Operating cash flow and free cash flow have swung sharply between quarters, from -$304.6M in FCF in 2025Q1 to +$369.2M in 2026Q2, with the latter heavily driven by a $297.4M working capital release, so underlying cash generation appears unreliable.
Camping World Holdings, Inc. (CWH) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Cash from Operations | 260.79M | -131.99M | 245.16M | 310.81M | 189.78M | 154M | 747.67M | 251.93M | 136.29M | -16.32M | 215.78M | 112.14M | 44.06M |
| Operating CF Margin % | - | -2.07% | 4.02% | 4.99% | 2.72% | 2.23% | 13.73% | 5.15% | 2.84% | -0.38% | 6.14% | 3.42% | 1.67% |
| Operating CF Growth % | 155.68% | -153.84% | -21.12% | 63.77% | 23.23% | -79.4% | 196.77% | 84.85% | 935.38% | -107.56% | 92.41% | 154.5% | - |
| Net Income | -253.86M | -105.64M | -78.88M | 52.93M | 337.83M | 642.08M | 344.21M | -120.3M | 65.58M | 230.69M | 198.48M | 178.53M | 123.63M |
| Depreciation & Amortization | 98.04M | 95.33M | 81.19M | 68.64M | 80.3M | 66.42M | 51.98M | 59.93M | 49.32M | 31.55M | 24.7M | 24.1M | 24.6M |
| Stock-Based Compensation | 29.97M | 44.28M | 21.59M | 24.09M | 33.85M | 47.94M | 20.66M | 13.14M | 14.09M | 5.11M | 1.6M | 0 | 0 |
| Deferred Taxes | 285K | 64.76M | -12.95M | -16.65M | 56.39M | -3.08M | 6.46M | 4.89M | 12.69M | 30.21M | 3.66M | -181K | 1.18M |
| Other Non-Cash Items | 510.07M | 69.89M | 67.72M | 58.21M | 60.14M | 63.95M | 75.66M | 128.18M | 44.16M | 6.27M | 11.49M | 8.85M | 5.25M |
| Working Capital Changes | 34.58M | -300.6M | 166.49M | 123.59M | -378.73M | -663.3M | 248.69M | 166.09M | -49.55M | -320.14M | -24.14M | -99.16M | -110.59M |
| Change in Receivables | -69.84M | -3.41M | 10.17M | -23.96M | -4.11M | -28.8M | -2.78M | 12.22M | -16.55M | -38.02M | -10.93M | -8.84M | -7.72M |
| Change in Inventory | 169.72M | -222.85M | 228.02M | 200.94M | -254.32M | -629.83M | 239.33M | 216.11M | -99.61M | -342.78M | -30.96M | -112.77M | -115.3M |
| Change in Payables | 118.44M | 0 | 0 | 0 | 0 | 52.69M | 39.85M | -15.35M | 49.17M | 52.16M | 13.91M | 17.69M | 10.71M |
| Cash from Investing | -7.87M | -201.16M | -88.17M | -369.41M | -422.54M | -355.77M | -125.94M | -104.54M | -292.69M | -468.45M | -115.79M | -176.2M | -50.23M |
| Capital Expenditures | -110.91M | -252.28M | -100.44M | -198.27M | -210.59M | -247.81M | -84.92M | -88.36M | -254.36M | -80.77M | -56.94M | -71.71M | -41.41M |
| CapEx % of Revenue | 1.83% | 3.96% | 1.65% | 3.18% | 3.02% | 3.58% | 1.56% | 1.81% | 5.31% | 1.89% | 1.62% | 2.19% | 1.57% |
| Acquisitions | -7.05M | -70.18M | -52.37M | -209.46M | -217.03M | -100.12M | -47.57M | -48.42M | -99.24M | -392.96M | -78.61M | -125.19M | -10.62M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 117.77M | 137.78M | 64.63M | 41.77M | 8.09M | 139K | 9.06M | 32.24M | 60.91M | 5.27M | 19.76M | 20.7M | 1.77M |
| Cash from Financing | -219.68M | 339.77M | 11.79M | -31.89M | 95.55M | 303.03M | -603.18M | -138.43M | 70.79M | 594.74M | -77.82M | 45.37M | 80.37M |
| Debt Issued (Net) | -200.84M | 386.29M | -271.74M | 73.86M | 457.37M | 737.83M | -383.56M | -43.84M | 199.24M | 648.46M | -67.26M | 277.59M | 143.39M |
| Equity Issued (Net) | 62K | 0 | 333.9M | 389K | -79.22M | -152.15M | -21.52M | 0 | 0 | 121.39M | 234.19M | 0 | 0 |
| Dividends Paid | -12.91M | -38.9M | -43.43M | -98.34M | -268.35M | -260.91M | -198M | -93.07M | -124.45M | -22.24M | -1.51M | -228.89M | -60.1M |
| Share Repurchases | 0 | 0 | 0 | 0 | -79.76M | -156.26M | -21.52M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.99M | -7.62M | -6.94M | -7.8M | -14.25M | -21.74M | -107K | -1.52M | -4M | -152.88M | -243.23M | -3.32M | -2.92M |
| Net Change in Cash | 33.24M | 6.62M | 168.78M | -90.48M | -137.2M | 101.26M | 18.55M | 8.96M | -85.61M | 109.97M | 22.17M | -18.68M | 74.2M |
| Free Cash Flow | 123.88M | -384.27M | 144.58M | 110.31M | -21.69M | -99.5M | 662.57M | 163.58M | -118.07M | -98.61M | 158.83M | 40.43M | 2.65M |
| FCF Margin % | 2.05% | -6.03% | 2.37% | 1.77% | -0.31% | -1.44% | 12.16% | 3.34% | -2.46% | -2.3% | 4.52% | 1.23% | 0.1% |
| FCF Growth % | 140.47% | -365.79% | 31.06% | 608.53% | 78.2% | -115.02% | 305.05% | 238.55% | -19.73% | -162.08% | 292.82% | 1425.24% | - |
| FCF per Share | 1.94 | -6.13 | 3.01 | 1.30 | -0.51 | -1.11 | 16.56 | 4.38 | -1.33 | -3.70 | 1.90 | 0.49 | 0.03 |
| FCF Conversion (FCF/Net Income) | -0.49x | 1.47x | -6.35x | 9.31x | 1.39x | 0.55x | 6.11x | -4.16x | 13.11x | -0.55x | 1.14x | 0.64x | 0.36x |
| Interest Paid | 93.92M | 192.93M | 238.55M | 214.08M | 107M | 58.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 5.16M | 0 | 3.35M | 54.58M | 99.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CWH stock.
Camping World Holdings, Inc. (CWH) generated $-132.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Camping World Holdings, Inc. (CWH) reported negative free cash flow of $384.3M in 2025, indicating capital requirements exceeded cash from operations.
Camping World Holdings, Inc. (CWH) spent $252.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Camping World Holdings, Inc. (CWH) returned $38.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Negative OCF-to-net-income divergence
Metrics are mathematically derived from official filings.
Cash Conversion Diverges Sharply From Reported Earnings
According to the reported quarterly figures, CWH's operating cash flow swung between large positive and negative values across the ten quarters while net income stayed near breakeven or deeply negative, making the earnings-to-cash link unreliable for any single period.
The OCF/NI ratios of 58.93 in 2024Q3 and 18.93 in 2025Q1 reflect working capital swings rather than durable earnings power, since net income in those quarters was only $5.5M and -$12.3M respectively. The 2026Q2 operating cash inflow of $398.8M against a net income of $26.9M is largely driven by a $297.4M working capital release, which suggests inventory liquidation rather than recurring cash generation. Investors should monitor whether the large inventory-related inflows reverse in coming quarters, as the current pattern suggests cash conversion is dependent on balance sheet timing.
Free Cash Flow Oscillates Around Zero Without Trend
Based on reported figures, CWH's free cash flow ranged from -$304.6M to +$369.2M over ten quarters, with FCF margins alternating between roughly -23% and +19%, indicating no stable directional trend.
The recurring sign reversals in FCF, with negative quarters clustering in Q4 and Q1 and positive quarters in Q2 and Q3, indicate a strongly seasonal cash profile tied to RV and marine inventory cycles. Excluding working capital effects, underlying cash generation appears modest relative to the scale of revenue, as implied by the near-zero net income in most periods. This pattern warrants further investigation into whether sustained FCF can be achieved without continued inventory drawdowns.
Low Capital Intensity Amid Thin Reinvestment
According to reported cash flow statements, CWH's capital expenditures ran between 1.1% and 5.1% of revenue, with the highest intensity in 2025Q1 at $72.1M, suggesting a lean but variable reinvestment posture.
Quarterly CapEx broadly tracks D&A of roughly $20M to $27M per quarter, indicating the company is approximately maintaining its depreciable base rather than expanding it meaningfully. The spike in 2025Q1 and elevated 3.9% intensity in 2025Q4 may reflect discretionary facility or technology investment, though the reported data does not disclose the split between maintenance and growth spending. Investors should monitor whether CapEx remains below D&A over time, which could signal gradual erosion of the asset base.
Capital Returns Constrained by Negative Cash Flow
As reported in the cash flow statements, CWH paid recurring dividends of roughly $7.8M to $14.5M per quarter through 2025 and made limited buybacks, while acquisition outflows were volatile, including $80.6M in 2025Q1.
Dividend payments of approximately $7.8M per quarter continued through periods of negative free cash flow, which suggests distributions were funded from balance sheet liquidity or financing rather than operating cash generation. The $80.6M acquisition outflow in 2025Q1, occurring in a quarter with -$304.6M FCF, merits closer review of its strategic rationale and funding source. Capital allocation appears to prioritize maintaining the payout while cash generation remains inconsistent, warranting continued monitoring.
Working Capital Release May Mask Underlying Weakness
Based on reported figures, the strongest counterpoint is that CWH's largest positive cash quarters were driven by working capital releases, such as the $297.4M inflow in 2026Q2, which may flatter cash generation relative to recurring operating earnings.
If the favorable inflows reflect inventory liquidation rather than sustained demand, the apparent recovery in operating cash flow could prove temporary and reverse as inventory is rebuilt. Net losses in several recent quarters, including -$197.0M in 2026Q3, would still be unexplained by operating cash strength alone. Investors should monitor whether future quarters show operating cash generation independent of working capital timing before interpreting the recent inflows as a durable improvement.