Camping World Holdings, Inc. (NYSE:CWH) ("CWH" or, collectively with its subsidiaries, the "Company"), the World's Largest Recreational Vehicle Dealer, today reported results for the third quarter ended September 30, 2025.

Matthew Wagner, President of CWH stated, "Our Company delivered over 40% Adjusted EBITDA⁽¹⁾ growth this quarter, driven by record breaking new and used vehicle volume⁽²⁾. These results are a testament to our ability to navigate around constant macroeconomic changes, outperforming the industry in every category."

Mr. Wagner continued, "Year-to-date our Company achieved a record 13.5% market share⁽³⁾ of new and used units, an over 200 basis point combined improvement. Total new and used same store unit volume momentum continues in October, increasing low double-digit percent year-over-year as used remains a compelling value proposition for consumers focused on affordability. We expect continued progress in 2026, driven by used vehicle unit volume, improving ASPs, and over $15 million of potential cost takeout opportunity."

Marcus Lemonis, Chairman and Chief Executive Officer of CWH commented, "As our team prepares for 2026, we are extremely confident in our ability to once again outperform the RV industry, grow our earnings, and continue to reduce our leverage year-over-year. As expected, affordability is still top of mind for consumers, and rising prices could create resistance on demand. This is leading us to deliberately set conservative new volume growth assumptions. Our Company will continue to rely on our market leading used, service, and Good Sam businesses as our financial performance differentiator. While it is early in our forecasting, we see a consecutive year of Adjusted EBITDA growth, starting in the low $300 million range, and a plan to outperform it."

Mr. Lemonis concluded, "Our management team believes this judicious conservatism, combined with our fortified balance sheet and improving leverage, has set the stage for our return to measured and accretive M&A activity across the business."

Third Quarter-over-Quarter Operating Highlights

Revenue was $1.8 billion for the third quarter, an increase of $81.1 million, or 4.7%.
New vehicle revenue was $766.8 million for the third quarter, a decrease of $58.1 million, or 7.0%, and new vehicle unit sales were 20,286 units, an increase of 343 units, or 1.7%. Used vehicle revenue was $589.1 million for the third quarter, an increase of $141.9 million, or 31.7%, and used vehicle unit sales were 18,694 units, an increase of 4,629 units, or 32.9%. Combined new and used vehicle unit sales were 38,980, an increase of 4,972 units, or 14.6%.
Average selling price of new vehicles sold decreased 8.6% and average selling price of used vehicles sold decreased 0.9%.
Same store new vehicle unit sales increased 2.9% for the third quarter and same store used vehicle unit sales increased 33.4%. Combined same store new and used vehicle unit sales increased 15.6%.
New vehicle gross margin was 12.7%, a decrease of 81 basis points, driven primarily by the 8.6% decrease in the average selling price per new vehicle sold, partially offset by a 7.8% reduction in the average cost per new vehicle sold. Used vehicle gross margin was 18.3%, an increase of 16 basis points, primarily due to a 1.1% decrease in the average cost per unit sold, partially offset by the 0.9% lower average selling price.
Products, service and other revenue was $208.6 million, a decrease of $16.2 million, or 7.2%, primarily due to increased allocation of labor towards used reconditioning and away from customer pay work as used vehicle sales volumes increased. Products, service and other gross margin was 45.2%, an increase of 124 basis points, driven by higher labor billing rates and improved inventory management.
Gross profit was $517.0 million, an increase of $18.5 million, or 3.7%, and total gross margin was 28.6%, a slight decrease of 27 basis points. The gross profit increase was mainly driven by the $26.7 million higher used vehicle gross profit from the increase in used vehicle unit sales as discussed above and $12.0 million increased finance and insurance, net ("F&I") gross profit largely from the 14.6% increase in combined new and used vehicle unit sales and new F&I offerings. The slight gross margin decrease was primarily from the reduced average selling price per new vehicle sold, which was mostly offset by higher finance and insurance, net revenue that contributes 100.0% gross margin.
Selling, general and administrative expenses ("SG&A") were $411.0 million, a decrease of $3.2 million, or 0.8%. This decrease was primarily driven by a $10.8 million decrease in employee cash compensation costs excluding commissions, and a $5.1 million decrease in advertising expenses, partially offset by a $5.3 million increase in outside service provider fees related primarily to legal, audit, and computer software expenses and maintenance, a $5.2 million increase in commissions costs, and a $2.2 million increase in employee stock-based compensation ("SBC") expense. SG&A Excluding SBC⁽¹⁾ was $403.4 million, a decrease of $5.4 million, or 1.3%.
Floor plan interest expense was $18.1 million, a decrease of $4.3 million, or 19.3%, primarily as a result of lower average interest rates. Other interest expense, net was $31.0 million, a decrease of $4.9 million, or 13.6%, as a result of lower interest rates and, to a lesser extent, lower principal balances.
The Company evaluated both positive and negative evidence and concluded that a full valuation allowance was necessary for the deferred tax assets of the public holding company, CWH, due to its cumulative historical operating results for income tax purposes over the past several years in each of the tax jurisdictions in which it operates. This valuation allowance resulted in a charge to income tax expense of $175.4 million. Additionally, an adjustment to the Tax Receivable Agreement liability for the change in the determination of the realizability of tax benefits underlying the estimate of future payments under the Tax Receivable Agreement was recorded for $149.2 million with an additional $37.3 million recorded to income tax expense for the associated revaluation of the deferred tax assets relating to the change in the balance of Tax Receivable Agreement liability.
Net loss was $(29.4) million for the third quarter of 2025, a change of $(37.4) million, or (464.3)%. Adjusted EBITDA was $95.7 million, an increase of $28.2 million, or 41.8%.
Diluted loss per share of Class A common stock was $(0.64), a change of $(0.73), or (811.1)%. Adjusted earnings per share – diluted⁽¹⁾ of Class A common stock was $0.43, a change of $0.30, or 230.8%.
The total number of our store locations was 197 as of September 30, 2025, a net decrease of 10 store locations from September 30, 2024, or 4.8%, which included the consolidation of 15 store locations to improve the overall cost efficiency of the remaining store locations.

	(1)		Adjusted earnings per share – diluted, Adjusted EBITDA, and SG&A Excluding SBC are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the "Non-GAAP Financial Measures" section later in this press release.
	(2)		Refers to combined new and used vehicle unit sale volume.
	(3)		New and used unit market share is calculated as total volume of the Company's new and used units sold during any specified time period divided by the total number of new registrations as reported by SSI Data, LLC, d/b/a Statistical Surveys for that same specified time period.

Revisions to Prior Period Condensed Consolidated Financial Statements

Subsequent to the issuance of the Company's condensed consolidated financial statements for the three and nine months ended September 30, 2024, the Company's management identified prior period misstatements related to the measurement of the realizable portion of the Company's outside basis difference deferred tax asset in CWGS Enterprises, LLC ("CWGS, LLC"), including the associated valuation allowance. As a result, deferred tax assets, net, additional paid-in capital, and income tax benefit (expense) as of and for the years ended December 31, 2023 and 2022 were revised in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025. The misstatements impacted the beginning balances of deferred taxes, net, additional paid-in capital, and retained earnings, which have been revised from the amounts previously reported as of September 30, 2024. The Company evaluated the materiality of these errors, both qualitatively and quantitatively, and determined the effect of these revisions was not material to the previously issued financial statements.

The following table presents the effect of the immaterial misstatements on the Company's consolidated balance sheet for the period indicated:


	As of September 30, 2024
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	157,886	$	43,768	$	201,654
Total assets		4,645,224		43,768		4,688,992
Additional paid-in capital		94,217		33,385		127,602
Retained earnings		161,269		10,383		171,652
Total stockholders' equity attributable to Camping World Holdings, Inc.		107,816		43,768		151,584
Total stockholders' equity		172,691		43,768		216,459
Total liabilities and stockholders' equity		4,645,224		43,768		4,688,992

Earnings Conference Call and Webcast Information

A conference call to discuss the Company's third quarter 2025 financial results is scheduled for October 29, 2025, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-844-826-3035 (international callers please dial 1-412-317-5195) and using conference ID# 10203707. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company's website at http://investor.campingworld.com. Presentation materials are available at http://investor.campingworld.com. The replay of the conference call webcast and presentation materials will be available on the investor relations website for approximately 90 days.

Presentation

This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States ("GAAP"), unless noted as a non-GAAP financial measure. The Company is the sole managing member of CWGS, LLC, with sole voting power in and control of the management of CWGS, LLC. As of September 30, 2025, the Company owned 61.2% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the third quarter ended September 30, 2025 to our financial results from the third quarter ended September 30, 2024.

About Camping World Holdings, Inc.

Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is the world's largest retailer of RVs and related products and services. Through Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor adventures fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry's most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 44 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about macroeconomic and industry trends, future reductions in SG&A, future average selling prices, business plans and goals, future growth of our operations, future merger and acquisition activity, future deleveraging activities, future dividend payments, future payments under the Tax Receivable Agreement, and future financial results. These forward-looking statements are based on management's current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: general economic conditions, including inflation, interest rates and tariffs; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the success of our manufacturers; changes in consumer preferences; competition in our industry; risks related to acquisitions, new store openings and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; our ability to execute and achieve the expected benefits of our cost cutting initiatives; our reliance on our fulfillment and distribution centers; impacts from natural disasters, including pandemics and health crises; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; risks associated with our private brand offerings; we may incur asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; our private brand offerings exposing us to various risks; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; risks related to climate change and other environmental, social and governance matters; and risks related to our organizational structure.

These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10‑K for the year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Future declarations of quarterly dividends, if any, are subject to the determination and discretion of the Company's Board of Directors based on its consideration of various factors, including the Company's results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, receipt of excess tax distributions from CWGS, LLC, its business prospects and other factors that the Company's Board of Directors may deem relevant.

We intend to use our official Facebook, X (formerly known as Twitter), and Instagram accounts, each at the handle @CampingWorld, as well as the investor page of our website, investor.campingworld.com, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post through these social media channels and on our investor webpage may be deemed material. Accordingly, investors should subscribe to these accounts and our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts. These social media channels may be updated from time to time.

Camping World Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In Thousands Except Per Share Amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenue:
Good Sam Services and Plans	$	52,508		$	50,841		$	152,929		$	149,070
RV and Outdoor Retail
New vehicles		766,779			824,916			2,303,317			2,328,107
Used vehicles		589,092			447,242			1,583,714			1,265,701
Products, service and other		208,634			224,839			596,516			638,680
Finance and insurance, net		178,297			166,255			528,162			480,725
Good Sam Club		10,808			10,895			30,952			33,227
Subtotal		1,753,610			1,674,147			5,042,661			4,746,440
Total revenue		1,806,118			1,724,988			5,195,590			4,895,510
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Good Sam Services and Plans		22,772			19,700			62,440			52,075
RV and Outdoor Retail
New vehicles		669,415			713,515			1,994,647			1,996,204
Used vehicles		481,217			366,067			1,280,417			1,034,201
Products, service and other		114,427			126,113			315,578			360,721
Good Sam Club		1,254			1,069			3,592			3,729
Subtotal		1,266,313			1,206,764			3,594,234			3,394,855
Total costs applicable to revenue		1,289,085			1,226,464			3,656,674			3,446,930

Gross profit (exclusive of depreciation and amortization shown separately below):
Good Sam Services and Plans		29,736			31,141			90,489			96,995
RV and Outdoor Retail
New vehicles		97,364			111,401			308,670			331,903
Used vehicles		107,875			81,175			303,297			231,500
Products, service and other		94,207			98,726			280,938			277,959
Finance and insurance, net		178,297			166,255			528,162			480,725
Good Sam Club		9,554			9,826			27,360			29,498
Subtotal		487,297			467,383			1,448,427			1,351,585
Total gross profit		517,033			498,524			1,538,916			1,448,580

Operating expenses:
Selling, general, and administrative		411,011			414,209			1,235,945			1,205,358
Depreciation and amortization		25,654			20,583			71,617			59,905
Long-lived asset impairment		617			1,944			1,237			12,355
Lease termination		76			(2,625	)		(31	)		(2,585	)
Loss (gain) on sale or disposal of assets		534			(5	)		(104	)		9,525
Total operating expenses		437,892			434,106			1,308,664			1,284,558
Income from operations		79,141			64,418			230,252			164,022
Other income (expense)
Floor plan interest expense		(18,061	)		(22,372	)		(57,356	)		(78,053	)
Other interest expense, net		(30,982	)		(35,877	)		(92,349	)		(108,124	)
Tax Receivable Agreement liability adjustment		149,172			—			149,172			—
Other expense, net		(1,162	)		(162	)		(3,920	)		(337	)
Total other income (expense)		98,967			(58,411	)		(4,453	)		(186,514	)
Income (loss) before income taxes		178,108			6,007			225,799			(22,492	)
Income tax (expense) benefit		(207,459	)		2,049			(222,309	)		3,156
Net (loss) income		(29,351	)		8,056			3,490			(19,336	)
Less: net (loss) income attributable to non-controlling interests		(11,087	)		(2,555	)		(25,992	)		12,301
Net (loss) income attributable to Camping World Holdings, Inc.	$	(40,438	)	$	5,501		$	(22,502	)	$	(7,035	)

(Loss) earnings per share of Class A common stock:
Basic	$	(0.64	)	$	0.12		$	(0.36	)	$	(0.16	)
Diluted	$	(0.64	)	$	0.09		$	(0.36	)	$	(0.18	)
Weighted average shares of Class A common stock outstanding:
Basic		62,735			45,232			62,627			45,124
Diluted		62,735			85,618			62,627			85,169

Camping World Holdings, Inc. and Subsidiaries
Supplemental Data (unaudited)

	Three Months Ended September 30,						Increase				Percent
	2025			2024			(decrease)				Change
Unit sales
New vehicles		20,286			19,943			343				1.7	%
Used vehicles		18,694			14,065			4,629				32.9	%
Total		38,980			34,008			4,972				14.6	%

Average selling price
New vehicles	$	37,798		$	41,364		$	(3,566	)			(8.6	%)
Used vehicles		31,512			31,798			(286	)			(0.9	%)

Same store unit sales⁽¹⁾
New vehicles		18,544			18,027			517				2.9	%
Used vehicles		17,294			12,967			4,327				33.4	%
Total		35,838			30,994			4,844				15.6	%

Same store revenue⁽¹⁾ ($ in 000s)
New vehicles	$	699,525		$	752,679		$	(53,154	)			(7.1	%)
Used vehicles		543,575			413,166			130,409				31.6	%
Products, service and other		169,341			181,383			(12,042	)			(6.6	%)
Finance and insurance, net		165,026			152,489			12,537				8.2	%
Total	$	1,577,467		$	1,499,717		$	77,750				5.2	%

Average gross profit per unit
New vehicles	$	4,800		$	5,586		$	(786	)			(14.1	%)
Used vehicles		5,771			5,771			—				0.0	%
Finance and insurance, net per vehicle unit		4,574			4,889			(315	)			(6.4	%)
Total vehicle front-end yield⁽²⁾		9,839			10,551			(712	)			(6.7	%)

Gross margin
Good Sam Services and Plans		56.6	%		61.3	%		(462	)	bps
New vehicles		12.7	%		13.5	%		(81	)	bps
Used vehicles		18.3	%		18.2	%		16		bps
Products, service and other		45.2	%		43.9	%		124		bps
Finance and insurance, net		100.0	%		100.0	%		unch
Good Sam Club		88.4	%		90.2	%		(179	)	bps
Subtotal RV and Outdoor Retail		27.8	%		27.9	%		(13	)	bps
Total gross margin		28.6	%		28.9	%		(27	)	bps

Retail locations
RV dealerships		196			204			(8	)			(3.9	%)
RV service & retail centers		1			3			(2	)			(66.7	%)
Total		197			207			(10	)			(4.8	%)

RV and Outdoor Retail inventories ($ in 000s)
New vehicles	$	1,258,539		$	1,189,880		$	68,659				5.8	%
Used vehicles		595,055			420,727			174,328				41.4	%
Products, parts, accessories and misc.		172,520			170,793			1,727				1.0	%
Total RV and Outdoor Retail inventories	$	2,026,114		$	1,781,400		$	244,714				13.7	%

Vehicle inventory per location ($ in 000s)
New vehicle inventory per dealer location	$	6,421		$	5,833		$	588				10.1	%
Used vehicle inventory per dealer location		3,036			2,062			974				47.2	%

Vehicle inventory turnover⁽³⁾
New vehicle inventory turnover		1.8			1.7			0.1				5.7	%
Used vehicle inventory turnover		3.2			3.2			(0.0	)			(0.4	%)

Other data
Active Customers⁽⁴⁾		4,229,138			4,615,443			(386,305	)			(8.4	%)
Good Sam Club members ⁽⁵⁾		1,608,107			1,804,334			(196,227	)			(10.9	%)
Service bays ⁽⁶⁾		2,811			2,828			(17	)			(0.6	%)
Finance and insurance gross profit as a % of total vehicle revenue		13.1	%		13.1	%		8		bps		n/a
Same store locations		176			n/a			n/a				n/a


	Nine Months Ended September 30,						Increase				Percent
	2025			2024			(decrease)				Change
Unit sales
New vehicles		63,708			58,909			4,799				8.1	%
Used vehicles		51,539			40,459			11,080				27.4	%
Total		115,247			99,368			15,879				16.0	%

Average selling price
New vehicles	$	36,154		$	39,520		$	(3,366	)			(8.5	%)
Used vehicles		30,728			31,284			(556	)			(1.8	%)

Same store unit sales⁽¹⁾
New vehicles		58,142			53,381			4,761				8.9	%
Used vehicles		47,498			37,326			10,172				27.3	%
Total		105,640			90,707			14,933				16.5	%

Same store revenue⁽¹⁾ ($ in 000s)
New vehicles	$	2,101,586		$	2,123,286		$	(21,700	)			(1.0	%)
Used vehicles		1,456,379			1,171,749			284,630				24.3	%
Products, service and other		480,432			509,885			(29,453	)			(5.8	%)
Finance and insurance, net		489,161			441,446			47,715				10.8	%
Total	$	4,527,558		$	4,246,366		$	281,192				6.6	%

Average gross profit per unit
New vehicles	$	4,845		$	5,634		$	(789	)			(14.0	%)
Used vehicles		5,885			5,722			163				2.8	%
Finance and insurance, net per vehicle unit		4,583			4,838			(255	)			(5.3	%)
Total vehicle front-end yield⁽²⁾		9,893			10,508			(615	)			(5.9	%)

Gross margin
Good Sam Services and Plans		59.2	%		65.1	%		(590	)	bps
New vehicles		13.4	%		14.3	%		(86	)	bps
Used vehicles		19.2	%		18.3	%		86		bps
Products, service and other		47.1	%		43.5	%		358		bps
Finance and insurance, net		100.0	%		100.0	%		unch
Good Sam Club		88.4	%		88.8	%		(38	)	bps
Subtotal RV and Outdoor Retail		28.7	%		28.5	%		25		bps
Total gross margin		29.6	%		29.6	%		3		bps

Other data
Finance and insurance gross profit as a % of total vehicle revenue		13.6	%		13.4	%		21		bps		n/a
Same store locations		176			n/a			n/a				n/a

unch – unchanged
bps – basis points
n/a – not applicable

(1)		Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year.
(2)		Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle unit sales.
(3)		Inventory turnover is calculated as vehicle costs applicable to revenue over the last twelve months divided by the average quarterly ending vehicle inventory over the last twelve months.
(4)		An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement.
(5)		Excludes Good Sam Club members under the free basic plan, which was introduced in November 2023 and provides for limited participation in the loyalty point program without access to the remaining member benefits.
(6)		A service bay is a fully-constructed bay dedicated to service, installation, and collision offerings.

Camping World Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
(In Thousands Except Per Share Amounts)

	September 30,		December 31,		September 30,
	2025		2024		2024
Assets
Current assets:
Cash and cash equivalents	$	230,513	$	208,422	$	28,380
Contracts in transit		110,220		61,222		111,879
Accounts receivable, net		122,357		120,412		118,300
Inventories		2,026,392		1,821,837		1,781,656
Prepaid expenses and other assets		57,644		58,045		57,158
Assets held for sale		38,431		1,350		10,353
Total current assets		2,585,557		2,271,288		2,107,726

Property and equipment, net		895,270		846,760		836,824
Operating lease assets		716,467		739,352		755,223
Deferred tax assets, net		1,495		215,140		201,654
Intangible assets, net		16,703		19,469		20,413
Goodwill		748,951		734,023		732,813
Other assets		34,524		37,245		34,339
Total assets	$	4,998,967	$	4,863,277	$	4,688,992
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	224,615	$	145,346	$	221,292
Accrued liabilities		177,866		118,557		182,926
Deferred revenues		98,293		92,124		100,894
Current portion of operating lease liabilities		65,497		61,993		60,481
Current portion of finance lease liabilities		8,689		7,044		7,077
Current portion of Tax Receivable Agreement liability		1,200		—		—
Current portion of long-term debt		22,749		23,275		23,798
Notes payable – floor plan, net		1,361,019		1,161,713		1,030,187
Other current liabilities		84,896		70,900		83,906
Total current liabilities		2,044,824		1,680,952		1,710,561

Operating lease liabilities, net of current portion		732,884		764,113		779,873
Finance lease liabilities, net of current portion		128,315		131,004		132,784
Tax Receivable Agreement liability, net of current portion		—		150,372		149,866
Revolving line of credit		—		—		31,885
Long-term debt, net of current portion		1,459,307		1,493,318		1,506,027
Deferred revenues		61,844		63,642		67,647
Other long-term liabilities		88,819		94,927		93,890
Total liabilities		4,515,993		4,378,328		4,472,533
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share – 20,000 shares authorized; none issued and outstanding		—		—		—
Class A common stock, par value $0.01 per share – 250,000 shares authorized; 62,819, 62,502 and 49,571 shares issued, respectively, and 62,819, 62,502 and 45,342 shares outstanding, respectively		628		625		496
Class B common stock, par value $0.0001 per share – 75,000 shares authorized; 39,466 shares issued and outstanding		4		4		4
Class C common stock, par value $0.0001 per share – 0.001 share authorized, issued and outstanding		—		—		—
Additional paid-in capital		209,349		193,692		127,602
Treasury stock, at cost; 4,229 shares at September 30, 2024		—		—		(148,170	)
Retained earnings		86,235		132,241		171,652
Total stockholders' equity attributable to Camping World Holdings, Inc.		296,216		326,562		151,584
Non-controlling interests		186,758		158,387		64,875
Total stockholders' equity		482,974		484,949		216,459
Total liabilities and stockholders' equity	$	4,998,967	$	4,863,277	$	4,688,992

Camping World Holdings, Inc. and Subsidiaries
Summary of Consolidated Statements of Cash Flows (unaudited)
(In Thousands)

	Nine Months Ended September 30,
	2025			2024

Net cash provided by operating activities	$	95,236		$	408,541

Investing activities
Purchases of property and equipment		(84,130	)		(68,194	)
Proceeds from sale or disposal of property and equipment		3,650			3,820
Purchases of real property		(122,842	)		(1,243	)
Proceeds from the sale or disposal of real property		53,769			48,434
Purchases of businesses, net of cash acquired		(81,203	)		(62,323	)
Proceeds from divestiture of business		11,027			19,957
Purchases of other investments		(6,668	)		—
Proceeds from other investments		326			—
Purchases of intangible assets		—			(142	)
Proceeds from sale of intangible assets		—			2,595
Net cash used in investing activities		(226,071	)		(57,096	)

Financing activities
Proceeds from long-term debt		—			55,624
Payments on long-term debt		(38,223	)		(66,763	)
Net proceeds (payments) on notes payable – floor plan, net		226,342			(317,519	)
Borrowings on revolving line of credit		—			43,000
Payments on revolving line of credit		—			(32,000	)
Payments on finance leases		(5,540	)		(5,684	)
Payments on sale-leaseback arrangement		(151	)		(147	)
Payment of debt issuance costs		—			(876	)
Payments of stock offering costs		(572	)		—
Dividends on Class A common stock		(23,504	)		(16,940	)
Proceeds from exercise of stock options		—			549
RSU shares withheld for tax		(2,940	)		(3,110	)
Distributions to holders of LLC common units		(2,486	)		(18,846	)
Net cash provided by (used in) financing activities		152,926			(362,712	)

Increase (decrease) in cash and cash equivalents		22,091			(11,267	)
Cash and cash equivalents at beginning of the period		208,422			39,647
Cash and cash equivalents at end of the period	$	230,513		$	28,380

(Loss) Earnings Per Share

Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock (unaudited):


	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands except per share amounts)	2025			2024			2025			2024
Numerator:
Net (loss) income	$	(29,351	)	$	8,056		$	3,490		$	(19,336	)
Less: net (loss) income attributable to non-controlling interests		(11,087	)		(2,555	)		(25,992	)		12,301
Net (loss) income attributable to Camping World Holdings, Inc. — basic	$	(40,438	)	$	5,501		$	(22,502	)	$	(7,035	)
Add: reallocation of net (loss) income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		—			2,127			—			(8,525	)
Net (loss) income attributable to Camping World Holdings, Inc. — diluted	$	(40,438	)	$	7,628		$	(22,502	)	$	(15,560	)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		62,735			45,232			62,627			45,124
Dilutive restricted stock units		—			341			—			—
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		—			40,045			—			40,045
Weighted-average shares of Class A common stock outstanding — diluted		62,735			85,618			62,627			85,169

(Loss) earnings per share of Class A common stock — basic	$	(0.64	)	$	0.12		$	(0.36	)	$	(0.16	)
(Loss) earnings per share of Class A common stock — diluted	$	(0.64	)	$	0.09		$	(0.36	)	$	(0.18	)

Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock:
Stock options to purchase Class A common stock		144			158			150			182
Restricted stock units		2,359			890			2,423			2,031
Common units of CWGS, LLC that are convertible into Class A common stock		39,895			—			39,895			—

Weighted-average contingently issuable shares excluded from the computation of diluted (loss) earnings per share of Class A common stock since all necessary conditions had not been satisfied:
Performance stock units		750			—			750			—

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we use the following non-GAAP financial measures: EBITDA; Adjusted EBITDA; Adjusted EBITDA Margin; Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic; Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted; Adjusted Earnings Per Share – Basic; Adjusted Earnings Per Share – Diluted; and SG&A Excluding SBC (collectively the "Non-GAAP Financial Measures"). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making. Certain of these Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company's industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives and for planning purposes. By providing these Non-GAAP Financial Measures, together with reconciliations, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. In addition, our Senior Secured Credit Facilities use Adjusted EBITDA, as calculated for our subsidiary CWGS Group, LLC, to measure our compliance with covenants such as the consolidated leverage ratio. The Non-GAAP Financial Measures have limitations as analytical tools, and the presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. They should not be construed as an inference that the Company's future results will be unaffected by any items adjusted for in these Non-GAAP Financial Measures. In evaluating these Non-GAAP Financial Measures, it is reasonable to expect that certain of these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this section and in the reconciliation tables below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.

Our earnings call on October 29, 2025 may present guidance that includes Adjusted EBITDA. A full reconciliation of the forecasted Adjusted EBITDA to its most-directly comparable GAAP metric cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations.

The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

We define "EBITDA" as net (loss) income before other interest expense, net (excluding floor plan interest expense), provision for income tax expense (benefit) and depreciation and amortization. We define "Adjusted EBITDA" as EBITDA further adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, SBC, Tax Receivable Agreement liability adjustment, losses and gains and/or impairment on investments in equity securities, and other unusual or one-time items. We define "Adjusted EBITDA Margin" as Adjusted EBITDA as a percentage of total revenue. We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin in the same manner. We present EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors' understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP financial performance measures (unaudited):


	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2025			2024			2025		2024
EBITDA and Adjusted EBITDA:
Net (loss) income	$	(29,351	)	$	8,056		$	3,490	$	(19,336	)
Other interest expense, net		30,982			35,877			92,349		108,124
Depreciation and amortization		25,654			20,583			71,617		59,905
Income tax expense (benefit)		207,459			(2,049	)		222,309		(3,156	)
Subtotal EBITDA		234,744			62,467

Camping World Holdings, Inc. Reports Third Quarter 2025 Results, Record Breaking Total Unit Volume, Significant Year-to-Date Net Income and Adjusted EBITDA Growth