0001104659-26-021548
SEC filingCamping World Holdings, Inc. reported total revenue of $6.37 billion for fiscal year 2025, with a net loss attributable to the company of $89.8 million. The company generated income from operations of $180.2 million, but this was offset by total other expenses of $60.0 million and a significant income tax benefit of $225.8 million. Key financial drivers included total costs applicable to revenue of $4.49 billion and operating expenses of $1.70 billion, primarily consisting of selling, general, and administrative expenses of $1.60 billion. The company's balance sheet shows total assets of $5.04 billion against total liabilities of $4.67 billion, with stockholders' equity of $371.8 million. Cash flow from operations was negative $132.0 million, while financing activities provided $339.8 million, resulting in a net increase in cash of $6.6 million. The company's performance reflects challenges in the RV market, including a 7% decrease in average sales price of new vehicles during 2025 and a decline in Active Customers.
Camping World Holdings, Inc. reported total revenue of $6.37 billion for fiscal year 2025, representing the company's top-line performance. The company generated income from operations of $180.2 million, calculated from total revenue of $6.37 billion minus total costs applicable to revenue of $4.49 billion and total operating expenses of $1.70 billion. However, the company reported a net loss attributable to Camping World Holdings, Inc. of $89.8 million, which resulted from income before income taxes of $120.2 million offset by an income tax benefit of $225.8 million. The company's earnings per share for Class A common stock was negative $1.00 for both basic and diluted calculations, based on weighted average shares outstanding of 62.7 million. The financial results reflect challenges in the RV market, including a 7% decrease in average sales price of new vehicles during 2025 and a decline in Active Customers as noted in the risk factors section.
The company's total revenue of $6.37 billion represents the consolidated performance across all business activities. The document indicates that from 2015 to 2025, new vehicle travel trailer units increased from 62% to 79% of total new vehicle unit sales, reflecting a shift in sales mix toward lower-priced travel trailers. During 2025, average sales price and average cost of new vehicles decreased 7% and 6%, respectively. The company notes that over the three years ended December 31, 2025, it generated 30.4% and 28.1% of annual revenue in the second and third fiscal quarters, respectively, highlighting the seasonal nature of the business. No specific segment breakdown or geographic mix is provided in the available data.
The company achieved a gross profit of $1.88 billion, calculated as total revenue of $6.37 billion minus total costs applicable to revenue of $4.49 billion, resulting in a gross margin of 29.5%. Operating income of $180.2 million represents an operating margin of 2.8%. Operating expenses totaled $1.70 billion, primarily consisting of selling, general, and administrative expenses of $1.60 billion, depreciation and amortization of $95.3 million, long-lived asset impairment of $1.2 million, gain on lease termination and/or remeasurement of $2.0 million, and (gain) loss on sale or disposal of assets of $850,000. The document notes that promotional activities and decreased demand for consumer products affected profitability and margins in prior years and to some extent in 2025.
The company reported negative operating cash flow of $132.0 million for fiscal year 2025, driven by net loss of $105.6 million adjusted for various non-cash items including depreciation and amortization of $95.3 million and deferred income taxes of $213.7 million. Investing activities used $201.2 million primarily for purchases of property and equipment ($129.4 million) and purchases of businesses ($81.2 million). Financing activities provided $339.8 million, mainly from net proceeds on notes payable - floor plan of $444.8 million, partially offset by payments on long-term debt of $49.9 million and dividends on Class A common stock of $31.4 million. The balance sheet shows total assets of $5.04 billion, including current assets of $2.62 billion with inventories of $2.11 billion. Total liabilities stand at $4.67 billion, including current liabilities of $2.18 billion with notes payable - floor plan of $1.60 billion. Stockholders' equity totals $371.8 million.
The document highlights several risk factors that may impact future performance, including general economic conditions, inflation, interest rates, and the health of the RV industry. The company notes that Active Customers declined in 2025 and that promotional activities and decreased demand for consumer products affected profitability. Competition remains intense, with competitors listing RVs at or below cost, requiring the company to establish pricing, marketing, and other programs that may be less favorable. The company also faces challenges related to inventory management, seasonal fluctuations, and the availability and cost of financing for both the company and its customers. No specific management guidance or forward-looking financial projections are provided in the available data.