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Camping World Holdings Inc ownership disclosure: The Vanguard Group filed an amendment stating it beneficially owns 0 shares of Camping World Holdings Inc common stock, representing 0% of the class. The filing explains an internal realignment causing certain Vanguard subsidiaries to report holdings separately.
Camping World Holdings, Inc. reports 2025 total revenue of $6,369,149 (thousands) and gross profit of $1,877,152 (thousands), with an overall gross margin of 29.5%. New vehicles generated 43.4% of revenue, used vehicles 30.9%, products/service/other 11.9%, finance and insurance 10.0%, and Good Sam Services and Plans 3.1%.
As of December 31, 2025, the company operated 196 RV dealerships and service centers serving about 4.2 million Active Customers and 1.6 million paid Good Sam Club members. Key risks include economic slowdowns, higher interest and fuel costs, seasonality, heavy reliance on major manufacturers Thor Industries and Forest River, significant use of floor plan and term loan financing, regulatory changes, and competition across RV retail, services, and protection plans.
Camping World Holdings reported mixed 2025 results and reset its capital priorities. The company returned to growth with Adjusted EBITDA up more than 35% and expects 2026 Adjusted EBITDA between $275 million and $325 million, supported by higher new and used RV unit sales.
Balance sheet metrics improved as the net debt leverage ratio fell to 5.7x from 8.1x, with cash of $215 million and long-term debt of $1.472 billion at year-end and a further $50 million of debt repaid early in 2026. However, Camping World posted a 2025 net loss attributable to the company of $89.8 million and widened its fourth-quarter loss.
The board paused the regular cash dividend on Class A shares in February 2026 after reviewing tax distributions and a reduced pool of excess tax cash, and to prioritize deleveraging. Management is focusing 2026 on RV unit growth, expanding the Good Sam business, tighter SG&A control, and faster inventory turns, which are expected to pressure gross margins in the first half before improving them in the second half.
Camping World Holdings CEO and President Matthew D. Wagner reported a tax-related share disposition. On this Form 4, 4,541 shares of Class A Common Stock were withheld at $11.48 per share to cover tax obligations. After this tax-withholding disposition, Wagner directly owns 741,165 shares.
Eminence Capital, LP and Ricky C. Sandler report beneficial ownership of 5,779,805 shares of Camping World Holdings, Inc. Class A common stock, representing 9.2% of the class. The shares are held through various Eminence investment funds and separately managed accounts advised by Eminence Capital.
Both reporting persons have shared voting and shared dispositive power over these shares, with no sole voting or dispositive power. The ownership percentage is based on 62,819,556 Class A shares outstanding as of October 24, 2025. They certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Camping World.
Camping World Holdings, Inc. received an amended Schedule 13G filing showing that Hood River Capital Management LLC is a passive institutional holder of its common stock. As of 12/31/2025, Hood River reported beneficial ownership of 3,185,403 shares, representing 5.07% of the outstanding common stock.
The firm reports no voting power over these shares but has sole dispositive power, meaning it can decide when to sell them. Hood River certifies the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Camping World.
Camping World Holdings’ major shareholder group reports a large, continued stake in the company. CWGS Holding, LLC, ML Acquisition Company, LLC and Marcus Lemonis together report beneficial ownership of 33,235,716 shares of Class A common stock, representing 34.8% of the class.
The group’s stake is based on 62,819,556 Class A shares outstanding as of October 24, 2025. CWGS Holding, LLC holds 32,584,700 common units of CWGS Enterprises, LLC that are redeemable one-for-one for Class A shares, while Marcus Lemonis directly holds 651,016 Class A shares.
ML Acquisition Company, LLC wholly owns CWGS Holding, LLC, and Marcus Lemonis is the sole director of ML Acquisition Company, LLC. As a result, ML Acquisition and Lemonis may be deemed to share voting and dispositive power over the 32,584,700 units held by CWGS Holding, in addition to Lemonis’ sole power over his directly held shares.
Capital Research Global Investors, a division of Capital Research and Management Company and its affiliates, reports beneficial ownership of 4,191,781 shares of Camping World Holdings, Inc. common stock. This represents 6.7% of the 62,819,556 shares believed to be outstanding.
Capital Research Global Investors has sole power to vote and dispose of these shares and no shared voting or dispositive power. The filing notes that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Camping World. SMALLCAP World Fund, Inc. is identified as a person on whose behalf more than five percent is owned.
Camping World Holdings, Inc. filed a current report to alert investors that it plans to meet with investors and discuss a presentation on the company’s business. The investor presentation materials, dated January 13, 2026, are furnished as Exhibit 99.1 and incorporated by reference in this report. The company states that this information, including Exhibit 99.1, is being furnished rather than filed, so it is not subject to the liability provisions of Section 18 of the Exchange Act and is not automatically incorporated into other securities law filings unless specifically referenced.
Camping World Holdings director reports stock grant
A director of Camping World Holdings, Inc. reported receiving 59,518 shares of Class A common stock in the form of restricted stock units on 01/01/2026. The filing shows these securities were acquired at a reported price of $0, reflecting an equity award rather than an open-market purchase. After this grant, the director beneficially owns 409,633 shares of Class A common stock in direct ownership. The restricted stock units each represent a contingent right to receive one share of Class A common stock and will vest in full on the first anniversary of the grant date, as long as the director continues to serve on the board through that vesting date.