Camping World Holdings, Inc.

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

CWH$4.38-6.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows


· · Year Ended December 31, ·
· · 2025 · · 2024 · · 2023 ·
Operating activities
Net (loss) income	$(105,638)	$(78,880)	$52,929

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	95,335	81,190	68,643
Stock-based compensation	44,278	21,585	24,086
Gain on lease termination and/or remeasurement	(2,573)	(6,813)	(103)
Long-lived asset impairment	1,237	15,061	9,269
(Gain) loss on sale or disposal of assets	(850)	9,855	(5,222)
Provision for credit losses	5,618	754	(892)
Noncash lease expense	59,527	56,685	61,045
Accretion of original debt issuance discount	2,607	2,416	2,207
Noncash interest	4,319	3,109	2,846
Deferred income taxes	213,714	(12,946)	(14,208)
Tax Receivable Agreement liability adjustment	(148,956)	—	(2,442)
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(3,413)	10,173	(23,957)
Inventories	(222,853)	228,024	200,940
Prepaid expenses and other assets	(11,217)	(9,824)	16,070
Accounts payable and other accrued expenses	4,940	(8,908)	287
Payment pursuant to Tax Receivable Agreement	—	(13,350)	(10,937)
Deferred revenues	(8,537)	(3,380)	(6,796)
Operating lease liabilities	(63,328)	(59,150)	(60,033)
Other, net	3,805	9,558	(2,925)
Net cash (used in) provided by operating activities	(131,985)	245,159	310,807

Investing activities
Purchases of property and equipment	(129,442)	(90,837)	(131,080)
Proceeds from sale or disposal of property and equipment	7,152	4,025	3,204
Purchases of real property	(122,842)	(9,602)	(67,194)
Proceeds from the sale or disposal of real property	130,624	58,153	40,785
Purchases of businesses, net of cash acquired	(81,203)	(72,323)	(209,459)
Proceeds from divestiture of business	11,027	19,957	—
Purchases of other investments	(16,918)	—	(3,444)
Proceeds from other investments	440	—	—
Purchases of intangible assets	—	(143)	(2,218)
Proceeds from sale of intangible assets	—	2,595	—
Net cash used in investing activities	$(201,162)	$(88,175)	$(369,406)


· · Year Ended December 31, ·
· · 2025 · · 2024 · · 2023 ·
Financing activities
Proceeds from long-term debt	—	55,624	59,227
Payments on long-term debt	(49,920)	(80,939)	(38,958)
Net proceeds (payments) on notes payable – floor plan, net	444,761	(217,857)	59,280
Borrowings on revolving line of credit	—	43,000	—
Payments on revolving line of credit	—	(63,885)	—
Payments on finance leases	(8,353)	(7,485)	(5,497)
Payments on sale-leaseback arrangement	(202)	(198)	(187)
Payment of debt issuance costs	(56)	(1,123)	(937)
Payments on contingent consideration	(100)	—	—
Proceeds from issuance of Class A common stock sold in a public offering, net of underwriter discounts and commissions	—	333,356	—
Payments of stock offering costs	(572)	(408)	—
Dividends on Class A common stock	(31,434)	(24,749)	(66,831)
Proceeds from exercise of stock options	—	549	389
RSU shares withheld for tax	(6,036)	(5,412)	(6,861)
Stock award shares withheld for tax	(855)	—	—
Distributions to holders of LLC common units	(7,465)	(18,682)	(31,510)
Net cash provided by (used in) financing activities	339,768	11,791	(31,885)

Increase (decrease) in cash and cash equivalents	6,621	168,775	(90,484)
Cash and cash equivalents at beginning of the period	208,422	39,647	130,131
Cash and cash equivalents at end of the period	$215,043	$208,422	$39,647

Camping World Holdings, Inc. and Subsidiaries

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.