Camping World Financials

CWH

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Camping World (CWH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CWH FY2025 2026-04-30

Camping World’s inventory-heavy retail model now shows reversed operating leverage: sales steadied, but fixed costs consume most gross profit.

From FY2023 to FY2025, revenue recovered from $6.23B to $6.37B, but cash conversion moved the other way. Operating cash flow swung from $311M to -$132M while inventory also climbed, suggesting the sales rebound was funded through working capital rather than delivered as cash.

Gross margin stayed near 30.0% in FY2024 and 29.5% in FY2025, so merchandise economics were comparatively stable. Operating margin was only 2.8% in FY2025 because SG&A remained near $1.6B, showing a fixed-cost burden rather than a pure product-margin collapse.

The balance sheet carries a thin equity cushion: FY2025 equity was $229M against liabilities of $4.67B. With cash of $215M and a current ratio of 1.2x, liquidity still functions, but there is limited room for a long spell of inventory build or weak cash generation.

Financial Health Signals

Financial Health Score 29/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Camping World's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Camping World has an operating margin of 2.8%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is up from 2.4% the prior year.

Growth

Camping World's revenue grew a modest 4.4% year-over-year to $6.4B. This slow but positive growth earns a score of 35/100.

Leverage

Camping World has elevated debt relative to equity (D/E of 6.18), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 13/100, reflecting increased financial risk.

Liquidity

Camping World's current ratio of 1.20 is below the typical benchmark, resulting in a score of 29/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Camping World's ROE of -46.2% shows moderate profitability relative to equity, earning a score of 52/100. This is down from -24.1% the prior year.

Altman Z-Score Distress

1.54

Camping World scores 1.54, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Camping World passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.25x

For every $1 of reported earnings, Camping World generates $1.25 in operating cash flow (-$132.0M OCF vs -$105.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$6.4B

YoY+4.4%

5Y CAGR+3.2%

10Y CAGR+6.9%

Camping World generated $6.4B in revenue in fiscal year 2025. This represents an increase of 4.4% from the prior year.

EBITDA

$275.5M

YoY+19.9%

5Y CAGR-12.2%

10Y CAGR+0.4%

Camping World's EBITDA was $275.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.9% from the prior year.

Net Income

-$105.6M

YoY-33.9%

Camping World reported -$105.6M in net income in fiscal year 2025. This represents a decrease of 33.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$215.0M

YoY+3.2%

5Y CAGR+5.3%

10Y CAGR+8.9%

Camping World held $215.0M in cash against $1.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

29.5%

YoY-0.5pp

5Y CAGR-1.8pp

10Y CAGR+2.1pp

Camping World's gross margin was 29.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.

Operating Margin

2.8%

YoY+0.4pp

5Y CAGR-5.9pp

10Y CAGR-4.5pp

Camping World's operating margin was 2.8% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.

Net Margin

-1.7%

YoY-0.4pp

5Y CAGR-3.9pp

10Y CAGR-7.0pp

Camping World's net profit margin was -1.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.

Return on Equity

-46.2%

YoY-22.1pp

5Y CAGR-503.2pp

Camping World's ROE was -46.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

CWH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$6.4B+4.4%	$6.1B-2.0%	$6.2B-10.6%	$7.0B+0.8%	$6.9B+26.9%	$5.4B
Cost of Revenue	$4.5B+5.1%	$4.3B-1.7%	$4.3B-7.6%	$4.7B+5.5%	$4.5B+19.1%	$3.7B
Gross Profit	$1.9B+2.8%	$1.8B-2.8%	$1.9B-17.0%	$2.3B-7.9%	$2.5B+44.3%	$1.7B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.6B+1.9%	$1.6B+2.2%	$1.5B-4.2%	$1.6B+2.1%	$1.6B+36.1%	$1.2B
Operating Income	$180.2M+21.3%	$148.6M-44.4%	$267.1M-53.0%	$568.5M-28.9%	$799.5M+67.9%	$476.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$225.8M+2084.7%	-$11.4M-222.6%	-$3.5M-103.1%	$112.3M+21.9%	$92.1M+59.5%	$57.7M
Net Income	-$105.6M-33.9%	-$78.9M-249.0%	$52.9M-84.3%	$337.8M-47.7%	$645.5M+427.6%	$122.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$3.09

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.4B+15.4%	$1.2B-35.0%	$1.8B-8.6%	$2.0B+39.8%	$1.4B+17.4%	$1.2B-30.2%	$1.7B-4.5%	$1.8B
Cost of Revenue	$951.3M+13.9%	$835.3M-35.2%	$1.3B-6.8%	$1.4B+40.6%	$983.9M+18.9%	$827.5M-32.5%	$1.2B-2.6%	$1.3B
Gross Profit	$403.3M+19.2%	$338.2M-34.6%	$517.0M-12.7%	$592.3M+37.9%	$429.6M+14.0%	$376.9M-24.4%	$498.5M-9.0%	$547.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$358.3M-2.4%	$367.3M-10.6%	$411.0M-6.1%	$437.5M+12.9%	$387.4M+5.4%	$367.8M-11.2%	$414.2M-1.3%	$419.7M
Operating Income	$22.1M+144.1%	-$50.0M-163.2%	$79.1M-39.2%	$130.3M+525.0%	$20.8M+234.9%	-$15.5M-124.0%	$64.4M-32.5%	$95.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$84K-102.4%	$3.5M-98.3%	$207.5M+1032.4%	$18.3M+627.8%	-$3.5M+57.8%	-$8.2M-301.2%	-$2.0M-125.8%	$7.9M
Net Income	-$16.4M+80.3%	-$83.1M-105.6%	-$40.4M-233.8%	$30.2M+346.1%	-$12.3M+82.9%	-$71.8M-1406.0%	$5.5M-43.7%	$9.8M
EPS (Diluted)	$-0.26	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CWH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.0B+3.7%	$4.9B-0.5%	$4.9B+1.9%	$4.8B+9.8%	$4.4B+34.3%	$3.3B
Current Assets	$2.6B+15.3%	$2.3B-3.3%	$2.3B-5.4%	$2.5B+8.7%	$2.3B+52.8%	$1.5B
Cash & Equivalents	$215.0M+3.2%	$208.4M+425.7%	$39.6M-69.5%	$130.1M-51.3%	$267.3M+61.0%	$166.1M
Inventory	$2.1B+15.9%	$1.8B-10.8%	$2.0B-3.8%	$2.1B+18.5%	$1.8B+57.8%	$1.1B
Accounts Receivable	$170.5M+41.6%	$120.4M-6.0%	$128.1M+13.9%	$112.4M+10.6%	$101.6M+21.8%	$83.4M
Goodwill	$749.3M+2.1%	$734.0M+3.2%	$711.2M+14.3%	$622.4M+28.7%	$483.6M+17.1%	$413.1M
Total Liabilities	$4.7B+6.7%	$4.4B-5.5%	$4.6B+1.7%	$4.6B+10.0%	$4.1B+26.7%	$3.3B
Current Liabilities	$2.2B+29.9%	$1.7B-13.7%	$1.9B+4.0%	$1.9B+17.1%	$1.6B+54.3%	$1.0B
Long-Term Debt	$1.4B-5.3%	$1.5B-0.4%	$1.5B+1.0%	$1.5B+7.7%	$1.4B+22.7%	$1.1B
Total Equity	$228.6M-30.0%	$326.6M+94.0%	$168.4M+13.9%	$147.8M-6.5%	$158.1M+490.3%	$26.8M
Retained Earnings	$11.0M-91.7%	$132.2M-32.4%	$195.6M-11.5%	$221.0M+16.7%	$189.5M+968.6%	-$21.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.1B+1.8%	$5.0B+0.9%	$5.0B-3.7%	$5.2B+0.9%	$5.1B+5.8%	$4.9B+3.7%	$4.7B-6.3%	$5.0B
Current Assets	$2.7B+3.7%	$2.6B+1.3%	$2.6B+1.2%	$2.6B+2.0%	$2.5B+10.2%	$2.3B+7.8%	$2.1B-12.5%	$2.4B
Cash & Equivalents	$199.8M-7.1%	$215.0M-6.7%	$230.5M+95.2%	$118.1M+464.6%	$20.9M-90.0%	$208.4M+634.4%	$28.4M+19.5%	$23.7M
Inventory	$2.2B+3.5%	$2.1B+4.2%	$2.0B-1.7%	$2.1B-2.7%	$2.1B+16.3%	$1.8B+2.3%	$1.8B-11.6%	$2.0B
Accounts Receivable	$123.2M-27.8%	$170.5M+39.3%	$122.4M-11.2%	$137.8M+16.0%	$118.8M-1.3%	$120.4M+1.8%	$118.3M-8.3%	$128.9M
Goodwill	$751.6M+0.3%	$749.3M0.0%	$749.0M+0.1%	$748.6M+0.1%	$747.8M+1.9%	$734.0M+0.2%	$732.8M+0.2%	$731.0M
Total Liabilities	$4.8B+2.4%	$4.7B+3.5%	$4.5B-3.4%	$4.7B-0.3%	$4.7B+7.1%	$4.4B-2.1%	$4.5B-6.7%	$4.8B
Current Liabilities	$2.3B+6.5%	$2.2B+6.8%	$2.0B+0.8%	$2.0B+1.8%	$2.0B+18.6%	$1.7B-1.7%	$1.7B-15.7%	$2.0B
Long-Term Debt	$1.4B-1.8%	$1.4B-3.1%	$1.5B-1.6%	$1.5B-0.3%	$1.5B-0.3%	$1.5B-0.8%	$1.5B-0.5%	$1.5B
Total Equity	$215.0M-6.0%	$228.6M-22.8%	$296.2M-13.0%	$340.5M+9.7%	$310.5M-4.9%	$326.6M+115.4%	$151.6M+1.3%	$149.7M
Retained Earnings	-$5.4M-149.0%	$11.0M-87.2%	$86.2M-35.9%	$134.5M+20.0%	$112.1M-15.2%	$132.2M-23.0%	$171.7M-0.1%	$171.8M

CWH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$132.0M-153.8%	$245.2M-21.1%	$310.8M+63.8%	$189.8M+23.2%	$154.0M-79.4%	$747.7M
Capital Expenditures	N/A	N/A	N/A	$210.6M-15.0%	$247.8M+191.8%	$84.9M
Free Cash Flow	N/A	N/A	N/A	-$20.8M+77.8%	-$93.8M-114.2%	$662.7M
Investing Cash Flow	-$201.2M-128.1%	-$88.2M+76.1%	-$369.4M+12.6%	-$422.5M-18.8%	-$355.8M-182.5%	-$125.9M
Financing Cash Flow	$339.8M+2781.6%	$11.8M+137.0%	-$31.9M-133.4%	$95.6M-68.5%	$303.0M+150.2%	-$603.2M
Dividends Paid	$31.4M+27.0%	$24.7M-63.0%	$66.8M-36.6%	$105.4M+56.9%	$67.2M+10.1%	$61.0M
Share Buybacks	N/A	$0	$0-100.0%	$79.8M-49.0%	$156.3M+626.0%	$21.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$65.6M+71.1%	-$227.2M-262.5%	$139.8M-25.6%	$187.9M+180.8%	-$232.5M-42.3%	-$163.4M-150.4%	$324.2M+112.8%	$152.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$9.5M-61.9%	$24.9M+154.2%	-$46.0M-32.7%	-$34.6M+76.2%	-$145.4M-367.9%	-$31.1M-1335.5%	-$2.2M-147.4%	$4.6M
Financing Cash Flow	$40.9M-78.1%	$186.8M+905.0%	$18.6M+133.2%	-$56.1M-129.4%	$190.4M-49.2%	$374.5M+218.0%	-$317.4M-94.9%	-$162.9M
Dividends Paid	$0-100.0%	$7.9M+1.0%	$7.9M+0.3%	$7.8M+0.1%	$7.8M+0.2%	$7.8M+37.8%	$5.7M+0.5%	$5.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CWH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	29.5%-0.5pp	29.9%-0.2pp	30.2%-2.3pp	32.5%-3.1pp	35.5%+4.3pp	31.3%
Operating Margin	2.8%+0.4pp	2.4%-1.8pp	4.3%-3.9pp	8.2%-3.4pp	11.6%+2.8pp	8.7%
Net Margin	-1.7%-0.4pp	-1.3%-2.1pp	0.9%-4.0pp	4.9%-4.5pp	9.3%+7.1pp	2.3%
Return on Equity	-46.2%-22.1pp	-24.1%-55.6pp	31.4%-197.1pp	228.5%-179.9pp	408.4%-48.6pp	456.9%
Return on Assets	-2.1%-0.5pp	-1.6%-2.7pp	1.1%-6.0pp	7.0%-7.7pp	14.8%+11.0pp	3.8%
Current Ratio	1.20-0.2	1.35+0.1	1.21-0.1	1.33-0.1	1.43-0.0	1.44
Debt-to-Equity	6.18+1.6	4.57-4.3	8.90-1.1	10.04+1.3	8.72-33.2	41.93
FCF Margin	N/A	N/A	N/A	-0.3%+1.1pp	-1.4%-13.5pp	12.2%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	29.8%+1.0pp	28.8%+0.2pp	28.6%-1.3pp	30.0%-0.4pp	30.4%-0.9pp	31.3%+2.4pp	28.9%-1.4pp	30.3%
Operating Margin	1.6%+5.9pp	-4.3%-8.6pp	4.4%-2.2pp	6.6%+5.1pp	1.5%+2.8pp	-1.3%-5.0pp	3.7%-1.6pp	5.3%
Net Margin	-1.2%+5.9pp	-7.1%-4.8pp	-2.2%-3.8pp	1.5%+2.4pp	-0.9%+5.1pp	-6.0%-6.3pp	0.3%-0.2pp	0.5%
Return on Equity	-7.6%+28.7pp	-36.4%-22.7pp	-13.7%-22.5pp	8.9%+12.8pp	-4.0%+18.1pp	-22.0%-25.6pp	3.6%-2.9pp	6.5%
Return on Assets	-0.3%+1.3pp	-1.7%-0.8pp	-0.8%-1.4pp	0.6%+0.8pp	-0.2%+1.2pp	-1.5%-1.6pp	0.1%-0.1pp	0.2%
Current Ratio	1.17-0.0	1.20-0.1	1.260.0	1.260.0	1.26-0.1	1.35+0.1	1.23+0.0	1.19
Debt-to-Equity	6.46+0.3	6.18+1.3	4.93+0.6	4.36-0.4	4.79+0.2	4.57-5.4	9.94-0.2	10.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Camping World's annual revenue?

Camping World (CWH) reported $6.4B in total revenue for fiscal year 2025. This represents a 4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Camping World's revenue growing?

Camping World (CWH) revenue grew by 4.4% year-over-year, from $6.1B to $6.4B in fiscal year 2025.

Is Camping World profitable?

No, Camping World (CWH) reported a net income of -$105.6M in fiscal year 2025, with a net profit margin of -1.7%.

What is Camping World's EBITDA?

Camping World (CWH) had EBITDA of $275.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Camping World have?

As of fiscal year 2025, Camping World (CWH) had $215.0M in cash and equivalents against $1.4B in long-term debt.

What is Camping World's gross margin?

Camping World (CWH) had a gross margin of 29.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Camping World's operating margin?

Camping World (CWH) had an operating margin of 2.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Camping World's net profit margin?

Camping World (CWH) had a net profit margin of -1.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Camping World's return on equity (ROE)?

Camping World (CWH) has a return on equity of -46.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Camping World's operating cash flow?

Camping World (CWH) generated -$132.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Camping World's total assets?

Camping World (CWH) had $5.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What is Camping World's current ratio?

Camping World (CWH) had a current ratio of 1.20 as of fiscal year 2025, which is considered adequate.

What is Camping World's debt-to-equity ratio?

Camping World (CWH) had a debt-to-equity ratio of 6.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Camping World's return on assets (ROA)?

Camping World (CWH) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Camping World's cash runway?

Based on fiscal year 2025 data, Camping World (CWH) had $215.0M in cash against an annual operating cash burn of $132.0M. This gives an estimated cash runway of approximately 20 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Camping World's Altman Z-Score?

Camping World (CWH) has an Altman Z-Score of 1.54, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Camping World's Piotroski F-Score?

Camping World (CWH) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Camping World's earnings high quality?

Camping World (CWH) has an earnings quality ratio of 1.25x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Camping World?

Camping World (CWH) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.