Camping World Q4 net loss narrows; Adjusted EBITDA up 35% YoY; dividend paused

Camping World Holdings, Inc.

Full year net loss of $105.6M, largely due to deferred tax asset and TRA liability adjustments.
Adjusted EBITDA of $242.9M in 2025, up over 35% YoY; net debt leverage improved to 5.7x from 8.1x.
Q4 same-store sales volume up 4%; combined new/used market share reached 13%.
Board pauses regular cash dividend program to focus on deleveraging; $50M of debt repaid YTD 2026.
2026 guidance: Adjusted EBITDA $275–$325M, with gross margin headwinds expected in first half.

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