Camping World (CWH) financial statements
Camping World reported revenue of $6.4B in fiscal 2025, up 6.8% a year over 9 years.
Net income was -$90M and the operating margin 2.8%, against 7.9% in 2016.
Free cash flow was -$261M, and the company returned $31M in dividends.
The diluted share count rose 50% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Camping World's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5B | $4.3B | $4.8B | $4.9B | $5.4B | $6.9B | $7.0B | $6.2B | $6.1B | $6.4B |
| Cost of revenue | $2.5B | $3.0B | $3.4B | $3.6B | $3.7B | $4.5B | $4.7B | $4.3B | $4.3B | $4.5B |
| Gross profit | $994M | $1.2B | $1.4B | $1.3B | $1.7B | $2.5B | $2.3B | $1.9B | $1.8B | $1.9B |
| Selling, general and admin | $692M | $853M | $1.1B | $1.1B | $1.2B | $1.6B | $1.6B | $1.5B | $1.6B | $1.6B |
| Operating income | $276M | $356M | $201M | $9M | $476M | $800M | $569M | $267M | $149M | $180M |
| Pre-tax income | $204M | $386M | $96M | -$91M | $402M | $734M | $450M | $49M | -$90M | $120M |
| Income tax | $6M | $155M | $31M | $30M | $58M | $92M | $112M | -$4M | -$11M | $226M |
| Net income | $189M | $30M | $10M | -$61M | $122M | $278M | $124M | $33M | -$39M | -$90M |
| EPS (diluted) | $0.07 | $1.12 | $0.28 | -$1.62 | $3.09 | — | — | — | — | — |
| Diluted shares | — | 27M | 89M | 37M | 40M | — | — | — | — | — |
| Gross margin | 28.3% | 29.0% | 28.4% | 26.3% | 31.3% | 35.5% | 32.5% | 30.2% | 29.9% | 29.5% |
| Operating margin | 7.9% | 8.3% | 4.2% | 0.2% | 8.7% | 11.6% | 8.2% | 4.3% | 2.4% | 2.8% |
| Net margin | 5.4% | 0.7% | 0.2% | -1.2% | 2.2% | 4.0% | 1.8% | 0.5% | -0.6% | -1.4% |
Balance sheet
Fiscal years, from Camping World's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $114M | $224M | $139M | $148M | $166M | $267M | $130M | $40M | $208M | $215M |
| Receivables | $58M | $80M | $86M | $82M | $83M | $102M | $112M | $128M | $120M | $170M |
| Inventory | $903M | $1.4B | $1.6B | $1.4B | $1.1B | $1.8B | $2.1B | $2.0B | $1.8B | $2.1B |
| Total current assets | $1.1B | $1.8B | $1.9B | $1.7B | $1.5B | $2.3B | $2.5B | $2.3B | $2.3B | $2.6B |
| Property, plant and equipment | $131M | $198M | $360M | $314M | $368M | $599M | $758M | $834M | $847M | $832M |
| Goodwill | $153M | $348M | $359M | $387M | $413M | $484M | $622M | $711M | $734M | $749M |
| Total assets | $1.5B | $2.6B | $2.8B | $3.4B | $3.3B | $4.4B | $4.8B | $4.9B | $4.9B | $5.0B |
| Total current liabilities | $868M | $1.3B | $1.3B | $1.3B | $1.0B | $1.6B | $1.9B | $1.9B | $1.7B | $2.2B |
| Long-term debt | — | — | — | $1.2B | $1.1B | $1.4B | $1.5B | $1.5B | $1.5B | $1.4B |
| Total liabilities | $1.6B | $2.5B | $2.8B | $3.5B | $3.3B | $4.1B | $4.6B | $4.6B | $4.4B | $4.7B |
| Shareholders' equity | -$30M | $51M | $45M | -$33M | $27M | $158M | $148M | $168M | $327M | $229M |
| Net debt | -$114M | -$224M | -$139M | $1.0B | $969M | $1.1B | $1.4B | $1.5B | $1.3B | $1.3B |
Cash flow
Fiscal years, from Camping World's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $216M | -$16M | $136M | $252M | $748M | $154M | $190M | $311M | $245M | -$132M |
| Capital spending | $40M | $60M | $134M | $57M | $32M | $119M | $155M | $131M | $91M | $129M |
| Free cash flow | $176M | -$76M | $3M | $195M | $716M | $35M | $35M | $180M | $154M | -$261M |
| Stock-based compensation | $2M | $5M | $14M | $13M | $21M | $48M | $34M | $24M | $22M | $44M |
| Dividends paid | $2M | $22M | $23M | $23M | $61M | $67M | $105M | $67M | $25M | $31M |
| Share buybacks (net) | — | — | — | $0 | -$22M | -$156M | -$80M | $0 | $0 | — |
| Net borrowing | -$66M | $650M | $162M | — | — | — | — | — | — | — |
| Free cash flow margin | 5.0% | -1.8% | 0.1% | 4.0% | 13.1% | 0.5% | 0.5% | 2.9% | 2.5% | -4.1% |
| Dividends per share | — | $0.84 | $0.26 | $0.61 | $1.53 | — | — | — | — | — |
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Open CWH in InvestinglyQuestions
What was Camping World's revenue in 2025?
$6.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Camping World generate?
-$261M in fiscal 2025 (operating cash flow minus capital spending).
From Camping World's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.