Camping World (CWH) Q4 2025 Earnings Transcript

The Motley Fool

by newsfeedback@fool.com (Motley Fool Transcribing)

February 26, 2026

AI-Generated Deep Dive Summary

Camping World Holdings (CWH) reported a strong financial performance in its Q4 2025 earnings transcript, with key highlights including a 35% year-over-year increase in adjusted EBITDA growth and combined market share remaining steady at 13%. Same-store unit sales rose by over 14%, driven by new and used vehicle sales. Despite these positive trends, the company faced challenges, including a Q4 adjusted EBITDA loss of $26.2 million, primarily due to accelerated inventory clearance and insurance product cancellations. The company’s financial strategy focuses on improving gross margins and reducing expenses. Gross margin targets for 2026 are set at 12.5% for new vehicles and 17.5% for used vehicles, with a goal of increasing inventory turnover rates. Camping World also aims to reduce its leverage ratio, targeting net leverage below 4.7x by year-end 2026. To support this, the company paused its quarterly dividend to prioritize debt reduction and growth investments. Camping World faced operational disruptions due to weather-related store closures, which impacted sales and gross profit. CEO Matt Wagner noted that these temporary closures affected over 1,500 unit sales and approximately $13.5 million in gross profit year-to-date. Additionally, margin pressure is expected to persist into the first half of 2026 due to inventory turnover acceleration and aged asset liquidation. Looking ahead, Camping World’s inventory strategy aims to improve profitability by cleansing older inventory and focusing on model year 2025 assets. The company expects new vehicle average selling prices (ASP) to range between $39,000 and $40,000 in 2026, while used vehicle ASP is projected around $31,500. These efforts align with management’s goal of achieving a near-term negative impact on gross profit per unit but aim to position the company for long-term growth

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Originally published on The Motley Fool on 2/26/2026