Q4 2025 Camping World Holdings Inc Earnings Call Transcript
Key Points
- Camping World Holdings Inc (CWH) achieved full year adjusted EBITDA growth of over 35%.
- Same store unit sales improved over 14%, indicating strong operational performance.
- Good Sam generated record revenue, showcasing its importance as a growth driver.
- The parts, service, and other category experienced a strong improvement in gross margins.
- CWH's liquidity position is solid, ending the quarter with $215 million of cash on the balance sheet.
- Weather disruptions led to an estimated miss of about 1,500 new and used unit sales, impacting gross profit by approximately $13.5 million.
- The decision to accelerate inventory turnover is expected to negatively impact EBITDA by about $35 million in 2026.
- CWH recorded a Q4 adjusted EBITDA loss of $26.2 million, compared to a loss of $2.5 million in Q4 of 2024.
- The company has paused its dividend to focus on reducing net debt leverage, which may disappoint income-focused investors.
- New unit volumes declined by 7% in the fourth quarter, partially offsetting the increase in used unit volumes.
Good morning and welcome to the Camping World Holdings conference call to discuss financial results for the fourth quarter and year ended December 30, 2025. (Operator Instructions) Please be advised that this call is being recorded and the reproduction of this call in whole or in part is not permitted without the written authorization from the company.
Joining on the call today are Matthew Wagner, Chief Executive Officer and President; Tom Kirn, Chief Financial Officer; Lindsey Christien, Chief Administrative and Legal Officer; and Brett Andress, Senior Vice President in Investor relations.
I will now turn the call over to Ms. Christien to get us started.
Thank you and good morning, everyone. A press release covering the company's fourth quarter and the year ended December 31, 2025. Financial results was issued yesterday afternoon, and a copy of that press release can be found in the Investor Relations section on the company's website.
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