Revenue performance remains highly inconsistent, fluctuating between a 4.2% contraction in 2026Q1 and a 9.4% expansion in 2025Q2, while net margins frequently dip into negative territory.
| Sales/Revenue | 6.31B | 6.37B | 6.1B | 6.23B | 6.97B | 6.91B | 5.45B | 4.89B | 4.79B | 4.28B | 3.52B | 3.28B | 2.63B |
| Revenue Growth % | 2.61% | 4.41% | -2.03% | -10.63% | 0.77% | 26.94% | 11.34% | 2.09% | 11.97% | 21.71% | 7.24% | 24.43% | - |
| Cost of Goods Sold | 4.46B | 4.49B | 4.27B | 4.35B | 4.7B | 4.44B | 3.74B | 3.56B | 3.43B | 3.04B | 2.52B | 2.38B | 1.89B |
| COGS % of Revenue | - | 70.53% | 70.07% | 69.83% | 67.53% | 64.25% | 68.73% | 72.82% | 71.56% | 71.01% | 71.74% | 72.58% | 71.68% |
| Gross Profit | 1.85B | 1.88B | 1.83B | 1.88B | 2.26B | 2.47B | 1.7B | 1.33B | 1.36B | 1.24B | 993.73M | 899.03M | 746.2M |
| Gross Margin % | 29.33% | 29.47% | 29.93% | 30.17% | 32.47% | 35.75% | 31.27% | 27.18% | 28.44% | 28.99% | 28.26% | 27.42% | 28.32% |
| Gross Profit Growth % | - | 2.83% | -2.83% | -16.96% | -8.46% | 45.08% | 28.09% | -2.42% | 9.83% | 24.87% | 10.53% | 20.48% | - |
| Operating Expenses | 1.67B | 1.7B | 1.68B | 1.61B | 1.69B | 1.67B | 1.23B | 1.32B | 1.16B | 884.96M | 717.23M | 658.75M | 561.12M |
| OpEx % of Revenue | - | 26.67% | 27.49% | 25.88% | 24.31% | 24.18% | 22.53% | 27.01% | 24.25% | 20.68% | 20.4% | 20.09% | 21.29% |
| Selling, General & Admin | 1.57B | 1.6B | 1.57B | 1.54B | 1.6B | 1.56B | 1.14B | 1.14B | 1.07B | 853.16M | 691.88M | 634.89M | 536.49M |
| SG&A % of Revenue | - | 25.17% | 25.73% | 24.65% | 22.96% | 22.61% | 20.92% | 23.26% | 22.32% | 19.93% | 19.68% | 19.36% | 20.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 95.33M | 107.18M | 76.55M | 93.8M | 108.88M | 87.56M | 183.2M | 92.56M | 31.8M | 25.35M | 23.86M | 24.63M |
| Operating Income | 178.74M | 178.59M | 148.57M | 267.07M | 568.53M | 799.54M | 476.19M | 8.75M | 201.01M | 355.95M | 276.5M | 240.27M | 185.08M |
| Operating Margin % | 2.83% | 2.8% | 2.44% | 4.29% | 8.16% | 11.56% | 8.74% | 0.18% | 4.19% | 8.32% | 7.86% | 7.33% | 7.02% |
| Operating Income Growth % | - | 20.21% | -44.37% | -53.02% | -28.89% | 67.9% | 5344.1% | -95.65% | -43.53% | 28.74% | 15.08% | 29.82% | - |
| EBITDA | 274.25M | 273.93M | 229.76M | 335.72M | 640.03M | 865.96M | 528.18M | 68.68M | 250.34M | 387.5M | 301.19M | 264.37M | 209.68M |
| EBITDA Margin % | 4.35% | 4.3% | 3.77% | 5.39% | 9.19% | 12.53% | 9.7% | 1.4% | 5.22% | 9.05% | 8.57% | 8.06% | 7.96% |
| EBITDA Growth % | 9.86% | 19.22% | -31.56% | -47.55% | -26.09% | 63.95% | 669.05% | -72.57% | -35.4% | 28.65% | 13.93% | 26.09% | - |
| D&A (Non-Cash Add-back) | 95.51M | 95.33M | 81.19M | 68.64M | 71.5M | 66.42M | 51.98M | 59.93M | 49.32M | 31.55M | 24.7M | 24.1M | 24.6M |
| EBIT | 432.83M | 318.78M | 174.56M | 274.98M | 590.82M | 842M | 511.77M | 132.02M | 244.25M | 356.21M | 277.15M | 240.04M | 185.11M |
| Net Interest Income | -379.04M | -76.79M | -235.56M | -218.34M | -117.78M | -61.02M | -74.38M | -109.47M | -101.64M | -70.65M | -67.17M | -64.63M | -57.44M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 379.04M | 76.79M | 235.56M | 218.34M | 117.78M | 61.02M | 74.38M | 109.47M | 101.64M | 70.65M | 67.17M | 64.63M | 57.44M |
| Other Income/Expense | -57.17M | -58.44M | -238.83M | -217.67M | -118.41M | -65.34M | -74.24M | -99.47M | -104.64M | 29.65M | -69.53M | -64.62M | -59.31M |
| Pretax Income | 121.57M | 120.16M | -90.26M | 49.4M | 450.12M | 734.2M | 401.96M | -90.72M | 96.37M | 389.96M | 209.14M | 179.89M | 125.77M |
| Pretax Margin % | 1.93% | 1.89% | -1.48% | 0.79% | 6.46% | 10.62% | 7.38% | -1.85% | 2.01% | 9.11% | 5.95% | 5.49% | 4.77% |
| Income Tax | 229.18M | 225.8M | -11.38M | -3.53M | 99.08M | 92.12M | 57.74M | 29.58M | 30.79M | 154.91M | 5.8M | 1.36M | 2.14M |
| Effective Tax Rate % | 188.52% | 187.92% | 12.61% | -7.14% | 22.01% | 12.55% | 14.37% | -32.61% | 31.95% | 39.72% | 2.77% | 0.75% | 1.7% |
| Net Income | -93.92M | -89.8M | -38.64M | 33.37M | 136.95M | 278.46M | 122.34M | -60.59M | 10.4M | 29.85M | 188.88M | 174.29M | 123.63M |
| Net Margin % | -1.49% | -1.41% | -0.63% | 0.54% | 1.97% | 4.03% | 2.25% | -1.24% | 0.22% | 0.7% | 5.37% | 5.32% | 4.69% |
| Net Income Growth % | -228.28% | -132.42% | -215.78% | -75.63% | -50.82% | 127.6% | 301.92% | -682.72% | -65.17% | -84.2% | 8.37% | 40.98% | - |
| Net Income (Continuing) | -107.62M | -105.64M | -78.88M | 52.93M | 351.03M | 642.08M | 344.21M | -120.3M | 65.58M | 230.69M | 198.48M | 174.29M | 123.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 134.51M | 143.21M | 158.39M | 89.62M | 99.86M | 75.84M | -36.01M | -126.63M | -11.62M | 34.33M | -103.19M | 0 | 0 |
| EPS (Diluted) | -1.48 | -1.43 | -0.80 | 0.55 | 3.22 | 6.07 | 3.09 | -1.62 | 0.28 | -0.70 | 0.09 | 2.12 | 1.51 |
| EPS Growth % | -223.91% | -78.75% | -245.45% | -82.92% | -46.95% | 96.44% | 290.74% | -678.57% | 140% | -877.78% | -95.75% | 40.4% | - |
| EPS (Basic) | - | -1.43 | -0.80 | 0.70 | 3.23 | 6.19 | 3.11 | -1.62 | 0.28 | -0.70 | 0.11 | 10.19 | 7.23 |
| Diluted Shares Outstanding | 63.48M | 62.72M | 48.01M | 84.97M | 42.85M | 89.76M | 40.01M | 37.35M | 88.88M | 26.62M | 83.6M | 82.06M | 82.06M |
| Basic Shares Outstanding | 63.48M | 62.72M | 48.01M | 44.63M | 42.39M | 45.01M | 39.38M | 37.31M | 36.98M | 26.62M | 18.77M | 17.11M | 17.11M |
| Dividend Payout Ratio | - | - | - | 294.68% | 195.95% | 93.7% | 161.84% | - | 113.99% | 74.5% | 0.8% | 131.33% | 48.62% |
High leverage interest sensitivity
As reported in recent financial statements, Camping World's top-line performance remains highly inconsistent, with revenue growth fluctuating between a 4.2% contraction in 2026Q1 and a 9.4% expansion in 2025Q2, reflecting the inherent sensitivity of the RV retail sector to broader macroeconomic shifts and consumer discretionary spending.
The revenue trajectory suggests a business struggling to find organic momentum outside of seasonal peaks. Investors should monitor whether the recent shift toward used vehicle inventory can sustain top-line volume as new unit demand remains pressured by affordability constraints.
Based on the provided income statement data, Camping World's net margin has frequently dipped into negative territory, reaching -5.7% in 2025Q4, which highlights the difficulty of maintaining profitability when high fixed costs and interest expenses collide with a softening retail environment for recreational vehicles.
While gross margins have remained relatively resilient near the 29% level, the inability to translate this into positive net income suggests significant operating inefficiencies. This pattern implies that the company's current cost structure may be misaligned with the realities of a high-interest-rate environment.
According to the company's historical income statements, operating income has shown extreme volatility, swinging from a $130.3 million profit in 2025Q2 to a $52.8 million loss in 2025Q4, indicating that the firm lacks the necessary operating leverage to absorb fluctuations in gross profit without significant bottom-line impact.
The high sensitivity of operating income to revenue changes suggests that SG&A expenses are largely fixed and difficult to scale down during downturns. This lack of flexibility warrants further investigation into the company's ability to manage its debt-servicing obligations if retail demand continues to weaken.
While the company emphasizes its Good Sam membership ecosystem as a defensive moat, the persistent net losses observed in recent quarters suggest that this recurring revenue stream is currently insufficient to offset the cyclical volatility and high interest burdens inherent in the core RV dealership business model.
Short-sellers may focus on the disconnect between the company's narrative of a resilient service-based business and the reality of its negative net margins. The reliance on debt to fund dealership acquisitions appears to be a primary risk factor that could limit future operational flexibility.
Quick answers to the most common questions about buying CWH stock.
For fiscal year 2025, Camping World Holdings, Inc. (CWH) reported total revenue of $6.37B. This represents a 141.7% increase compared to $2.63B in 2014.
Camping World Holdings, Inc. (CWH) reported a net loss of $89.8M for the fiscal year ending 2025.
Camping World Holdings, Inc. (CWH) reported an operating income of $178.6M, resulting in an operating profit margin of 2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Camping World Holdings, Inc. (CWH) generated $1.88B in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.