weather Impact**: 1,500 unit sales lost in Q1 due to closures, with uncertain recovery potential.
- **Inventory Strategy**: Accelerating turnover to 2.2-2.4x on new (from 1.7x) and 3.4-3.5x on used (from 3.1x), expecting $35M EBITDA hit in 2026.
- **Dividend Pause**: Retaining cash to reduce leverage, with no immediate plans to resume.
- **Good Sam Expansion**: Digital services investments expected to yield margin improvements in 2026.
- **Industry Trends**: Anticipating 325,000-350,000 new RV retail sales in 2026, driven by trade-in demand and tax refund season.

Camping World Holdings, Inc.(CWH)-20260225-2025 Q4 Earnings call transcript

- **Revenue and Profit Growth**: Q3 2025 revenue $1.8B (+5%), EBITDA $95.7M (+40%). Used RV sales drove 30%+ unit growth, with 14% of RVs sold in North America.
- **Strategic Focus on Affordability**: Used RV strategy prioritizes monthly payments, achieving record sales despite new RV price increases. 2026 EBITDA floor $310M, with upside from $15M cost savings and used unit growth.
- **Leverage Reduction**: Net leverage down 3 turns YTD, targeting below 4x in 2026. Strong cash position ($230M) and inventory ($427M used, $173M parts).
- **M&A and Expansion**: Pipeline for 10-15 annual acquisitions, focusing on 1-2.5x EBITDA deals. Used RV market 2x new RV size, with 15%+ market share target.
- **Risks**: New RV resistance from 5-7% OEM price increases, but used RVs offsetting. Q4 cautious on new RV trends, with $4-5M actuarial benefits lapping.


**【CEO Summary Section】**
- **Revenue Growth and EBITDA Expansion**: Q3 2025 revenue reached $1.8 billion (5% YoY growth), with adjusted EBITDA of $95.7 million, up 40% YoY. Used RV sales drove volume growth, with 14% of new and used RVs sold in North America.
- **Used RV Strategy**: Emphasized affordability and monthly payment focus, achieving record used RV sales. Anticipates 2026 as another record year for combined new and used unit growth despite new RV pricing challenges.
- **Leverage Reduction**: Reduced net leverage by nearly 3 turns YTD through debt paydown and cash generation. Aims to deleverage further in 2026, targeting net leverage below 4x.
- **2026 Outlook**: Sets a conservative EBITDA floor of $310 million, excluding upside from cost savings, used sales, M&A, and new RV performance. Highlights potential $15 million SG&A savings and $6 million EBITDA per 1,000 used units sold.

**【CFO Financial Commentary】**
- **Revenue and Margins**: Q3 revenue growth driven by 30%+ used RV unit volume increase. New ASPs improved sequentially to $38,000, down 9% YoY due to mix changes. Gross margins pressured by higher-end new RV sales competition.
- **Balance Sheet Strength**: $230 million cash, $427 million used inventory, and $260 million real estate without mortgages. Q4 cautious on new RV trends, with $4-5 million Good Sam and F&I actuarial benefits lapping.
- **Service and P&S Resilience**: Despite parts and service revenue decline, P&S margins stable. Focus on Amazon marketplace and partnerships to boost aftermarket sales.

**【Q&A Highlights】**
- **New RV Demand**: OEM price increases (5-7% YoY) causing resistance, but used RV sales offsetting. Q3 new ASPs improved sequentially, but gross margins pressured by mix.
- **M&A Strategy**: Pipeline activity for accretive dealership acquisitions at 1-2.5x EBITDA. Targets 10-15 acquisitions/year, focusing on white space and margin accretion.
- **Consumer Financing**: Retail lending rates may drop in 2026, but short-term rate cuts lagging. Credit profile stable with F&I approval rates steady.
- **Market Share**: Aims for 15% RV industry share, up from 11.3% in 2024. Used RV market 2x new RV size, with high-single-digit used unit growth potential.


Camping World Holdings, Inc. (CWH) Q3 2025 Earnings Call Transcript

- **Revenue Record**: Q2 2025 sales of 45,000 RVs set quarterly record, with 14% market share YTD.
- **Used RV Dominance**: Used RV sales up 80% YoY, 19-20% gross margin maintained despite ASP pressure.
- **Cost Efficiency**: SG&A reduced 276 bps YoY, targeting $10-15M further savings.
- **Balance Sheet Strength**: $118M cash, $75M debt reduction, enabling opportunistic growth.
- **2026 Outlook**: Target $500M+ EBITDA, driven by used RV scale and ASP recovery.

**【CEO Summary Section】**
- **Record Sales and Market Share Growth**: Sold 45,000 RV units in Q2, setting a quarterly record. Market share of new and used RVs reached 14% YTD, with a target of 20% medium-term. Used RV sales grew 80% YoY, driven by strategic inventory management.
- **File Size Expansion**: Added 80,000 new customers, focusing on ecosystem engagement through F&I, service, and Good Sam membership.
- **Cost Efficiency**: Reduced SG&A by 276 basis points YoY, targeting an additional $10-15M in fixed cost savings through location consolidation and headcount reduction.
- **Used RV Strategy**: Used RV gross margin maintained at 19-20%, with plans to accelerate inventory turnover to 4x annually. ASP recovery in July (+$1,000) signals potential stabilization in the second half.
- **Balance Sheet Strength**: $118M cash, $75M debt reduction, and $519M used inventory net of flooring, enabling opportunistic M&A in Good Sam and used RV segments.

**【President's Remarks】**
- **Same-Store Growth**: New and used RV same-store sales up 10%+ YoY, outpacing industry decline. July YTD used RV sales growth 19%, new RV 7%, aligning with Q2 momentum.
- **Market Share Ambition**: Aiming for 20% of all new and used RV retail sales, leveraging contract manufacturing for low ASP units (e.g., $14K travel trailers) to drive trade cycles and ecosystem penetration.
- **Used Procurement Scale**: Record used RV purchases in Q2, with centralized procurement team capable of real-time value adjustments. Targeting 3.68x used inventory turnover, testing margin vs. turnover trade-offs.

**【CFO Financial Commentary】**
- **Q2 Financials**: Revenue $2B (+9%), adjusted EBITDA $142.2M (+35%). GAAP net income $42.3M, Non-GAAP EPS $1.08 (vs. $0.83 prior year).
- **Margin Performance**: New and used gross margins stable at historical averages. Good Sam revenue up 10% YoY, despite claims cost inflation.
- **Liquidity and Capital Allocation**: $118M cash, $519M used inventory, $247M owned real estate. $75M debt reduction since Q4 2024, targeting further deleveraging.

**【Q&A Highlights】**
- **ASP Trends**: New RV ASP down 10-12% YoY (Q2 $38.5K vs. $43.5K 2024), but July ASP up $1,000. Used ASP stable, with focus on 20%+ gross margin sustainability.
- **M&A Strategy**: No pause on acquisitions; prioritizing Good Sam growth and used RV scale. Recent Lazydays acquisition turned $4M EBITDA in 9 months.
- **Dealer Health**: Competitors struggling with ASP declines and inventory mismatches. Camping World's contract manufacturing and used procurement scale provide competitive advantage.
- **2026 Outlook**: Expect new RV market +15-20K units, with Camping World capturing lion's share. Used RV growth to drive EBITDA expansion beyond $500M.


Camping World Holdings, Inc. (CWH) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 revenue $1.4B (+4%), driven by 30% used unit sales growth.
- **Profitability**: EBITDA up 4x YoY to $31.1M, with $35M annualized SG&A reductions.
- **Market Share**: 14% combined new/used market share vs. 11.2% in 2024.
- **Tariff Resilience**: No demand impact; used business benefits from new side price increases.
- **Balance Sheet**: $179M cash, targeting 3.5x debt/EBITDA from current 4.2x.

**【CEO Opening Remarks】**
- Q1 revenue of $1.4B (+4% YoY), driven by 30% increase in used unit sales.
- EBITDA up 4x YoY to $31.1M, with focus on reducing SG&A by 600-700bps.
- Tariff impact on RV industry expected to be minimal (mid-single digit price increases for '26 models).
- ASP softness due to entry-level unit mix, but Q2+ ASPs expected to improve.

**【President Matthew Wagner】
- New unit sales up high single digits in April, used same-store sales +high teens.
- Record used inventory procurement in March, on track for another record in April.
- Market share over 14% through Q1, up from 11.2% in 2024.
- 9 new dealerships opened in Q1, all profitable in March vs. prior cumulative EBITDA loss.

**【CFO Thomas Kirn】
- GAAP revenue $1.4B (+4%), non-GAAP adj. EBITDA $31.1M vs. $8.2M last year.
- Used vehicle GM 18.6%, up YoY due to fresh inventory.
- SG&A reduced by $35M annualized through headcount, marketing cuts.
- $179M cash on hand, $367M used inventory (net of flooring).

**【Q&A Highlights】**
- **Tariff Impact**: No visible demand impact; used business benefits from price increases on new side.
- **ASP Softness**: Driven by entry-level units, but ASPs >$40K when excluding these.
- **Leverage**: Targeting 3.5% debt/EBITDA ratio, down from current 4.2%.
- **Market Share**: Used business growth outpacing industry, with no pull-forward demand from tariffs.
- **Inventory**: Record used procurement, balanced with contract manufacturing to fill affordability gaps.


Camping World (CWH)-30 Apr 25-2025 Q1 Earnings call transcript

- **Record Capital Deployment**: $330M raised and $2.15B RV floor plan to fuel 10%-15% used unit growth and 12% market share target.
- **Profitability Focus**: 600-700 bps SG&A improvement and explosive Q1 EBITDA growth driven by gross margin expansion.
- **Used Dominance**: Record used purchases in Q1, targeting 130,000 total units with $32K ASP, capitalizing on new/used price spread.
- **Industry Resilience**: 2025 retail demand stable at ~350K units, with Camping World poised to outperform through affordability focus and inventory control.

**【CEO Summary Section】**
- Raised $330 million in growth capital and extended RV floor plan to $2.15 billion, supporting 10%-15% used unit growth and low single-digit new unit growth.
- Targeted 2025 market share of 12% (up from 11.2% in 2024), with ASP of $40,000 on new and $32,000 on used, driven by affordability focus and inventory management.
- Projected explosive EBITDA growth in Q1 2025, with gross margin and SG&A improvements as key drivers.

**【CFO Financial Commentary】**
- Q4 2024 revenue $1.2 billion (+9% YoY), driven by 8% new unit growth and 11% used unit growth.
- New vehicle gross margin 15.2%, used vehicle gross margin 18.7%, with sequential improvement in used inventory.
- SG&A as a percentage of gross profit expected to improve 600-700 bps YoY, with $288 million cash on hand.

**【Q&A Highlights】**
- **ASP Trends**: Early 2025 ASPs lower due to seasonal family camping units, but expected to rise to target levels as higher-priced units sell in Q3/Q4.
- **SG&A Efficiency**: 600-700 bps improvement driven by cost cuts (e.g., $6 million insurance claims hit in Q4 2024) and gross profit growth.
- **Used Procurement**: Record January/February used purchases, targeting 130,000 total units in 2025 (+6.2% YoY).
- **Tariff Impact**: Potential 3% new vehicle price increases may widen new/used spread, benefiting used procurement strategy.
- **Industry Outlook**: 2025 retail demand expected to remain flat at ~350,000 units, with wholesale shipments slightly higher to support restocking.


Actual												-0.03	1.62	1.58	0.48	1.4	2.51	1.98	0.9	1.15	2.16	1.07	-0.2	0.14	0.73	0.39	-0.47	-0.4	0.38	0.13	-0.47	-0.16	0.57	0.43	-0.73
Forecast												-0.0809	0.6455	1.1038	0.264	0.7113	2.397	1.8144	0.8456	1.325	1.7827	1.2927	0.0179	-0.029	0.7791	0.1378	-0.5305	-0.3736	0.5509	0.0892	-0.51	-0.2159	0.5983	0.3031	-0.5725
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+62.92%	+150.97%	+43.14%	+81.82%	+96.82%	+4.71%	+9.13%	+6.43%	-13.21%	+21.16%	-17.23%	-1217.32%	+582.76%	-6.30%	+183.02%	+11.40%	-7.07%	-31.02%	+45.74%	+7.84%	+25.89%	-4.73%	+41.87%	-27.51%

CWH

CWH fundamentals

CWH Q4 2025 Earnings

Earnings Call

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CWH

CWH fundamentals

CWH Q4 2025 Earnings

Earnings Call

CWH Earnings Call Summary for Q4/20258:30 AM on Feb 25, 2026

CWH Earnings Call Summary for Q3/20258:30 AM on Oct 29, 2025

CWH Earnings Call Summary for Q2/20258:30 AM on Jul 30, 2025

CWH Earnings Call Summary for Q1/20258:30 AM on Apr 30, 2025

CWH Earnings Call Summary for Q4/20248:30 AM on Feb 26, 2025

You can ask Aime