Filing Flows › Camping World Holdings (CWH) › Q4 2025
Camping World Holdings (CWH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Camping World Holdings (CWH) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -35% from the quarter before. Operating margin was -4.3%, net loss $109M (9.3% of revenue).
Camping World Holdings, Q4 2025: revenue $1.2B (-3% year over year), operating margin -4.3%, net loss $109M, operating cash flow −$227M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | -35% | -3% |
| Operating profit | −$50.0M | -163% | — |
| Net earnings | −$109M | — | — |
| Operating cash flow | −$227M | -262% | — |
What changed
Revenue was $1.2B in Q4 2025, down 3% year over year and down 35% from the previous quarter.
Operating costs exceeded revenue by $0.05B, an operating margin of -4.3%. Total costs grew 0% against a revenue fall of 3%. The quarter ended with a net loss of $0.11B, wider than the previous quarter's $0.03B loss. Minority interests bore $0.04B of it: to shareholders the quarter was a loss of $0.07B. Net interest and other expense of $0.06B was the main reason.
Operating cash flow was −$0.23B. Non-cash charges added back $0.02B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.16B. Capital expenditures of $0.05B exceeded it, leaving free cash flow of −$0.27B.
Questions
What was Camping World Holdings' revenue in the fourth quarter 2025?
Camping World Holdings (CWH) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -35% from the quarter before.
Was Camping World Holdings profitable in the fourth quarter 2025?
Operating loss was $50.0M (-4.3% of revenue) and net loss $109M.