CAMPING WORLD HOLDINGS, INC., 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 24, 2025
Document and Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Securities Act File Number 001-37908  
Entity Registrant Name CAMPING WORLD HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 81-1737145  
Entity Address, Address Line One 2 Marriott Drive  
Entity Address, City or Town Lincolnshire  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60069  
City Area Code 847  
Local Phone Number 808-3000  
Title of 12(b) Security Class A Common Stock, $0.01 par value per share  
Trading Symbol CWH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001669779  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A Common Stock    
Document and Entity Information    
Entity Common Stock, Shares Outstanding   62,819,556
Class B Common Stock    
Document and Entity Information    
Entity Common Stock, Shares Outstanding   39,466,964
Class C Common Stock    
Document and Entity Information    
Entity Common Stock, Shares Outstanding   1
v3.25.3
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Current assets:      
Cash and cash equivalents $ 230,513 $ 208,422 $ 28,380
Contracts in transit 110,220 61,222 111,879
Accounts receivable, net 122,357 120,412 118,300
Inventories 2,026,392 1,821,837 1,781,656
Prepaid expenses and other assets 57,644 58,045 57,158
Assets held for sale 38,431 1,350 10,353
Total current assets 2,585,557 2,271,288 2,107,726
Property and equipment, net 895,270 846,760 836,824
Operating lease assets 716,467 739,352 755,223
Deferred tax assets, net 1,495 215,140 201,654
Intangible assets, net 16,703 19,469 20,413
Goodwill 748,951 734,023 732,813
Other assets 34,524 37,245 34,339
Total assets 4,998,967 4,863,277 4,688,992
Current liabilities:      
Accounts payable 224,615 145,346 221,292
Accrued liabilities 177,866 118,557 182,926
Deferred revenues 98,293 92,124 100,894
Current portion of operating lease liabilities 65,497 61,993 60,481
Current portion of finance lease liabilities 8,689 7,044 7,077
Current portion of Tax Receivable Agreement liability 1,200 0 0
Current portion of long-term debt 22,749 23,275 23,798
Notes payable - floor plan, net 1,361,019 1,161,713 1,030,187
Other current liabilities 84,896 70,900 83,906
Total current liabilities 2,044,824 1,680,952 1,710,561
Operating lease liabilities, net of current portion 732,884 764,113 779,873
Finance lease liabilities, net of current portion 128,315 131,004 132,784
Tax Receivable Agreement liability, net of current portion 0 150,372 149,866
Revolving line of credit 0 0 31,885
Long-term debt, net of current portion 1,459,307 1,493,318 1,506,027
Deferred revenues 61,844 63,642 67,647
Other long-term liabilities 88,819 94,927 93,890
Total liabilities 4,515,993 4,378,328 4,472,533
Commitments and contingencies
Stockholders' equity:      
Preferred stock, par value $0.01 per share - 20,000 shares authorized; none issued and outstanding 0 0 0
Additional paid-in capital 209,349 193,692 127,602
Treasury stock, at cost; 4,229 shares at September 30, 2024 0 0 (148,170)
Retained earnings 86,235 132,241 171,652
Total stockholders' equity attributable to Camping World Holdings, Inc. 296,216 326,562 151,584
Non-controlling interests 186,758 158,387 64,875
Total stockholders' equity 482,974 484,949 216,459
Total liabilities and stockholders' equity 4,998,967 4,863,277 4,688,992
Class A Common Stock      
Stockholders' equity:      
Common stock 628 625 496
Class B Common Stock      
Stockholders' equity:      
Common stock 4 4 4
Class C Common Stock      
Stockholders' equity:      
Common stock $ 0 $ 0 $ 0
v3.25.3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Stockholders' equity:      
Preferred stock, par value $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized 20,000,000 20,000,000 20,000,000
Preferred stock, issued 0 0 0
Preferred stock, outstanding 0 0 0
Treasury Stock, (In shares) 0 0 4,229,000
Class A Common Stock      
Stockholders' equity:      
Common stock, par value $ 0.01 $ 0.01 $ 0.01
Common stock, authorized 250,000,000 250,000,000 250,000,000
Common stock, issued 62,819,000 62,502,000 49,571,000
Common stock, outstanding 62,819,000 62,502,000 45,342,000
Class B Common Stock      
Stockholders' equity:      
Common stock, par value $ 0.0001 $ 0.0001 $ 0.0001
Common stock, authorized 75,000,000 75,000,000 75,000,000
Common stock, issued 39,466,000 39,466,000 39,466,000
Common stock, outstanding 39,466,000 39,466,000 39,466,000
Class C Common Stock      
Stockholders' equity:      
Common stock, par value $ 0.0001 $ 0.0001 $ 0.0001
Common stock, authorized 1 1 1
Common stock, issued 1 1 1
Common stock, outstanding 1 1 1
v3.25.3
Unaudited Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Total revenue $ 1,806,118 $ 1,724,988 $ 5,195,590 $ 4,895,510
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):        
Total costs applicable to revenue 1,289,085 1,226,464 3,656,674 3,446,930
Operating expenses:        
Selling, general, and administrative 411,011 414,209 1,235,945 1,205,358
Depreciation and amortization 25,654 20,583 71,617 59,905
Long-lived asset impairment 617 1,944 1,237 12,355
Lease termination 76 (2,625) (31) (2,585)
Loss (gain) on sale or disposal of assets 534 (5) (104) 9,525
Total operating expenses 437,892 434,106 1,308,664 1,284,558
Income from operations 79,141 64,418 230,252 164,022
Other income (expense):        
Floor plan interest expense (18,061) (22,372) (57,356) (78,053)
Other interest expense, net (30,982) (35,877) (92,349) (108,124)
Tax Receivable Agreement liability adjustment 149,172 0 149,172 0
Other expense, net (1,162) (162) (3,920) (337)
Total other income (expense) 98,967 (58,411) (4,453) (186,514)
Income (loss) before income taxes 178,108 6,007 225,799 (22,492)
Income tax (expense) benefit (207,459) 2,049 (222,309) 3,156
Net (loss) income (29,351) 8,056 3,490 (19,336)
Less: net (loss) income attributable to non-controlling interests (11,087) (2,555) (25,992) 12,301
Net (loss) income attributable to Camping World Holdings, Inc. $ (40,438) $ 5,501 $ (22,502) $ (7,035)
Class A Common Stock        
(Loss) earnings per share of Class A common stock:        
Basic $ (0.64) $ 0.12 $ (0.36) $ (0.16)
Diluted $ (0.64) $ 0.09 $ (0.36) $ (0.18)
Weighted average shares of Class A common stock outstanding:        
Basic 62,735 45,232 62,627 45,124
Diluted 62,735 85,618 62,627 85,169
Good Sam Services and Plans        
Revenue:        
Total revenue $ 52,508 $ 50,841 $ 152,929 $ 149,070
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):        
Total costs applicable to revenue 22,772 19,700 62,440 52,075
RV and Outdoor Retail        
Revenue:        
Total revenue 1,753,610 1,674,147 5,042,661 4,746,440
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):        
Total costs applicable to revenue 1,266,313 1,206,764 3,594,234 3,394,855
RV and Outdoor Retail | New vehicles        
Revenue:        
Total revenue 766,779 824,916 2,303,317 2,328,107
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):        
Total costs applicable to revenue 669,415 713,515 1,994,647 1,996,204
RV and Outdoor Retail | Used vehicles        
Revenue:        
Total revenue 589,092 447,242 1,583,714 1,265,701
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):        
Total costs applicable to revenue 481,217 366,067 1,280,417 1,034,201
RV and Outdoor Retail | Products, service and other        
Revenue:        
Total revenue 208,634 224,839 596,516 638,680
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):        
Total costs applicable to revenue 114,427 126,113 315,578 360,721
RV and Outdoor Retail | Finance and insurance, net        
Revenue:        
Total revenue 178,297 166,255 528,162 480,725
RV and Outdoor Retail | Good Sam Club        
Revenue:        
Total revenue 10,808 10,895 30,952 33,227
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):        
Total costs applicable to revenue $ 1,254 $ 1,069 $ 3,592 $ 3,729
v3.25.3
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Common Stock
Class C Common Stock
Additional Paid-in Capital
Treasury Stock
Retained Earnings
Non-Controlling Interest
Total
Balance at Dec. 31, 2023 $ 496 $ 4 $ 0 $ 131,665 $ (159,440) $ 195,627 $ 89,623 $ 257,975
Balance (in shares) at Dec. 31, 2023 49,571 39,466 0          
Balance (in shares) at Dec. 31, 2023         (4,551)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock-based compensation $ 0 $ 0 $ 0 2,751 $ 0 0 2,446 5,197
Exercise of stock options $ 0 $ 0 $ 0 (30) $ 81 0 0 51
Exercise of stock options (in shares) 0 0 0   2      
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options $ 0 $ 0 $ 0 (22) $ 0 0 22 0
Vesting of restricted stock units $ 0 $ 0 $ 0 (2,234) $ 2,595 0 (361) 0
Vesting of restricted stock units (in shares) 0 0 0   74      
Repurchases of Class A common stock for withholding taxes on vested RSUs $ 0 $ 0 $ 0 209 $ (867) 0 0 (658)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) 0 0 0   (24)      
Distributions to holders of LLC common units $ 0 $ 0 $ 0 0 $ 0 0 (9,947) (9,947)
Dividends [1] 0 0 0 0 0 (5,634) 0 (5,634)
Non-controlling interest adjustment 0 0 0 (126) 0 0 126 0
Net (loss) income 0 0 0 0 0 (22,307) (28,499) (50,806)
Balance at Mar. 31, 2024 $ 496 $ 4 $ 0 132,213 $ (157,631) 167,686 53,410 196,178
Balance (in shares) at Mar. 31, 2024 49,571 39,466 0          
Balance (in shares) at Mar. 31, 2024         (4,499)      
Balance at Dec. 31, 2023 $ 496 $ 4 $ 0 131,665 $ (159,440) 195,627 89,623 257,975
Balance (in shares) at Dec. 31, 2023 49,571 39,466 0          
Balance (in shares) at Dec. 31, 2023         (4,551)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income               (19,336)
Balance at Sep. 30, 2024 $ 496 $ 4 $ 0 127,602 $ (148,170) 171,652 64,875 $ 216,459
Balance (in shares) at Sep. 30, 2024 49,571 39,466 0          
Balance (in shares) at Sep. 30, 2024         (4,229)     4,229
Balance at Mar. 31, 2024 $ 496 $ 4 $ 0 132,213 $ (157,631) 167,686 53,410 $ 196,178
Balance (in shares) at Mar. 31, 2024 49,571 39,466 0          
Balance (in shares) at Mar. 31, 2024         (4,499)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock-based compensation $ 0 $ 0 $ 0 2,858 $ 0 0 2,539 5,397
Vesting of restricted stock units 0 0 0 (1,599) $ 1,671 0 (72) 0
Vesting of restricted stock units (in shares)         48      
Repurchases of Class A common stock for withholding taxes on vested RSUs $ 0 $ 0 $ 0 60 $ (156) 0 0 (96)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) 0 0 0   (5)      
Distributions to holders of LLC common units $ 0 $ 0 $ 0 0 $ 0 0 (8,848) (8,848)
Dividends [1] 0 0 0 0 0 (5,640) 0 (5,640)
Non-controlling interest adjustment 0 0 0 (71) 0 0 71 0
Net (loss) income 0 0 0 0 0 9,771 13,643 23,414
Balance at Jun. 30, 2024 $ 496 $ 4 $ 0 133,461 $ (156,116) 171,817 60,743 210,405
Balance (in shares) at Jun. 30, 2024 49,571 39,466 0          
Balance (in shares) at Jun. 30, 2024         (4,456)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock-based compensation $ 0 $ 0 $ 0 2,956 $ 0 0 2,617 5,573
Exercise of stock options 0 0 0 (315) $ 813 0 0 498
Exercise of stock options (in shares)         23      
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options 0 0 0 (217) $ 0 0 217 0
Vesting of restricted stock units $ 0 $ 0 $ 0 (9,783) $ 11,033 0 (1,250) 0
Vesting of restricted stock units (in shares) 0 0 0   315      
Repurchases of Class A common stock for withholding taxes on vested RSUs $ 0 $ 0 $ 0 1,544 $ (3,900) 0 0 (2,356)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) 0 0 0   (111)      
Distributions to holders of LLC common units $ 0 $ 0 $ 0 0 $ 0 0 (51) (51)
Dividends [1] 0 0 0 0 0 (5,666) 0 (5,666)
Non-controlling interest adjustment 0 0 0 (44) 0 0 44 0
Net (loss) income 0 0 0 0 0 5,501 2,555 8,056
Balance at Sep. 30, 2024 $ 496 $ 4 $ 0 127,602 $ (148,170) 171,652 64,875 $ 216,459
Balance (in shares) at Sep. 30, 2024 49,571 39,466 0          
Balance (in shares) at Sep. 30, 2024         (4,229)     4,229
Balance at Dec. 31, 2024 $ 625 $ 4 $ 0 193,692 $ 0 132,241 158,387 $ 484,949
Balance (in shares) at Dec. 31, 2024 62,502 39,466 0          
Balance (in shares) at Dec. 31, 2024         0     0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock-based compensation $ 0 $ 0 $ 0 4,438 $ 0 0 2,832 $ 7,270
Vesting of restricted stock units $ 1 $ 0 $ 0 446 $ 0 0 (447)  
Vesting of restricted stock units (in shares) 109 0 0   0      
Repurchases of Class A common stock for withholding taxes on vested RSUs $ 0 $ 0 $ 0 (871) $ 0 0   (871)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) (41) 0 0   0      
Distributions to holders of LLC common units $ 0 $ 0 $ 0 0 $ 0 0 (34) (34)
Dividends [2] 0 0 0 0 0 (7,821)   (7,821)
Non-controlling interest adjustment 0 0 0 25 0 0 (25)  
Net (loss) income 0 0 0 0 0 (12,280) (12,402) (24,682)
Balance at Mar. 31, 2025 $ 626 $ 4 $ 0 197,730 $ 0 112,140 148,311 458,811
Balance (in shares) at Mar. 31, 2025 62,570 39,466 0          
Balance (in shares) at Mar. 31, 2025         0      
Balance at Dec. 31, 2024 $ 625 $ 4 $ 0 193,692 $ 0 132,241 158,387 $ 484,949
Balance (in shares) at Dec. 31, 2024 62,502 39,466 0          
Balance (in shares) at Dec. 31, 2024         0     0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income               $ 3,490
Balance at Sep. 30, 2025 $ 628 $ 4 $ 0 209,349 $ 0 86,235 186,758 $ 482,974
Balance (in shares) at Sep. 30, 2025 62,819 39,466 0          
Balance (in shares) at Sep. 30, 2025         0     0
Balance at Mar. 31, 2025 $ 626 $ 4 $ 0 197,730 $ 0 112,140 148,311 $ 458,811
Balance (in shares) at Mar. 31, 2025 62,570 39,466 0          
Balance (in shares) at Mar. 31, 2025         0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock-based compensation $ 0 $ 0 $ 0 5,158 $ 0 0 3,286 8,444
Vesting of restricted stock units $ 0 $ 0 $ 0 226 $ 0 0 (226)  
Vesting of restricted stock units (in shares) 98 0 0   0      
Repurchases of Class A common stock for withholding taxes on vested RSUs $ 0 $ 0 $ 0 (304) $ 0 0   (304)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) (19) 0 0   0      
Distributions to holders of LLC common units $ 0 $ 0 $ 0 0 $ 0 0 (64) (64)
Dividends [2] 0 0 0 0 0 (7,831)   (7,831)
Non-controlling interest adjustment 0 0 0 2,573 0 0 (2,573)  
Net (loss) income 0 0 0 0 0 30,216 27,307 57,523
Balance at Jun. 30, 2025 $ 626 $ 4 $ 0 205,383 $ 0 134,525 176,041 516,579
Balance (in shares) at Jun. 30, 2025 62,649 39,466 0          
Balance (in shares) at Jun. 30, 2025         0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock-based compensation $ 0 $ 0 $ 0 4,738 $ 0 0 3,013 7,751
Vesting of restricted stock units $ 3 $ 0 $ 0 973 $ 0 0 (976)  
Vesting of restricted stock units (in shares) 272 0 0   0      
Repurchases of Class A common stock for withholding taxes on vested RSUs $ (1) $ 0 $ 0 (1,764) $ 0 0   (1,765)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares) (102) 0 0   0      
Distributions to holders of LLC common units $ 0 $ 0 $ 0 0 $ 0 0 (2,388) (2,388)
Dividends [2] 0 0 0 0 0 (7,852)   (7,852)
Non-controlling interest adjustment 0 0 0 19 0 0 (19)  
Net (loss) income 0 0 0 0 0 (40,438) 11,087 (29,351)
Balance at Sep. 30, 2025 $ 628 $ 4 $ 0 $ 209,349 $ 0 $ 86,235 $ 186,758 $ 482,974
Balance (in shares) at Sep. 30, 2025 62,819 39,466 0          
Balance (in shares) at Sep. 30, 2025         0     0
[1] The Company declared dividends per share of Class A common stock of $0.125 for each of the three months ended March 31, 2024, June 30, 2024 and September 30, 2024.
[2] The Company declared dividends per share of Class A common stock of $0.125 for each of the three months ended March 31, 2025, June 30, 2025 and September 30, 2025.
v3.25.3
Unaudited Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Class A Common Stock            
Dividends declared per share $ 0.125 $ 0.125 $ 0.125 $ 0.125 $ 0.125 $ 0.125
v3.25.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Operating activities              
Net income (loss) $ (29,351) $ (24,682) $ 8,056 $ (50,806) $ 3,490 $ (19,336)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation and amortization 25,654   20,583   71,617 59,905  
Stock-based compensation         23,464 16,167  
Gain on lease termination         (154) (2,585)  
Long-lived asset impairment 617   1,944   1,237 12,355  
(Gain) loss on sale or disposal of assets 534   (5)   (104) 9,525  
Provision for losses on accounts receivable         1,796 412  
Noncash lease expense         44,566 42,475  
Accretion of original debt issuance discount         1,934 1,790  
Noncash interest         3,208 2,339  
Deferred income taxes         213,645 (560)  
Tax Receivable Agreement liability adjustment (149,172)   0   (149,172) 0  
Change in assets and liabilities, net of acquisitions:              
Receivables and contracts in transit         (57,016) (38,543)  
Inventories         (136,973) 270,061  
Prepaid expenses and other assets         (1,013) (8,683)  
Accounts payable and other accrued expenses         119,078 113,413  
Payment pursuant to Tax Receivable Agreement         0 (12,943)  
Deferred revenues         4,371 9,394  
Operating lease liabilities         (47,409) (48,428)  
Other, net         (1,329) 1,783  
Net cash provided by operating activities         95,236 408,541  
Investing activities              
Purchases of property and equipment         (84,130) (68,194)  
Proceeds from sale or disposal of property and equipment         3,650 3,820  
Purchases of real property         (122,842) (1,243)  
Proceeds from the sale or disposal of real property         53,769 48,434  
Purchases of businesses, net of cash acquired         (81,203) (62,323)  
Proceeds from divestiture of business         11,027 19,957  
Purchases of other investments         (6,668) 0  
Proceeds from other investments         326 0  
Purchases of intangible assets         0 (142)  
Proceeds from sale of intangible assets         0 2,595  
Net cash used in investing activities         (226,071) (57,096)  
Financing activities              
Proceeds from long-term debt         0 55,624  
Payments on long-term debt         (38,223) (66,763)  
Net proceeds (payments) on notes payable - floor plan, net         226,342 (317,519)  
Borrowings on revolving line of credit         0 43,000  
Payments on revolving line of credit         0 (32,000)  
Payments on finance leases         (5,540) (5,684)  
Payments on sale-leaseback arrangement         (151) (147)  
Payment of debt issuance costs         0 (876)  
Payments of stock offering costs         (572) 0  
Dividends on Class A common stock         (23,504) (16,940)  
Proceeds from exercise of stock options         0 549  
RSU shares withheld for tax         (2,940) (3,110)  
Distributions to holders of LLC common units         (2,486) (18,846)  
Net cash provided by (used in) financing activities         152,926 (362,712)  
Increase (decrease) in cash and cash equivalents         22,091 (11,267)  
Cash and cash equivalents at beginning of the period   $ 208,422   $ 39,647 208,422 39,647 $ 39,647
Cash and cash equivalents at end of the period $ 230,513   $ 28,380   $ 230,513 $ 28,380 $ 208,422
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation.

The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025 (“Annual Report”). Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

CWH has sole voting power in and control of the management of CWGS, LLC. As of September 30, 2025, December 31, 2024, and September 30, 2024, CWH owned 61.2%, 61.0%, and 53.1%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements.

The Company does not have any material components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements.

Revisions to Prior Period Condensed Consolidated Financial Statements

Subsequent to the issuance of the Company's condensed consolidated financial statements for the three and nine months ended September 30, 2024, the Company's management identified prior period misstatements related to the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in CWGS, LLC, including the associated valuation allowance. As a result, deferred tax assets, net, additional paid-in capital, and income tax benefit (expense) as of and for the years ended December 31, 2023 and 2022 were revised in the Company’s Annual Report. The misstatements impacted the beginning balances of deferred taxes, net, additional paid-in capital, and retained earnings, which have been revised from the amounts previously reported as of September 30, 2024. The Company evaluated the materiality of these errors, both qualitatively and quantitatively, and determined the effect of these revisions was not material to the previously issued financial statements.

The following table presents the effect of the immaterial misstatements on the Company’s condensed consolidated balance sheet for the period indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2024

($ in thousands)

    

As Previously Reported

    

Adjustment

    

As Revised

Deferred tax assets, net

​

$

157,886

​

$

43,768

​

$

201,654

Total assets

​

​

4,645,224

​

​

43,768

​

​

4,688,992

Additional paid-in capital

​

​

94,217

​

​

33,385

​

​

127,602

Retained earnings

​

​

161,269

​

​

10,383

​

​

171,652

Total stockholders' equity attributable to Camping World Holdings, Inc.

​

​

107,816

​

​

43,768

​

​

151,584

Total stockholders' equity

​

​

172,691

​

​

43,768

​

​

216,459

Total liabilities and stockholders' equity

​

​

4,645,224

​

​

43,768

​

​

4,688,992

​

The following table presents the effect of the immaterial misstatements on the condensed consolidated statements of stockholders’ equity for the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additional Paid-In Capital

​

Retained Earnings

​

Total Stockholders' Equity

($ in thousands)

    

As Previously Reported

    

Adjustment

    

As Revised

    

As Previously Reported

    

Adjustment

    

As Revised

    

As Previously Reported

    

Adjustment

    

As Revised

Balance at January 1, 2024

​

$

98,280

​

$

33,385

​

$

131,665

​

$

185,244

​

$

10,383

​

$

195,627

​

$

214,207

​

$

43,768

​

$

257,975

Stock-based compensation

​

​

2,751

​

​

—

​

​

2,751

​

​

—

​

​

—

​

​

—

​

​

5,197

​

​

—

​

​

5,197

Exercise of stock options

​

​

(30)

​

​

—

​

​

(30)

​

​

—

​

​

—

​

​

—

​

​

51

​

​

—

​

​

51

Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options

​

​

(22)

​

​

—

​

​

(22)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Vesting of restricted stock units

​

​

(2,234)

​

​

—

​

​

(2,234)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

209

​

​

—

​

​

209

​

​

—

​

​

—

​

​

—

​

​

(658)

​

​

—

​

​

(658)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(9,947)

​

​

—

​

​

(9,947)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,634)

​

​

—

​

​

(5,634)

​

​

(5,634)

​

​

—

​

​

(5,634)

Non-controlling interest adjustment

​

​

(126)

​

​

—

​

​

(126)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

(22,307)

​

​

—

​

​

(22,307)

​

​

(50,806)

​

​

—

​

​

(50,806)

Balance at March 31, 2024

​

$

98,828

​

$

33,385

​

$

132,213

​

$

157,303

​

$

10,383

​

$

167,686

​

$

152,410

​

$

43,768

​

$

196,178

Stock-based compensation

​

​

2,858

​

​

—

​

​

2,858

​

​

—

​

​

—

​

​

—

​

​

5,397

​

​

—

​

​

5,397

Vesting of restricted stock units

​

​

(1,599)

​

​

—

​

​

(1,599)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

60

​

​

—

​

​

60

​

​

—

​

​

—

​

​

—

​

​

(96)

​

​

—

​

​

(96)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(8,848)

​

​

—

​

​

(8,848)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,640)

​

​

—

​

​

(5,640)

​

​

(5,640)

​

​

—

​

​

(5,640)

Non-controlling interest adjustment

​

​

(71)

​

​

—

​

​

(71)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

9,771

​

​

—

​

​

9,771

​

​

23,414

​

​

—

​

​

23,414

Balance at June 30, 2024

​

$

100,076

​

$

33,385

​

$

133,461

​

$

161,434

​

$

10,383

​

$

171,817

​

$

166,637

​

$

43,768

​

$

210,405

Stock-based compensation

​

​

2,956

​

​

—

​

​

2,956

​

​

—

​

​

—

​

​

—

​

​

5,573

​

​

—

​

​

5,573

Exercise of stock options

​

​

(315)

​

​

—

​

​

(315)

​

​

—

​

​

—

​

​

—

​

​

498

​

​

—

​

​

498

Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options

​

​

(217)

​

​

—

​

​

(217)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Vesting of restricted stock units

​

​

(9,783)

​

​

—

​

​

(9,783)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

1,544

​

​

—

​

​

1,544

​

​

—

​

​

—

​

​

—

​

​

(2,356)

​

​

—

​

​

(2,356)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(51)

​

​

—

​

​

(51)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,666)

​

​

—

​

​

(5,666)

​

​

(5,666)

​

​

—

​

​

(5,666)

Non-controlling interest adjustment

​

​

(44)

​

​

—

​

​

(44)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

5,501

​

​

—

​

​

5,501

​

​

8,056

​

​

—

​

​

8,056

Balance at September 30, 2024

​

$

94,217

​

$

33,385

​

$

127,602

​

$

161,269

​

$

10,383

​

$

171,652

​

$

172,691

​

$

43,768

​

$

216,459

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)The Company declared dividends per share of Class A common stock of $0.125 for each of the three months ended March 31, 2024, June 30, 2024 and September 30, 2024.

​

Seasonality

The Company has experienced, and expects to continue to experience, variability in revenue, net income, and cash flows as a result of annual seasonality in its business. Because RVs are used primarily by vacationers and campers, demand for services, protection plans, products, and resources generally declines during the winter season, while sales and profits are generally highest during the spring and summer months. In addition, unusually severe weather conditions in some geographic areas may impact demand.

The Company generates a disproportionately higher amount of its annual revenue in its second and third fiscal quarters, which include the spring and summer months. The Company incurs additional expenses in the second and third fiscal quarters due to higher sale volumes, increased staffing in its store locations and program costs. If, for any reason, the Company miscalculates the demand for its products or its product mix

during the second and third fiscal quarters, its sales in these quarters could decline, resulting in higher labor costs as a percentage of gross profit, lower margins and excess inventory, which could cause the Company’s annual results of operations to suffer and its stock price to decline.

Additionally, selling, general, and administrative (“SG&A”) expenses as a percentage of gross profit tend to be higher in the first and fourth quarters due to the seasonality of the Company’s business.

Due to the Company’s seasonality, the possible adverse impact from other risks associated with its business, including atypical weather, consumer spending levels, changes in the costs of the Company’s products including the impact of tariffs, and general business conditions, is potentially greater if any such risks occur during the Company’s peak sales seasons.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires that public business entities on an annual basis disclose (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the provisions of this ASU as of January 1, 2025, with respect to the annual disclosures beginning with the year ending December 31, 2025, including the presentation of the comparable prior periods. The adoption of this ASU will result in additional annual income tax disclosures and does not otherwise have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement―Reporting Comprehensive Income―Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires that at each interim and annual reporting period entities present a new tabular disclosure in the notes to the financial statements, presenting disaggregation of the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. Furthermore, the ASU requires entities to include certain amounts that are already required to be disclosed under GAAP in the same disclosure as other disaggregation requirements and disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, entities are required to disclose the total amount of selling expenses and, in annual reporting period, an entity’s definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its condensed consolidated financial statements.

​

In July 2025, the FASB issued ASU 2025-05, Financial Instruments―Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient for all entities and a related accounting policy election for entities other than public business entities for the calculation of current expected credit losses on current accounts receivable and current contract assets. The practical expedient allows all entities to assume that conditions at the balance sheet date will remain unchanged for an asset’s remaining life when estimating credit losses on current accounts receivable and current contract assets arising from transactions under ASC 606. The standard is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The adoption of this ASU will result in a disclosure of the election of the practical expedient and does not otherwise have a material impact on the Company’s condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles―Goodwill and Other―Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU removes all references to software development stages throughout Subtopic 350-40. Instead, an entity is required to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). In evaluating the probable-to-complete threshold, an entity is required to consider whether there is

significant uncertainty associated with the development activities of the software, as described by the standard. This ASU specifies that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. The standard is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its condensed consolidated financial statements.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue  
Revenue

2. Revenue

Contract Assets

As of September 30, 2025, December 31, 2024, and September 30, 2024 contract assets of $11.1 million, $10.0 million and $13.4 million, respectively, relating to RV service revenues, were included in accounts receivable in the accompanying condensed consolidated balance sheets.

Deferred Revenues

The Company records deferred revenues when cash payments are received or due in advance of the Company’s performance, net of estimated refunds that are presented separately as a component of accrued liabilities. For the nine months ended September 30, 2025, the Company estimates approximately $75.4 million of revenues recognized were included in the deferred revenue balance at the beginning of the period. These estimates consider factors including, but not limited to, average service term, cash received for the period, cancellations, contract extensions, and upgrades.

​

As of September 30, 2025, the Company had unsatisfied performance obligations primarily relating to plans for its roadside assistance, Good Sam Club memberships, Good Sam Club loyalty program, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied performance obligations for these revenue streams as of September 30, 2025 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):

​

​

​

​

​

​

    

As of

​

    

September 30, 2025

2025

    

$

35,021

2026

​

​

73,093

2027

​

​

26,657

2028

​

​

13,129

2029

​

​

7,235

Thereafter

​

​

5,002

Total

​

$

160,137

​

​

​

​

​
v3.25.3
Inventories and Floor Plan Payables
 9 Months Ended
Sep. 30, 2025
Inventories and Floor Plan Payables  
Inventories and Floor Plan Payables

3. Inventories and Floor Plan Payables

Inventories consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Good Sam services and plans

​

$

278

​

$

263

​

$

256

New RVs

​

​

1,258,539

​

​

1,241,533

​

​

1,189,880

Used RVs

​

​

595,055

​

​

413,546

​

​

420,727

Products, parts, accessories and other

​

​

172,520

​

​

166,495

​

​

170,793

​

​

$

2,026,392

​

$

1,821,837

​

$

1,781,656

​

​

​

​

​

​

​

​

​

​

​

Substantially all of the Company’s new RV inventory and certain of its used RV inventory, included in the RV and Outdoor Retail segment, is financed by a floor plan credit agreement (“Floor Plan Facility”) with a syndication of banks (“Floor Plan Lenders”).

In February 2025, FreedomRoads, LLC entered into an amendment to the Floor Plan Facility, which (a) increased the commitment for floor plan borrowings by $300.0 million to $2.15 billion, (b) increased the commitment for the letter of credit facility by $15.0 million to $45.0 million, and (c) extended the maturity date from September 30, 2026 to the earlier of, if applicable, (i) February 18, 2030 or (ii) March 5, 2028, if the Company’s Term Loan Facility (as defined and discussed in Note 7 — Long-Term Debt) has not been repaid, refinanced, or defeased and the maturity has not been extended by at least 180 days after February 18, 2030.

As of September 30, 2025, December 31, 2024, and September 30, 2024, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 6.29%, 6.72%, and 7.47%, respectively.

The outstanding balance of the revolving line of credit under the Floor Plan Facility was paid off in November 2024 and there was no balance outstanding as of September 30, 2025 and December 31, 2024. As of September 30, 2024, the applicable interest rate for revolving line of credit borrowings under the Floor Plan Facility was 7.57%. Additionally, under the Floor Plan Facility, the revolving line of credit borrowings are subject to a borrowing base calculation, which did not limit the borrowing capacity as of September 30, 2025, December 31, 2024, and September 30, 2024.

Management has determined that the credit agreement governing the Floor Plan Facility includes subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred as of September 30, 2025 that would trigger a subjective acceleration clause. Additionally, the credit agreement governing the Floor Plan Facility contains certain financial covenants. FreedomRoads, LLC was in compliance with all financial debt covenants as of September 30, 2025, December 31, 2024, and September 30, 2024.

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of September 30, 2025 and December 31, 2024, and September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Floor Plan Facility

​

​

​

​

​

​

​

​

​

Notes payable - floor plan:

​

​

​

​

​

​

​

​

​

Total commitment

​

$

2,150,000

​

$

1,850,000

​

$

1,850,000

Less: borrowings, net of FLAIR offset account

​

​

(1,361,019)

​

​

(1,161,713)

​

​

(1,030,187)

Less: FLAIR offset account(1)

​

​

(277)

​

​

(79,472)

​

​

(151,539)

Additional borrowing capacity

​

​

788,704

​

​

608,815

​

​

668,274

Less: short-term payable for sold inventory(2)

​

​

(60,188)

​

​

(33,152)

​

​

(65,015)

Less: purchase commitments(3)

​

​

(43,471)

​

​

(9,340)

​

​

(30,432)

Unencumbered borrowing capacity

​

$

685,045

​

$

566,323

​

$

572,827

​

​

​

​

​

​

​

​

​

​

Revolving line of credit:

​

$

70,000

​

$

70,000

​

$

70,000

Less: borrowings

​

​

—

​

​

—

​

​

(31,885)

Additional borrowing capacity

​

$

70,000

​

$

70,000

​

$

38,115

​

​

​

​

​

​

​

​

​

​

Letters of credit:

​

​

​

​

​

​

​

​

​

Total commitment

​

$

45,000

​

$

30,000

​

$

30,000

Less: outstanding letters of credit

​

​

(14,300)

​

​

(14,300)

​

​

(12,300)

Additional letters of credit capacity

​

$

30,700

​

$

15,700

​

$

17,700

​

​

​

​

​

​

​

​

​

​

​

(1)Flooring line aggregate interest reduction (“FLAIR”) offset account that allows the Company to transfer cash to the Floor Plan Lenders as an offset to the payables under the Floor Plan Facility. The FLAIR offset account does not reduce the outstanding amount of loans under the Floor Plan Facility for purposes of determining the unencumbered borrowing capacity under the Floor Plan Facility.
(2)The short-term payable represents the amount due for sold inventory. A payment for any floor plan units sold is due within three to ten business days of sale. Due to the short-term nature of these payables, the Company reclassifies the amounts from notes payable‒floor plan, net to accounts payable in the condensed consolidated balance sheets. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the condensed consolidated statements of cash flows.
(3)Purchase commitments represent vehicles approved for floor plan financing where the inventory has not yet been received by the Company from the supplier and no floor plan borrowing is outstanding.
v3.25.3
Long-Lived Asset Impairment
 9 Months Ended
Sep. 30, 2025
Long-Lived Asset Impairment  
Long-Lived Asset Impairment

4. Long-Lived Asset Impairment

During the three and nine months ended September 30, 2025 and September 30, 2024, the Company had indicators of impairment of the long-lived assets for certain locations. Such indicators primarily included decreases in market rental rates or decreases in the market value of real property for closed locations, and the Company’s review of location performance in the normal course of business. As a result of updating certain assumptions in the long-lived asset impairment analysis for these locations, the Company determined that the fair value of certain long-lived assets was below their carrying value and were impaired.

The long-lived asset impairment charges were calculated as the amount that the carrying value of these locations exceeded the estimated fair value, except that individual assets cannot be impaired below their individual fair values when that fair value can be determined without undue cost and effort. Estimated fair value is typically based on estimated discounted future cash flows, while property appraisals or market rent analyses are utilized for determining the fair value of certain assets related to properties and leases.

The following table details long-lived asset impairment charges by type of long-lived asset, all of which relate to the RV and Outdoor Retail segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

​

​

2025

    

2024

    

2025

    

2024

Long-lived asset impairment charges by type of long-lived asset:

​

​

​

​

​

​

​

​

​

​

​

​

Leasehold improvements

​

$

—

​

$

214

​

$

190

​

$

3,694

Operating lease right of use assets

​

​

617

​

​

547

​

​

617

​

​

4,874

Building and improvements

​

​

—

​

​

1,183

​

​

430

​

​

3,787

Total long-lived asset impairment charges

​

$

617

​

$

1,944

​

$

1,237

​

$

12,355

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Assets Held for Sale and Business Divestitures
 9 Months Ended
Sep. 30, 2025
Assets Held for Sale and Business Divestitures  
Assets Held for Sale and Business Divestitures

5. Assets Held for Sale and Business Divestitures

As of September 30, 2025, December 31, 2024, and September 30, 2024, six, two, and five RV and Outdoor Retail segment properties, respectively, met the criteria to be classified as held for sale.

The following table presents the components of assets held for sale as of September 30, 2025, December 31, 2024, and September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Assets held for sale:

​

​

​

​

​

​

​

​

​

Property and equipment, net

​

$

38,431

​

$

1,350

​

$

10,353

​

​

$

38,431

​

$

1,350

​

$

10,353

​

​

​

​

​

​

​

​

​

​

​

Additionally, on May 3, 2024, the Company closed on the sale of certain assets of the RV and Outdoor Retail segment’s RV furniture business (“CWDS”) and, in connection with the sale, entered into a supply agreement (“Supplier Agreement”) with the buyer and the sublease of certain properties and equipment to the buyer. The approximately $30.4 million fair value of consideration received from the divestiture were comprised of approximately $20.0 million of cash consideration, $9.5 million of an intangible asset for the Supplier Agreement, and $0.9 million of cash consideration as a holdback. During the nine months ended September 30, 2025, $0.7 million of the holdback was paid to the Company and the remainder of the holdback was offset against warranty costs incurred by the buyer that were indemnified by the Company. The divested net assets of CWDS were comprised primarily of approximately $28.8 million of products, parts, accessories and other inventories, $0.9 million of net intangible assets, $1.2 million of accounts payable assumed and $8.9 million of goodwill allocated from the RV and Outdoor Retail segment based on the relative fair value of CWDS. This divestiture transaction resulted in a loss of $7.1 million and is included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations for the nine months ended September 30, 2024. The Company believes that it gained operational efficiencies by exiting the manufacture of RV furniture and focusing its resources on the sourcing and sale of its RV and aftermarket accessory products. The fair value of the Supplier Agreement intangible asset was estimated as the present value of the estimated benefits that a market participant would receive under the Supplier Agreement, such as favorable pricing and rebates, over

the term of the agreement, which is categorized as a Level 3 measurement, as defined in Note 9 – Fair Value Measurements. This Supplier Agreement intangible asset is expected to be amortized over the term of the agreement of approximately 10 years.

Additionally, on June 30, 2025, the Company closed on the sale of certain assets of one RV dealership. The approximately $10.3 million fair value of consideration received from the divestiture was comprised of $4.4 million of cash consideration and $5.9 million paid directly to the Floor Plan Lenders for new vehicles included in the Company’s floor plan. Included in the $4.4 million of cash consideration was $1.0 million for a deposit related to a future purchase of real estate. The divested net assets were comprised primarily of approximately $6.1 million of inventories, net; $0.1 million of property and equipment, net; and $3.4 million of goodwill allocated from the RV and Outdoor Retail segment based on the relative fair value of the dealership. This divestiture transaction resulted in a loss of $0.3 million and is included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations for the nine months ended September 30, 2025. In addition to receiving a return for the assets, the sale allowed the Company to avoid significant brand-specific capital improvements which would have been required to support the dealership on an on-going basis.
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill

The following table presents a summary of changes in the Company’s goodwill by segment for the nine months ended September 30, 2025 and 2024 and three months ended December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam

​

​

​

​

​

​

Services and

​

RV and

​

​

​

    

Plans

    

Outdoor Retail

    

Consolidated

Balance at December 31, 2023 (excluding impairment charges)

​

$

71,118

​

$

881,941

​

$

953,059

Accumulated impairment charges

​

​

(46,884)

​

​

(194,953)

​

​

(241,837)

Balance at December 31, 2023

​

​

24,234

​

​

686,988

​

​

711,222

Acquisitions

​

​

1,561

​

​

28,929

​

​

30,490

Divestiture (1)

​

​

—

​

​

(8,899)

​

​

(8,899)

Balance at September 30, 2024

​

​

25,795

​

​

707,018

​

​

732,813

Acquisitions

​

​

—

​

​

1,210

​

​

1,210

Balance at December 31, 2024

​

​

25,795

​

​

708,228

​

​

734,023

Acquisitions

​

​

—

​

​

18,341

​

​

18,341

Divestiture (2)

​

​

—

​

​

(3,413)

​

​

(3,413)

Balance at September 30, 2025

​

$

25,795

​

$

723,156

​

$

748,951

​

​

​

​

​

​

​

​

​

​

(1)In May 2024, the Company closed on the sale of CWDS.
(2)In June 2025, the Company closed on the sale of a dealership.

​

Intangible Assets

Finite-lived intangible assets and related accumulated amortization consisted of the following as of September 30, 2025, December 31, 2024 and September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

Carrying

​

Accumulated

​

​

​

​

   

Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership, customer lists and other

​

$

9,194

​

$

(9,133)

​

$

61

Trademarks and trade names

​

​

2,132

​

​

(486)

​

​

1,646

Websites and developed technology

​

​

3,650

​

​

(2,031)

​

​

1,619

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists, domain names and other

​

​

4,154

​

​

(3,052)

​

​

1,102

Supplier lists and agreements

​

​

9,500

​

​

(1,262)

​

​

8,238

Trademarks and trade names

​

​

26,526

​

​

(23,010)

​

​

3,516

Websites and developed technology

​

​

6,151

​

​

(5,630)

​

​

521

​

​

$

61,307

​

$

(44,604)

​

$

16,703

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Carrying

​

Accumulated

​

​

​

​

    

Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership, customer lists and other

​

$

9,740

​

$

(9,537)

​

$

203

Trademarks and trade names

​

​

2,132

​

​

(379)

​

​

1,753

Websites and developed technology

​

​

3,650

​

​

(1,614)

​

​

2,036

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names

​

​

4,154

​

​

(2,752)

​

​

1,402

Supplier lists and agreements

​

​

9,500

​

​

(594)

​

​

8,906

Trademarks and trade names

​

​

26,526

​

​

(22,005)

​

​

4,521

Websites and developed technology

​

​

6,348

​

​

(5,700)

​

​

648

​

​

$

62,050

​

$

(42,581)

​

$

19,469

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

Cost or

​

Accumulated

​

​

​

​

    

Fair Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership, customer lists and other

​

$

9,740

​

$

(9,464)

​

$

276

Trademarks and trade names

​

​

2,132

​

​

(343)

​

​

1,789

Websites and developed technology

​

​

3,650

​

​

(1,475)

​

​

2,175

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names and other

​

​

4,154

​

​

(2,652)

​

​

1,502

Supplier lists and agreements

​

​

9,500

​

​

(371)

​

​

9,129

Trademarks and trade names

​

​

26,526

​

​

(21,670)

​

​

4,856

Websites and developed technology

​

​

6,345

​

​

(5,659)

​

​

686

​

​

$

62,047

​

$

(41,634)

​

$

20,413

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2025
Long-Term Debt.  
Long-Term Debt

7. Long-Term Debt

Outstanding long-term debt consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Term Loan Facility (1)

​

$

1,311,362

​

$

1,335,535

​

$

1,338,321

Real Estate Facilities (2)

​

​

163,018

​

​

173,132

​

​

183,497

Other Long-Term Debt

​

​

7,676

​

​

7,926

​

​

8,007

Subtotal

​

​

1,482,056

​

​

1,516,593

​

​

1,529,825

Less: current portion

​

​

(22,749)

​

​

(23,275)

​

​

(23,798)

Total

​

$

1,459,307

​

$

1,493,318

​

$

1,506,027

​

​

​

​

​

​

​

​

​

​

(1)Net of $7.7 million, $9.6 million, and $10.2 million of original issue discount as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively, and $2.9 million, $3.8 million, and $3.9 million of finance costs as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively.
(2)Net of $2.2 million, $3.1 million, and $3.3 million of finance costs as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively.

​

Senior Secured Credit Facilities

As of September 30, 2025, December 31, 2024, and September 30, 2024, CWGS Group, LLC (the “Borrower”), a wholly-owned subsidiary of CWGS, LLC, was party to a credit agreement (the “Credit Agreement”) for a term loan facility (the “Term Loan Facility”) and a revolving credit facility (the “Revolving Credit Facility” and collectively the “Senior Secured Credit Facilities”).

The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Senior Secured Credit Facilities:

​

​

​

​

​

​

​

​

​

Term Loan Facility:

​

​

​

​

​

​

​

​

​

Principal amount of borrowings

​

$

1,400,000

​

$

1,400,000

​

$

1,400,000

Less: cumulative principal payments

​

​

(78,060)

​

​

(51,049)

​

​

(47,545)

Less: unamortized original issue discount

​

​

(7,665)

​

​

(9,600)

​

​

(10,228)

Less: unamortized finance costs

​

​

(2,913)

​

​

(3,816)

​

​

(3,906)

​

​

​

1,311,362

​

​

1,335,535

​

​

1,338,321

Less: current portion

​

​

(14,015)

​

​

(14,015)

​

​

(14,015)

Long-term debt, net of current portion

​

$

1,297,347

​

$

1,321,520

​

$

1,324,306

Revolving Credit Facility:

​

​

​

​

​

​

​

​

​

Total commitment

​

$

65,000

​

$

65,000

​

$

65,000

Less: outstanding letters of credit

​

​

(4,902)

​

​

(4,902)

​

​

(4,902)

Less: total net leverage ratio borrowing limitation

​

​

(37,348)

​

​

(37,348)

​

​

(37,348)

Additional borrowing capacity

​

$

22,750

​

$

22,750

​

$

22,750

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025, December 31, 2024, and September 30, 2024, the average interest rate on the Term Loan Facility was 6.78%, 6.97%, and 7.47%, respectively, and the effective interest rates were 7.17%, 7.43%, and 7.92%, respectively. In addition to the regularly scheduled quarterly principal payments, the Company made a voluntary principal payment on the Term Loan Facility of $16.5 million in July 2025.

Management has determined that the Senior Secured Credit Facilities include subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred as of September 30, 2025 that would trigger a subjective acceleration clause.

The Credit Agreement requires the Borrower and its subsidiaries to comply on a quarterly basis with a maximum Total Net Leverage Ratio (as defined in the Credit Agreement), which covenant is in effect only if, as of the end of each calendar quarter, the aggregate amount of borrowings under the revolving credit facility, letters of credit and unreimbursed letter of credit disbursements outstanding at such time is greater than 35% of the total commitment on the Revolving Credit Facility (excluding (i) up to $15.0 million attributable to any outstanding undrawn letters of credit and (ii) any cash collateralized or backstopped letters of credit), as defined in the Credit Agreement. As of September 30, 2025, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 35% threshold, however the Company’s borrowing capacity was reduced by $37.3 million in light of this covenant. The Company was in compliance with all applicable financial debt covenants as of September 30, 2025, December 31, 2024, and September 30, 2024.

Real Estate Facilities

As of September 30, 2025, December 31, 2024 and September 30, 2024, subsidiaries of FRHP Lincolnshire, LLC (“FRHP”), an indirect wholly-owned subsidiary of CWGS, LLC, were party to a credit agreement with a syndication of banks for a real estate credit facility (as amended from time to time, the “M&T Real Estate Facility”) with aggregate maximum principal capacity of $300.0 million with an option that allows FRHP to request an additional $100.0 million of principal capacity. During the nine months ended September 30, 2025, FRHP had no additional borrowings under the M&T Real Estate facility, and during the nine months ended September 30, 2024, FRHP borrowed an additional $55.6 million. During the nine months ended September 30, 2025, FRHP repaid $2.9 million of the M&T Real Estate Facility to pay off the remaining principal balances relating to one property. During the nine months ended September 30, 2024, FRHP repaid $38.6 million of the M&T Real Estate Facility to pay off the remaining principal balances relating to six properties. As of September 30, 2025, the remaining available borrowing capacity was $57.4 million.

As of September 30, 2025, December 31, 2024, and September 30, 2024, Camping World Property, LLC, successor by conversion to Camping World Property, Inc. (the ‘‘Real Estate Borrower’’), an indirect wholly-owned subsidiary of CWGS, LLC, and CIBC Bank USA, were parties to loan and security agreements for real estate credit facilities (as amended from time to time, the “First CIBC Real Estate Facility” and the “Third CIBC Real Estate Facility” and together with the M&T Real Estate Facility, the “Real Estate Facilities”). In May 2024, the Real Estate Borrower repaid the outstanding balance of the Third CIBC Real Estate Facility of $8.9 million, which related to the facility for the divested operations of CWDS in Elkhart, Indiana, and the Third CIBC Real Estate Facility was terminated. The First CIBC Real Estate Facility matures in October 2028.

The following table shows a summary of the outstanding balances, remaining available borrowings, and weighted average interest rate under the Real Estate Facilities as of September 30, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025

​

​

​

​

Remaining

​

Wtd. Average

(In thousands)

    

Outstanding(1)

    

Available(2)

    

Interest Rate

Real Estate Facilities

​

​

​

​

​

​

​

​

​

M&T Real Estate Facility

​

$

159,850

​

$

57,390

(3)

​

6.52%

First CIBC Real Estate Facility

​

​

3,168

​

​

—

​

​

7.26%

​

​

$

163,018

​

$

57,390

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Outstanding principal amounts are net of unamortized finance costs.
(2)Amounts cannot be reborrowed.
(3)Additional borrowings on the M&T Real Estate Facility are subject to a debt service coverage ratio covenant and to the property collateral requirements under the M&T Real Estate Facility.

​

Management has determined that the credit agreements governing the Real Estate Facilities include subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred as of September 30, 2025 that would trigger a subjective acceleration clause. Additionally, the Real Estate Facilities are subject to certain cross default provisions, a debt service coverage ratio, and other customary covenants. The Company was in compliance with all financial debt covenants as of September 30, 2025, December 31, 2024, and September 30, 2024.

Other Long-Term Debt

As of September 30, 2025, the outstanding principal balance of other long-term debt was $7.7 million with a weighted average interest rate of 4.27%.
v3.25.3
Lease Obligations
 9 Months Ended
Sep. 30, 2025
Lease Obligations  
Lease Obligations

8. Lease Obligations

The following table presents certain information related to the costs for leases where the Company is the lessee (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2025

    

2024

    

2025

    

2024

Operating lease cost

​

$

28,951

​

$

28,999

​

$

87,727

​

$

87,483

Finance lease cost:

​

​

​

​

​

​

​

​

​

​

​

​

Amortization of finance lease assets

​

​

2,703

​

​

2,788

​

​

8,011

​

​

8,484

Interest on finance lease liabilities

​

​

2,161

​

​

2,233

​

​

6,583

​

​

7,079

Short-term lease cost

​

​

225

​

​

562

​

​

808

​

​

1,398

Variable lease cost

​

​

6,701

​

​

6,422

​

​

18,560

​

​

19,312

Sublease income

​

​

(922)

​

​

(893)

​

​

(2,650)

​

​

(2,464)

Net lease costs

​

$

39,819

​

$

40,111

​

$

119,039

​

$

121,292

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025, December 31, 2024, and September 30, 2024, finance lease assets of $116.5 million, $120.0 million, and $122.7 million, respectively, were included in property and equipment, net in the accompanying condensed consolidated balance sheets.

The following table presents supplemental cash flow information related to leases (in thousands):

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

2025

    

2024

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

Operating cash flows for operating leases

​

$

90,571

​

$

89,213

Operating cash flows for finance leases

​

​

6,577

​

​

7,079

Financing cash flows for finance leases

​

​

5,540

​

​

5,684

Lease assets obtained in exchange for lease liabilities:

​

​

​

​

​

​

New, remeasured and terminated operating leases

​

​

22,299

​

​

62,520

New, remeasured and terminated finance leases

​

​

4,507

​

​

30,771

​

​

During the nine months ended September 30, 2025 and 2024, the Company entered into sale-leaseback transactions for three properties each period associated with store locations in the RV and Outdoor Retail segment and received consideration of $40.2 million and $37.7 million of cash, respectively. The Company recorded a gain of $0.1 million and $0.4 million for the nine months ended September 30, 2025 and September 30, 2024, respectively, that was included in (gain) loss on sale or disposal of assets in the condensed consolidated statements of operations. The Company entered into lease agreements for the properties as the lessee with each of the buyers with lease terms ranging from 17 to 20 years.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Fair Value Measurements

9. Fair Value Measurements

Accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Recurring Fair Value Measurements

The following table presents the reported carrying values and the fair values by level of the Company’s assets and liabilities measured at fair value on a recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

​

September 30, 2024

($ in thousands)

    

Carrying Value

    

Level 3

    

Carrying Value

    

Level 3

​

Carrying Value

    

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derived participation investment (1)

​

$

6,546

​

$

6,546

​

$

156

​

$

156

​

$

3,947

​

$

3,947

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisition-related contingent consideration (2)

​

​

368

​

​

368

​

​

368

​

​

368

​

​

368

​

​

368

(1)Derived participation investment was included in other assets in the accompanying condensed consolidated balance sheets.
(2)As of September 30, 2025, the $0.4 million of the acquisition-related contingent consideration was included in accrued liabilities in the accompanying condensed consolidated balance sheets. As of December 31, 2024 and September 30, 2024, the $0.2 million current and $0.2 million non-current portions of acquisition-related contingent consideration were included in accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.

The following table presents fair value measurements using significant unobservable inputs (Level 3):

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

($ in thousands)

    

    

Derived Participation Investment

    

Acquisition-related contingent consideration

Beginning balance

​

​

$

156

​

$

368

Purchases

​

​

​

6,717

​

​

—

Settlements

​

​

​

(1,124)

​

​

—

Gains included in earnings

​

​

​

797

​

​

—

Ending balance

​

​

$

6,546

​

$

368

​

Derived Participation Investment

The Company has entered into an arrangement with a consumer financing partner to invest in a participation interest in the cash flows of certain financing transactions under the white label financing program

with such consumer financing partner (the “Derived Participation Investment”). The fair value of this investment was estimated by discounting the projected cash flows subject to the participation interest. The assumptions in the analysis included loan losses, prepayments, and recoveries derived based on historical observation of such data pertaining to the RV industry, as well as other relevant industries with loan structure similar to that of the RV industry. This is categorized as a Level 3 measurement and there was no significant change in unrealized gains or losses during the nine months ended September 30, 2025.

Contingent Consideration

The Company’s contingent consideration liability was established as part of the consideration for the acquisition of a tire rescue roadside assistance business in June 2024. The fair value of this liability was estimated as the present value of the probability weighted milestone payments at each of the first two anniversaries of the date of the acquisition for a maximum aggregate payment of $0.5 million if all milestones are reached. The assumptions in the analysis included the Company’s assessment of the probability that the milestones will be reached and a discount rate based primarily on the Company’s credit risk and its ability to pay. This is categorized as a Level 3 measurement and there was no significant change in unrealized gains or losses during the nine months ended September 30, 2025.

Other Fair Value Disclosures

There have been no transfers of assets or liabilities between the fair value measurement levels and there were no material re-measurements to fair value during 2025 and 2024 of assets and liabilities that are not measured at fair value on a recurring basis.

For floor plan notes payable under the Floor Plan Facility, the amounts reported in the accompanying condensed consolidated balance sheets approximate the fair value due to their short-term nature or the existence of variable interest rates that approximate prevailing market rates.

The following table presents the reported carrying value and fair value information for the Company’s debt instruments. The fair values shown below for the Term Loan Facility, as applicable, are based on quoted prices in the inactive market for identical assets (Level 2) and the fair values shown below for the Floor Plan Facility Revolving Line of Credit, the Real Estate Facilities and the Other Long-Term Debt are estimated by discounting the future contractual cash flows at the current market interest rate that is available based on similar financial instruments.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

September 30, 2025

​

December 31, 2024

​

September 30, 2024

($ in thousands)

    

Measurement

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

​

Carrying Value

    

Fair Value

Term Loan Facility

​

Level 2

​

$

1,311,362

​

$

1,290,544

​

$

1,335,535

​

$

1,320,286

​

$

1,338,321

​

$

1,296,666

Floor Plan Facility Revolving Line of Credit

​

Level 2

​

​

—

​

​

—

​

​

—

​

​

—

​

​

31,885

​

​

32,791

Real Estate Facilities

​

Level 2

​

​

163,018

​

​

167,572

​

​

173,132

​

​

176,684

​

​

183,497

​

​

189,002

Other Long-Term Debt

​

Level 2

​

​

7,676

​

​

6,677

​

​

7,926

​

​

6,652

​

​

8,007

​

​

6,929

​
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies.  
Commitments and Contingencies

10. Commitments and Contingencies

Litigation

Weissmann Complaint

On June 22, 2021, FreedomRoads Holding Company, LLC (“FR Holdco”), an indirect wholly-owned subsidiary of CWGS, LLC, filed a one-count complaint captioned FreedomRoads Holding Company, LLC v. Steve Weissmann in the Circuit Court of Cook County, Illinois against Steve Weissmann (“Weissmann”) for breach of contractual obligation under note guarantee (the “Note”) (the “Weissmann Complaint”). On October 8, 2021, Weissmann brought a counterclaim against FR Holdco and third-party defendants Marcus A. Lemonis, NBCUniversal Media, LLC, the Consumer National Broadcasting Company, Camping World, Inc. (“CW”), and Machete Productions (“Machete”) (the “Weissmann Counterclaim”), in which he alleges claims in connection with the Note and his appearance on the reality television show The Profit. Weissmann alleges the following causes of action against FR Holdco and all third-party defendants, including CW: (i) fraud; (ii) fraud in the inducement; (iii) fraudulent concealment; (iv) breach of fiduciary duty; (v) defamation; (vi) defamation per se;

(vii) false light; (viii) intentional infliction of emotional distress; (ix) negligence; (x) unjust enrichment; and (xi) RICO § 1962. Weissmann seeks costs and damages in an amount to be proven at trial but no less than the amount in the Note (approximately $2.5 million); in connection with his RICO claim, Weissmann asserts he is entitled to damages in the amount of three times the Note. On February 18, 2022, NBCUniversal, CNBC, and Machete filed a motion to compel arbitration (the “NBC Arbitration Motion”). On May 5, 2022, an agreed order was filed staying the litigation in favor of arbitration. On May 31, 2022, FR Holdco filed an arbitration demand against Weissmann for collection on the Note. Weissmann filed his response and counterclaims, and third-party claims against FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete on July 7, 2022. On or about July 21, 2022, FR Holdco and the other respondents filed their responses and affirmative defenses. On March 11, 2024, FR Holdco’s arbitration demand and the Weissmann arbitration demand were tried before a single arbitrator pursuant to the JAMS streamlined arbitration rules in a confidential arbitration hearing. On May 23, 2024, the arbitrator issued an interim award in favor of FR Holdco in the amount of $4,318,892, plus interest, costs, and attorneys’ fees as set forth in the Tumbleweed bankruptcy plan and to be determined by the arbitrator in subsequent proceedings. On July 31, 2024, the arbitrator heard the parties’ arguments on the amount of attorneys’ fees and costs owed to FR Holdco, after Weissmann conceded in a written briefing the obligation to pay attorneys’ fees and costs to FR Holdco as the prevailing party. On September 12, 2024, the arbitrator issued a final award in favor of FR Holdco in the amount of $4,990,006, in the manner described in the Tumbleweed bankruptcy plan. Weissmann is jointly and severally liable for $4,106,884 of that amount. On September 24, 2024, Weissmann and Tumbleweed filed a Petition to Vacate Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On September 27, 2024, FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete filed a Petition to Confirm Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On January 16, 2025, Superior Court for the State of California, County of Los Angeles granted the Petition to Confirm Arbitration Award and denied the Petition to Vacate Arbitration Award, concluding the litigation. On July 8, 2025, Superior Court for the State of California, County of Los Angeles entered the Judgment in favor of FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete. On August 21, 2025, Weissmann and Tumbleweed filed a notice of appeal. There can be no assurances that we will be able to collect amounts owed pursuant to the Arbitration Award.

Tumbleweed Complaint

On November 10, 2021, Tumbleweed Tiny House Company, Inc. (“Tumbleweed”) filed a complaint against FR Holdco, CW, Marcus A. Lemonis, NBCUniversal Media, LLC, and Machete Productions in which Tumbleweed alleges claims in connection with the Note and its appearance on the reality television show The Profit (the “Tumbleweed Complaint”), seeking primarily monetary damages. Tumbleweed alleges the following claims against the defendants, including FR Holdco and CW: (i) fraud; (ii) false promise; (iii) breach of fiduciary duty (and aiding and abetting the same); (iv) breach of contract; (v) breach of oral contract; (vi) tortious interference with prospective economic advantage; (vii) fraud in the inducement; (viii) negligent misrepresentation; (ix) fraudulent concealment; (x) conspiracy; (xi) unlawful business practices; (xii) defamation; and (xiii) declaratory judgment. On April 21, 2022, the Court granted a motion to compel arbitration filed by NBCUniversal and joined by all defendants, including FR Holdco, CW, and Marcus A. Lemonis, compelling Tumbleweed’s claims to arbitration. Tumbleweed served its arbitration demand on FR Holdco, CW, and Marcus A. Lemonis on May 17, 2022. FR Holdco, CW, and Marcus A. Lemonis filed responses and affirmative defenses on May 31, 2022. On July 20, 2022, pursuant to the JAMS streamlined arbitration rules, the Tumbleweed Complaint was consolidated together with the Weissmann Complaint. The parties have exchanged discovery. On March 11, 2024, FR Holdco’s arbitration demand and the Weissman arbitration demand were tried before a single arbitrator pursuant to the JAMS streamlined arbitration rules in a confidential arbitration hearing. On May 23, 2024, the arbitrator issued an interim award in favor of all respondents, including FR Holdco, CW, and Lemonis. On July 31, 2024, the arbitrator heard the parties arguments on the amount of attorneys’ fees and costs owed to FR Holdco, CW, Lemonis, and the other defendants, after Tumbleweed conceded the obligation to pay attorneys’ fees and costs to the prevailing parties. On September 12, 2024, the arbitrator issued a final award in favor of FR Holdco, CW, Lemonis in the amount of $3,793,455 in attorneys’ fees and $626,611 in costs. The arbitrator also awarded $4,990,006 in favor of FR Holdco. On September 24, 2024, Weissmann and Tumbleweed filed a Petition to Vacate Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On September 27, 2024, FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete filed a Petition to Confirm Arbitration Award in the Superior Court for the State of California, County of Los Angeles. On January 16, 2025, Superior Court for the State of California, County of Los Angeles granted the Petition to Confirm Arbitration Award and denied the Petition to Vacate Arbitration

Award, concluding the litigation. On July 8, 2025, Superior Court for the State of California, County of Los Angeles entered the Judgment in favor of FR Holdco, CW, Marcus A. Lemonis, NBCUniversal, and Machete. On August 21, 2025, Weissmann and Tumbleweed filed a notice of appeal. There can be no assurances that we will be able to collect amounts owed pursuant to the Arbitration Award.

General

From time to time, the Company is involved in litigation arising in the normal course of business operations. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial statements. No assurance can be made that these or similar suits will not result in a material financial exposure in excess of insurance coverage, which could have a material adverse effect upon the Company’s financial condition and results of operations.

Supplier Agreement

In connection with the divestiture of CWDS in May 2024, the Company entered into the Supplier Agreement with the buyer that requires the Company to purchase an aggregate $250.0 million of product over the approximately 10-year term of the Supplier Agreement. Any shortfall under this aggregate purchase threshold results in an extension of the term of the Supplier Agreement and does not otherwise result in financial penalties. See Note 5 — Assets Held for Sale and Business Divestitures for a discussion of the divestiture of CWDS.

Employment Agreements

The Company has employment agreements with certain officers. The agreements include, among other things, an annual bonus based on certain performance-based criteria and certain severance benefits in the event of a qualifying termination.

Financial Assurances

In the normal course of business, the Company obtains standby letters of credit and surety bonds from financial institutions and other third parties. These instruments guarantee the Company’s future performance and provide third parties with financial and performance assurance in the event that the Company does not perform. These instruments support a wide variety of the Company’s business activities. As of September 30, 2025, December 31, 2024, and September 30, 2024, outstanding standby letters of credit issued through our Floor Plan Facility were $14.3 million, $14.3 million, and $12.3 million, respectively (see Note 3 — Inventories and Floor Plan Payables). The outstanding standby letters of credit issued through the Senior Secured Credit Facilities as of September 30, 2025, December 31, 2024, and September 30, 2024 were $4.9 million (see Note 7 — Long-Term Debt). As of September 30, 2025, December 31, 2024, and September 30, 2024, outstanding surety bonds were $24.8 million, $26.6 million, and $25.0 million, respectively. The underlying liabilities to which these instruments relate are reflected on the Company’s condensed consolidated balance sheets, where applicable. Therefore, no additional liability is reflected for the letters of credit and surety bonds themselves.

​
v3.25.3
Statement of Cash Flows
 9 Months Ended
Sep. 30, 2025
Statement of Cash Flows  
Statement of Cash Flows

11. Statement of Cash Flows

Supplemental disclosures of cash flow information for the following periods (in thousands) were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30,

​

    

2025

    

2024

Cash paid during the period for:

​

​

​

​

​

​

Interest

​

$

146,325

​

$

187,231

Income taxes

​

​

1,432

​

​

3,546

Noncash investing and financing activities:

​

​

​

​

​

​

Leasehold improvements paid by lessor

​

​

437

​

​

—

Capital expenditures in accounts payable and accrued liabilities

​

​

14,638

​

​

6,145

Prior period deposit applied to portion of purchase price of RV dealership acquisition

​

​

11,000

​

​

8,873

Note receivable forgiven as partial consideration for the purchase of real property

​

​

1,128

​

​

—

Contingent consideration recognized as partial consideration for purchase of a business

​

​

—

​

​

368

Fair value of holdback receivable recognized as partial consideration for divestiture of a business

​

​

—

​

​

933

Supplier agreement intangible asset recognized as partial consideration for divestiture of a business

​

​

—

​

​

9,500

Cost of treasury stock issued for vested restricted stock units

​

​

—

​

​

15,299

​
v3.25.3
Acquisitions
 9 Months Ended
Sep. 30, 2025
Acquisitions  
Acquisitions

12. Acquisitions

During the nine months ended September 30, 2025 and 2024, subsidiaries of the Company acquired the assets of multiple RV dealerships that constituted businesses under GAAP. The Company used cash and borrowings under its Floor Plan Facility to complete the acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new store locations to expand its business and grow its customer base. The acquired businesses were recorded at their estimated fair values under the acquisition method of accounting. The balance of the purchase prices in excess of the fair values of net assets acquired were recorded as goodwill.

During the nine months ended September 30, 2025, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of eight locations for an aggregate purchase price of approximately $92.2 million. As a component of the aggregate purchase price to acquire certain of these locations, $10.0 million was paid as a deposit in November 2024, which would convert into shares of Lazydays Holdings, Inc. (“Lazydays”) common stock if the Company completed the acquisition of all seven RV dealerships originally contemplated under the November 2024 agreement with Lazydays. However, the Company acquired only five of the seven Lazydays RV dealerships, so the deposit did not convert to shares of Lazydays common stock. Instead, the deposit was considered a component of the purchase price of those acquisitions. Additionally, a $1.0 million deposit was made in December 2024 for non-Lazydays RV dealership acquisitions that were completed during the nine months ended September 30, 2025. Separate from these acquisitions, during the nine months ended September 30, 2025, the Company purchased real property for an aggregate purchase price of $123.9 million, inclusive of a $1.1 million note receivable that was forgiven as partial consideration for one of the properties.

During the nine months ended September 30, 2024, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of nine locations for an aggregate purchase price of approximately $69.4 million, of which one RV dealership had not opened by September 30, 2024. Separate from these acquisitions, during the nine months ended September 30, 2024, the Company purchased real property for an aggregate purchase price of $1.2 million. Additionally, in June 2024, the Good Sam Services and Plans segment acquired the assets of a tire rescue roadside assistance business for $1.8 million in cash and up to an aggregate $0.5 million of milestone payments of which half is potentially payable at each of the first two anniversaries of the date of the acquisition. Those potential milestone payments were recorded as contingent consideration with a fair value of $0.4 million. The tire rescue roadside assistance business included a robust dispatch platform and strong network of service providers, which provide an opportunity to serve our customer base more effectively and reduce cost.

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions discussed above consist of the following, net of insignificant measurement period adjustments relating to acquisitions from the respective previous year:

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

($ in thousands)

    

2025

    

2024

Tangible assets (liabilities) acquired (assumed):

​

​

​

​

​

​

Accounts receivable, net

​

$

—

​

$

4

Inventories, net

​

​

73,002

​

​

37,642

Prepaid expenses and other assets

​

​

58

​

​

—

Property and equipment, net

​

​

1,414

​

​

296

Operating lease assets

​

​

9,366

​

​

15,328

Accounts payable

​

​

—

​

​

(5)

Accrued liabilities

​

​

(140)

​

​

(35)

Current portion of operating lease liabilities

​

​

(1,055)

​

​

(1,112)

Other current liabilities

​

​

(471)

​

​

(23)

Operating lease liabilities, net of current portion

​

​

(8,312)

​

​

(14,216)

Total tangible net assets acquired

​

​

73,862

​

​

37,879

Intangible assets acquired:

​

​

​

​

​

​

Supplier and customer relationships

​

​

—

​

​

2,595

Websites and developed technology

​

​

—

​

​

600

Total intangible assets acquired

​

​

—

​

​

3,195

Goodwill

​

​

18,341

​

​

30,490

Purchase price of acquisitions

​

​

92,203

​

​

71,564

Application of deposit paid in prior period

​

​

(11,000)

​

​

(8,873)

Contingent consideration

​

​

—

​

​

(368)

Cash paid for acquisitions, net of cash acquired

​

​

81,203

​

​

62,323

Inventory purchases financed via floor plan

​

​

(71,181)

​

​

(49,162)

Cash payment net of floor plan financing

​

$

10,022

​

$

13,161

​

​

​

​

​

​

​

​

The fair values above for the nine months ended September 30, 2025 are preliminary as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date relating to the valuation of the acquired assets, primarily the acquired inventories. For the nine months ended September 30, 2024, the fair values include a measurement period adjustment to record $2.6 million of other intangible assets from a RV dealership acquisition that occurred during the year ended December 31, 2023. These intangible assets had an estimated useful life of 15 years; however, these intangible assets were sold for $2.6 million during 2024. Acquired developed technology asset of $0.6 million has a remaining useful life of approximately four years.

The primary items that generated the goodwill are the value of the expected synergies between the acquired businesses and the Company and the acquired assembled workforce, neither of which qualify for recognition as a separately identified intangible asset. For the nine months ended September 30, 2025 and 2024, acquired goodwill of $18.3 million and $30.5 million, respectively, was expected to be deductible for tax purposes.

Included in the condensed consolidated financial statements for the nine months ended September 30, 2025 were revenue of $150.4 million and pre-tax income of $5.2 million from the acquired dealerships from the applicable acquisition dates in 2025. Included in the condensed consolidated financial statements for the nine months ended September 30, 2024 were revenue of $69.0 million and pre-tax income of $1.1 million from the acquired dealerships from the applicable acquisition dates in 2024. Included in the condensed consolidated financial statements for the nine months ended September 30, 2024 were insignificant amounts of revenue and pre-tax income from the acquired tire rescue roadside assistance business from the applicable acquisition date in 2024. Pro forma information on these acquisitions has not been included, because the Company has deemed them to not be individually or cumulatively material.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Taxes  
Income Taxes

13. Income Taxes

CWH is organized as a Subchapter C corporation and, as of September 30, 2025, was a 61.2% owner of CWGS, LLC (see Note 15 — Non-Controlling Interests). CWGS, LLC is organized as a limited liability company and treated as a partnership for U.S. federal and most applicable state and local income tax purposes and as such, is generally not subject to any U.S. federal entity-level income taxes. However, certain active CWGS, LLC subsidiaries, including CWFR Capital, LLC; Americas Road and Travel Club, Inc.; and FreedomRoads RV, Inc. and their wholly-owned subsidiaries, are subject to entity-level taxes as they are, or subject to income taxes as, Subchapter C corporations (“C-Corp”).

Effective Income Tax Rate

For the nine months ended September 30, 2025 and 2024, the Company's effective income tax rate was 98.5% and 14.0%, respectively. The increase in the tax rate for the nine months ended September 30, 2025, mainly reflects the establishment of a full valuation allowance on the net deferred tax assets of the public holding company, CWH. The deferred tax assets of C-Corp subsidiaries were not impacted by the establishment of this valuation allowance. The Company records a valuation allowance when it concludes that it is not more likely than not that a portion of deferred tax assets will not be realized based upon the evaluation of all available positive and negative evidence.

During the three months ended September 30, 2025, management evaluated both positive and negative evidence and concluded that a full valuation allowance was necessary to be recorded against CWH net deferred tax assets due to its expected cumulative historical operating results for income tax purposes over the past several years in each of the tax jurisdictions where it operates. Accordingly, the Company recorded a $175.4 million valuation allowance on its CWH net deferred tax assets during the nine months ended September 30, 2025. This valuation allowance will be maintained until sufficient positive evidence exists to justify its reversal. In addition, because of the full valuation allowance recorded against CWH’s investment in CWGS, LLC net deferred tax asset and certain other tax attribute carryforward deferred tax assets, full payment of the entire amount calculated related to the Tax Receivable Agreement (as defined below) liability was considered not probable. As a result, management reversed $149.2 million of the Tax Receivable Agreement liability and reduced the related deferred tax asset by $37.3 million, which were recorded to Tax Receivable Agreement liability adjustment and income tax (expense) benefit, respectively, in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025.

The Company determines its quarterly income tax provision using an estimated annual effective tax rate that considers expected annual income, statutory tax rates, and available tax planning opportunities across the jurisdictions where it operates. Current income taxes are recorded based on statutory obligations for the current period for certain C-Corp taxable entities within the Company. Accordingly, income tax provisions for these jurisdictions were recorded for the three and nine months ended September 30, 2025.

On July 4, 2025, the U.S. federal legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted into law, introducing significant changes to the U.S. tax code. The Company determined that the provisions of the OBBBA are not expected to have a material impact on its effective income tax rate or income tax accounts.

​

Tax Receivable Agreement

The Company is party to a tax receivable agreement (the “Tax Receivable Agreement”) that provides for the payment by the Company to the Continuing Equity Owners and Crestview Partners II GP, L.P. of 85% of the amount of tax benefits, if any, the Company actually realizes, or in some circumstances is deemed to realize, as a result of (i) increases in the tax basis from the purchase of common units from Crestview Partners II GP, L.P in exchange for Class A common stock in connection with the consummation of the IPO and the related transactions and any future redemptions that are funded by the Company and any further redemptions of common units by Continuing Equity Owners and (ii) certain other tax benefits attributable to payments made under the Tax Receivable Agreement. The above payments are predicated on CWGS, LLC making an election under Section 754 of the Internal Revenue Code effective for each tax year in which a redemption of common units for cash or stock occurs. These tax benefit payments are not conditioned upon one or more of the

Continuing Equity Owners or Crestview Partners II GP, L.P. maintaining a continued ownership interest in CWGS, LLC. In general, the Continuing Equity Owners’ or Crestview Partners II GP, L.P.’s rights under the Tax Receivable Agreement are assignable, including to transferees of its common units in CWGS, LLC (other than the Company as transferee pursuant to a redemption of common units in CWGS, LLC). The Company has determined it is more likely than not it will not benefit from the entirety of the remaining 15% of the tax benefits, and has remeasured the liability under the Tax Receivable Agreement. The Company has recorded a $149.2 million gain on the reduction in the associated liability, as described above. As of September 30, 2025, the remaining Tax Receivable Agreement liability after this adjustment was $1.2 million.

If utilization of the deferred tax assets subject to the Tax Receivable Agreement becomes more likely than not in the future, the Company expects to record additional liability related to the Tax Receivable Agreement which will be recognized as an expense and recorded to Tax Receivable Agreement liability adjustment in the condensed consolidated statements of operations.

During the nine months ended September 30, 2025 and 2024, there were no redemptions of common units by Continuing Equity Owners.
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions  
Related Party Transactions

14. Related Party Transactions

Transactions with Directors, Equity Holders and Executive Officers

From January 2012 until its expiration in March 2024, FreedomRoads, LLC was the lessee of what is now its previous corporate headquarters in Lincolnshire, Illinois (as amended from time to time, the “Lincolnshire Lease”). For the nine months ended September 30, 2024, rental payments for the Lincolnshire Lease, including common area maintenance charges, were $0.2 million, which were included in SG&A expenses in the condensed consolidated statements of operations. The Company’s Chairman and Chief Executive Officer had personally guaranteed the Lincolnshire Lease.

​
v3.25.3
Non-Controlling Interests
 9 Months Ended
Sep. 30, 2025
Non-Controlling Interests  
Non-Controlling Interests

15. Non-Controlling Interests

The following table summarizes the CWGS, LLC common unit ownership by CWH and the Continuing Equity Owners:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025

​

As of December 31, 2024

​

As of September 30, 2024

​

​

Common Units

    

Ownership %

    

Common Units

    

Ownership %

    

Common Units

    

Ownership %

CWH

​

​

62,818,624

​

​

61.2%

​

​

62,502,096

​

​

61.0%

​

​

45,341,818

​

​

53.1%

Continuing Equity Owners

​

​

39,895,393

​

​

38.8%

​

​

39,895,393

​

​

39.0%

​

​

40,044,536

​

​

46.9%

Total

​

​

102,714,017

​

​

100.0%

​

​

102,397,489

​

​

100.0%

​

​

85,386,354

​

​

100.0%

​

The following table summarizes the effects of changes in ownership in CWGS, LLC on the Company’s equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

($ in thousands)

   

2025

   

2024

   

2025

   

2024

Net (loss) income attributable to Camping World Holdings, Inc.

​

$

(40,438)

​

$

5,501

​

$

(22,502)

​

$

(7,035)

Transfers to non-controlling interests:

​

​

​

​

​

​

​

​

​

​

​

​

Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options

​

​

—

​

​

(217)

​

​

—

​

​

(239)

Increase (decrease) in additional paid-in capital as a result of the vesting of restricted stock units

​

​

973

​

​

(9,783)

​

​

1,645

​

​

(13,616)

(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

(1,764)

​

​

1,544

​

​

(2,939)

​

​

1,813

Change from net (loss) income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests

​

$

(41,229)

​

$

(2,955)

​

$

(23,796)

​

$

(19,077)

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Stock-Based Compensation Plans
 9 Months Ended
Sep. 30, 2025
Stock-Based Compensation Plans  
Stock-Based Compensation Plans

16. Stock-Based Compensation Plans

The following table summarizes the stock-based compensation (“SBC”) that has been included in the following line items within the condensed consolidated statements of operations during:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

($ in thousands)

 

2025

    

2024

    

2025

    

2024

Stock-based compensation expense:

​

​

​

​

​

​

​

​

​

​

​

​

Costs applicable to revenue

​

$

118

​

$

95

​

$

343

​

$

276

Selling, general, and administrative

​

​

7,632

​

​

5,478

​

​

23,121

​

​

15,891

Total stock-based compensation expense

​

$

7,750

​

$

5,573

​

$

23,464

​

$

16,167

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The following table summarizes stock option, restricted stock unit (“RSU”) and performance stock unit (“PSU”) activities for the nine months ended September 30, 2025:

​

​

​

​

​

​

​

​

​

​

Stock

​

Restricted

​

Performance

(in thousands)

​

Options

​

Stock Units

​

Stock Units

Outstanding at December 31, 2024

​

155

​

1,652

​

—

Granted

​

—

​

1,189

​

750

Vested

​

—

​

(479)

​

—

Forfeited

​

(12)

​

(140)

​

—

Outstanding at September 30, 2025

​

143

​

2,222

​

750

Exercisable at September 30, 2025

​

143

​

n/a

​

n/a

​

​

​

​

​

​

​

​

During nine months ended September 30, 2025, the Company granted a total of 514,770 RSUs to non-executive employees with an aggregate grant date fair value of $10.8 million and weighted-average grant date fair value of $20.93 per RSU, which will be recognized, net of forfeitures, over a vesting period of five years.

On May 15, 2025, at the Company’s annual meeting of stockholders, the Company’s stockholders approved an amendment and restatement of the Company’s 2016 Incentive Award Plan (the “2016 Plan”).

In addition, on the date of the Company’s annual stockholders’ meeting in May 2025, in accordance with the Company’s non-employee director compensation policy, each of the seven non-employee directors received grants of 9,650 RSUs and the vice chairman of the Board of Directors received an additional grant of 6,433 RSUs with an aggregate grant date fair value of $1.1 million and a weighted-average grant date fair value of $15.54 per RSU, which will be recognized, net of forfeitures, over a vesting period of one year.

In January 2025, pursuant to the amended and restated employment agreement entered into with Marcus A. Lemonis, the Company granted Mr. Lemonis (i) an award of 600,000 RSUs with a grant date fair value of $22.13 per RSU, which will be recognized, net of forfeitures, over a vesting period through November 15, 2027, and (ii) an award of PSUs under the 2016 Plan with respect to 750,000 PSUs if earned at “target” levels of performance, which will be eligible to vest based on the achievement of specified stock price hurdles over a three-year performance period ending on December 31, 2027.

The PSUs are comprised of four tranches of 187,500 PSUs with hurdles ranging from $32.50 per share to $47.50 per share in $5.00 per share increments. The achievement of the stock price hurdles is based on the average 30 consecutive trading day closing stock price of the Company’s Class A common stock. The grant date fair value was estimated using a Monte Carlo simulation to simulate stock price trajectories over the performance period. Key inputs to the model as of the date of grant included the duration of the performance period, the risk-free interest rate, and the closing stock price, volatility and dividend yield of the Company’s Class A common stock. The PSUs had a weighted-average grant date fair value of $13.84 per PSU, which will be recognized over a weighted-average derived service period of approximately one year, net of any forfeitures for termination of employment prior to the completion of the derived service period for any tranches with unsatisfied vesting conditions.

v3.25.3
(Loss) Earnings Per Share
 9 Months Ended
Sep. 30, 2025
(Loss) Earnings Per Share  
(Loss) Earnings Per Share

17. (Loss) Earnings Per Share

Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

(In thousands except per share amounts)

​

2025

    

2024

    

2025

    

2024

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net (loss) income

​

$

(29,351)

​

$

8,056

​

$

3,490

​

$

(19,336)

Less: net (loss) income attributable to non-controlling interests

​

​

(11,087)

​

​

(2,555)

​

​

(25,992)

​

​

12,301

Net (loss) income attributable to Camping World Holdings, Inc. — basic

​

$

(40,438)

​

$

5,501

​

$

(22,502)

​

$

(7,035)

Add: reallocation of net (loss) income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock

​

​

—

​

​

2,127

​

​

—

​

​

(8,525)

Net (loss) income attributable to Camping World Holdings, Inc. — diluted

​

$

(40,438)

​

$

7,628

​

$

(22,502)

​

$

(15,560)

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares of Class A common stock outstanding — basic

​

​

62,735

​

​

45,232

​

​

62,627

​

​

45,124

Dilutive restricted stock units

​

​

—

​

​

341

​

​

—

​

​

—

Dilutive common units of CWGS, LLC that are convertible into Class A common stock

​

​

—

​

​

40,045

​

​

—

​

​

40,045

Weighted-average shares of Class A common stock outstanding — diluted

​

​

62,735

​

​

85,618

​

​

62,627

​

​

85,169

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) earnings per share of Class A common stock — basic

​

$

(0.64)

​

$

0.12

​

$

(0.36)

​

$

(0.16)

(Loss) earnings per share of Class A common stock — diluted

​

$

(0.64)

​

$

0.09

​

$

(0.36)

​

$

(0.18)

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock:

​

​

​

​

​

​

​

​

​

​

​

​

Stock options to purchase Class A common stock

​

​

144

​

​

158

​

​

150

​

​

182

Restricted stock units

​

​

2,359

​

​

890

​

​

2,423

​

​

2,031

Common units of CWGS, LLC that are convertible into Class A common stock

​

​

39,895

​

​

—

​

​

39,895

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average contingently issuable shares excluded from the computation of diluted (loss) earnings per share of Class A common stock since all necessary conditions had not been satisfied:

​

​

​

​

​

​

​

​

​

​

​

​

Performance stock units(1)

​

​

750

​

​

—

​

​

750

​

​

—

​

(1)See Note 16 – Stock-Based Compensation Plans for further details of PSUs.

Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate basic and diluted (loss) earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.

v3.25.3
Segments Information
 9 Months Ended
Sep. 30, 2025
Segments Information  
Segments Information

18. Segments Information

The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. The Company evaluates performance for all of its reportable segments based on Segment Adjusted EBITDA. The Company defines “Segment Adjusted EBITDA” as the reportable segments’ total revenue less segment expenses which are comprised of (i) adjusted costs applicable to revenue, (ii) intersegment costs applicable to revenues, (iii) adjusted SG&A expense, (iv) floor plan interest expense, and (v) other segment items. Segment expenses exclude depreciation and amortization and certain noncash and other items that the Chief Operating Decision Maker does not consider in his evaluation of ongoing operating performance. These excluded items include (a) SBC and (b) loss and/or impairment on investments in equity securities.

Reportable segment revenue; segment adjusted EBITDA; depreciation and amortization; other interest expense, net; total assets; and capital expenditures are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

​

​

​

2025

​

2024

​

2025

​

2024

​

​

​

Good Sam

​

RV and

​

Good Sam

​

RV and

​

Good Sam

​

RV and

​

Good Sam

​

RV and

​

​

​

Services

​

Outdoor

​

Services

​

Outdoor

​

Services

​

Outdoor

​

Services

​

Outdoor

​

($ in thousands)

​

and Plans

​

Retail

​

and Plans

​

Retail

​

and Plans

​

Retail

​

and Plans

​

Retail

​

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

52,508

​

$

—

​

$

50,841

​

$

—

​

$

152,929

​

$

—

​

$

149,070

​

$

—

​

New vehicles

​

​

—

​

​

766,779

​

​

—

​

​

824,916

​

​

—

​

​

2,303,317

​

​

—

​

​

2,328,107

​

Used vehicles

​

​

—

​

​

589,092

​

​

—

​

​

447,242

​

​

—

​

​

1,583,714

​

​

—

​

​

1,265,701

​

Products, service and other

​

​

—

​

​

208,634

​

​

—

​

​

224,839

​

​

—

​

​

596,516

​

​

—

​

​

638,680

​

Finance and insurance, net

​

​

—

​

​

178,297

​

​

—

​

​

166,255

​

​

—

​

​

528,162

​

​

—

​

​

480,725

​

Good Sam Club

​

​

—

​

​

10,808

​

​

—

​

​

10,895

​

​

—

​

​

30,952

​

​

—

​

​

33,227

​

Intersegment revenue(1)

​

​

164

​

​

3,501

​

​

(202)

​

​

3,535

​

​

1,060

​

​

10,161

​

​

957

​

​

10,465

​

Total revenue before intersegment eliminations

​

​

52,672

​

​

1,757,111

​

​

50,639

​

​

1,677,682

​

​

153,989

​

​

5,052,822

​

​

150,027

​

​

4,756,905

​

Segment expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted costs applicable to revenue(2)

​

​

22,740

​

​

1,266,227

​

​

19,656

​

​

1,206,713

​

​

62,353

​

​

3,593,978

​

​

51,950

​

​

3,394,704

​

Intersegment costs applicable to revenue(3)

​

​

78

​

​

3,327

​

​

(280)

​

​

2,796

​

​

705

​

​

9,744

​

​

744

​

​

8,341

​

Adjusted selling, general and administrative(4)

​

​

8,263

​

​

392,346

​

​

7,604

​

​

397,649

​

​

23,072

​

​

1,179,591

​

​

22,053

​

​

1,158,009

​

Floor plan interest expense

​

​

—

​

​

18,061

​

​

—

​

​

22,372

​

​

—

​

​

57,356

​

​

—

​

​

78,053

​

Other segment items(5)

​

​

—

​

​

(9)

​

​

—

​

​

80

​

​

—

​

​

(29)

​

​

—

​

​

223

​

Segment Adjusted EBITDA

​

$

21,591

​

$

77,159

​

$

23,659

​

$

48,072

​

$

67,859

​

$

212,182

​

$

75,280

​

$

117,575

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Intersegment revenue consists of segment revenue that is eliminated in our condensed consolidated statements of operations.
(2)Adjusted costs applicable to revenue exclude SBC expense and intersegment costs applicable to revenue.
(3)Intersegment costs applicable to revenue consist of segment costs applicable to revenue that are eliminated in our condensed consolidated statements of operations.
(4)Adjusted SG&A expenses excludes SBC expense and intersegment operating expenses.
(5)Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

​

2025

   

2024

   

2025

   

2024

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans Segment

​

$

52,672

​

$

50,639

​

$

153,989

​

$

150,027

RV and Outdoor Retail Segment

​

​

1,757,111

​

​

1,677,682

​

​

5,052,822

​

​

4,756,905

Total segment revenue

​

​

1,809,783

​

​

1,728,321

​

​

5,206,811

​

​

4,906,932

Intersegment eliminations

​

​

(3,665)

​

​

(3,333)

​

​

(11,221)

​

​

(11,422)

Total revenue

​

​

1,806,118

​

​

1,724,988

​

​

5,195,590

​

​

4,895,510

Segment Adjusted EBITDA:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans Segment

​

​

21,591

​

​

23,659

​

​

67,859

​

​

75,280

RV and Outdoor Retail Segment

​

​

77,159

​

​

48,072

​

​

212,182

​

​

117,575

Total Segment Adjusted EBITDA

​

​

98,750

​

​

71,731

​

​

280,041

​

​

192,855

Corporate SG&A excluding SBC(1)

​

​

(2,770)

​

​

(3,478)

​

​

(10,161)

​

​

(9,405)

Depreciation and amortization

​

​

(25,654)

​

​

(20,583)

​

​

(71,617)

​

​

(59,905)

Long-lived asset impairment

​

​

(617)

​

​

(1,944)

​

​

(1,237)

​

​

(12,355)

Lease termination

​

​

(76)

​

​

2,625

​

​

31

​

​

2,585

(Loss) gain on sale or disposal of assets

​

​

(534)

​

​

5

​

​

104

​

​

(9,525)

Stock-based compensation(2)

​

​

(7,750)

​

​

(5,573)

​

​

(23,464)

​

​

(16,167)

Loss and impairment on investments in equity securities(3)

​

​

(1,163)

​

​

(162)

​

​

(3,920)

​

​

(337)

Other interest expense, net

​

​

(30,982)

​

​

(35,877)

​

​

(92,349)

​

​

(108,124)

Tax Receivable Agreement liability adjustment

​

​

149,172

​

​

—

​

​

149,172

​

​

—

Intersegment eliminations(4)

​

​

(268)

​

​

(737)

​

​

(801)

​

​

(2,114)

Income (loss) before income taxes

​

$

178,108

​

$

6,007

​

$

225,799

​

$

(22,492)

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Corporate SG&A excluding SBC represents corporate SG&A expenses that are not allocated to the segments and are comprised primarily of the costs associated with being a public company. This amount excludes the SBC relating to the Board of Directors for their service as board members that is not allocated to the segments, since it is presented as part of the SBC reconciling line item in this table.
(2)This SBC amount includes SBC allocated to the segments and SBC relating to the Board of Directors for their service as board members that is not allocated to the segments (See Note 16 — Stock-Based Compensation Plans).
(3)Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments. These amounts are included in other expense, net in the condensed consolidated statements of operations.
(4)Represents the net impact of intersegment eliminations on (loss) income before income taxes.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

 

2025

    

2024

    

2025

    

2024

Depreciation and amortization:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

1,552

​

$

813

​

$

3,578

​

$

2,502

RV and Outdoor Retail

​

​

24,102

​

​

19,770

​

​

68,039

​

​

57,403

Total depreciation and amortization

​

$

25,654

​

$

20,583

​

$

71,617

​

$

59,905

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

    

2025

    

2024

    

2025

    

2024

Other interest expense, net:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

(15)

​

$

(21)

​

$

(88)

​

$

(61)

RV and Outdoor Retail

​

​

6,381

​

​

7,758

​

​

19,090

​

​

24,114

Subtotal

​

​

6,366

​

​

7,737

​

​

19,002

​

​

24,053

Corporate & other

​

​

24,616

​

​

28,140

​

​

73,347

​

​

84,071

Total other interest expense, net

​

$

30,982

​

$

35,877

​

$

92,349

​

$

108,124

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

($ in thousands)

    

2025

    

2024

    

2024

Assets:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

85,476

​

$

121,876

​

$

87,087

RV and Outdoor Retail

​

​

4,902,471

​

​

4,509,509

​

​

4,366,121

Subtotal

​

​

4,987,947

​

​

4,631,385

​

​

4,453,208

Corporate & other

​

​

11,020

​

​

231,892

​

​

235,784

Total assets  

​

$

4,998,967

​

$

4,863,277

​

$

4,688,992

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

​

2025

   

2024

   

2025

   

2024

Capital expenditures:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

2,581

​

$

2,068

​

$

7,699

​

$

5,683

RV and Outdoor Retail

​

​

82,309

​

​

17,573

​

​

199,273

​

​

63,754

Total capital expenditures

​

$

84,890

​

$

19,641

​

$

206,972

​

$

69,437

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ (40,438) $ 5,501 $ (22,502) $ (7,035)
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Summary of Significant Accounting Policies  
Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation.

The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025 (“Annual Report”). Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

CWH has sole voting power in and control of the management of CWGS, LLC. As of September 30, 2025, December 31, 2024, and September 30, 2024, CWH owned 61.2%, 61.0%, and 53.1%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements.

The Company does not have any material components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements.
Revisions to Prior Period Condensed Consolidated Financial Statements

Revisions to Prior Period Condensed Consolidated Financial Statements

Subsequent to the issuance of the Company's condensed consolidated financial statements for the three and nine months ended September 30, 2024, the Company's management identified prior period misstatements related to the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in CWGS, LLC, including the associated valuation allowance. As a result, deferred tax assets, net, additional paid-in capital, and income tax benefit (expense) as of and for the years ended December 31, 2023 and 2022 were revised in the Company’s Annual Report. The misstatements impacted the beginning balances of deferred taxes, net, additional paid-in capital, and retained earnings, which have been revised from the amounts previously reported as of September 30, 2024. The Company evaluated the materiality of these errors, both qualitatively and quantitatively, and determined the effect of these revisions was not material to the previously issued financial statements.

The following table presents the effect of the immaterial misstatements on the Company’s condensed consolidated balance sheet for the period indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2024

($ in thousands)

    

As Previously Reported

    

Adjustment

    

As Revised

Deferred tax assets, net

​

$

157,886

​

$

43,768

​

$

201,654

Total assets

​

​

4,645,224

​

​

43,768

​

​

4,688,992

Additional paid-in capital

​

​

94,217

​

​

33,385

​

​

127,602

Retained earnings

​

​

161,269

​

​

10,383

​

​

171,652

Total stockholders' equity attributable to Camping World Holdings, Inc.

​

​

107,816

​

​

43,768

​

​

151,584

Total stockholders' equity

​

​

172,691

​

​

43,768

​

​

216,459

Total liabilities and stockholders' equity

​

​

4,645,224

​

​

43,768

​

​

4,688,992

​

The following table presents the effect of the immaterial misstatements on the condensed consolidated statements of stockholders’ equity for the periods indicated:
Seasonality

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additional Paid-In Capital

​

Retained Earnings

​

Total Stockholders' Equity

($ in thousands)

    

As Previously Reported

    

Adjustment

    

As Revised

    

As Previously Reported

    

Adjustment

    

As Revised

    

As Previously Reported

    

Adjustment

    

As Revised

Balance at January 1, 2024

​

$

98,280

​

$

33,385

​

$

131,665

​

$

185,244

​

$

10,383

​

$

195,627

​

$

214,207

​

$

43,768

​

$

257,975

Stock-based compensation

​

​

2,751

​

​

—

​

​

2,751

​

​

—

​

​

—

​

​

—

​

​

5,197

​

​

—

​

​

5,197

Exercise of stock options

​

​

(30)

​

​

—

​

​

(30)

​

​

—

​

​

—

​

​

—

​

​

51

​

​

—

​

​

51

Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options

​

​

(22)

​

​

—

​

​

(22)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Vesting of restricted stock units

​

​

(2,234)

​

​

—

​

​

(2,234)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

209

​

​

—

​

​

209

​

​

—

​

​

—

​

​

—

​

​

(658)

​

​

—

​

​

(658)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(9,947)

​

​

—

​

​

(9,947)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,634)

​

​

—

​

​

(5,634)

​

​

(5,634)

​

​

—

​

​

(5,634)

Non-controlling interest adjustment

​

​

(126)

​

​

—

​

​

(126)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

(22,307)

​

​

—

​

​

(22,307)

​

​

(50,806)

​

​

—

​

​

(50,806)

Balance at March 31, 2024

​

$

98,828

​

$

33,385

​

$

132,213

​

$

157,303

​

$

10,383

​

$

167,686

​

$

152,410

​

$

43,768

​

$

196,178

Stock-based compensation

​

​

2,858

​

​

—

​

​

2,858

​

​

—

​

​

—

​

​

—

​

​

5,397

​

​

—

​

​

5,397

Vesting of restricted stock units

​

​

(1,599)

​

​

—

​

​

(1,599)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

60

​

​

—

​

​

60

​

​

—

​

​

—

​

​

—

​

​

(96)

​

​

—

​

​

(96)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(8,848)

​

​

—

​

​

(8,848)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,640)

​

​

—

​

​

(5,640)

​

​

(5,640)

​

​

—

​

​

(5,640)

Non-controlling interest adjustment

​

​

(71)

​

​

—

​

​

(71)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

9,771

​

​

—

​

​

9,771

​

​

23,414

​

​

—

​

​

23,414

Balance at June 30, 2024

​

$

100,076

​

$

33,385

​

$

133,461

​

$

161,434

​

$

10,383

​

$

171,817

​

$

166,637

​

$

43,768

​

$

210,405

Stock-based compensation

​

​

2,956

​

​

—

​

​

2,956

​

​

—

​

​

—

​

​

—

​

​

5,573

​

​

—

​

​

5,573

Exercise of stock options

​

​

(315)

​

​

—

​

​

(315)

​

​

—

​

​

—

​

​

—

​

​

498

​

​

—

​

​

498

Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options

​

​

(217)

​

​

—

​

​

(217)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Vesting of restricted stock units

​

​

(9,783)

​

​

—

​

​

(9,783)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

1,544

​

​

—

​

​

1,544

​

​

—

​

​

—

​

​

—

​

​

(2,356)

​

​

—

​

​

(2,356)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(51)

​

​

—

​

​

(51)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,666)

​

​

—

​

​

(5,666)

​

​

(5,666)

​

​

—

​

​

(5,666)

Non-controlling interest adjustment

​

​

(44)

​

​

—

​

​

(44)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

5,501

​

​

—

​

​

5,501

​

​

8,056

​

​

—

​

​

8,056

Balance at September 30, 2024

​

$

94,217

​

$

33,385

​

$

127,602

​

$

161,269

​

$

10,383

​

$

171,652

​

$

172,691

​

$

43,768

​

$

216,459

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)The Company declared dividends per share of Class A common stock of $0.125 for each of the three months ended March 31, 2024, June 30, 2024 and September 30, 2024.

​

Seasonality

The Company has experienced, and expects to continue to experience, variability in revenue, net income, and cash flows as a result of annual seasonality in its business. Because RVs are used primarily by vacationers and campers, demand for services, protection plans, products, and resources generally declines during the winter season, while sales and profits are generally highest during the spring and summer months. In addition, unusually severe weather conditions in some geographic areas may impact demand.

The Company generates a disproportionately higher amount of its annual revenue in its second and third fiscal quarters, which include the spring and summer months. The Company incurs additional expenses in the second and third fiscal quarters due to higher sale volumes, increased staffing in its store locations and program costs. If, for any reason, the Company miscalculates the demand for its products or its product mix

during the second and third fiscal quarters, its sales in these quarters could decline, resulting in higher labor costs as a percentage of gross profit, lower margins and excess inventory, which could cause the Company’s annual results of operations to suffer and its stock price to decline.

Additionally, selling, general, and administrative (“SG&A”) expenses as a percentage of gross profit tend to be higher in the first and fourth quarters due to the seasonality of the Company’s business.

Due to the Company’s seasonality, the possible adverse impact from other risks associated with its business, including atypical weather, consumer spending levels, changes in the costs of the Company’s products including the impact of tariffs, and general business conditions, is potentially greater if any such risks occur during the Company’s peak sales seasons.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires that public business entities on an annual basis disclose (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the provisions of this ASU as of January 1, 2025, with respect to the annual disclosures beginning with the year ending December 31, 2025, including the presentation of the comparable prior periods. The adoption of this ASU will result in additional annual income tax disclosures and does not otherwise have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement―Reporting Comprehensive Income―Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires that at each interim and annual reporting period entities present a new tabular disclosure in the notes to the financial statements, presenting disaggregation of the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. Furthermore, the ASU requires entities to include certain amounts that are already required to be disclosed under GAAP in the same disclosure as other disaggregation requirements and disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, entities are required to disclose the total amount of selling expenses and, in annual reporting period, an entity’s definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its condensed consolidated financial statements.

​

In July 2025, the FASB issued ASU 2025-05, Financial Instruments―Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient for all entities and a related accounting policy election for entities other than public business entities for the calculation of current expected credit losses on current accounts receivable and current contract assets. The practical expedient allows all entities to assume that conditions at the balance sheet date will remain unchanged for an asset’s remaining life when estimating credit losses on current accounts receivable and current contract assets arising from transactions under ASC 606. The standard is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The adoption of this ASU will result in a disclosure of the election of the practical expedient and does not otherwise have a material impact on the Company’s condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles―Goodwill and Other―Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU removes all references to software development stages throughout Subtopic 350-40. Instead, an entity is required to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). In evaluating the probable-to-complete threshold, an entity is required to consider whether there is

significant uncertainty associated with the development activities of the software, as described by the standard. This ASU specifies that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. The standard is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its condensed consolidated financial statements.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Summary of Significant Accounting Policies  
Schedule of effect of the error corrections

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2024

($ in thousands)

    

As Previously Reported

    

Adjustment

    

As Revised

Deferred tax assets, net

​

$

157,886

​

$

43,768

​

$

201,654

Total assets

​

​

4,645,224

​

​

43,768

​

​

4,688,992

Additional paid-in capital

​

​

94,217

​

​

33,385

​

​

127,602

Retained earnings

​

​

161,269

​

​

10,383

​

​

171,652

Total stockholders' equity attributable to Camping World Holdings, Inc.

​

​

107,816

​

​

43,768

​

​

151,584

Total stockholders' equity

​

​

172,691

​

​

43,768

​

​

216,459

Total liabilities and stockholders' equity

​

​

4,645,224

​

​

43,768

​

​

4,688,992

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additional Paid-In Capital

​

Retained Earnings

​

Total Stockholders' Equity

($ in thousands)

    

As Previously Reported

    

Adjustment

    

As Revised

    

As Previously Reported

    

Adjustment

    

As Revised

    

As Previously Reported

    

Adjustment

    

As Revised

Balance at January 1, 2024

​

$

98,280

​

$

33,385

​

$

131,665

​

$

185,244

​

$

10,383

​

$

195,627

​

$

214,207

​

$

43,768

​

$

257,975

Stock-based compensation

​

​

2,751

​

​

—

​

​

2,751

​

​

—

​

​

—

​

​

—

​

​

5,197

​

​

—

​

​

5,197

Exercise of stock options

​

​

(30)

​

​

—

​

​

(30)

​

​

—

​

​

—

​

​

—

​

​

51

​

​

—

​

​

51

Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options

​

​

(22)

​

​

—

​

​

(22)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Vesting of restricted stock units

​

​

(2,234)

​

​

—

​

​

(2,234)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

209

​

​

—

​

​

209

​

​

—

​

​

—

​

​

—

​

​

(658)

​

​

—

​

​

(658)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(9,947)

​

​

—

​

​

(9,947)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,634)

​

​

—

​

​

(5,634)

​

​

(5,634)

​

​

—

​

​

(5,634)

Non-controlling interest adjustment

​

​

(126)

​

​

—

​

​

(126)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

(22,307)

​

​

—

​

​

(22,307)

​

​

(50,806)

​

​

—

​

​

(50,806)

Balance at March 31, 2024

​

$

98,828

​

$

33,385

​

$

132,213

​

$

157,303

​

$

10,383

​

$

167,686

​

$

152,410

​

$

43,768

​

$

196,178

Stock-based compensation

​

​

2,858

​

​

—

​

​

2,858

​

​

—

​

​

—

​

​

—

​

​

5,397

​

​

—

​

​

5,397

Vesting of restricted stock units

​

​

(1,599)

​

​

—

​

​

(1,599)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

60

​

​

—

​

​

60

​

​

—

​

​

—

​

​

—

​

​

(96)

​

​

—

​

​

(96)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(8,848)

​

​

—

​

​

(8,848)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,640)

​

​

—

​

​

(5,640)

​

​

(5,640)

​

​

—

​

​

(5,640)

Non-controlling interest adjustment

​

​

(71)

​

​

—

​

​

(71)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

9,771

​

​

—

​

​

9,771

​

​

23,414

​

​

—

​

​

23,414

Balance at June 30, 2024

​

$

100,076

​

$

33,385

​

$

133,461

​

$

161,434

​

$

10,383

​

$

171,817

​

$

166,637

​

$

43,768

​

$

210,405

Stock-based compensation

​

​

2,956

​

​

—

​

​

2,956

​

​

—

​

​

—

​

​

—

​

​

5,573

​

​

—

​

​

5,573

Exercise of stock options

​

​

(315)

​

​

—

​

​

(315)

​

​

—

​

​

—

​

​

—

​

​

498

​

​

—

​

​

498

Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options

​

​

(217)

​

​

—

​

​

(217)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Vesting of restricted stock units

​

​

(9,783)

​

​

—

​

​

(9,783)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

1,544

​

​

—

​

​

1,544

​

​

—

​

​

—

​

​

—

​

​

(2,356)

​

​

—

​

​

(2,356)

Distributions to holders of LLC common units

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(51)

​

​

—

​

​

(51)

Dividends(1)

​

​

—

​

​

—

​

​

—

​

​

(5,666)

​

​

—

​

​

(5,666)

​

​

(5,666)

​

​

—

​

​

(5,666)

Non-controlling interest adjustment

​

​

(44)

​

​

—

​

​

(44)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Net income

​

​

—

​

​

—

​

​

—

​

​

5,501

​

​

—

​

​

5,501

​

​

8,056

​

​

—

​

​

8,056

Balance at September 30, 2024

​

$

94,217

​

$

33,385

​

$

127,602

​

$

161,269

​

$

10,383

​

$

171,652

​

$

172,691

​

$

43,768

​

$

216,459

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)The Company declared dividends per share of Class A common stock of $0.125 for each of the three months ended March 31, 2024, June 30, 2024 and September 30, 2024.
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue  
Summary of total unsatisfied performance obligation for these revenue streams, that the Company expects to recognize the amounts as revenue The total unsatisfied performance obligations for these revenue streams as of September 30, 2025 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):

​

​

​

​

​

​

    

As of

​

    

September 30, 2025

2025

    

$

35,021

2026

​

​

73,093

2027

​

​

26,657

2028

​

​

13,129

2029

​

​

7,235

Thereafter

​

​

5,002

Total

​

$

160,137

​

​

​

​

​
v3.25.3
Inventories and Floor Plan Payables (Tables)
 9 Months Ended
Sep. 30, 2025
Inventories and Floor Plan Payables  
Schedule of inventories

Inventories consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Good Sam services and plans

​

$

278

​

$

263

​

$

256

New RVs

​

​

1,258,539

​

​

1,241,533

​

​

1,189,880

Used RVs

​

​

595,055

​

​

413,546

​

​

420,727

Products, parts, accessories and other

​

​

172,520

​

​

166,495

​

​

170,793

​

​

$

2,026,392

​

$

1,821,837

​

$

1,781,656

​

​

​

​

​

​

​

​

​

​

​
Schedule of outstanding amounts and available borrowing

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of September 30, 2025 and December 31, 2024, and September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Floor Plan Facility

​

​

​

​

​

​

​

​

​

Notes payable - floor plan:

​

​

​

​

​

​

​

​

​

Total commitment

​

$

2,150,000

​

$

1,850,000

​

$

1,850,000

Less: borrowings, net of FLAIR offset account

​

​

(1,361,019)

​

​

(1,161,713)

​

​

(1,030,187)

Less: FLAIR offset account(1)

​

​

(277)

​

​

(79,472)

​

​

(151,539)

Additional borrowing capacity

​

​

788,704

​

​

608,815

​

​

668,274

Less: short-term payable for sold inventory(2)

​

​

(60,188)

​

​

(33,152)

​

​

(65,015)

Less: purchase commitments(3)

​

​

(43,471)

​

​

(9,340)

​

​

(30,432)

Unencumbered borrowing capacity

​

$

685,045

​

$

566,323

​

$

572,827

​

​

​

​

​

​

​

​

​

​

Revolving line of credit:

​

$

70,000

​

$

70,000

​

$

70,000

Less: borrowings

​

​

—

​

​

—

​

​

(31,885)

Additional borrowing capacity

​

$

70,000

​

$

70,000

​

$

38,115

​

​

​

​

​

​

​

​

​

​

Letters of credit:

​

​

​

​

​

​

​

​

​

Total commitment

​

$

45,000

​

$

30,000

​

$

30,000

Less: outstanding letters of credit

​

​

(14,300)

​

​

(14,300)

​

​

(12,300)

Additional letters of credit capacity

​

$

30,700

​

$

15,700

​

$

17,700

​

​

​

​

​

​

​

​

​

​

​

(1)Flooring line aggregate interest reduction (“FLAIR”) offset account that allows the Company to transfer cash to the Floor Plan Lenders as an offset to the payables under the Floor Plan Facility. The FLAIR offset account does not reduce the outstanding amount of loans under the Floor Plan Facility for purposes of determining the unencumbered borrowing capacity under the Floor Plan Facility.
(2)The short-term payable represents the amount due for sold inventory. A payment for any floor plan units sold is due within three to ten business days of sale. Due to the short-term nature of these payables, the Company reclassifies the amounts from notes payable‒floor plan, net to accounts payable in the condensed consolidated balance sheets. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the condensed consolidated statements of cash flows.
(3)Purchase commitments represent vehicles approved for floor plan financing where the inventory has not yet been received by the Company from the supplier and no floor plan borrowing is outstanding.
v3.25.3
Long-Lived Asset Impairment (Tables)
 9 Months Ended
Sep. 30, 2025
Long-Lived Asset Impairment  
Schedule of long-lived asset impairment charges by type of long-lived asset

The following table details long-lived asset impairment charges by type of long-lived asset, all of which relate to the RV and Outdoor Retail segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

​

​

2025

    

2024

    

2025

    

2024

Long-lived asset impairment charges by type of long-lived asset:

​

​

​

​

​

​

​

​

​

​

​

​

Leasehold improvements

​

$

—

​

$

214

​

$

190

​

$

3,694

Operating lease right of use assets

​

​

617

​

​

547

​

​

617

​

​

4,874

Building and improvements

​

​

—

​

​

1,183

​

​

430

​

​

3,787

Total long-lived asset impairment charges

​

$

617

​

$

1,944

​

$

1,237

​

$

12,355

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Assets Held for Sale and Business Divestitures (Tables)
 9 Months Ended
Sep. 30, 2025
Assets Held for Sale and Business Divestitures  
Schedule of Components of assets held for sale and liabilities related to assets held for sale

The following table presents the components of assets held for sale as of September 30, 2025, December 31, 2024, and September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Assets held for sale:

​

​

​

​

​

​

​

​

​

Property and equipment, net

​

$

38,431

​

$

1,350

​

$

10,353

​

​

$

38,431

​

$

1,350

​

$

10,353

​

​

​

​

​

​

​

​

​

​
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets  
Schedule of changes in the Company's goodwill by segment

The following table presents a summary of changes in the Company’s goodwill by segment for the nine months ended September 30, 2025 and 2024 and three months ended December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam

​

​

​

​

​

​

Services and

​

RV and

​

​

​

    

Plans

    

Outdoor Retail

    

Consolidated

Balance at December 31, 2023 (excluding impairment charges)

​

$

71,118

​

$

881,941

​

$

953,059

Accumulated impairment charges

​

​

(46,884)

​

​

(194,953)

​

​

(241,837)

Balance at December 31, 2023

​

​

24,234

​

​

686,988

​

​

711,222

Acquisitions

​

​

1,561

​

​

28,929

​

​

30,490

Divestiture (1)

​

​

—

​

​

(8,899)

​

​

(8,899)

Balance at September 30, 2024

​

​

25,795

​

​

707,018

​

​

732,813

Acquisitions

​

​

—

​

​

1,210

​

​

1,210

Balance at December 31, 2024

​

​

25,795

​

​

708,228

​

​

734,023

Acquisitions

​

​

—

​

​

18,341

​

​

18,341

Divestiture (2)

​

​

—

​

​

(3,413)

​

​

(3,413)

Balance at September 30, 2025

​

$

25,795

​

$

723,156

​

$

748,951

​

​

​

​

​

​

​

​

​

​

(1)In May 2024, the Company closed on the sale of CWDS.
(2)In June 2025, the Company closed on the sale of a dealership.
Schedule of Finite-lived intangible assets and related accumulated amortization

Finite-lived intangible assets and related accumulated amortization consisted of the following as of September 30, 2025, December 31, 2024 and September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

Carrying

​

Accumulated

​

​

​

​

   

Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership, customer lists and other

​

$

9,194

​

$

(9,133)

​

$

61

Trademarks and trade names

​

​

2,132

​

​

(486)

​

​

1,646

Websites and developed technology

​

​

3,650

​

​

(2,031)

​

​

1,619

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists, domain names and other

​

​

4,154

​

​

(3,052)

​

​

1,102

Supplier lists and agreements

​

​

9,500

​

​

(1,262)

​

​

8,238

Trademarks and trade names

​

​

26,526

​

​

(23,010)

​

​

3,516

Websites and developed technology

​

​

6,151

​

​

(5,630)

​

​

521

​

​

$

61,307

​

$

(44,604)

​

$

16,703

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Carrying

​

Accumulated

​

​

​

​

    

Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership, customer lists and other

​

$

9,740

​

$

(9,537)

​

$

203

Trademarks and trade names

​

​

2,132

​

​

(379)

​

​

1,753

Websites and developed technology

​

​

3,650

​

​

(1,614)

​

​

2,036

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names

​

​

4,154

​

​

(2,752)

​

​

1,402

Supplier lists and agreements

​

​

9,500

​

​

(594)

​

​

8,906

Trademarks and trade names

​

​

26,526

​

​

(22,005)

​

​

4,521

Websites and developed technology

​

​

6,348

​

​

(5,700)

​

​

648

​

​

$

62,050

​

$

(42,581)

​

$

19,469

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

Cost or

​

Accumulated

​

​

​

​

    

Fair Value

    

Amortization

    

Net

Good Sam Services and Plans:

​

​

​

​

​

​

​

​

​

Membership, customer lists and other

​

$

9,740

​

$

(9,464)

​

$

276

Trademarks and trade names

​

​

2,132

​

​

(343)

​

​

1,789

Websites and developed technology

​

​

3,650

​

​

(1,475)

​

​

2,175

RV and Outdoor Retail:

​

​

​

​

​

​

​

​

​

Customer lists and domain names and other

​

​

4,154

​

​

(2,652)

​

​

1,502

Supplier lists and agreements

​

​

9,500

​

​

(371)

​

​

9,129

Trademarks and trade names

​

​

26,526

​

​

(21,670)

​

​

4,856

Websites and developed technology

​

​

6,345

​

​

(5,659)

​

​

686

​

​

$

62,047

​

$

(41,634)

​

$

20,413

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Instrument [Line Items]  
Schedule of outstanding long-term debt

Outstanding long-term debt consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Term Loan Facility (1)

​

$

1,311,362

​

$

1,335,535

​

$

1,338,321

Real Estate Facilities (2)

​

​

163,018

​

​

173,132

​

​

183,497

Other Long-Term Debt

​

​

7,676

​

​

7,926

​

​

8,007

Subtotal

​

​

1,482,056

​

​

1,516,593

​

​

1,529,825

Less: current portion

​

​

(22,749)

​

​

(23,275)

​

​

(23,798)

Total

​

$

1,459,307

​

$

1,493,318

​

$

1,506,027

​

​

​

​

​

​

​

​

​

​

(1)Net of $7.7 million, $9.6 million, and $10.2 million of original issue discount as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively, and $2.9 million, $3.8 million, and $3.9 million of finance costs as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively.
(2)Net of $2.2 million, $3.1 million, and $3.3 million of finance costs as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively.

​
Term Loan Facility  
Debt Instrument [Line Items]  
Schedule of outstanding amounts and available borrowings

The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

    

2025

    

2024

    

2024

Senior Secured Credit Facilities:

​

​

​

​

​

​

​

​

​

Term Loan Facility:

​

​

​

​

​

​

​

​

​

Principal amount of borrowings

​

$

1,400,000

​

$

1,400,000

​

$

1,400,000

Less: cumulative principal payments

​

​

(78,060)

​

​

(51,049)

​

​

(47,545)

Less: unamortized original issue discount

​

​

(7,665)

​

​

(9,600)

​

​

(10,228)

Less: unamortized finance costs

​

​

(2,913)

​

​

(3,816)

​

​

(3,906)

​

​

​

1,311,362

​

​

1,335,535

​

​

1,338,321

Less: current portion

​

​

(14,015)

​

​

(14,015)

​

​

(14,015)

Long-term debt, net of current portion

​

$

1,297,347

​

$

1,321,520

​

$

1,324,306

Revolving Credit Facility:

​

​

​

​

​

​

​

​

​

Total commitment

​

$

65,000

​

$

65,000

​

$

65,000

Less: outstanding letters of credit

​

​

(4,902)

​

​

(4,902)

​

​

(4,902)

Less: total net leverage ratio borrowing limitation

​

​

(37,348)

​

​

(37,348)

​

​

(37,348)

Additional borrowing capacity

​

$

22,750

​

$

22,750

​

$

22,750

​

​

​

​

​

​

​

​

​

​
Real Estate Facilities  
Debt Instrument [Line Items]  
Schedule of outstanding amounts and available borrowings

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025

​

​

​

​

Remaining

​

Wtd. Average

(In thousands)

    

Outstanding(1)

    

Available(2)

    

Interest Rate

Real Estate Facilities

​

​

​

​

​

​

​

​

​

M&T Real Estate Facility

​

$

159,850

​

$

57,390

(3)

​

6.52%

First CIBC Real Estate Facility

​

​

3,168

​

​

—

​

​

7.26%

​

​

$

163,018

​

$

57,390

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Outstanding principal amounts are net of unamortized finance costs.
(2)Amounts cannot be reborrowed.
(3)Additional borrowings on the M&T Real Estate Facility are subject to a debt service coverage ratio covenant and to the property collateral requirements under the M&T Real Estate Facility.
v3.25.3
Lease Obligations (Tables)
 9 Months Ended
Sep. 30, 2025
Lease Obligations  
Summary of lease cost

The following table presents certain information related to the costs for leases where the Company is the lessee (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2025

    

2024

    

2025

    

2024

Operating lease cost

​

$

28,951

​

$

28,999

​

$

87,727

​

$

87,483

Finance lease cost:

​

​

​

​

​

​

​

​

​

​

​

​

Amortization of finance lease assets

​

​

2,703

​

​

2,788

​

​

8,011

​

​

8,484

Interest on finance lease liabilities

​

​

2,161

​

​

2,233

​

​

6,583

​

​

7,079

Short-term lease cost

​

​

225

​

​

562

​

​

808

​

​

1,398

Variable lease cost

​

​

6,701

​

​

6,422

​

​

18,560

​

​

19,312

Sublease income

​

​

(922)

​

​

(893)

​

​

(2,650)

​

​

(2,464)

Net lease costs

​

$

39,819

​

$

40,111

​

$

119,039

​

$

121,292

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of cash flow supplemental information

The following table presents supplemental cash flow information related to leases (in thousands):

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

2025

    

2024

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

Operating cash flows for operating leases

​

$

90,571

​

$

89,213

Operating cash flows for finance leases

​

​

6,577

​

​

7,079

Financing cash flows for finance leases

​

​

5,540

​

​

5,684

Lease assets obtained in exchange for lease liabilities:

​

​

​

​

​

​

New, remeasured and terminated operating leases

​

​

22,299

​

​

62,520

New, remeasured and terminated finance leases

​

​

4,507

​

​

30,771
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Summary of the reported carrying values and the fair values by level of the Company's assets and liabilities measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

​

September 30, 2024

($ in thousands)

    

Carrying Value

    

Level 3

    

Carrying Value

    

Level 3

​

Carrying Value

    

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derived participation investment (1)

​

$

6,546

​

$

6,546

​

$

156

​

$

156

​

$

3,947

​

$

3,947

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisition-related contingent consideration (2)

​

​

368

​

​

368

​

​

368

​

​

368

​

​

368

​

​

368

(1)Derived participation investment was included in other assets in the accompanying condensed consolidated balance sheets.
(2)As of September 30, 2025, the $0.4 million of the acquisition-related contingent consideration was included in accrued liabilities in the accompanying condensed consolidated balance sheets. As of December 31, 2024 and September 30, 2024, the $0.2 million current and $0.2 million non-current portions of acquisition-related contingent consideration were included in accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.
Schedule of fair value measurements of assets using significant unobservable inputs

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

($ in thousands)

    

    

Derived Participation Investment

    

Acquisition-related contingent consideration

Beginning balance

​

​

$

156

​

$

368

Purchases

​

​

​

6,717

​

​

—

Settlements

​

​

​

(1,124)

​

​

—

Gains included in earnings

​

​

​

797

​

​

—

Ending balance

​

​

$

6,546

​

$

368
Summary of aggregate carrying value and fair value of the Company's debt instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

September 30, 2025

​

December 31, 2024

​

September 30, 2024

($ in thousands)

    

Measurement

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

​

Carrying Value

    

Fair Value

Term Loan Facility

​

Level 2

​

$

1,311,362

​

$

1,290,544

​

$

1,335,535

​

$

1,320,286

​

$

1,338,321

​

$

1,296,666

Floor Plan Facility Revolving Line of Credit

​

Level 2

​

​

—

​

​

—

​

​

—

​

​

—

​

​

31,885

​

​

32,791

Real Estate Facilities

​

Level 2

​

​

163,018

​

​

167,572

​

​

173,132

​

​

176,684

​

​

183,497

​

​

189,002

Other Long-Term Debt

​

Level 2

​

​

7,676

​

​

6,677

​

​

7,926

​

​

6,652

​

​

8,007

​

​

6,929

​
v3.25.3
Statement of Cash Flows (Tables)
 9 Months Ended
Sep. 30, 2025
Statement of Cash Flows  
Supplemental disclosures of cash flow information

Supplemental disclosures of cash flow information for the following periods (in thousands) were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30,

​

    

2025

    

2024

Cash paid during the period for:

​

​

​

​

​

​

Interest

​

$

146,325

​

$

187,231

Income taxes

​

​

1,432

​

​

3,546

Noncash investing and financing activities:

​

​

​

​

​

​

Leasehold improvements paid by lessor

​

​

437

​

​

—

Capital expenditures in accounts payable and accrued liabilities

​

​

14,638

​

​

6,145

Prior period deposit applied to portion of purchase price of RV dealership acquisition

​

​

11,000

​

​

8,873

Note receivable forgiven as partial consideration for the purchase of real property

​

​

1,128

​

​

—

Contingent consideration recognized as partial consideration for purchase of a business

​

​

—

​

​

368

Fair value of holdback receivable recognized as partial consideration for divestiture of a business

​

​

—

​

​

933

Supplier agreement intangible asset recognized as partial consideration for divestiture of a business

​

​

—

​

​

9,500

Cost of treasury stock issued for vested restricted stock units

​

​

—

​

​

15,299

​
v3.25.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2025
Assets of Multiple Dealership Locations Acquired  
Acquisitions  
Summary of the purchase price allocations

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

($ in thousands)

    

2025

    

2024

Tangible assets (liabilities) acquired (assumed):

​

​

​

​

​

​

Accounts receivable, net

​

$

—

​

$

4

Inventories, net

​

​

73,002

​

​

37,642

Prepaid expenses and other assets

​

​

58

​

​

—

Property and equipment, net

​

​

1,414

​

​

296

Operating lease assets

​

​

9,366

​

​

15,328

Accounts payable

​

​

—

​

​

(5)

Accrued liabilities

​

​

(140)

​

​

(35)

Current portion of operating lease liabilities

​

​

(1,055)

​

​

(1,112)

Other current liabilities

​

​

(471)

​

​

(23)

Operating lease liabilities, net of current portion

​

​

(8,312)

​

​

(14,216)

Total tangible net assets acquired

​

​

73,862

​

​

37,879

Intangible assets acquired:

​

​

​

​

​

​

Supplier and customer relationships

​

​

—

​

​

2,595

Websites and developed technology

​

​

—

​

​

600

Total intangible assets acquired

​

​

—

​

​

3,195

Goodwill

​

​

18,341

​

​

30,490

Purchase price of acquisitions

​

​

92,203

​

​

71,564

Application of deposit paid in prior period

​

​

(11,000)

​

​

(8,873)

Contingent consideration

​

​

—

​

​

(368)

Cash paid for acquisitions, net of cash acquired

​

​

81,203

​

​

62,323

Inventory purchases financed via floor plan

​

​

(71,181)

​

​

(49,162)

Cash payment net of floor plan financing

​

$

10,022

​

$

13,161

​

​

​

​

​

​

​
v3.25.3
Non-Controlling Interests (Tables)
 9 Months Ended
Sep. 30, 2025
Non-Controlling Interests  
Schedule of ownership in CWGS, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025

​

As of December 31, 2024

​

As of September 30, 2024

​

​

Common Units

    

Ownership %

    

Common Units

    

Ownership %

    

Common Units

    

Ownership %

CWH

​

​

62,818,624

​

​

61.2%

​

​

62,502,096

​

​

61.0%

​

​

45,341,818

​

​

53.1%

Continuing Equity Owners

​

​

39,895,393

​

​

38.8%

​

​

39,895,393

​

​

39.0%

​

​

40,044,536

​

​

46.9%

Total

​

​

102,714,017

​

​

100.0%

​

​

102,397,489

​

​

100.0%

​

​

85,386,354

​

​

100.0%

Schedule of effects of changes in ownership

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

($ in thousands)

   

2025

   

2024

   

2025

   

2024

Net (loss) income attributable to Camping World Holdings, Inc.

​

$

(40,438)

​

$

5,501

​

$

(22,502)

​

$

(7,035)

Transfers to non-controlling interests:

​

​

​

​

​

​

​

​

​

​

​

​

Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options

​

​

—

​

​

(217)

​

​

—

​

​

(239)

Increase (decrease) in additional paid-in capital as a result of the vesting of restricted stock units

​

​

973

​

​

(9,783)

​

​

1,645

​

​

(13,616)

(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs

​

​

(1,764)

​

​

1,544

​

​

(2,939)

​

​

1,813

Change from net (loss) income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests

​

$

(41,229)

​

$

(2,955)

​

$

(23,796)

​

$

(19,077)

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Stock-Based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2025
Stock-Based Compensation Plans  
Schedule of stock-based compensation expense classified with the consolidated statements of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

($ in thousands)

 

2025

    

2024

    

2025

    

2024

Stock-based compensation expense:

​

​

​

​

​

​

​

​

​

​

​

​

Costs applicable to revenue

​

$

118

​

$

95

​

$

343

​

$

276

Selling, general, and administrative

​

​

7,632

​

​

5,478

​

​

23,121

​

​

15,891

Total stock-based compensation expense

​

$

7,750

​

$

5,573

​

$

23,464

​

$

16,167

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of stock option, restricted stock unit ("RSU") and performance stock unit ("PSU") activities

​

​

​

​

​

​

​

​

​

​

Stock

​

Restricted

​

Performance

(in thousands)

​

Options

​

Stock Units

​

Stock Units

Outstanding at December 31, 2024

​

155

​

1,652

​

—

Granted

​

—

​

1,189

​

750

Vested

​

—

​

(479)

​

—

Forfeited

​

(12)

​

(140)

​

—

Outstanding at September 30, 2025

​

143

​

2,222

​

750

Exercisable at September 30, 2025

​

143

​

n/a

​

n/a

​

​

​

​

​

​

​
v3.25.3
(Loss) Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Class A Common Stock  
Schedule of reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

(In thousands except per share amounts)

​

2025

    

2024

    

2025

    

2024

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net (loss) income

​

$

(29,351)

​

$

8,056

​

$

3,490

​

$

(19,336)

Less: net (loss) income attributable to non-controlling interests

​

​

(11,087)

​

​

(2,555)

​

​

(25,992)

​

​

12,301

Net (loss) income attributable to Camping World Holdings, Inc. — basic

​

$

(40,438)

​

$

5,501

​

$

(22,502)

​

$

(7,035)

Add: reallocation of net (loss) income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock

​

​

—

​

​

2,127

​

​

—

​

​

(8,525)

Net (loss) income attributable to Camping World Holdings, Inc. — diluted

​

$

(40,438)

​

$

7,628

​

$

(22,502)

​

$

(15,560)

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares of Class A common stock outstanding — basic

​

​

62,735

​

​

45,232

​

​

62,627

​

​

45,124

Dilutive restricted stock units

​

​

—

​

​

341

​

​

—

​

​

—

Dilutive common units of CWGS, LLC that are convertible into Class A common stock

​

​

—

​

​

40,045

​

​

—

​

​

40,045

Weighted-average shares of Class A common stock outstanding — diluted

​

​

62,735

​

​

85,618

​

​

62,627

​

​

85,169

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) earnings per share of Class A common stock — basic

​

$

(0.64)

​

$

0.12

​

$

(0.36)

​

$

(0.16)

(Loss) earnings per share of Class A common stock — diluted

​

$

(0.64)

​

$

0.09

​

$

(0.36)

​

$

(0.18)

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock:

​

​

​

​

​

​

​

​

​

​

​

​

Stock options to purchase Class A common stock

​

​

144

​

​

158

​

​

150

​

​

182

Restricted stock units

​

​

2,359

​

​

890

​

​

2,423

​

​

2,031

Common units of CWGS, LLC that are convertible into Class A common stock

​

​

39,895

​

​

—

​

​

39,895

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average contingently issuable shares excluded from the computation of diluted (loss) earnings per share of Class A common stock since all necessary conditions had not been satisfied:

​

​

​

​

​

​

​

​

​

​

​

​

Performance stock units(1)

​

​

750

​

​

—

​

​

750

​

​

—

​

(1)See Note 16 – Stock-Based Compensation Plans for further details of PSUs.
v3.25.3
Segments Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segments Information  
Schedule of reportable segment revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

​

​

​

2025

​

2024

​

2025

​

2024

​

​

​

Good Sam

​

RV and

​

Good Sam

​

RV and

​

Good Sam

​

RV and

​

Good Sam

​

RV and

​

​

​

Services

​

Outdoor

​

Services

​

Outdoor

​

Services

​

Outdoor

​

Services

​

Outdoor

​

($ in thousands)

​

and Plans

​

Retail

​

and Plans

​

Retail

​

and Plans

​

Retail

​

and Plans

​

Retail

​

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

52,508

​

$

—

​

$

50,841

​

$

—

​

$

152,929

​

$

—

​

$

149,070

​

$

—

​

New vehicles

​

​

—

​

​

766,779

​

​

—

​

​

824,916

​

​

—

​

​

2,303,317

​

​

—

​

​

2,328,107

​

Used vehicles

​

​

—

​

​

589,092

​

​

—

​

​

447,242

​

​

—

​

​

1,583,714

​

​

—

​

​

1,265,701

​

Products, service and other

​

​

—

​

​

208,634

​

​

—

​

​

224,839

​

​

—

​

​

596,516

​

​

—

​

​

638,680

​

Finance and insurance, net

​

​

—

​

​

178,297

​

​

—

​

​

166,255

​

​

—

​

​

528,162

​

​

—

​

​

480,725

​

Good Sam Club

​

​

—

​

​

10,808

​

​

—

​

​

10,895

​

​

—

​

​

30,952

​

​

—

​

​

33,227

​

Intersegment revenue(1)

​

​

164

​

​

3,501

​

​

(202)

​

​

3,535

​

​

1,060

​

​

10,161

​

​

957

​

​

10,465

​

Total revenue before intersegment eliminations

​

​

52,672

​

​

1,757,111

​

​

50,639

​

​

1,677,682

​

​

153,989

​

​

5,052,822

​

​

150,027

​

​

4,756,905

​

Segment expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted costs applicable to revenue(2)

​

​

22,740

​

​

1,266,227

​

​

19,656

​

​

1,206,713

​

​

62,353

​

​

3,593,978

​

​

51,950

​

​

3,394,704

​

Intersegment costs applicable to revenue(3)

​

​

78

​

​

3,327

​

​

(280)

​

​

2,796

​

​

705

​

​

9,744

​

​

744

​

​

8,341

​

Adjusted selling, general and administrative(4)

​

​

8,263

​

​

392,346

​

​

7,604

​

​

397,649

​

​

23,072

​

​

1,179,591

​

​

22,053

​

​

1,158,009

​

Floor plan interest expense

​

​

—

​

​

18,061

​

​

—

​

​

22,372

​

​

—

​

​

57,356

​

​

—

​

​

78,053

​

Other segment items(5)

​

​

—

​

​

(9)

​

​

—

​

​

80

​

​

—

​

​

(29)

​

​

—

​

​

223

​

Segment Adjusted EBITDA

​

$

21,591

​

$

77,159

​

$

23,659

​

$

48,072

​

$

67,859

​

$

212,182

​

$

75,280

​

$

117,575

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Intersegment revenue consists of segment revenue that is eliminated in our condensed consolidated statements of operations.
(2)Adjusted costs applicable to revenue exclude SBC expense and intersegment costs applicable to revenue.
(3)Intersegment costs applicable to revenue consist of segment costs applicable to revenue that are eliminated in our condensed consolidated statements of operations.
(4)Adjusted SG&A expenses excludes SBC expense and intersegment operating expenses.
(5)Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities.
Schedule of reportable segment adjusted EBITDA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

​

2025

   

2024

   

2025

   

2024

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans Segment

​

$

52,672

​

$

50,639

​

$

153,989

​

$

150,027

RV and Outdoor Retail Segment

​

​

1,757,111

​

​

1,677,682

​

​

5,052,822

​

​

4,756,905

Total segment revenue

​

​

1,809,783

​

​

1,728,321

​

​

5,206,811

​

​

4,906,932

Intersegment eliminations

​

​

(3,665)

​

​

(3,333)

​

​

(11,221)

​

​

(11,422)

Total revenue

​

​

1,806,118

​

​

1,724,988

​

​

5,195,590

​

​

4,895,510

Segment Adjusted EBITDA:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans Segment

​

​

21,591

​

​

23,659

​

​

67,859

​

​

75,280

RV and Outdoor Retail Segment

​

​

77,159

​

​

48,072

​

​

212,182

​

​

117,575

Total Segment Adjusted EBITDA

​

​

98,750

​

​

71,731

​

​

280,041

​

​

192,855

Corporate SG&A excluding SBC(1)

​

​

(2,770)

​

​

(3,478)

​

​

(10,161)

​

​

(9,405)

Depreciation and amortization

​

​

(25,654)

​

​

(20,583)

​

​

(71,617)

​

​

(59,905)

Long-lived asset impairment

​

​

(617)

​

​

(1,944)

​

​

(1,237)

​

​

(12,355)

Lease termination

​

​

(76)

​

​

2,625

​

​

31

​

​

2,585

(Loss) gain on sale or disposal of assets

​

​

(534)

​

​

5

​

​

104

​

​

(9,525)

Stock-based compensation(2)

​

​

(7,750)

​

​

(5,573)

​

​

(23,464)

​

​

(16,167)

Loss and impairment on investments in equity securities(3)

​

​

(1,163)

​

​

(162)

​

​

(3,920)

​

​

(337)

Other interest expense, net

​

​

(30,982)

​

​

(35,877)

​

​

(92,349)

​

​

(108,124)

Tax Receivable Agreement liability adjustment

​

​

149,172

​

​

—

​

​

149,172

​

​

—

Intersegment eliminations(4)

​

​

(268)

​

​

(737)

​

​

(801)

​

​

(2,114)

Income (loss) before income taxes

​

$

178,108

​

$

6,007

​

$

225,799

​

$

(22,492)

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Corporate SG&A excluding SBC represents corporate SG&A expenses that are not allocated to the segments and are comprised primarily of the costs associated with being a public company. This amount excludes the SBC relating to the Board of Directors for their service as board members that is not allocated to the segments, since it is presented as part of the SBC reconciling line item in this table.
(2)This SBC amount includes SBC allocated to the segments and SBC relating to the Board of Directors for their service as board members that is not allocated to the segments (See Note 16 — Stock-Based Compensation Plans).
(3)Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments. These amounts are included in other expense, net in the condensed consolidated statements of operations.
(4)Represents the net impact of intersegment eliminations on (loss) income before income taxes.
Schedule of reportable segment depreciation and amortization and other interest expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

 

2025

    

2024

    

2025

    

2024

Depreciation and amortization:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

1,552

​

$

813

​

$

3,578

​

$

2,502

RV and Outdoor Retail

​

​

24,102

​

​

19,770

​

​

68,039

​

​

57,403

Total depreciation and amortization

​

$

25,654

​

$

20,583

​

$

71,617

​

$

59,905

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

    

2025

    

2024

    

2025

    

2024

Other interest expense, net:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

(15)

​

$

(21)

​

$

(88)

​

$

(61)

RV and Outdoor Retail

​

​

6,381

​

​

7,758

​

​

19,090

​

​

24,114

Subtotal

​

​

6,366

​

​

7,737

​

​

19,002

​

​

24,053

Corporate & other

​

​

24,616

​

​

28,140

​

​

73,347

​

​

84,071

Total other interest expense, net

​

$

30,982

​

$

35,877

​

$

92,349

​

$

108,124

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of reportable segment assets

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

($ in thousands)

    

2025

    

2024

    

2024

Assets:

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

85,476

​

$

121,876

​

$

87,087

RV and Outdoor Retail

​

​

4,902,471

​

​

4,509,509

​

​

4,366,121

Subtotal

​

​

4,987,947

​

​

4,631,385

​

​

4,453,208

Corporate & other

​

​

11,020

​

​

231,892

​

​

235,784

Total assets  

​

$

4,998,967

​

$

4,863,277

​

$

4,688,992

​

​

​

​

​

​

​

​

​

​
Schedule of reportable segment capital expenditures

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

($ in thousands)

​

2025

   

2024

   

2025

   

2024

Capital expenditures:

​

​

​

​

​

​

​

​

​

​

​

​

Good Sam Services and Plans

​

$

2,581

​

$

2,068

​

$

7,699

​

$

5,683

RV and Outdoor Retail

​

​

82,309

​

​

17,573

​

​

199,273

​

​

63,754

Total capital expenditures

​

$

84,890

​

$

19,641

​

$

206,972

​

$

69,437

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
Summary of Significant Accounting Policies - Description of Business (Details) - CWGS, LLC
 9 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Segments Information      
Ownership interest 100.00% 100.00% 100.00%
CWH      
Segments Information      
Ownership interest 61.00% 61.20% 53.10%
v3.25.3
Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of condensed consolidated balance sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Reclassification [Line Items]                
Deferred tax assets, net $ 1,495     $ 215,140 $ 201,654      
Total assets 4,998,967     4,863,277 4,688,992      
Additional paid-in capital 209,349     193,692 127,602      
Retained earnings 86,235     132,241 171,652      
Total stockholders' equity attributable to Camping World Holdings, Inc. 296,216     326,562 151,584      
Total stockholders' equity 482,974 $ 516,579 $ 458,811 484,949 216,459 $ 210,405 $ 196,178 $ 257,975
Total liabilities and stockholders' equity $ 4,998,967     $ 4,863,277 4,688,992      
As Previously Reported                
Reclassification [Line Items]                
Deferred tax assets, net         157,886      
Total assets         4,645,224      
Additional paid-in capital         94,217      
Retained earnings         161,269      
Total stockholders' equity attributable to Camping World Holdings, Inc.         107,816      
Total stockholders' equity         172,691 166,637 152,410 214,207
Total liabilities and stockholders' equity         4,645,224      
Adjustment                
Reclassification [Line Items]                
Deferred tax assets, net         43,768      
Total assets         43,768      
Additional paid-in capital         33,385      
Retained earnings         10,383      
Total stockholders' equity attributable to Camping World Holdings, Inc.         43,768      
Total stockholders' equity         43,768 $ 43,768 $ 43,768 $ 43,768
Total liabilities and stockholders' equity         $ 43,768      
v3.25.3
Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of consolidated statements of stockholders' equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Reclassification [Line Items]                
Balance $ 516,579 $ 458,811 $ 484,949 $ 210,405 $ 196,178 $ 257,975 $ 484,949 $ 257,975
Stock-based compensation 7,751 8,444 7,270 5,573 5,397 5,197    
Exercise of stock options       498   51    
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options       0   0    
Vesting of restricted stock units       0 0 0    
Repurchases of Class A common stock for withholding taxes on vested RSUs (1,765) (304) (871) (2,356) (96) (658)    
Distributions to holders of LLC common units (2,388) (64) (34) (51) (8,848) (9,947)    
Dividends (7,852) [1] (7,831) [1] (7,821) [1] (5,666) [2] (5,640) [2] (5,634) [2]    
Non-controlling interest adjustment       0 0 0    
Net income (loss) (29,351) 57,523 (24,682) 8,056 23,414 (50,806) 3,490 (19,336)
Balance 482,974 516,579 458,811 216,459 210,405 196,178 482,974 216,459
Additional Paid-in Capital                
Reclassification [Line Items]                
Balance 205,383 197,730 193,692 133,461 132,213 131,665 193,692 131,665
Stock-based compensation 4,738 5,158 4,438 2,956 2,858 2,751    
Exercise of stock options       (315)   (30)    
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options       (217)   (22)    
Vesting of restricted stock units 973 226 446 (9,783) (1,599) (2,234)    
Repurchases of Class A common stock for withholding taxes on vested RSUs (1,764) (304) (871) 1,544 60 209    
Distributions to holders of LLC common units 0 0 0 0 0 0    
Dividends 0 [1] 0 [1] 0 [1] 0 [2] 0 [2] 0 [2]    
Non-controlling interest adjustment 19 2,573 25 (44) (71) (126)    
Net income (loss) 0 0 0 0 0 0    
Balance 209,349 205,383 197,730 127,602 133,461 132,213 209,349 127,602
Retained Earnings                
Reclassification [Line Items]                
Balance 134,525 112,140 132,241 171,817 167,686 195,627 132,241 195,627
Stock-based compensation 0 0 0 0 0 0    
Exercise of stock options       0   0    
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options       0   0    
Vesting of restricted stock units 0 0 0 0 0 0    
Repurchases of Class A common stock for withholding taxes on vested RSUs 0 0 0 0 0 0    
Distributions to holders of LLC common units 0 0 0 0 0 0    
Dividends (7,852) [1] (7,831) [1] (7,821) [1] (5,666) [2] (5,640) [2] (5,634) [2]    
Non-controlling interest adjustment 0 0 0 0 0 0    
Net income (loss) (40,438) 30,216 (12,280) 5,501 9,771 (22,307)    
Balance $ 86,235 $ 134,525 $ 112,140 171,652 171,817 167,686 $ 86,235 171,652
As Previously Reported                
Reclassification [Line Items]                
Balance       166,637 152,410 214,207   214,207
Stock-based compensation       5,573 5,397 5,197    
Exercise of stock options       498   51    
Repurchases of Class A common stock for withholding taxes on vested RSUs       (2,356) (96) (658)    
Distributions to holders of LLC common units       (51) (8,848) (9,947)    
Dividends       (5,666) (5,640) (5,634)    
Net income (loss)       8,056 23,414 (50,806)    
Balance       172,691 166,637 152,410   172,691
As Previously Reported | Additional Paid-in Capital                
Reclassification [Line Items]                
Balance       100,076 98,828 98,280   98,280
Stock-based compensation       2,956 2,858 2,751    
Exercise of stock options       (315)   (30)    
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options       (217)   (22)    
Vesting of restricted stock units       (9,783) (1,599) (2,234)    
Repurchases of Class A common stock for withholding taxes on vested RSUs       1,544 60 209    
Non-controlling interest adjustment       (44) (71) (126)    
Balance       94,217 100,076 98,828   94,217
As Previously Reported | Retained Earnings                
Reclassification [Line Items]                
Balance       161,434 157,303 185,244   185,244
Dividends       (5,666) (5,640) (5,634)    
Net income (loss)       5,501 9,771 (22,307)    
Balance       161,269 161,434 157,303   161,269
Adjustment                
Reclassification [Line Items]                
Balance       43,768 43,768 43,768   43,768
Balance       43,768 43,768 43,768   43,768
Adjustment | Additional Paid-in Capital                
Reclassification [Line Items]                
Balance       33,385 33,385 33,385   33,385
Balance       33,385 33,385 33,385   33,385
Adjustment | Retained Earnings                
Reclassification [Line Items]                
Balance       10,383 10,383 10,383   10,383
Balance       $ 10,383 $ 10,383 $ 10,383   $ 10,383
[1] The Company declared dividends per share of Class A common stock of $0.125 for each of the three months ended March 31, 2025, June 30, 2025 and September 30, 2025.
[2] The Company declared dividends per share of Class A common stock of $0.125 for each of the three months ended March 31, 2024, June 30, 2024 and September 30, 2024.
v3.25.3
Summary of Significant Accounting Policies - Revisions for Correction of Immaterial Errors of consolidated statements of stockholders' equity (Parenthetical) (Details) - $ / shares
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Class A Common Stock            
Revisions for Correction of Immaterial Errors            
Dividends declared per share $ 0.125 $ 0.125 $ 0.125 $ 0.125 $ 0.125 $ 0.125
v3.25.3
Revenue - Contract Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Accounts receivable | RV Service Center      
Revenue      
Contract asset $ 11.1 $ 10.0 $ 13.4
v3.25.3
Revenue - Deferred Revenues (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Deferred Revenues  
Revenues recognized that were included in the deferred revenues balance $ 75.4
v3.25.3
Revenue - Performance Obligation (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Performance obligation  
Revenue expected to be recognized $ 160,137
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Performance obligation  
Revenue expected to be recognized $ 35,021
Unsatisfied performance obligation, period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Performance obligation  
Revenue expected to be recognized $ 73,093
Unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Performance obligation  
Revenue expected to be recognized $ 26,657
Unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Performance obligation  
Revenue expected to be recognized $ 13,129
Unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Performance obligation  
Revenue expected to be recognized $ 7,235
Unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Performance obligation  
Revenue expected to be recognized $ 5,002
Unsatisfied performance obligation, period 0 years
v3.25.3
Inventories and Floor Plan Payables - Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Inventories      
Inventories $ 2,026,392 $ 1,821,837 $ 1,781,656
Good Sam Services and Plans      
Inventories      
Inventories 278 263 256
New RVs      
Inventories      
Inventories 1,258,539 1,241,533 1,189,880
Used RVs      
Inventories      
Inventories 595,055 413,546 420,727
Products, parts, accessories and other      
Inventories      
Inventories $ 172,520 $ 166,495 $ 170,793
v3.25.3
Inventories and Floor Plan Payables - Floor Plan Payable (Details) - USD ($)
$ in Thousands
 1 Months Ended
Feb. 28, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Floor Plan Payable        
Principal Outstanding   $ 0 $ 0 $ 31,885
Floor Plan Facility        
Floor Plan Payable        
Increase in borrowing capacity $ 300,000      
Maximum borrowing capacity 2,150,000 $ 2,150,000 $ 1,850,000 $ 1,850,000
Floor Plan Facility, floor plan notes        
Floor Plan Payable        
Applicable interest rate (as a percent)   6.29% 6.72% 7.47%
Line of Credit | Floor Plan Facility        
Floor Plan Payable        
Maximum borrowing capacity   $ 70,000 $ 70,000 $ 70,000
Applicable interest rate (as a percent)       7.57%
Principal Outstanding   0 0  
Letters of credit | Floor Plan Facility        
Floor Plan Payable        
Increase in borrowing capacity 15,000      
Maximum borrowing capacity $ 45,000 $ 45,000 $ 30,000 $ 30,000
v3.25.3
Inventories and Floor Plan Payables - Floor Plan Outstanding (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Feb. 28, 2025
Dec. 31, 2024
Sep. 30, 2024
Minimum        
Notes payable - floor plan:        
Floor plan payment due period 3 days      
Maximum        
Notes payable - floor plan:        
Floor plan payment due period 10 days      
Floor Plan Facility        
Notes payable - floor plan:        
Total commitment $ 2,150,000 $ 2,150,000 $ 1,850,000 $ 1,850,000
Less: borrowings (1,361,019)   (1,161,713) (1,030,187)
Less: FLAIR offset account (277)   (79,472) (151,539)
Additional borrowing capacity 788,704   608,815 668,274
Less: short-term payable for sold inventory (60,188)   (33,152) (65,015)
Less: purchase commitments (43,471)   (9,340) (30,432)
Unencumbered borrowing capacity 685,045   566,323 572,827
Line of Credit | Floor Plan Facility        
Notes payable - floor plan:        
Total commitment 70,000   70,000 70,000
Less: borrowings       (31,885)
Additional borrowing capacity 70,000   70,000 38,115
Letters of credit | Floor Plan Facility        
Notes payable - floor plan:        
Total commitment 45,000 $ 45,000 30,000 30,000
Less: outstanding letters of credit (14,300)   (14,300) (12,300)
Additional letters of credit capacity $ 30,700   $ 15,700 $ 17,700
v3.25.3
Long-Lived Asset Impairment - Type of long-lived asset (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Long-lived asset impairment charges by type of long-lived asset:        
Long-lived asset impairment $ 617 $ 1,944 $ 1,237 $ 12,355
Leasehold improvements        
Long-lived asset impairment charges by type of long-lived asset:        
Long-lived asset impairment 0 214 190 3,694
Operating lease right of use assets        
Long-lived asset impairment charges by type of long-lived asset:        
Long-lived asset impairment 617 547 617 4,874
Building and improvements        
Long-lived asset impairment charges by type of long-lived asset:        
Long-lived asset impairment $ 0 $ 1,183 $ 430 $ 3,787
v3.25.3
Assets Held for Sale and Business Divestitures - Narrative (Details)
$ in Thousands
 9 Months Ended
Jun. 30, 2025
USD ($)
item
May 03, 2024
USD ($)
Sep. 30, 2025
USD ($)
property
Sep. 30, 2024
USD ($)
property
Dec. 31, 2024
property
Divestiture          
Cash consideration received in divestiture     $ 11,027 $ 19,957  
Disposal Group | Properties held for sale          
Assets Held for Sale and Business Divestitures          
Number of properties | property     6 5 2
CWDS          
Divestiture          
Sale of certain assets | item 1        
CWDS | Properties held for sale          
Divestiture          
Total consideration received in divestiture   $ 30,400      
Cash consideration received in divestiture   20,000 $ 700    
Cash consideration holdback, part of divestiture consideration received   900      
Net assets divested   28,800      
Intangible assets divested   900      
Accounts payable divested   1,200      
Goodwill divested   8,900      
Loss on divestiture of assets       $ 7,100  
CWDS | Properties held for sale | Supplier Agreement          
Divestiture          
Supplier agreement, intangible asset consideration received in divestiture   $ 9,500      
Useful lives (in years)   10 years      
Certain assets of one RV dealership          
Divestiture          
Inventories $ 100        
Certain assets of one RV dealership | Properties held for sale          
Divestiture          
Total consideration received in divestiture 10,300        
Cash consideration received in divestiture 4,400        
Goodwill divested 3,400        
Loss on divestiture of assets     $ 300    
Cash consideration 5,900        
Deposit future purchase 1,000        
Disposal group, divestiture $ 6,100        
v3.25.3
Assets Held for Sale and Business Divestitures - Assets and Related Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets held for sale:      
Assets held for sale $ 38,431 $ 1,350 $ 10,353
Disposal Group | Properties held for sale      
Assets held for sale:      
Property and equipment, net 38,431 1,350 10,353
Assets held for sale $ 38,431 $ 1,350 $ 10,353
v3.25.3
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2023
Goodwill        
Balance (excluding impairment charges)       $ 953,059
Accumulated impairment charges       (241,837)
Balance $ 732,813 $ 734,023 $ 711,222  
Acquisitions 1,210 18,341 30,490  
Divestiture   (3,413) (8,899)  
Balance 734,023 748,951 732,813  
Good Sam Services and Plans        
Goodwill        
Balance (excluding impairment charges)       71,118
Accumulated impairment charges       (46,884)
Balance 25,795 25,795 24,234  
Acquisitions     1,561  
Balance 25,795 25,795 25,795  
RV and Outdoor Retail        
Goodwill        
Balance (excluding impairment charges)       881,941
Accumulated impairment charges       $ (194,953)
Balance 707,018 708,228 686,988  
Acquisitions 1,210 18,341 28,929  
Divestiture   (3,413) (8,899)  
Balance $ 708,228 $ 723,156 $ 707,018  
v3.25.3
Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Intangible Assets      
Carrying Value $ 61,307 $ 62,050 $ 62,047
Accumulated Amortization (44,604) (42,581) (41,634)
Net 16,703 19,469 20,413
Good Sam Services and Plans | Membership, customer lists and other      
Intangible Assets      
Carrying Value 9,194 9,740 9,740
Accumulated Amortization (9,133) (9,537) (9,464)
Net 61 203 276
Good Sam Services and Plans | Trademarks and trade names      
Intangible Assets      
Carrying Value 2,132 2,132 2,132
Accumulated Amortization (486) (379) (343)
Net 1,646 1,753 1,789
Good Sam Services and Plans | Websites and developed technology      
Intangible Assets      
Carrying Value 3,650 3,650 3,650
Accumulated Amortization (2,031) (1,614) (1,475)
Net 1,619 2,036 2,175
RV and Outdoor Retail | Customer lists, domain names and other      
Intangible Assets      
Carrying Value 4,154   4,154
Accumulated Amortization (3,052)   (2,652)
Net 1,102   1,502
RV and Outdoor Retail | Customer lists and domain names      
Intangible Assets      
Carrying Value   4,154  
Accumulated Amortization   (2,752)  
Net   1,402  
RV and Outdoor Retail | Supplier lists and agreements      
Intangible Assets      
Carrying Value 9,500 9,500 9,500
Accumulated Amortization (1,262) (594) (371)
Net 8,238 8,906 9,129
RV and Outdoor Retail | Trademarks and trade names      
Intangible Assets      
Carrying Value 26,526 26,526 26,526
Accumulated Amortization (23,010) (22,005) (21,670)
Net 3,516 4,521 4,856
RV and Outdoor Retail | Websites and developed technology      
Intangible Assets      
Carrying Value 6,151 6,348 6,345
Accumulated Amortization (5,630) (5,700) (5,659)
Net $ 521 $ 648 $ 686
v3.25.3
Long-Term Debt - Outstanding long term debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Long-Term Debt      
Subtotal $ 1,482,056 $ 1,516,593 $ 1,529,825
Less: current portion (22,749) (23,275) (23,798)
Total 1,459,307 1,493,318 1,506,027
Term Loan Facility      
Long-Term Debt      
Subtotal 1,311,362 1,335,535 1,338,321
Less: current portion (14,015) (14,015) (14,015)
Total 1,297,347 1,321,520 1,324,306
Unamortized discount 7,665 9,600 10,228
Finance costs 2,913 3,816 3,906
Real Estate Facilities      
Long-Term Debt      
Subtotal 163,018 173,132 183,497
Finance costs 2,200 3,100 3,300
Other Long-Term Debt      
Long-Term Debt      
Subtotal $ 7,676 $ 7,926 $ 8,007
v3.25.3
Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($)
$ in Millions
 1 Months Ended
Jul. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
M&T Real Estate Facility        
Long-Term Debt        
Maximum borrowing capacity   $ 300.0 $ 300.0 $ 300.0
Effective interest rate (as a percent)   6.52%    
Term Loan Facility        
Long-Term Debt        
Average interest rate (as a percent)   6.78% 6.97% 7.47%
Effective interest rate (as a percent)   7.17% 7.43% 7.92%
Principal payment on term loan $ 16.5      
Letters of credit | Revolving Credit Facility        
Long-Term Debt        
Maximum borrowing capacity   $ 15.0    
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments   35.00%    
Secured Debt | Line of Credit | Revolving Credit Facility        
Long-Term Debt        
Amount subtracted from aggregate borrowings in determining compliance with the total leverage ratio   $ 37.3    
Secured Debt | Letters of credit | Revolving Credit Facility        
Long-Term Debt        
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments   35.00%    
v3.25.3
Long-Term Debt - Outstanding amounts and available borrowings under Senior Secured Credit Facilities (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Long-term debt      
Long-Term Debt $ 1,482,056 $ 1,529,825 $ 1,516,593
Less: current portion (22,749) (23,798) (23,275)
Long-term debt, net of current portion 1,459,307 1,506,027 1,493,318
Term Loan Facility      
Long-term debt      
Principal amount of borrowings 1,400,000 1,400,000 1,400,000
Less: cumulative principal payments (78,060) (47,545) (51,049)
Less: unamortized original issue discount (7,665) (10,228) (9,600)
Less: unamortized finance costs (2,913) (3,906) (3,816)
Long-Term Debt 1,311,362 1,338,321 1,335,535
Less: current portion (14,015) (14,015) (14,015)
Long-term debt, net of current portion 1,297,347 1,324,306 1,321,520
Revolving Credit Facility      
Long-term debt      
Principal amount of borrowings 65,000 65,000 65,000
Less: outstanding letters of credit (4,902) (4,902) (4,902)
Less: total net leverage ratio borrowing limitation (37,348) (37,348) (37,348)
Additional letters of credit capacity $ 22,750 $ 22,750 $ 22,750
v3.25.3
Long-Term Debt - Real Estate Facilities (Details)
$ in Thousands
 1 Months Ended 9 Months Ended 12 Months Ended
May 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
property
Sep. 30, 2024
USD ($)
property
Dec. 31, 2024
USD ($)
Long-term debt        
Payments of outstanding balance   $ 0 $ 32,000  
M&T Real Estate Facility        
Long-term debt        
Maximum borrowing capacity   300,000 300,000 $ 300,000
Maximum borrowing capacity, increase in capacity   100,000 100,000 $ 100,000
Proceeds from issuance of debt   0 55,600  
Remaining Available   57,390    
M&T Real Estate Facility Relating to Separate Property        
Long-term debt        
Payments of outstanding balance   $ 2,900 $ 38,600  
Number of properties with associated secured borrowings | property   1 6  
Real Estate Facilities        
Long-term debt        
Remaining Available   $ 57,390    
Third CIBC Real Estate Facility        
Long-term debt        
Payments of outstanding balance $ 8,900      
v3.25.3
Long-Term Debt - Real Estate Facilities - Summary (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Debt Instrument [Line Items]      
Outstanding $ 1,482,056 $ 1,516,593 $ 1,529,825
Real Estate Facilities      
Debt Instrument [Line Items]      
Outstanding 163,018 $ 173,132 $ 183,497
Remaining Available 57,390    
M&T Real Estate Facility      
Debt Instrument [Line Items]      
Outstanding 159,850    
Remaining Available $ 57,390    
Wtd. Average Interest Rate 6.52%    
First CIBC Real Estate Facility      
Debt Instrument [Line Items]      
Outstanding $ 3,168    
Wtd. Average Interest Rate 7.26%    
v3.25.3
Long-Term Debt - Other Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Long-Term Debt      
Long-term debt $ 1,482,056 $ 1,516,593 $ 1,529,825
Other Long-Term Debt      
Long-Term Debt      
Long-term debt $ 7,676 $ 7,926 $ 8,007
Weighted average interest rate 4.27%    
v3.25.3
Lease Obligations - Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lease costs        
Operating lease cost $ 28,951 $ 28,999 $ 87,727 $ 87,483
Amortization of finance lease assets 2,703 2,788 8,011 8,484
Interest on finance lease liabilities 2,161 2,233 6,583 7,079
Short-term lease cost 225 562 808 1,398
Variable lease cost 6,701 6,422 18,560 19,312
Sublease income (922) (893) (2,650) (2,464)
Net lease costs $ 39,819 $ 40,111 $ 119,039 $ 121,292
v3.25.3
Lease Obligations - Financial Statement Line Items (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Lease Obligations      
Finance lease assets $ 116.5 $ 120.0 $ 122.7
v3.25.3
Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Lease Obligations    
Operating cash flows for operating leases $ 90,571 $ 89,213
Operating cash flows for finance leases 6,577 7,079
Financing cash flows for finance leases 5,540 5,684
New, remeasured and terminated operating leases 22,299 62,520
New, remeasured and terminated finance leases $ 4,507 $ 30,771
v3.25.3
Lease Obligations - Sale-Leaseback Arrangement (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
property
Sale leaseback    
Number of properties associated in sale leaseback transaction | property   3
Sale price of properties $ 40.2 $ 37.7
Gain (loss) in sale leaseback arrangement $ 0.1 $ 0.4
Minimum    
Sale leaseback    
Term of sale leaseback transaction 17 years  
Maximum    
Sale leaseback    
Term of sale leaseback transaction 20 years  
v3.25.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Liabilities      
Maximum aggregate payment if all milestones are reached $ 500    
Accrued Liabilities      
Liabilities      
Acquisition-related contingent consideration 400 $ 200  
Other Long-term Liabilities      
Liabilities      
Acquisition-related contingent consideration     $ 200
Level 3 | Carrying Value      
Assets      
Derived participation investment 6,546 156 3,947
Liabilities      
Acquisition-related contingent consideration 368 368 368
Level 3 | Fair Value      
Assets      
Derived participation investment 6,546 156 3,947
Liabilities      
Acquisition-related contingent consideration $ 368 $ 368 $ 368
v3.25.3
Fair Value Measurements - Significant unobservable inputs (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Derived Participation Investment  
Beginning balance $ 156
Purchases 6,717
Settlements (1,124)
Gains included in earnings $ 797
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Termination of Lease
Ending balance $ 6,546
Acquisition-related contingent consideration  
Beginning balance 368
Ending balance $ 368
v3.25.3
Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value Measurements      
Transfers of assets from level 1 to level 2 $ 0 $ 0  
Transfers of assets from level 2 to level 1 0 0  
Transfers of liabilities from level 1 to level 2 0 0  
Transfers of liabilities from level 2 to level 1 0 0  
Transfers of assets between the fair value measurement levels 3 0 0  
Transfers of liabilities between the fair value measurement levels 3 0 0  
Level 2 | Carrying Value | Term Loan Facility      
Fair Value Measurements      
Debt instrument 1,311,362 1,338,321 $ 1,335,535
Level 2 | Carrying Value | Floor Plan Facility Revolving Line of Credit      
Fair Value Measurements      
Debt instrument   31,885  
Level 2 | Carrying Value | Real Estate Facilities      
Fair Value Measurements      
Debt instrument 163,018 183,497 173,132
Level 2 | Carrying Value | Other Long-Term Debt      
Fair Value Measurements      
Debt instrument 7,676 8,007 7,926
Level 2 | Fair Value | Term Loan Facility      
Fair Value Measurements      
Debt instrument 1,290,544 1,296,666 1,320,286
Level 2 | Fair Value | Floor Plan Facility Revolving Line of Credit      
Fair Value Measurements      
Debt instrument   32,791  
Level 2 | Fair Value | Real Estate Facilities      
Fair Value Measurements      
Debt instrument 167,572 189,002 176,684
Level 2 | Fair Value | Other Long-Term Debt      
Fair Value Measurements      
Debt instrument $ 6,677 $ 6,929 $ 6,652
v3.25.3
Commitments and Contingencies - Litigation (Details)
 1 Months Ended
Sep. 12, 2024
USD ($)
Oct. 08, 2021
USD ($)
May 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 22, 2021
lawsuit
Commitments and Contingencies              
Aggregate due on Supplier Agreement     $ 250,000,000        
Term of Supplier Agreement (in years)     10 years        
Surety Bond              
Commitments and Contingencies              
Outstanding surety bonds       $ 24,800,000 $ 26,600,000 $ 25,000,000  
Letters of credit | Floor Plan Facility              
Commitments and Contingencies              
Letters of credit       14,300,000 14,300,000 12,300,000  
Letters of credit | Senior Secured Credit Facilities              
Commitments and Contingencies              
Letters of credit       $ 4,900,000 $ 4,900,000 $ 4,900,000  
Weissmann              
Commitments and Contingencies              
Number of lawsuits | lawsuit             1
Damages sought by plaintiff   $ 2,500,000          
Amount the Company is entitled to $ 4,318,892            
Damages awarded 4,990,006            
Damages awarded, Jointly and Severally liable 4,106,884            
Tumbleweed              
Commitments and Contingencies              
Damages awarded 4,990,006            
Damages awarded - attorney fees 3,793,455            
Damages awarded - costs $ 626,611            
v3.25.3
Statement of Cash Flows (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash paid during the period for:    
Interest $ 146,325 $ 187,231
Income taxes 1,432 3,546
Noncash investing and financing activities:    
Leasehold improvements paid by lessor 437  
Capital expenditures in accounts payable and accrued liabilities 14,638 6,145
Prior period deposit applied to portion of purchase price of RV dealership acquisition 11,000 8,873
Note receivable forgiven as partial consideration for the purchase of real property $ 1,128  
Contingent consideration recognized as partial consideration for purchase of a business   368
Fair value of holdback receivable recognized as partial consideration for divestiture of a business   933
Supplier agreement intangible asset recognized as partial consideration for divestiture of a business   9,500
Cost of treasury stock issued for vested restricted stock units   $ 15,299
v3.25.3
Acquisitions - General Information (Details)
$ in Thousands
 1 Months Ended 9 Months Ended
Jun. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
location
Sep. 30, 2024
USD ($)
location
Dec. 31, 2024
USD ($)
Acquisitions        
Real properties purchased   $ 123,900 $ 1,200  
Note receivable forgiven as partial consideration for the purchase of real property   1,128    
Maximum aggregate payment if all milestones are reached   $ 500    
RV Dealerships        
Acquisitions        
Deposit       $ 1,000
Lazydays        
Acquisitions        
Number of locations acquired | location   5    
Deposit   $ 10,000    
Number of locations to acquire per the acquisition agreement | location   7    
RV and Outdoor Retail | RV Dealership Groups        
Acquisitions        
Number of locations acquired | location   8 9  
Cash paid for acquisition   $ 92,200 $ 69,400  
Number of locations to be open after current reporting period | location     1  
Good Sam Services and Plans | Tire rescue roadside assistance business        
Acquisitions        
Cash paid for acquisition $ 1,800      
Maximum aggregate payment if all milestones are reached 500      
Contingent consideration $ 400      
v3.25.3
Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Tangible assets (liabilities) acquired (assumed):        
Goodwill $ 748,951 $ 732,813 $ 734,023 $ 711,222
Application of deposit paid in prior period (11,000) (8,873)    
Cash paid for acquisitions, net of cash acquired 81,203 62,323    
2025 Acquisitions        
Tangible assets (liabilities) acquired (assumed):        
Accounts receivable, net 0      
Inventories, net 73,002      
Prepaid expenses and other assets 58      
Property and equipment, net 1,414      
Operating lease assets 9,366      
Accounts payable 0      
Accrued liabilities (140)      
Current portion of operating lease liabilities (1,055)      
Other current liabilities (471)      
Operating lease liabilities, net of current portion (8,312)      
Total tangible net assets acquired 73,862      
Total intangible assets acquired 0      
Goodwill 18,341      
Purchase price of acquisitions 92,203      
Application of deposit paid in prior period (11,000)      
Contingent consideration 0      
Cash paid for acquisitions, net of cash acquired 81,203      
Inventory purchases financed via floor plan (71,181)      
Cash payment net of floor plan financing 10,022      
2025 Acquisitions | Supplier and customer relationships        
Tangible assets (liabilities) acquired (assumed):        
Total intangible assets acquired 0      
2025 Acquisitions | Websites and developed technology        
Tangible assets (liabilities) acquired (assumed):        
Total intangible assets acquired $ 0      
2024 Acquisitions        
Tangible assets (liabilities) acquired (assumed):        
Accounts receivable, net   4    
Inventories, net   37,642    
Prepaid expenses and other assets   0    
Property and equipment, net   296    
Operating lease assets   15,328    
Accounts payable   (5)    
Accrued liabilities   (35)    
Current portion of operating lease liabilities   (1,112)    
Other current liabilities   (23)    
Operating lease liabilities, net of current portion   (14,216)    
Total tangible net assets acquired   37,879    
Total intangible assets acquired   3,195    
Goodwill   30,490    
Purchase price of acquisitions   71,564    
Application of deposit paid in prior period   (8,873)    
Contingent consideration   (368)    
Cash paid for acquisitions, net of cash acquired   62,323    
Inventory purchases financed via floor plan   (49,162)    
Cash payment net of floor plan financing   13,161    
2024 Acquisitions | Supplier and customer relationships        
Tangible assets (liabilities) acquired (assumed):        
Total intangible assets acquired   2,595    
2024 Acquisitions | Websites and developed technology        
Tangible assets (liabilities) acquired (assumed):        
Total intangible assets acquired   $ 600    
v3.25.3
Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Acquisitions      
Proceeds from sale of intangible assets $ 0 $ 2,595  
Websites and developed technology      
Acquisitions      
Useful lives (in years)   4 years  
RV Dealership Groups | Other intangible assets      
Acquisitions      
Fair value measurement period adjustment of other intangible assets from a RV dealership acquisition   $ 2,600  
Useful lives (in years)   15 years  
Proceeds from sale of intangible assets     $ 2,600
Assets of Multiple Dealership Locations Acquired      
Acquisitions      
Goodwill for tax purposes 18,300 $ 30,500  
Revenue 150,400 69,000  
Pre-tax income (loss) $ 5,200 1,100  
2024 Acquisitions      
Acquisitions      
Total intangible assets acquired   3,195  
2024 Acquisitions | Websites and developed technology      
Acquisitions      
Total intangible assets acquired   $ 600  
v3.25.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Taxes          
Effective tax rate (as a percent)       98.50% 14.00%
Valuation allowance   $ 175,400   $ 175,400  
Tax liability reversed under tax receivable agreement   149,200   149,200  
Reduction in deferred tax asset due to adjustment in tax receivable agreement   37,300   37,300  
Gain on Tax Receivable Agreement due to reduction in associated liability   149,172 $ 0 149,172 $ 0
Remaining Tax Receivable Agreement liability $ 0 $ 1,200 $ 0 $ 1,200 $ 0
Continuing Equity Owners | Related party          
Income Taxes          
Number of units redeemed   0 0 0 0
Tax receivable agreement          
Income Taxes          
Expected future tax benefits retained by the Company (as a percent)       15.00%  
Tax receivable agreement | Continuing Equity Owners and Crestview partners II GP LP | Related party          
Income Taxes          
Payment, as percent of tax benefits (as a percent)       85.00%  
CWGS, LLC          
Income Taxes          
Ownership interest 100.00%     100.00% 100.00%
CWH | CWGS, LLC          
Income Taxes          
Ownership interest 61.00%     61.20% 53.10%
v3.25.3
Related Party Transactions (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
FreedomRoads | Lease Agreement | Related party | Mr. Lemonis  
Related Party Transactions  
Related party expense $ 0.2
v3.25.3
Non-Controlling Interests - Ownership In CWGS, LLC (Details) - CWGS, LLC - shares
 9 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Non-Controlling Interests      
Units held 102,397,489 102,714,017 85,386,354
Ownership interest 100.00% 100.00% 100.00%
CWH      
Non-Controlling Interests      
Units held 62,502,096 62,818,624 45,341,818
Ownership interest 61.00% 61.20% 53.10%
Continuing Equity Owners      
Non-Controlling Interests      
Units held 39,895,393 39,895,393 40,044,536
Ownership interest 39.00% 38.80% 46.90%
v3.25.3
Non-Controlling Interests - Changes in Ownership in CWGS, LLC (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Summarizes the effects of change in ownership:        
Net (loss) income attributable to Camping World Holdings, Inc. $ (40,438) $ 5,501 $ (22,502) $ (7,035)
Transfers to non-controlling interests:        
Change from net (loss) income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests (41,229) (2,955) (23,796) (19,077)
Additional Paid-in Capital        
Transfers to non-controlling interests:        
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options 0 (217) 0 (239)
Increase (decrease) in additional paid-in capital as a result of the vesting of restricted stock units 973 (9,783) 1,645 (13,616)
(Decrease) increase in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs $ (1,764) $ 1,544 $ (2,939) $ 1,813
v3.25.3
Stock-Based Compensation Plans - Compensation expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Stock-based compensation expense:        
Stock-based compensation expense $ 7,750 $ 5,573 $ 23,464 $ 16,167
Costs applicable to revenue        
Stock-based compensation expense:        
Stock-based compensation expense 118 95 343 276
Selling, general, and administrative        
Stock-based compensation expense:        
Stock-based compensation expense $ 7,632 $ 5,478 $ 23,121 $ 15,891
v3.25.3
Stock-Based Compensation Plans - Options, RSUs and PSUs (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 9 Months Ended
May 31, 2025
USD ($)
director
$ / shares
shares
Jan. 31, 2025
D
tranche
$ / shares
shares
Sep. 30, 2025
USD ($)
$ / shares
shares
Stock Options      
Outstanding at December 31, 2024 (in shares)   155,000 155,000
Forfeited (in shares)     (12,000)
Outstanding at September 30, 2025 (in shares)     143,000
Options exercisable at September 30, 2025 (in shares)     143,000
Restricted Stock Units      
Stock-based compensation      
Outstanding at beginning of period (in shares)   1,652,000 1,652,000
Granted (in shares)     1,189,000
Vested (in shares)     (479,000)
Forfeited (in shares)     (140,000)
Outstanding at end of period (in shares)     2,222,000
Restricted Stock Units | Mr. Lemonis | 2016 Plan      
Stock-based compensation      
Granted (in shares)   600,000  
Grant date fair value (per unit) | $ / shares   $ 22.13  
Restricted Stock Units | Employee      
Stock-based compensation      
Granted (in shares)     514,770
Grant date fair value (in dollars) | $     $ 10.8
Weighted average grant date fair value (per share) | $ / shares     $ 20.93
Vesting period     5 years
Restricted Stock Units | Non-employee      
Stock-based compensation      
Grant date fair value (in dollars) | $ $ 1.1    
Weighted average grant date fair value (per share) | $ / shares $ 15.54    
Vesting period 1 year    
Number of non-employee directors | director 7    
Share-Based Payment Arrangement, Grantee Status [Extensible Enumeration] Non-employee    
Restricted Stock Units | Non-employee | Non-employee directors      
Stock-based compensation      
Granted (in shares) 9,650    
Restricted Stock Units | Non-employee | Board of Directors Vice Chairman      
Stock-based compensation      
Granted (in shares) 6,433    
Performance Stock Units      
Stock-based compensation      
Granted (in shares)     750,000
Outstanding at end of period (in shares)     750,000
Performance Stock Units | Mr. Lemonis | 2016 Plan      
Stock-based compensation      
Granted (in shares)   750,000  
Vesting period   1 year  
Term of awards   3 years  
Number of tranches | tranche   4  
Number of shares granted per tranche   187,500  
Share price, per share increments | $ / shares   $ 5  
Weighted-average grant date fair value (in dollars per share) | $ / shares   $ 13.84  
Performance Stock Units | Mr. Lemonis | 2016 Plan | Class A Common Stock      
Stock-based compensation      
Consecutive trading | D   30  
Performance Stock Units | Mr. Lemonis | 2016 Plan | Minimum      
Stock-based compensation      
Price per share (in shares) | $ / shares   $ 32.5  
Performance Stock Units | Mr. Lemonis | 2016 Plan | Maximum      
Stock-based compensation      
Price per share (in shares) | $ / shares   $ 47.5  
v3.25.3
(Loss) Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:                
Net (loss) income $ (29,351) $ 57,523 $ (24,682) $ 8,056 $ 23,414 $ (50,806) $ 3,490 $ (19,336)
Less: net (loss) income attributable to non-controlling interests (11,087)     (2,555)     (25,992) 12,301
Net (loss) income attributable to Camping World Holdings, Inc. - basic (40,438)     5,501     (22,502) (7,035)
Add: reallocation of net (loss) income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock       2,127       (8,525)
Net (loss) income attributable to Camping World Holdings, Inc. - diluted $ (40,438)     $ 7,628     $ (22,502) $ (15,560)
Performance stock units (PSU)                
Denominator:                
Performance stock units 750     0     750 0
Options                
Denominator:                
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock: 144     158     150 182
Restricted Stock Units (RSUs)                
Denominator:                
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock: 2,359     890     2,423 2,031
Convertible Common Stock | CWGS, LLC                
Denominator:                
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock: 39,895           39,895  
Class A Common Stock                
Denominator:                
Weighted-average shares of Class A common stock outstanding - basic 62,735     45,232     62,627 45,124
Dilutive restricted stock units       341        
Dilutive common units of CWGS, LLC that are convertible into Class A common stock       40,045       40,045
Weighted-average shares of Class A common stock outstanding - diluted 62,735     85,618     62,627 85,169
(Loss) earnings per share of Class A common stock - basic $ (0.64)     $ 0.12     $ (0.36) $ (0.16)
(Loss) earnings per share of Class A common stock - diluted $ (0.64)     $ 0.09     $ (0.36) $ (0.18)
v3.25.3
Segments Information - General Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segments Information  
Number of reportable segments 2
v3.25.3
Segments Information - Segment Adjusted EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Revenue $ 1,806,118 $ 1,724,988 $ 5,195,590 $ 4,895,510
Segment expenses:        
Floor plan interest expense $ 18,061 $ 22,372 $ 57,356 $ 78,053
Segment Reporting, Other Segment Item, Composition, Description Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities Other segment items include (i) intersegment operating expenses, which are eliminated in our condensed consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities
Operating Segments        
Revenue:        
Revenue $ 1,809,783 $ 1,728,321 $ 5,206,811 $ 4,906,932
Segment expenses:        
Segment Adjusted EBITDA 98,750 71,731 280,041 192,855
Intersegment Eliminations        
Revenue:        
Revenue (3,665) (3,333) (11,221) (11,422)
Good Sam Services and Plans        
Revenue:        
Revenue 52,508 50,841 152,929 149,070
Good Sam Services and Plans | Operating Segments        
Revenue:        
Revenue 52,672 50,639 153,989 150,027
Segment expenses:        
Adjusted costs applicable to revenue 22,740 19,656 62,353 51,950
Adjusted selling, general and administrative 8,263 7,604 23,072 22,053
Segment Adjusted EBITDA 21,591 23,659 67,859 75,280
Good Sam Services and Plans | Intersegment Eliminations        
Revenue:        
Revenue 164 (202) 1,060 957
Segment expenses:        
Adjusted costs applicable to revenue 78 (280) 705 744
Good Sam Services and Plans | Good Sam Services and Plans | Operating Segments        
Revenue:        
Revenue 52,508 50,841 152,929 149,070
RV and Outdoor Retail        
Revenue:        
Revenue 1,753,610 1,674,147 5,042,661 4,746,440
RV and Outdoor Retail | Operating Segments        
Revenue:        
Revenue 1,757,111 1,677,682 5,052,822 4,756,905
Segment expenses:        
Adjusted costs applicable to revenue 1,266,227 1,206,713 3,593,978 3,394,704
Adjusted selling, general and administrative 392,346 397,649 1,179,591 1,158,009
Floor plan interest expense 18,061 22,372 57,356 78,053
Other segment items (9) 80 (29) 223
Segment Adjusted EBITDA 77,159 48,072 212,182 117,575
RV and Outdoor Retail | Intersegment Eliminations        
Revenue:        
Revenue 3,501 3,535 10,161 10,465
Segment expenses:        
Adjusted costs applicable to revenue 3,327 2,796 9,744 8,341
RV and Outdoor Retail | New vehicles        
Revenue:        
Revenue 766,779 824,916 2,303,317 2,328,107
RV and Outdoor Retail | New vehicles | Operating Segments        
Revenue:        
Revenue 766,779 824,916 2,303,317 2,328,107
RV and Outdoor Retail | Used vehicles        
Revenue:        
Revenue 589,092 447,242 1,583,714 1,265,701
RV and Outdoor Retail | Used vehicles | Operating Segments        
Revenue:        
Revenue 589,092 447,242 1,583,714 1,265,701
RV and Outdoor Retail | Products, service and other        
Revenue:        
Revenue 208,634 224,839 596,516 638,680
RV and Outdoor Retail | Products, service and other | Operating Segments        
Revenue:        
Revenue 208,634 224,839 596,516 638,680
RV and Outdoor Retail | Finance and insurance, net        
Revenue:        
Revenue 178,297 166,255 528,162 480,725
RV and Outdoor Retail | Finance and insurance, net | Operating Segments        
Revenue:        
Revenue 178,297 166,255 528,162 480,725
RV and Outdoor Retail | Good Sam Club        
Revenue:        
Revenue 10,808 10,895 30,952 33,227
RV and Outdoor Retail | Good Sam Club | Operating Segments        
Revenue:        
Revenue $ 10,808 $ 10,895 $ 30,952 $ 33,227
v3.25.3
Segments Information - Segment income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segments Information        
Revenue $ 1,806,118 $ 1,724,988 $ 5,195,590 $ 4,895,510
Depreciation and amortization (25,654) (20,583) (71,617) (59,905)
Long-lived asset impairment (617) (1,944) (1,237) (12,355)
Lease termination (76) 2,625 31 2,585
(Loss) gain on sale or disposal of assets (534) 5 104 (9,525)
Stock-based compensation (7,750) (5,573) (23,464) (16,167)
Other interest expense, net (30,982) (35,877) (92,349) (108,124)
Tax Receivable Agreement liability adjustment (149,172) 0 (149,172) 0
Income (loss) before income taxes 178,108 6,007 225,799 (22,492)
Operating Segments        
Segments Information        
Revenue 1,809,783 1,728,321 5,206,811 4,906,932
Segment Adjusted EBITDA 98,750 71,731 280,041 192,855
Corporate SG&A excluding SBC (2,770) (3,478) (10,161) (9,405)
Depreciation and amortization (25,654) (20,583) (71,617) (59,905)
Long-lived asset impairment (617) (1,944) (1,237) (12,355)
Lease termination (76) 2,625 31 2,585
(Loss) gain on sale or disposal of assets (534) 5 104 (9,525)
Stock-based compensation (7,750) (5,573) (23,464) (16,167)
Loss and impairment on investments in equity securities (1,163) (162) (3,920) (337)
Other interest expense, net (30,982) (35,877) (92,349) (108,124)
Tax Receivable Agreement liability adjustment 149,172   149,172  
Intersegment Eliminations        
Segments Information        
Revenue (3,665) (3,333) (11,221) (11,422)
Income (loss) before income taxes (268) (737) (801) (2,114)
Good Sam Services and Plans Segment        
Segments Information        
Revenue 52,508 50,841 152,929 149,070
Good Sam Services and Plans Segment | Operating Segments        
Segments Information        
Revenue 52,672 50,639 153,989 150,027
Segment Adjusted EBITDA 21,591 23,659 67,859 75,280
Depreciation and amortization (1,552) (813) (3,578) (2,502)
Other interest expense, net 15 21 88 61
Good Sam Services and Plans Segment | Intersegment Eliminations        
Segments Information        
Revenue 164 (202) 1,060 957
RV and Outdoor Retail Segment        
Segments Information        
Revenue 1,753,610 1,674,147 5,042,661 4,746,440
RV and Outdoor Retail Segment | Operating Segments        
Segments Information        
Revenue 1,757,111 1,677,682 5,052,822 4,756,905
Segment Adjusted EBITDA 77,159 48,072 212,182 117,575
Depreciation and amortization (24,102) (19,770) (68,039) (57,403)
Other interest expense, net (6,381) (7,758) (19,090) (24,114)
RV and Outdoor Retail Segment | Intersegment Eliminations        
Segments Information        
Revenue $ 3,501 $ 3,535 $ 10,161 $ 10,465
v3.25.3
Segments Information - Depreciation and Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segments Information        
Total depreciation and amortization $ 25,654 $ 20,583 $ 71,617 $ 59,905
Operating Segments        
Segments Information        
Total depreciation and amortization 25,654 20,583 71,617 59,905
Good Sam Services and Plans | Operating Segments        
Segments Information        
Total depreciation and amortization 1,552 813 3,578 2,502
RV and Outdoor Retail | Operating Segments        
Segments Information        
Total depreciation and amortization $ 24,102 $ 19,770 $ 68,039 $ 57,403
v3.25.3
Segments Information - Other Interest Expense, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segments Information        
Total other interest expense, net $ 30,982 $ 35,877 $ 92,349 $ 108,124
Operating Segments        
Segments Information        
Total other interest expense, net 30,982 35,877 92,349 108,124
Subtotal        
Segments Information        
Total other interest expense, net 6,366 7,737 19,002 24,053
Corporate & other        
Segments Information        
Total other interest expense, net 24,616 28,140 73,347 84,071
Good Sam Services and Plans | Operating Segments        
Segments Information        
Total other interest expense, net (15) (21) (88) (61)
RV and Outdoor Retail | Operating Segments        
Segments Information        
Total other interest expense, net $ 6,381 $ 7,758 $ 19,090 $ 24,114
v3.25.3
Segments Information - Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Revenue:      
Total assets $ 4,998,967 $ 4,863,277 $ 4,688,992
Subtotal      
Revenue:      
Total assets 4,987,947 4,631,385 4,453,208
Corporate & other      
Revenue:      
Total assets 11,020 231,892 235,784
Good Sam Services and Plans | Operating Segments      
Revenue:      
Total assets 85,476 121,876 87,087
RV and Outdoor Retail | Operating Segments      
Revenue:      
Total assets $ 4,902,471 $ 4,509,509 $ 4,366,121
v3.25.3
Segments Information - Capital Expenditures (Details) - Operating Segments - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segments Information        
Total capital expenditures $ 84,890 $ 19,641 $ 206,972 $ 69,437
Good Sam Services and Plans        
Segments Information        
Total capital expenditures 2,581 2,068 7,699 5,683
RV and Outdoor Retail        
Segments Information        
Total capital expenditures $ 82,309 $ 17,573 $ 199,273 $ 63,754