Camping World Holdings, Inc. CWH
Camping World Holdings, Inc. (together with its subsidiaries) is America's largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers' joy of travel. We strive to build long-term value for our customers, employees, and stockholders by combining a comprehensive offering of RV products and services with a national network of RV dealerships, service centers and customer support centers. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to protect our customers on the road ahead. On December 31, 2025, we operated a total of 196 store locations, with all locations selling and/or servicing RVs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.37B | $6.10B | $6.23B | $6.97B | $6.91B | $5.45B | $4.89B | $4.79B | $4.28B | $3.52B |
| Cost of revenue | $4.49B | $4.27B | $4.35B | $4.70B | $4.46B | $3.74B | $3.60B | $3.43B | $3.04B | $2.52B |
| Gross profit | $1.88B | $1.83B | $1.88B | $2.26B | $2.46B | $1.70B | $1.29B | $1.36B | $1.24B | $993.7M |
| SG&A | $1.60B | $1.57B | $1.54B | $1.61B | $1.57B | $1.16B | $1.14B | $1.07B | $853.2M | $691.9M |
| Total operating expenses | $1.70B | $1.68B | $1.61B | $1.69B | $1.66B | $1.23B | $1.28B | $1.16B | $885.0M | $717.2M |
| Operating income | $180.2M | $148.6M | $267.1M | $568.5M | $799.5M | $476.2M | $8.7M | $201.0M | $356.0M | $276.5M |
| Pre-tax income | $120.2M | -$90.3M | $49.4M | $450.1M | $734.2M | $402.0M | -$90.7M | $96.4M | $385.6M | $204.3M |
| Income tax | $225.8M | $11.4M | $3.5M | $112.3M | $92.1M | $57.7M | $29.6M | $30.8M | $154.9M | $5.8M |
| Net income | -$105.6M | -$78.9M | $52.9M | $337.8M | $645.5M | $122.3M | -$60.6M | $10.4M | $29.9M | $188.9M |
| EPS, basic | — | — | — | — | — | 3.11 | -1.62 | 0.28 | 1.12 | 0.08 |
| EPS, diluted | — | — | — | — | — | 3.09 | -1.62 | 0.28 | 1.12 | 0.07 |
| Shares, diluted (wtd. avg.) | — | — | — | — | — | $40.0M | $37.4M | $88.9M | $26.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $215.0M | $208.4M | $39.6M | $130.1M | $267.3M | $166.1M | $147.5M | $138.6M | $224.2M | $114.2M |
| Receivables | $170.5M | $120.4M | $128.1M | $112.4M | $101.6M | $83.4M | $81.8M | $85.7M | $79.9M | $58.5M |
| Inventory | $2.11B | $1.82B | $2.04B | $2.12B | $1.79B | $1.14B | $1.36B | $1.56B | $1.42B | $902.7M |
| Total current assets | $2.62B | $2.27B | $2.35B | $2.48B | $2.28B | $1.49B | $1.69B | $1.89B | $1.81B | $1.13B |
| Property, plant and equipment | — | — | — | — | — | $367.9M | $314.4M | $359.9M | $198.0M | $130.8M |
| Goodwill | $749.3M | $734.0M | $711.2M | $622.4M | $483.6M | $413.1M | $386.9M | $359.1M | $348.4M | $153.1M |
| Other intangibles | $15.8M | $19.5M | $13.7M | $20.9M | $31.0M | $30.1M | $29.7M | $35.3M | $38.7M | $3.4M |
| Total assets | $5.04B | $4.86B | $4.89B | $4.80B | $4.37B | $3.26B | $3.38B | $2.81B | $2.57B | $1.46B |
| Accounts payable | $147.7M | $145.3M | $133.5M | $127.7M | $136.8M | $148.5M | $107.0M | $144.8M | $125.6M | $68.7M |
| Short-term debt | $57.9M | $23.3M | $22.1M | $25.2M | $15.8M | $12.2M | — | — | — | — |
| Total current liabilities | $2.18B | $1.68B | $1.95B | $1.87B | $1.60B | $1.04B | $1.30B | $1.31B | $1.33B | $868.4M |
| Long-term debt | $1.41B | $1.49B | $1.50B | $1.48B | $1.38B | $1.12B | $1.18B | $1.18B | $937.1M | $645.0M |
| Total liabilities | $4.67B | $4.38B | $4.63B | $4.55B | $4.14B | $3.27B | $3.54B | $2.77B | $2.50B | $1.60B |
| Retained earnings | $11.0M | $132.2M | $195.6M | $221.0M | $189.5M | -$21.8M | -$83.1M | -$3.4M | $7.6M | $71.0K |
| Total equity | $228.6M | $326.6M | $258.0M | $296.6M | $254.6M | -$9.2M | -$159.2M | $32.9M | $71.8M | -$161.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$132.0M | $245.2M | $310.8M | $189.8M | $154.0M | $747.7M | $251.9M | $136.3M | -$16.3M | $215.8M |
| Depreciation and amortisation | — | — | — | $48.7M | $61.6M | $47.4M | $54.7M | $44.8M | $29.0M | $23.7M |
| Stock-based compensation | $44.3M | $21.6M | $24.1M | $33.8M | $47.9M | $20.7M | $13.1M | $14.1M | $5.1M | $1.6M |
| Capital expenditure | — | — | — | $210.6M | $247.8M | $84.9M | $88.4M | $254.4M | $80.8M | $56.9M |
| Investing cash flow | -$201.2M | -$88.2M | -$369.4M | -$422.5M | -$355.8M | -$125.9M | -$104.5M | -$292.7M | -$468.5M | -$115.8M |
| Financing cash flow | $339.8M | $11.8M | -$31.9M | $95.6M | $303.0M | -$603.2M | -$138.4M | $70.8M | $594.7M | -$77.8M |
| Dividends paid | $31.4M | $24.7M | $66.8M | $105.4M | $67.2M | $61.0M | $22.9M | $22.7M | $22.2M | $1.5M |
| Buybacks | — | $0 | $0 | $79.8M | $156.3M | $21.5M | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041491.
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