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PRE-MKT · 04:35 ET
Market ClerkRecap
Mon Oct 26 · pre-market1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CWH

Camping World Holdings, Inc.
NYSE · CONSUMER DISCRETIONARY · RETAIL-AUTO DEALERS & GASOLINE STATIONS
4.20
−0.33 −7.28%
USD · close Oct 23
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Work order
34
FLAG · shorts 34
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP —P/E —DIV YIELD —FCF YIELD —REV TTM $6.3B −0.8%NET INCOME −$97.3MNET DEBT $1.2B52W 4.20 – 16.82SEC XBRL · TTM TO Invalid Date

How CWH rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
52%
of sentences unchanged
Added
103
new sentences
Dropped
106
sentences removed
Length
−217
words, now 10,552

New in FY2025

  • (together with its subsidiaries) is America’s largest retailer of RVs and related products and services.
  • Through our Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers’ joy of travel.
  • We strive to build long-term value for our customers, employees, and stockholders by combining a comprehensive offering of RV products and services with a national network of RV dealerships, service centers and customer support centers.
  • 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 protect our customers on the road ahead.
  • On December 31, 2025, we operated a total of 196 store locations, with all locations selling and/or servicing RVs.
  • Business Strategy ​ ​ ​ Purpose Mission Vision To bond people with travel and the outdoors through RVing.
  • We make it easy for everyone to enjoy RVing.
  • To be the most trusted RV company in the world by enriching and preserving our customer’s time. ​ Key elements of our business strategy are: Offer a Unique and Comprehensive Assortment of RV Products and Services.
  • Many of our offerings, including our Good Sam services and plans, our exclusive brand RVs, and our digital retail experience through direct.campingworld.com are unique to us and have been developed in collaboration with leading industry suppliers and RV enthusiasts.
  • As of December 31, 2025, we operated a national network of 196 RV dealerships and/or service centers including one location in Elkhart, IN that offers discounted pricing on new RVs based on a factory direct model.
  • Our dealerships and service centers are staffed with knowledgeable local team members offering expert advice and a wide assortment of products and services to approximately 4.2 million Active Customers.
  • Our call center teams are extensively trained to assist customers with various products and services, including roadside assistance, protection product sales, and RV technician hotline questions, with every team focused on providing an exceptional level of service to our customers.
  • Our unique and comprehensive assortment of RV products and services, our national network of RV dealerships and service centers, our network of customer service and contact centers, and our online and e-commerce platforms all work together to service our customers and make it easy for everyone to enjoy RVing.
  • When a new customer engages with us, we leverage customized customer relationship management (“CRM”) platforms and proprietary tools, such as the RV Valuator, to actively and intelligently engage, service and promote our wide range of products and services for the RV lifestyle.
  • Our Good Sam mission is to clear the path ahead and empower our customers’ joy of travel.
  • We aim to accomplish this through the following four pillars: ​ ​ ​ ​ Our Travel Point of View Our Products and Services Our Customer Experience Our Emotional Benefit Road trips and outdoor adventures do not need to feel complex.
  • We make these experiences feel effortless.
  • Our customers experience curiosity, connection, and joy every day on the road. ​ Background and Recent Developments Founded in 1966, our Good Sam and Camping World brands have been serving RV owners and outdoor enthusiasts for more than 50 years.
  • As the RV market contracted from COVID pandemic highs, we consolidated our dealership footprint in certain markets over the course of the past 18 months in order to better align our fixed cost structure to market demand.
  • As a result, our dealership count has declined while earnings and market share have improved.
  • We believe this focus on optimizing our same store base has positioned the Company well to take advantage of the next industry cycle.
  • The following table presents revenue and gross profit details for our product and service offerings for the year ended December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2025 ​ ​ ​ ​ Percent of ​ ​ ​ ​ Percent of ​ ​ ($ in thousands) ​ ​ Revenue (1) ​ ​ ​ Revenue ​ ​ Gross Profit (2) ​ Gross Profit ​ Gross Margin Good Sam Services and Plans ​ $ 199,751 ​ 3.1% ​ $ 115,550 ​ 6.2% ​ 57.8% New vehicles ​ ​ 2,761,149 ​ 43.4% ​ ​ 364,908 ​ 19.4% ​ 13.2% Used vehicles ​ ​ 1,970,224 ​ 30.9% ​ ​ 364,992 ​ 19.4% ​ 18.5% Products, service and other ​ ​ 756,984 ​ 11.9% ​ ​ 355,386 ​ 18.9% ​ 46.9% Finance and insurance, net ​ ​ 639,544 ​ 10.0% ​ ​ 639,544 ​ 34.1% ​ 100.0% Good Sam Club ​ ​ 41,497 ​ 0.7% ​ ​ 36,772 ​ 2.0% ​ 88.6% Total ​ $ 6,369,149 ​ 100.0% ​ $ 1,877,152 ​ 100.0% ​ 29.5% ​ (1) Components of revenue are presented after intersegment eliminations.
  • We believe this highly specialized product offering has significant potential to penetrate broader parts of the recreational market, including boating or other powersports, to further empower our customers’ joy of travel, recreation and the outdoors.
  • Financial Protection Programs Offer financial security against unexpected events, encompassing Extended Service Plans for RV maintenance, Good Sam Insurance Agency for tailored insurance solutions, Guaranteed Asset Protection (“GAP”) Insurance, Windshield Protection, and Product Protection Plans for various assets.
  • Tire & Maintenance Programs Focus on preventative maintenance and tire care, featuring roof vehicle service contracts, Paint & Fab to maintain the visual aesthetic, and Tire & Wheel Protection to safeguard against tire-related mishaps and tire sales for replacement needs. ​ ​ ​ Campgrounds & Destinations Dedicated to enhancing the RV and outdoor experience by providing access to an extensive network of campgrounds and unique destinations.
  • Within our RV and Outdoor Retail business, we also operate the Good Sam Club, which we believe is the largest membership-based RV organization in the world, with approximately 1.6 million paid members as of December 31, 2025, excluding the free basic tier members.
  • A map depicting our national network of 196 RV dealerships and service centers as of December 31, 2025 is provided below: * Source: Statistical Surveys Inc.
  • RV and Outdoor Retail segment offerings include: • New and Used Vehicles .
  • We offer a wide selection of new and used RVs across a range of price points, classes and floor plans.
  • The table below contains a breakdown of our new RV unit sales and average selling price by RV class for 2025.
  • Sales of new vehicles represented 43.4%, 46.3% and 41.4% of total revenue for 2025, 2024 and 2023, respectively.
  • Sales of used vehicles represented 30.9%, 26.5% and 31.8% of total revenue for 2025, 2024, and 2023, respectively.
  • New vehicles sold represented 53.9%, 58.0% and 50.8% of total vehicles sold for 2025, 2024 and 2023, respectively.
  • Used vehicles sold represented 46.1%, 42.0% and 49.2% of total vehicles for 2025, 2024, and 2023, respectively.
  • (1) Source: RV Industry Associations’ survey of manufacturers.
  • (2) Source: Statistical Surveys, Inc. • Vehicle financing.
  • In 2025, we facilitated financing transactions for approximately 80.0% of our total new units sold and 73.5% of our total used units sold for which we earn a commission from the third-party lender. • Protection Plans.
  • With approximately 2,800 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components.
  • In 2025, we temporarily suspended our Good Sam RV ProCare mobile RV service as we make changes to optimize profitability and improve the customer experience. • RV parts, accessories and installation services.
  • We believe our ability to both sell and install parts and accessories affords us a competitive advantage over online and big box retailers that do not have service centers designed to accommodate RVs, and over RV dealerships that do not offer a comprehensive selection of parts and accessories. • Collision repair and restoration.

and 63 more.

Gone since FY2024

  • (together with its subsidiaries) is the world’s largest retailer of RVs and related products and services.
  • Through our Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor activities 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.
  • On December 31, 2024, we operated a total of 206 store locations, with all locations selling and/or servicing RVs.
  • Business Strategy Key elements of our business strategy are: Offer a Unique and Comprehensive Assortment of RV Products and Services.
  • Many of our offerings, including our Good Sam services and plans, our private label RVs, our digital retail experience through RVs.com, our RV manufacturer exclusive dealership locations, and our private label accessories, are unique to us and have been developed in collaboration with leading industry suppliers and RV enthusiasts.
  • As of December 31, 2024, we operated a national network of 206 RV dealerships and/or service centers.
  • Our dealerships and service centers are staffed with knowledgeable local team members offering expert advice and a wide assortment of products and services to approximately 4.5 million Active Customers.
  • All team members at our call centers have been cross trained, and the call centers have redundant services and systems in place in the event of a power or connectivity disruption at one of our call center locations.
  • Our goal is that every call to one of our call centers or to a store will be answered promptly by a live person.
  • Our call center specialists are extensively trained to assist customers with complex orders and provide a level of service that leads to an exceptional customer experience and long-term customer relationships.
  • In 2024, our call centers handled approximately 2.4 million calls and responded to approximately 400,000 emails and social media communications.
  • Our unique and comprehensive assortment of RV products and services, our national network of RV dealerships and service centers, our network of customer service and contact centers, and our online and e-commerce platforms all work together to service our customers and make RVing fun and easy.
  • When a new customer engages with us across any of our business areas, the new customer enters our database and we leverage customized customer relationship management (“CRM”) platforms and proprietary tools, such as the RV Valuator, to actively and intelligently engage, service and promote our wide range of products and services for the RV lifestyle.
  • Our Good Sam mission is to clear the path ahead and empower our customer’s joy of travel.
  • We aim to accomplish this through the following four pillars: ​ ​ ​ ​ Our Travel Point of View Our Products and Services Our Customer Experience Our Emotional Benefit We believe that road trips and outdoor adventures don’t need to feel complex.
  • We believe travel experiences should feel effortless and accessible, aided by our services and plans that simplify the journey for our customers.
  • Our products and services are built to ensure that our customers have everything they need for a seamless travel experience, enabling our mission to empower joy in travel.
  • We aim to build trust through transparency and consistency, to ensure our customers feel confident and cared for at every step.
  • Curiosity, connection, and joy are what we strive to instill in our customers’ travel experience. ​ Background and Recent Developments Founded in 1966, our Good Sam and Camping World brands have been serving RV owners and outdoor enthusiasts for more than 50 years.
  • On January 17, 2024, we announced that we were reviewing potential strategic alternatives for our Good Sam business.
  • In conducting that review, we came to the conclusion that the greatest value to the Company can be achieved through retaining the Good Sam business.
  • We have deepened our appreciation for the non-cyclical nature of the business and also recognize the large growth potential of the business over multiple vectors in the outdoor and recreational space.
  • Going forward, we expect that Good Sam will continue to capitalize on the mutually beneficial relationship with the Camping World brand and store footprint but will be empowered to operate independently to drive growth.
  • In May 2024, we closed on the sale of certain assets of the RV and Outdoor Retail segment’s RV furniture business (“CWDS”) and, in connection with the sale, entered into an approximately ten-year supply agreement with the buyer and the sublease of certain properties and equipment to the buyer.
  • We believe that we have gained operational efficiencies by exiting the manufacture of RV furniture and focusing our resources on the sourcing and sale of our RV and aftermarket accessory products.
  • The following table presents revenue and gross profit details for our product and service offerings for the year ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ Percent of ​ ​ ​ ​ Percent of ​ ​ ($ in thousands) Revenue (1) Revenue ​ ​ Gross Profit (2) ​ Gross Profit ​ Gross Margin Good Sam Services and Plans ​ $ 194,575 ​ 3.2% ​ $ 123,849 ​ 6.8% ​ 63.7% New vehicles ​ ​ 2,825,640 ​ 46.3% ​ ​ 407,471 ​ 22.3% ​ 14.4% Used vehicles ​ ​ 1,613,849 ​ 26.5% ​ ​ 296,697 ​ 16.3% ​ 18.4% Products, service and other ​ ​ 820,111 ​ 13.4% ​ ​ 356,471 ​ 19.5% ​ 43.5% Finance and insurance, net ​ ​ 599,718 ​ 9.8% ​ ​ 599,718 ​ 32.9% ​ 100.0% Good Sam Club ​ ​ 46,081 ​ 0.8% ​ ​ 41,290 ​ 2.3% ​ 89.6% Total ​ $ 6,099,974 ​ 100.0% ​ $ 1,825,496 ​ 100.0% ​ 29.9% (1) Components of revenue are presented after intersegment eliminations.
  • We believe this highly specialized product offering has significant potential to penetrate broader parts of the recreational market, including other powersports such as boating or ATVs, to further empower our customers’ joy of travel, recreation and the outdoors.
  • Financial Protection Programs Offer financial security against unexpected events, encompassing Extended Service Plans for RV maintenance, Good Sam Insurance Agency for tailored insurance solutions, GAP Insurance, Windshield Protection, and Product Protection Plans for various assets.
  • Tire & Maintenance Programs Focus on preventative maintenance and tire care, featuring Paint & Fab to maintain the visual aesthetic and Tire & Wheel Protection to safeguard against tire-related mishaps and tire sales for replacement needs. ​ ​ ​ Campgrounds & Destinations Dedicated to enhancing the RV and outdoor experience by providing access to an extensive network of campgrounds and unique destinations.
  • Within our RV and Outdoor Retail business, we also operate the Good Sam Club, which we believe is the largest membership-based RV organization in the world, with approximately 1.8 million members as of December 31, 2024, excluding the free basic tier members.
  • A map depicting our national network of 206 RV dealerships and service centers as of December 31, 2024 is provided below: ​ RV and Outdoor Retail segment offerings include: ● New and Used Vehicles .
  • A wide selection of new and used RVs across a range of price points, classes and floor plans.
  • The table below contains a breakdown of our new RV unit sales and average selling price by RV class for 2024.
  • Sales of new vehicles represented 46.3%, 41.4% and 46.3% of total revenue for 2024, 2023 and 2022, respectively.
  • Sales of used vehicles represented 26.5%, 31.8% and 26.9% of total revenue for 2024, 2023, and 2022, respectively. • Vehicle financing.
  • In 2024, we facilitated financing transactions for approximately 80.9% of our total new units sold and 71.7% of our total used units sold for which we earn a commission from the third-party lender. • Protection Plans.
  • With over 2,800 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components.
  • We also offer our Good Sam RV ProCare mobile RV service. • RV parts, accessories and installation services.

and 66 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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