CWH Camping World Holdings, Inc.

Overview and Growth

Fiscal 2025 results for Camping World Holdings, Inc. combined $6.37B of revenue with net loss of $89.80M and an operating cash outflow of $131.99M. At $6.37B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 4.4% from $6.10B in fiscal 2024, increasing the company’s operating scale. The company employed $5.04B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 1.26x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $1.88B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 29.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $180.20M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 2.8%, showing the portion of revenue preserved after the full set of operating costs. After all below-operating-line items, the company recorded a net loss of $89.80M for the fiscal year. The net loss equaled 1.4% of revenue, showing the bottom-line deficit relative to the company’s sales base. Reported EBITDA totaled $275.54M, adding a pre-interest, tax, depreciation, and amortization perspective to the profitability profile. Pretax income was $120.16M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 1.9%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $225.80M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 187.9% of pretax income, showing the tax burden absorbed by the year’s earnings. The net loss equaled 24.2% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 1.8%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $38.64M in fiscal 2024 to $89.80M.

Liquidity and Capital Structure

Total assets were $5.04B, supported by $4.67B of liabilities and $371.80M of shareholder equity. Current assets were $2.62B against $2.18B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.2x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $215.04M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 9.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $1.47B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 3.96x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 29.2%, comparing borrowing with the total asset balance. Equity equaled 7.4% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 92.6% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 4.3%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $4.86B in fiscal 2024, the current asset base moved 3.7% and finished higher. Against $484.95M of equity in fiscal 2024, the current book-equity balance moved 23.3% and ended lower. Compared with $208.42M in fiscal 2024, the current cash balance moved 3.2% and finished higher.

Cash Flow and Earnings Quality

Operating activities used $131.99M of cash, resulting in an operating cash outflow for the year. The company shifted from generating $245.16M of operating cash in fiscal 2024 to absorbing $131.99M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.