Camping World Holdings reported a full-year net loss of $105.6 million for 2025, driven largely by adjustments to deferred tax assets and its tax receivable agreement liability, even as adjusted EBITDA rose more than 35% to $242.9 million.
The RV dealer said fourth-quarter revenue declined 2.6% to $1.2 billion. Combined new and used vehicle unit sales increased 2.9% to 22,785 units, while same-store combined unit sales rose 4.3%. The company ended the year with market share exceeding 13%.
According to a press release, Chief Executive Officer and President Matthew Wagner said the company “returned the business to growth” in 2025 and expanded combined new and used market share to a record level.
He also cited dealership portfolio optimization that reduced the footprint to nearly 200 locations.
As of December 31, the company operated 196 stores, down a net 10 locations from a year earlier, including the consolidation of 17 stores to improve cost efficiency.
Fourth-quarter new vehicle revenue fell 8.0% to $457.8 million, with unit sales down 7.1% to 10,750. Used vehicle revenue increased 11.0% to $386.5 million, with unit sales up 13.8% to 12,035.
New vehicle gross margin declined 291 basis points to 12.3%, while used vehicle gross margin decreased 277 basis points to 16.0%.
Gross profit for the quarter fell 10.3% to $338.2 million, and total gross margin decreased 247 basis points to 28.8%.
Net loss for the quarter widened to $109.1 million, compared with a loss a year earlier. Adjusted EBITDA was a loss of $26.2 million.
Selling, general and administrative expenses were $367.3 million, down 0.1%. Stock-based compensation increased $15.4 million, primarily related to a December 2025 amendment to former Chairman and Chief Executive Officer Marcus Lemonis’ employment agreement.
The company ended the year with $215 million in cash and $1.472 billion in long-term debt. Net debt leverage improved to 5.7x from 8.1x at the end of 2024.
Chief Financial Officer Tom Kirn said the company has repaid an additional $50 million in long-term debt in 2026 to date.