What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-27 compared with 2025-02-28 · 74 added, 74 removed, 151 unchanged (49% of the section changed)

Camping World Holdings, Inc.

(together with its subsidiaries) is the world’s largest retailer of RVs and related products and services.

Through our Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor activities fun and easy.

We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly-trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate.

We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to connect with our customers as stewards of an outdoor and recreational lifestyle.

(together with its subsidiaries) is America’s largest retailer of RVs and related products and services.

Through our Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers’ joy of travel.

We strive to build long-term value for our customers, employees, and stockholders by combining a comprehensive offering of RV products and services with a national network of RV dealerships, service centers and customer support centers.

On December 31, 2025, we operated a total of 196 store locations, with all locations selling and/or servicing RVs.

Business Strategy

To bond people with travel and the outdoors through RVing.

We make it easy for everyone to enjoy RVing.

To be the most trusted RV company in the world by enriching and preserving our customer’s time.

Key elements of our business strategy are:

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We also believe our used RV offering and reconditioning program are best in class and provide us with a unique strategic advantage in the market.

Many of our offerings, including our Good Sam services and plans, our private label RVs, our digital retail experience through RVs.com, our RV manufacturer exclusive dealership locations, and our private label accessories, are unique to us and have been developed in collaboration with leading industry suppliers and RV enthusiasts.

Many of our offerings, including our Good Sam services and plans, our exclusive brand RVs, and our digital retail experience through direct.campingworld.com are unique to us and have been developed in collaboration with leading industry suppliers and RV enthusiasts.

We believe our size and scale allow us to deliver exceptional value to our customers.

Operate a National Network of RV Dealerships and Service Centers.

As of December 31, 2024, we operated a national network of 206 RV dealerships and/or service centers.

As of December 31, 2025, we operated a national network of 196 RV dealerships and/or service centers including one location in Elkhart, IN that offers discounted pricing on new RVs based on a factory direct model.

The majority of these RV dealerships and service centers are conveniently located off major interstates and highways in key RV markets, staffed with knowledgeable local team members offering expert advice and a comprehensive assortment of RV-related products and services.

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We currently operate call centers in Denver, CO, Bowling Green, KY, Greenville, NC, and Island Lake, IL.

All team members at our call centers have been cross trained, and the call centers have redundant services and systems in place in the event of a power or connectivity disruption at one of our call center locations.

Our goal is that every call to one of our call centers or to a store will be answered promptly by a live person.

Our call center specialists are extensively trained to assist customers with complex orders and provide a level of service that leads to an exceptional customer experience and long-term customer relationships.

In 2024, our call centers handled approximately 2.4 million calls and responded to approximately 400,000 emails and social media communications.

Our call center teams are extensively trained to assist customers with various products and services, including roadside assistance, protection product sales, and RV technician hotline questions, with every team focused on providing an exceptional level of service to our customers.

Leverage Our Resources and Synergies.

Our unique and comprehensive assortment of RV products and services, our national network of RV dealerships and service centers, our network of customer service and contact centers, and our online and e-commerce platforms all work together to service our customers and make RVing fun and easy.

When a new customer engages with us across any of our business areas, the new customer enters our database and we leverage customized customer relationship management (“CRM”)

platforms and proprietary tools, such as the RV Valuator, to actively and intelligently engage, service and promote our wide range of products and services for the RV lifestyle.

When a new customer engages with us, we leverage customized customer

relationship management (“CRM”) platforms and proprietary tools, such as the RV Valuator, to actively and intelligently engage, service and promote our wide range of products and services for the RV lifestyle.

Good Sam Mission.

Our Good Sam mission is to clear the path ahead and empower our customer’s joy of travel.

Our Good Sam mission is to clear the path ahead and empower our customers’ joy of travel.

We aim to accomplish this through the following four pillars:

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Our Emotional Benefit

We believe that road trips and outdoor adventures don’t need to feel complex.

We believe travel experiences should feel effortless and accessible, aided by our services and plans that simplify the journey for our customers.

Road trips and outdoor adventures do not need to feel complex.

We make these experiences feel effortless.

We design products and services that think ahead to support every part of the journey.

Our products and services are built to ensure that our customers have everything they need for a seamless travel experience, enabling our mission to empower joy in travel.

We inspire confidence by being clear about our offerings.

We aim to build trust through transparency and consistency, to ensure our customers feel confident and cared for at every step.

Curiosity, connection, and joy are what we strive to instill in our customers’ travel experience.

We build trust with consistent service.

Our customers experience curiosity, connection, and joy every day on the road.

Background and Recent Developments

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From 2011 to date, we have continued to expand our footprint of RV dealerships through new store openings, including greenfield locations and acquisitions.

On January 17, 2024, we announced that we were reviewing potential strategic alternatives for our Good Sam business.

In conducting that review, we came to the conclusion that the greatest value to the Company can be achieved through retaining the Good Sam business.

We have deepened our appreciation for the non-cyclical nature of the business and also recognize the large growth potential of the business over multiple vectors in the outdoor and recreational space.

Going forward, we expect that Good Sam will continue to capitalize on the mutually beneficial relationship with the Camping World brand and store footprint but will be empowered to operate independently to drive growth.

In May 2024, we 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 an approximately ten-year supply agreement with the buyer and the sublease of certain properties and equipment to the buyer.

We believe that we have gained operational efficiencies by exiting the manufacture of RV furniture and focusing our resources on the sourcing and sale of our RV and aftermarket accessory products.

As the RV market contracted from COVID pandemic highs, we consolidated our dealership footprint in certain markets over the course of the past 18 months in order to better align our fixed cost structure to market demand.

As a result, our dealership count has declined while earnings and market share have improved.

We believe this focus on optimizing our same store base has positioned the Company well to take advantage of the next industry cycle.

Segments and Offerings

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Because our Good Sam protection plans and programs are often purchased to cover a multiple-year period and are renewable, this area of our business tends to generate high-margin, recurring revenue that is driven both by new and used RV purchases, the installed base of RV owners in the United States, and, more broadly, travelers across any vehicle type.

We believe this highly specialized product offering has significant potential to penetrate broader parts of the recreational market, including other powersports such as boating or ATVs, to further empower our customers’ joy of travel, recreation and the outdoors.

We believe this highly specialized product offering has significant potential to penetrate broader parts of the recreational market, including boating or other powersports, to further empower our customers’ joy of travel, recreation and the outdoors.

Our Good Sam Services and Plans segment offerings include:

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Financial Protection Programs

Offer financial security against unexpected events, encompassing Extended Service Plans for RV maintenance, Good Sam Insurance Agency for tailored insurance solutions, GAP Insurance, Windshield Protection, and Product Protection Plans for various assets.

Offer financial security against unexpected events, encompassing Extended Service Plans for RV maintenance, Good Sam Insurance Agency for tailored insurance solutions, Guaranteed Asset Protection (“GAP”) Insurance, Windshield Protection, and Product Protection Plans for various assets.

Tire & Maintenance Programs

Focus on preventative maintenance and tire care, featuring Paint & Fab to maintain the visual aesthetic and Tire & Wheel Protection to safeguard against tire-related mishaps and tire sales for replacement needs.

Focus on preventative maintenance and tire care, featuring roof vehicle service contracts, Paint & Fab to maintain the visual aesthetic, and Tire & Wheel Protection to safeguard against tire-related mishaps and tire sales for replacement needs.

Campgrounds & Destinations

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Our RV and Outdoor Retail segment consists of all aspects of our RV dealership operations, which includes selling new and used RVs, assisting with the financing of new and used RVs, selling protection and insurance related services and plans for RVs, servicing and repairing new and used RVs, installing RV parts and accessories, and selling RV and outdoor related products, parts and accessories.

Within our RV and Outdoor Retail business, we also operate the Good Sam Club, which we believe is the largest membership-based RV organization in the world, with approximately 1.8 million members as of December 31, 2024, excluding the free basic tier members.

Membership benefits include, among other benefits, a loyalty program where points can be redeemed for Camping World products and RV service, a variety of discounts at Camping World and Good Sam, in addition to partner campgrounds, fuel stations, and more, all of which we believe enhance the RV experience, drive customer engagement and loyalty, and provide cross-selling opportunities for our other products and services.

Within our RV and Outdoor Retail business, we also operate the Good Sam Club, which we believe is the largest membership-based RV organization in the world, with approximately 1.6 million paid members as of December 31, 2025, excluding the free basic tier members.

Membership benefits include, among other benefits, a loyalty program

where points can be redeemed for Camping World products and RV service, a variety of discounts at Camping World and Good Sam, in addition to partner campgrounds, fuel stations, and more, all of which we believe enhance the RV experience, drive customer engagement and loyalty, and provide cross-selling opportunities for our other products and services.

A map depicting our national network of 196 RV dealerships and service centers as of December 31, 2025 is provided below:

Statistical Surveys Inc.

RV and Outdoor Retail segment offerings include:

• New and Used Vehicles .

A wide selection of new and used RVs across a range of price points, classes and floor plans.

We offer a wide selection of new and used RVs across a range of price points, classes and floor plans.

The table below contains a breakdown of our new RV unit sales and average selling price by RV class for 2025.

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Sales of used vehicles represented 30.9%, 26.5% and 31.8% of total revenue for 2025, 2024, and 2023, respectively.

New vehicles sold represented 53.9%, 58.0% and 50.8% of total vehicles sold for 2025, 2024 and 2023, respectively.

Used vehicles sold represented 46.1%, 42.0% and 49.2% of total vehicles for 2025, 2024, and 2023, respectively.

RV Industry Associations’ survey of manufacturers.

Statistical Surveys, Inc.

• Vehicle financing.

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We offer RV repair and maintenance services at the majority of our store locations.

With over 2,800 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components.

We also offer our Good Sam RV ProCare mobile RV service.

With approximately 2,800 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components.

2025, we temporarily suspended our Good Sam RV ProCare mobile RV service as we make changes to optimize profitability and improve the customer experience.

• RV parts, accessories and installation services.

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We believe our ability to both sell and install parts and accessories affords us a competitive advantage over online and big box retailers that do not have service centers designed to accommodate RVs, and over RV dealerships that do not offer a comprehensive selection of parts and accessories.

While we do continue to offer some non-RV

outdoor products and accessories, our focus is on providing products and services that are targeted toward RV enthusiasts and owners.

• Collision repair and restoration.

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The Good Sam Club is a prepaid subscription membership organization that offers a points-based loyalty program, where points can be earned from purchases of our products and services and redeemed for savings on future purchases of our products and services.

In addition to the standard paid membership, we offer an elite paid membership with enhanced rewards.

The Good Sam Club also offers savings on a variety of products and services, including discounts on nightly rates at affiliated Good Sam RV parks and other benefits related to the RV lifestyle.

We believe the Good Sam Club is the largest membership-based RV enthusiast organization in the world.

As of December 31, 2024, there were approximately 1.8 million members in our Good Sam Club, excluding the free basic tier members.

Additionally, a free basic tier of the Good Sam Club was introduced in 2024, which does not include most of the paid membership benefits, but allows these members to earn points at a lower rate compared to the paid membership.

As of December 31, 2025, there were approximately 1.6 million paid members in our Good Sam Club, excluding the free basic tier members.

The free basic tier of the Good Sam Club was introduced in 2024 and does not include most of the paid membership benefits, but allows these members to earn points at a lower rate compared to the paid membership.

• Co-branded credit cards.

We contract with Visa and Comenity Capital Bank to offer a Good Sam Rewards Visa® branded credit card, as well as a Good Sam private label credit card.

Cardholders receive enhanced rewards points, which are referred to as Good Sam Rewards, for money spent at our retail locations, on our e-commerce platforms, at gas stations and at campgrounds across the U.S.

As of December 31, 2024, we had approximately 168,000 issued and open co-branded credit card accounts.

We contract with Bread Financial and Visa to offer four distinct card products:

Good Sam Travel Visa® Credit Card, Good Sam Rewards Visa® Credit Card, Coast to Coast Visa® Credit Card, and Good Sam Rewards Credit Card (private label).

Depending on the card type, cardholders receive enhanced rewards points, referred to as Good Sam Rewards, for money spent in-store and online at our family of brands as well as at campgrounds, grocery stores, gas stations, EV charging stations, and anywhere else Visa® is accepted.

As of December 31, 2025, we had approximately 152,000 issued and open Good Sam branded credit card accounts.

• RV Rentals.

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As of December 31, 2025, Thor Industries and Forest River accounted for approximately 58.4% and 34.4%, respectively, of our new RV inventory.

In certain instances, our manufacturing partners produce private label products exclusively available at our RV dealerships and through our e-commerce platforms.

In 2023, we began opening manufacturer-exclusive RV dealership locations that are operated by us and provide our typical offerings of used vehicles, service, parts, and finance and insurance, but they bear the name of a particular RV manufacturer and sell that manufacturer’s new RV line.

In certain instances, our manufacturing partners produce exclusive brand products exclusively available at our RV dealerships and through our e-commerce platforms.

Our supply arrangements with manufacturers are typically governed by dealer agreements, which are customary in the RV industry, made on a location-by-location basis, and each store location typically enters into multiple dealer agreements with multiple manufacturers.

Dealer agreements generally give us the right to sell certain RV makes and models within an exclusive designated area.

The terms of these dealer agreements typically require us to, among other things, meet all the requirements and conditions of the manufacturer’s applicable programs, maintain certain minimum inventory requirements and meet certain retail sales objectives, perform services and repairs for all owners of the manufacturer’s RVs (regardless from whom the RV was purchased) that are still under warranty, stock certain of the manufacturer’s parts and accessories needed to service and repair the manufacturer’s RVs, actively advertise and promote the manufacturer’s RVs, and indemnify the manufacturer under certain circumstances.

We primarily acquire used RVs through customer trade-ins, as well as private party purchases and consignments, and we generally recondition used RVs acquired for retail sale in our parts and service departments.

Historically, used RVs that we have not sold at our RV-centric store locations generally have been

sold through other channels at wholesale prices.

In 2023, we introduced our first CW Auction as another means to sell RVs to individuals or wholesale to other dealerships and held 14 CW Auctions in 11 states in 2024.

The terms of these dealer agreements typically require us to, among other things, meet all the requirements and conditions of the manufacturer’s

applicable programs, maintain certain minimum inventory requirements and meet certain retail sales objectives, perform services and repairs for all owners of the manufacturer’s RVs (regardless from whom the RV was purchased) that are still under warranty, stock certain of the manufacturer’s parts and accessories needed to service and repair the manufacturer’s RVs, actively advertise and promote the manufacturer’s RVs, and indemnify the manufacturer under certain circumstances.

We primarily acquire used RVs through customer trade-ins and private party purchases or consignments.

Our private party purchases and consignments are acquired through our dealership locations and our call center team in Mesa, AZ, and supported by proprietary tools such as our RV Valuator pricing tool and our virtual self-inspection process.

We generally recondition used RVs acquired for retail sale in our parts and service departments.

Historically, used RVs that we have not sold at our RV-centric store locations generally have been sold through other channels at wholesale prices.

We finance the purchase of substantially all of our new RV inventory from manufacturers through our Floor Plan Facility.

Used vehicles may also be financed from time to time through our Floor Plan Facility.

Used vehicles may also be financed through our Floor Plan Facility.

For more information on our Floor Plan Facility, see “Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Description of Senior Secured Credit Facilities and Floor Plan Facility” included in Part II, Item 7 of this Form 10-K and Note 4 — Inventories and Floor Plan Payables to our consolidated financial statements included in Part II, Item 8 of this Form 10-K.

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Our marketing strategies are focused on developing awareness around our brands, products and services, and driving traffic to our stores and websites, and we utilize a combination of digital, social, email, direct mail, print materials, and traditional media, as well as online inventory listings to accomplish this.

As part of our marketing efforts, we maintain a proprietary database of individuals and customer purchasing data that we utilize for direct mail, email, text messaging and telemarketing campaigns.

As part of our marketing efforts, we maintain a proprietary database of individuals and customer purchasing data that we utilize for omnichannel campaigns.

As of December 31, 2025, this database contained over 38.9 million unique contacts.

In addition, we enter into sporting event sponsorships, such as professional bull riders with the PBR Camping World Team Series, where we believe there to be a significant demographic overlap with RV and outdoor enthusiasts.

Our Ultimate RV Show has evolved to be a multi-channel experience that is both online and in store locations.

These shows provide a strategic opportunity to expose first-time buyers and existing RV and outdoor sports enthusiasts to our products and services.

In addition, we enter into sporting event sponsorships from time to time where we believe there to be a significant demographic overlap with RV and outdoor enthusiasts.

Our Ultimate RV Show has evolved to be a multi-channel experience that is both online and in store locations and we have become Costco’s exclusive RV partner for its auto program.

These shows and Costco auto program provide a strategic opportunity to expose first-time buyers and existing RV and outdoor enthusiasts to our products and services.

Trademarks and Other Intellectual Property

We own a variety of registered trademarks and service marks related to our brands and our services, protection plans, products and resources, including Good Sam, Camping World, and Overton’s.

We also own the copyrights to certain articles in our publications and numerous domain names, including www.goodsamclub.com, www.campingworld.com, www.rv.com, www.rvs.com, www.rvrentals.com, www.rvprocare.com, and www.wildsam.com, among others.

We also own the copyrights to certain articles in our publications and numerous domain names, including www.goodsamclub.com, www.campingworld.com, www.rv.com, www.rvs.com, www.rvrentals.com, direct.campingworld.com, and www.wildsam.com, among others.

We believe that our trademarks and other intellectual property have significant value and are important to our marketing efforts.

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We believe that our employee relations are generally good.

We operate an entity-wide online training platform with a curriculum that is tailored to each employee’s job function.

This program includes interactive courses such as communication, management, critical thinking, software skills, and workplace harassment and discrimination.

Our learning and development team continues to create proprietary content for this training library.

We have also invested in learning labs at the majority of our locations that provide for a dedicated space with the appropriate technology for employees to engage in their training programs.

In addition to job specific training that regularly occurs at our dealerships, retail locations, and call centers, in 2024, we launched new in-person training for certain dealership roles to align to a best-in-class adult learning experience.

We expect to expand our offerings in 2025.

Our service technicians are critical to providing the high-quality installation and repair services that our customers expect.

Our Camping World Technical Institute (“CWTI”) includes full-time instructors at three dedicated campuses and one part-time campus as of December 31, 2024.

The CWTI offers monthly 10-day training sessions to our service technicians either in-person or virtually.

In both 2024 and 2023, we provided Level 1 training to approximately 1,100 service technicians through CWTI.

Throughout 2025, we have continued to focus on enhancing and evolving our training offerings by expanding course content, refining delivery methods, and aligning programs closely with business needs.

This ongoing investment is intended to strengthen core capabilities and support consistent execution across the organization.

We delivered a broad portfolio of professional development opportunities, including in-person and virtual training programs, reaching approximately 1,200 participants.

These facilitated sessions complement our e-learning courses that include role-based and compliance-oriented training.

Additionally, we are investing in flexible technology solutions for our employees to engage in training programs in their location.

Collectively, these efforts reflect a commitment to developing talent, strengthening leadership, and driving performance across the organization.

Inclusion and Belonging

We believe that our Company and our brand should be welcoming to the wide array of outdoor enthusiasts and our culture should promote respect and dignity of all humans.

While it is our policy to not make decisions regarding hiring, promotion or compensation on the basis of any legally protected characteristics, including race or gender, we seek to promote inclusion of individuals, regardless of background, through legally compliant manners.

While it is our policy not to make decisions regarding hiring, promotion or compensation on the basis of any legally protected characteristics, including race or gender, we seek to promote inclusion of individuals, regardless of background, through legally compliant manners.

Community Engagement

Since 2013, we have operated the Project Good Samaritan initiative, which encourages our associates to perform eight hours of volunteer work per quarter for a cause that is meaningful to that associate, such as local soup kitchens, food pantries, home building, meal distribution, recycling programs, homeless shelters, veteran programs, and nursing homes.

Associates receive paid time off for these volunteer hours.

In 2019, prior to the COVID-19 pandemic, 3,364 associates volunteered 51,680 hours in their communities under the program.

During January and February of 2020, 840 associates volunteered 6,268 hours in their communities under the program, before the program was suspended as a safety precaution as a result of the COVID-19 pandemic.

We reactivated the program in March 2024 and had 1,248 associates volunteer 11,391 hours in their communities under the program during 2024.

Since 2013, we have operated the Project Good Samaritan initiative, which encourages our associates to perform eight hours of volunteer work per quarter for a cause that is meaningful to them.

This can include local soup kitchens, food pantries, home building, meal distribution, recycling programs, homeless shelters, and veteran programs.

Employees receive paid time off for these volunteer hours.

In 2025, we included a requirement that the volunteer activity be with a 501(c)(3) Nonprofit Organization and we had 362 team members either receive paid time off for preventative care visits or volunteer activities in their communities for a total of 2,391 hours.

In 2024, we added up to 4 hours per year for full-time team members to receive paid time off to support their own personal health.

This can include time away from work for eligible preventive care services, such as annual wellness visits, annual bloodwork or medical tests, recommended cancer screenings, vaccinations and immunizations, and routine eye and dental visits.

Health and Safety

We maintain a safety program to provide a safe and healthful workplace for our associates.

We maintain a safety program to provide a safe and healthful workplace for our employees.

We strive to comply with all health and safety standards that pertain to our operations.

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The information contained in, or accessible through, our website does not constitute a part of this Form 10-K.

We intend to use our official Facebook, X (formerly known as Twitter), and Instagram accounts, each at the handle @CampingWorld, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD.

The information we post through these social media channels may be deemed material.

Accordingly, investors should subscribe to these accounts, in addition to following our press releases, SEC filings and public conference calls and webcasts.

These social media channels may be updated from time to time.

We may use our official LinkedIn account at the handle @CampingWorld and the LinkedIn account of our Chief Executive Officer at the handle @MatthewWagner, as distribution channels of material information about the Company and for complying with our disclosure obligations under Regulation FD.

The information we post through this social media channel may be deemed material.

Accordingly, investors should subscribe

to these accounts, in addition to following our press releases, SEC filings and public conference calls and webcasts.

Social media channels may be updated from time to time.

The information we post through these channels is not a part of this Annual Report on Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business