Camping World Holdings, Inc. (NYSE: CWH) reported fourth‑quarter 2025 results that ended the year on a negative note, with revenue falling 2.6% to $1.17 billion and an adjusted earnings‑before‑interest‑taxes‑depreciation‑amortization (EBITDA) loss of $26.2 million. The loss per share widened to $0.73, exceeding the consensus estimate of a $0.58 to $0.63 loss and underscoring a sharper decline than analysts had anticipated.
The company’s revenue mix shifted as new‑vehicle sales dropped 8.0% while used‑vehicle revenue grew 11.0%. The Good Sam Services segment, which includes travel‑related services and exclusive RV brands, experienced margin compression, contributing to the overall decline in gross profit. Gross profit fell 10.3% year‑over‑year, reflecting lower average selling prices and accelerated sales of aged inventory. These dynamics illustrate the company’s struggle to maintain pricing power amid rising interest rates and supply‑chain constraints that dampen demand for new RVs.
Camping World’s management highlighted the strategic focus on debt reduction and balance‑sheet strength. CEO Matthew Wagner noted that 2025 was a “pivotal year” that restored growth in adjusted EBITDA, yet the company remains committed to accelerating inventory turns and reinvesting in the customer experience. CFO Tom Kirn added that the firm has already paid down an additional $50 million of long‑term debt in early 2026, improving the net debt leverage ratio from 8.1x at the end of 2024 to 5.7x at the end of 2025.
The dividend suspension, announced in February 2026, signals a shift away from shareholder payouts toward capital preservation. Management explained that the decision is part of a broader effort to strengthen the balance sheet and support future growth initiatives. The move was met with a sharp market reaction, as investors weighed the loss per share, the dividend halt, and the guidance of adjusted EBITDA for 2026 in the $275 million to $325 million range, which represents growth over the $242.9 million achieved in 2025 but comes with a warning of margin headwinds in the first half of the year due to inventory‑cleansing actions.
The company’s outlook for 2026 reflects confidence in new‑ and used‑vehicle unit growth, accelerated Good Sam expansion, and SG&A cost efficiency. However, the guidance also signals caution, with management warning that strict inventory‑management objectives will likely create margin pressure early in the year. This dual narrative—growth ambition tempered by near‑term headwinds—provides a nuanced view of Camping World’s strategic trajectory and financial priorities.
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