Camping World Holdings Inc
NYSE:CWH
Camping World Holdings Inc
Camping World Holdings Inc., founded by David Garvin in 1966, has grown into the largest retailer of RVs and related products in the United States. The company was later championed by Marcus Lemonis, who transformed it through strategic acquisitions and a strong focus on customer service. Under Lemonis's leadership, Camping World expanded its footprint, establishing a robust network of retail locations across the nation. This growth enabled the company to cater to the diverse needs of outdoor enthusiasts, offering not only recreational vehicles but also a comprehensive array of accessories, gear, and services designed to enhance the camping experience. Their business model thrives on creating a one-stop-shop for RV owners and avid campers, allowing customers to purchase, service, and accessorize their recreational investments under one roof.
Camping World primarily generates its revenue from three key streams: vehicle sales, parts and services, and finance and insurance. The sale of new and pre-owned RVs remains the central pillar of their business model, contributing the largest share of their income. Complementing these sales are their parts and service departments, which provide essential maintenance and a wide selection of aftermarket products to keep vehicles in top condition and consumers fully equipped for their adventures. Additionally, the finance and insurance sector not only supports vehicle purchases but also fortifies the company's revenue through loan facilitation and protection plans. Each component of Camping World's business synergizes to create a resilient ecosystem that supports growth, while also fostering a loyal customer base dedicated to the outdoor lifestyle.
Camping World Holdings Inc., founded by David Garvin in 1966, has grown into the largest retailer of RVs and related products in the United States. The company was later championed by Marcus Lemonis, who transformed it through strategic acquisitions and a strong focus on customer service. Under Lemonis's leadership, Camping World expanded its footprint, establishing a robust network of retail locations across the nation. This growth enabled the company to cater to the diverse needs of outdoor enthusiasts, offering not only recreational vehicles but also a comprehensive array of accessories, gear, and services designed to enhance the camping experience. Their business model thrives on creating a one-stop-shop for RV owners and avid campers, allowing customers to purchase, service, and accessorize their recreational investments under one roof.
Camping World primarily generates its revenue from three key streams: vehicle sales, parts and services, and finance and insurance. The sale of new and pre-owned RVs remains the central pillar of their business model, contributing the largest share of their income. Complementing these sales are their parts and service departments, which provide essential maintenance and a wide selection of aftermarket products to keep vehicles in top condition and consumers fully equipped for their adventures. Additionally, the finance and insurance sector not only supports vehicle purchases but also fortifies the company's revenue through loan facilitation and protection plans. Each component of Camping World's business synergizes to create a resilient ecosystem that supports growth, while also fostering a loyal customer base dedicated to the outdoor lifestyle.
EBITDA Growth: Adjusted EBITDA grew over 35% for the full year 2025, with same-store unit sales up more than 14%.
Inventory Strategy: Management is accelerating inventory turnover, which is expected to temporarily pressure gross margins and reduce 2026 EBITDA by about $35 million.
Weather Impact: Severe weather caused the closure of 60+ locations, leading to an estimated 1,500 lost unit sales and $13.5 million of gross profit.
2026 Guidance: Adjusted EBITDA is guided to a range of $275 million to $325 million for 2026, below the previous $310 million minimum due to inventory actions.
Dividend Paused: The company paused its dividend to prioritize debt reduction and balance sheet health.
Cost Cuts: $25 million in annualized SG&A reductions have been completed to offset margin pressures.
Good Sam Growth: Good Sam posted record revenue and remains a key high-margin growth focus.
