0001104659-26-088835 | 10-Q | XBRL Viewer | Camping World Holdings INC

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Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2025
Class A Common Stock
Dividends declared per share	$ 0.125	$ 0.125

Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Taxes
Effective tax rate (as a percent)	7.00%	31.10%
Payment pursuant to tax receivable agreement	$ 1,416	$ 0
Net income tax benefit	$ 600
Tax Receivable Agreement
Income Taxes
Expected future tax benefits retained by the CWH (as a percent)	15.00%
CWGS, LLC
Income Taxes
Ownership interest	100.00%	100.00%	100.00%
Related party \| Continuing Equity Owners
Income Taxes
Number of units redeemed	0	0
Related party \| Continuing Equity Owners and Crestview partners II GP LP
Income Taxes
Expected future payment, as percent of tax benefits (as a percent)	85.00%
CWH \| CWGS, LLC
Income Taxes
Ownership interest	61.50%	61.10%	61.40%

Long-Term Debt - Outstanding long term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Long-Term Debt
Subtotal	$ 1,405,295	$ 1,471,557	$ 1,506,493
Less: current portion	(27,792)	(57,939)	(23,023)
Total	1,377,503	1,413,618	1,483,470
Term Loan Facility
Long-Term Debt
Subtotal	1,286,597	1,308,832	1,330,401
Less: current portion	(14,015)	(14,015)	(14,015)
Total	1,272,582	1,294,817	1,316,386
Unamortized discount	5,623	6,993	8,329
Finance costs	2,008	2,611	3,213
Real Estate Facilities
Long-Term Debt
Subtotal	111,281	155,137	168,332
Finance costs	1,500	2,000	2,500
Other Long-Term Debt
Long-Term Debt
Subtotal	$ 7,417	$ 7,588	$ 7,760

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies

Commitments and Contingencies

11. Commitments and Contingencies

Litigation

Siverd Complaint and Shareholder Derivative Litigation

On March 10, 2026, a purported stockholder of the Company filed a putative class action lawsuit captioned Siverd v. Camping World Holdings, Inc., et al., in the United States District Court for the Northern District of Illinois against Camping World Holdings, Inc. and certain current and former officers (“Individual Defendants” and together, “Defendants”). On May 21, 2026, the court appointed a lead plaintiff, and on July 24, 2026, the lead plaintiff filed an amended complaint. The amended complaint alleges that Defendants violated Section 11 of the Securities Act of 1933 (the “’33 Act”) and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, as amended (the “’34 Act”), by making materially false or misleading statements related to the Company’s business, operations, and prospects. The lawsuit also alleges Individual Defendants violated Section 15 of the ’33 Act and Section 20(a) of the ’34 Act by allegedly acting as controlling persons of the Company in connection with the alleged materially false or misleading statements. The lead plaintiff seeks to represent a putative class of investors who purchased or acquired the Company’s stock between October 29, 2024 and February 24, 2026 and a sub-class of investors who purchased or acquired the Company’s stock pursuant or traceable to the registration statement and prospectus issued in connection with the Company’s October 31, 2024 secondary public offering, and seeks compensatory damages, attorneys’ fees and costs, and other relief as the court may deem just and proper. The case is in its early stages. Defendants’ responses to the amended complaint are due on September 24, 2026.

On May 19 and 20, 2026, the Company was named as the nominal defendant in derivative lawsuits captioned Schulz v. Lemonis, et al., Amaral v. Lemonis, et al., and Kogut v. Lemonis, et al., each filed in the United States District Court for the Northern District of Illinois (the “Shareholder Derivative Litigation”) and premised on similar facts as alleged in the Siverd complaint. The Shareholder Derivative Litigation names certain current and former directors and officers as defendants and asserts claims for breach of fiduciary duty, violations of federal securities laws, unjust enrichment, waste of corporate assets, and other causes of action. The Shareholder Derivative Litigation alleges that for the period from at least as early as April 2025 through at least February 24, 2026 (and, in one case, through the present), the Company’s officers and directors made and/or caused the Company to make materially false or misleading statements related to the Company’s business, operations, and prospects, and failed to adequately oversee the Company’s operations. The Shareholder Derivative Litigation seeks recovery on behalf of the Company for its alleged losses, including costs of defending the Siverd securities litigation, reputational harm, and other damages. On June 30, 2026,

the court consolidated the cases (captioned In Re Camping World Holdings, Inc. Shareholder Derivative Litigation) and appointed co-lead counsel. The case is in its early stages.

The Company intends to vigorously defend these actions and any potential liability that may arise from the alleged claims is not currently probable or reasonably estimable. This litigation could result in financial judgments or the payment of settlement amounts and disputes with insurance carriers concerning coverage.

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 (“CNBC”), 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, the 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, the 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. On November 25, 2025, Weissmann and Tumbleweed filed their opening brief in the Second Appellate District of the Court of Appeal of the State of California. FR Holdco, CW, Marcus Lemonis, NBCUniversal, and Machete filed their response brief on February 20, 2026. On April 8, 2026, Weissmann and Tumbleweed filed their reply brief. On July 21, 2026, the Court of Appeal issued a tentative ruling in favor of FR Holdco, CW, Marcus Lemonis NBC Universal, and Machete. On July 29, 2026, oral arguments were presented. 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 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 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, the 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, the 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. On November 25, 2025, Weissmann and Tumbleweed filed their opening brief in the Second Appellate District of the Court of Appeal of the State of California. FR Holdco, CW, Marcus Lemonis, NBCUniversal, and Machete filed their response brief on February 20, 2026. On April 8, 2026, Weissmann and Tumbleweed filed their reply brief. On July 21, 2026, the Court of Appeal issued a tentative ruling in favor of FR Holdco, CW, Marcus Lemonis NBC Universal, and Machete. On July 29, 2026, oral arguments were presented. 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 including, but not limited to, labor (including federal and state minimum wage and overtime requirements), advertising, real estate, promotions, quality of services, intellectual property, tax, import and export, anti-corruption, anti-competition, environmental, health and safety matters. 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.

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.

Marcus A. Lemonis

Marcus A. Lemonis, our former Chief Executive Officer, Chairman of the Board and member of the Board, is employed with the Company in the non-executive role of Co-Founder and Special Advisor through

December 31, 2026 under the second amended and restated employment agreement with Mr. Lemonis (the “Lemonis Second Employment Agreement”), which the Board approved on December 2, 2025. Pursuant to the Lemonis Second Employment Agreement, Mr. Lemonis’ 2026 compensation included a $1.5 million annual salary (“2026 Salary”), a $2.3 million bonus (“2026 Bonus”) and an additional $3.8 million lump-sum payment (the “Lump-Sum Payment”), originally payable at the end of the term of the Lemonis Second Employment Agreement in December 2026 (collectively, the “Lemonis 2026 Compensation”). Each of the 2026 Bonus and Lump-Sum Payment could be settled in cash or shares of Class A common stock based on the closing stock price on the settlement date. The Company deemed the 2026 service conditions relating to the Lemonis Second Employment Agreement to be nonsubstantive for accounting purposes, so the aggregate $7.5 million of the Lemonis 2026 Compensation was accrued as of December 31, 2025. On May 18, 2026, the Lemonis Second Employment Agreement was amended to settle i) the 2026 Bonus with the issuance of 319,602 shares of Class A common stock, less 125,763 shares withheld to cover Mr. Lemonis’ associated tax withholding obligations, and ii) the Lump-Sum Payment in cash, which were both paid in May 2026. See Note 17 — Stock-Based Compensation Plans for details on Mr. Lemonis’ stock-based compensation, including liability-classified share-based awards.

Thomas E. Kirn and Lindsey J. Christen

On April 7, 2026, the Compensation Committee (the “Compensation Committee”) of the Board approved a second amended and restated employment agreement with Thomas E. Kirn, the Company’s Chief Financial Officer (the “Kirn Employment Agreement”) and a second amended and restated employment agreement with Lindsey J. Christen, the Company’s Chief Administrative and Legal Officer (the “Christen Employment Agreement”), which superseded and replaced their prior employment agreements effective as of January 1, 2026. Under the Kirn Employment Agreement and Christen Employment Agreement the term will end on March 31, 2029 and December 31, 2028, respectively, the annual base salary was increased to $650,000 and $700,000, respectively, the executive is eligible for an annual target incentive bonus of 100% of their base salary, and the executive is eligible for annual grants of PSUs with a target payout of 40,000 and 50,000 PSUs, respectively, that will vest based on annual performance goals.

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 June 30, 2026, December 31, 2025, and June 30, 2025, outstanding standby letters of credit issued through our Floor Plan Facility were $15.4 million, $15.4 million, and $14.3 million, respectively (see Note 4 — Inventories and Floor Plan Payables). The outstanding standby letters of credit issued through the Senior Secured Credit Facilities as of June 30, 2026, December 31, 2025, and June 30, 2025 were $4.9 million (see Note 8 — Long-Term Debt). As of June 30, 2026, December 31, 2025, and June 30, 2025, outstanding surety bonds were $23.6 million, $25.0 million, and $26.1 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.

Non-Controlling Interests - Ownership In CWGS, LLC (Details) - CWGS, LLC - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Non-Controlling Interests
Units held	103,723,345	102,544,041	103,332,089
Ownership interest	100.00%	100.00%	100.00%
CWH
Non-Controlling Interests
Units held	63,827,952	62,648,648	63,436,696
Ownership interest	61.50%	61.10%	61.40%
Continuing Equity Owners
Non-Controlling Interests
Units held	39,895,393	39,895,393	39,895,393
Ownership interest	38.50%	38.90%	38.60%

Non-Controlling Interests - Changes in Ownership in CWGS, LLC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Summarizes the effects of change in ownership:
Net income attributable to Camping World Holdings, Inc.	$ 26,860	$ 30,216	$ 10,458	$ 17,936
Transfers to non-controlling interests:
Increase in additional paid-in capital as a result of the stock award to employee	589		589
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on stock award to employee	(884)		(884)
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	26,639	30,138	10,041	17,433
Additional Paid-in Capital
Transfers to non-controlling interests:
Increase in additional paid-in capital as a result of the vesting of restricted stock units	199	226	510	672
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs	$ (125)	$ (304)	$ (632)	$ (1,175)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Paragraph 1
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-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (f)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Additional Paid-in Capital

Retained Earnings (Deficit)

Non-Controlling Interest

Total

Balance at Dec. 31, 2024

$ 625

$ 4

$ 193,692

$ 132,241

$ 158,387

$ 484,949

Balance (in shares) at Dec. 31, 2024

62,502

39,466

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation

4,438

2,832

7,270

Vesting of restricted stock units

$ 1

446

(447)

Vesting of restricted stock units (in shares)

109

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

(871)

Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)

(41)

Distributions to holders of LLC common units

(34)

Dividends

^[1]

(7,821)

Non-controlling interest adjustment

(25)

Net income

(12,280)

(12,402)

(24,682)

Balance at Mar. 31, 2025

$ 626

$ 4

197,730

112,140

148,311

458,811

Balance (in shares) at Mar. 31, 2025

62,570

39,466

Balance at Dec. 31, 2024

$ 625

$ 4

193,692

132,241

158,387

484,949

Balance (in shares) at Dec. 31, 2024

62,502

39,466

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

32,841

Balance at Jun. 30, 2025

$ 626

$ 4

205,383

134,525

176,041

516,579

Balance (in shares) at Jun. 30, 2025

62,649

39,466

Balance at Mar. 31, 2025

$ 626

$ 4

197,730

112,140

148,311

458,811

Balance (in shares) at Mar. 31, 2025

62,570

39,466

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation

5,158

3,286

8,444

Vesting of restricted stock units

226

(226)

Vesting of restricted stock units (in shares)

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

(304)

Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)

(19)

Distributions to holders of LLC common units

(64)

Dividends

^[1]

(7,831)

Non-controlling interest adjustment

2,573

(2,573)

Net income

30,216

27,307

57,523

Balance at Jun. 30, 2025

$ 626

$ 4

205,383

134,525

176,041

516,579

Balance (in shares) at Jun. 30, 2025

62,649

39,466

Balance at Dec. 31, 2025

$ 634

$ 4

216,944

11,008

143,209

371,799

Balance (in shares) at Dec. 31, 2025

63,437

39,466

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation

2,931

1,843

4,774

Vesting of restricted stock units

$ 1

311

(312)

Vesting of restricted stock units (in shares)

127

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

(507)

Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)

(44)

Contributions from holders of LLC common units

Non-controlling interest adjustment

(29)

Net income

(16,402)

(10,259)

(26,661)

Balance at Mar. 31, 2026

$ 635

$ 4

219,708

(5,394)

134,515

349,468

Balance (in shares) at Mar. 31, 2026

63,520

39,466

Balance at Dec. 31, 2025

$ 634

$ 4

216,944

11,008

143,209

371,799

Balance (in shares) at Dec. 31, 2025

63,437

39,466

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

17,052

Balance at Jun. 30, 2026

$ 638

$ 4

223,593

21,466

153,103

398,804

Balance (in shares) at Jun. 30, 2026

63,828

39,466

Balance at Mar. 31, 2026

$ 635

$ 4

219,708

(5,394)

134,515

349,468

Balance (in shares) at Mar. 31, 2026

63,520

39,466

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation

4,078

2,556

6,634

Vesting of restricted stock units

$ 1

199

(200)

Vesting of restricted stock units (in shares)

133

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

(125)

Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)

(19)

Stock award to employee

$ 3

589

(592)

Stock award to employee (In shares)

320

Repurchases of Class A common stock for withholding taxes on stock award to employee

$ (1)

(884)

(885)

Repurchases of Class A common stock for withholding taxes on stock award to employee (in shares)

(126)

Distributions to holders of LLC common units

(1)

Non-controlling interest adjustment

(28)

Net income

26,860

16,853

43,713

Balance at Jun. 30, 2026

$ 638

$ 4

$ 223,593

$ 21,466

$ 153,103

$ 398,804

Balance (in shares) at Jun. 30, 2026

63,828

39,466

[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 and June 30, 2025.

Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2026	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Term Loan Facility
Long-Term Debt
Average interest rate (as a percent)		6.26%	6.33%	6.94%
Effective interest rate (as a percent)		6.48%	6.77%	7.18%
Principal payment on term loan	$ 17.2
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%

Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Long-Term Debt
Long-term debt	$ 1,405,295	$ 1,471,557	$ 1,506,493
Other Long-Term Debt
Long-Term Debt
Long-term debt	$ 7,417	$ 7,588	$ 7,760
Weighted average interest rate	4.27%

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Goodwill

The following table presents a summary of changes in the Company’s goodwill by segment for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025:


	Good Sam
	Services and		RV and
($ in thousands)	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2024 (excluding impairment charges)	$	72,679	$	903,182	$	975,861
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2024		25,795		708,229		734,024
Acquisitions		—		17,951		17,951
Divestiture⁽¹⁾		—		(3,414)		(3,414)
Balance at June 30, 2025		25,795		722,766		748,561
Acquisitions		—		760		760
Balance at December 31, 2025		25,795		723,526		749,321
Acquisitions		—		2,340		2,340
Balance at June 30, 2026	$	25,795	$	725,866	$	751,661

(1)	In June 2025, the Company closed on the sale of a dealership (see Note 6 — Assets Held for Sale and Business Divestitures).

At June 30, 2026, the Company performed a qualitative impairment assessment to determine if it was more likely than not that the fair value of the RV and Outdoor Retail reporting unit was less than its carrying value by evaluating relevant events and circumstances. After considering recent performance comparable to forecasts utilized in the most recent interim goodwill impairment test as of March 31, 2026 (“Q1 26 Interim Goodwill Test”), among other factors, the Company concluded that it was more likely than not that the fair value of the RV and Outdoor Retail reporting unit was less than its carrying value as of June 30, 2026. As a result, the Company performed a quantitative goodwill impairment test as of June 30, 2026 (“Q2 26 Interim Goodwill Test”).

The Q1 26 Interim Goodwill Test and Q2 26 Interim Goodwill Test concluded that the RV and Outdoor Retail reporting unit’s fair value exceeded its carrying value by 10% and 7%, respectively; therefore, no impairment of goodwill was recorded during the three months and six months ended June 30, 2026. The Company estimated the fair value of this reporting unit using a combination of the guideline public company method under the market approach and the discounted cash flow analysis method under the income approach. Of the key assumptions to the determination of fair value for the RV and Outdoor Retail reporting unit, (i) revenue and EBITDA projections, (ii) discount rate, and (iii) market multiples of comparable public companies are subject to the most uncertainty and it is reasonably possible that changes in the estimates underlying those, or other, assumptions could negatively impact the fair value of the RV and Outdoor Retail reporting unit and result in an impairment of goodwill in the near term.

Intangible Assets

Finite-lived intangible assets and related accumulated amortization consisted of the following:


	June 30, 2026
	Carrying		Accumulated
($ in thousands)	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,194	$	(9,152)	$	42
Trademarks and trade names		2,132		(592)		1,540
Websites and developed technology		3,650		(2,447)		1,203
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(3,353)		801
Supplier lists and agreements		9,500		(1,930)		7,570
Trademarks and trade names		26,526		(24,015)		2,511
Websites and developed technology		6,151		(5,753)		398
	$	61,307	$	(47,242)	$	14,065

	December 31, 2025
	Carrying		Accumulated
($ in thousands)	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,194	$	(9,140)	$	54
Trademarks and trade names		2,132		(521)		1,611
Websites and developed technology		3,650		(2,169)		1,481
RV and Outdoor Retail:
Customer lists and domain names		4,154		(3,152)		1,002
Supplier lists and agreements		9,500		(1,484)		8,016
Trademarks and trade names		26,526		(23,345)		3,181
Websites and developed technology		6,151		(5,672)		479
	$	61,307	$	(45,483)	$	15,824

	June 30, 2025
	Cost or		Accumulated
($ in thousands)	Fair Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,656)	$	84
Trademarks and trade names		2,132		(450)		1,682
Websites and developed technology		3,650		(1,891)		1,759
RV and Outdoor Retail:
Customer lists and domain names and other		4,154		(2,952)		1,202
Supplier lists and agreements		9,500		(1,039)		8,461
Trademarks and trade names		26,526		(22,675)		3,851
Websites and developed technology		6,151		(5,588)		563
	$	61,853	$	(44,251)	$	17,602

Segments Information

6 Months Ended

Jun. 30, 2026

Segments Information

Segments Information

19. 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 (“CODM”) 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. As of June 30, 2026, the Company’s CODM was Matthew D. Wagner, the Company’s Chief Executive Officer and President.

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
	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	$	54,629	$	—	$	54,213	$	—	$	103,087	$	—	$	100,421	$	—
New vehicles		—		869,047		—		915,106		—		1,456,741		—		1,536,538
Used vehicles		—		580,322		—		572,271		—		984,102		—		994,622
Products, service and other		—		217,563		—		222,890		—		375,983		—		387,882
Finance and insurance, net		—		201,677		—		201,198		—		347,777		—		349,865
Good Sam Club		—		10,801		—		10,270		—		20,954		—		20,144
Intersegment revenue⁽¹⁾		127		1,538		88		4,256		1,019		2,920		896		6,660
Total revenue before intersegment eliminations		54,756		1,880,948		54,301		1,925,991		104,106		3,188,477		101,317		3,295,711

Segment expenses:
Adjusted costs applicable to revenue⁽²⁾		20,839		1,374,692		21,936		1,361,657		39,701		2,306,966		39,613		2,327,751
Intersegment costs applicable to revenue⁽³⁾		56		2,694		40		3,792		672		4,741		627		6,417
Adjusted selling, general, and administrative⁽⁴⁾		8,952		394,013		7,167		417,513		16,741		736,935		14,809		787,245
Floor plan interest expense		—		19,852		—		20,989		—		41,671		—		39,295
Other segment items⁽⁵⁾		—		(138)		—		20		—		(236)		—		(20)
Segment Adjusted EBITDA	$	24,909	$	89,835	$	25,158	$	122,020	$	46,992	$	98,400	$	46,268	$	135,023

(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 exclude 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 June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Revenue:
Good Sam Services and Plans Segment	$	54,756	$	54,301	$	104,106	$	101,317
RV and Outdoor Retail Segment		1,880,948		1,925,991		3,188,477		3,295,711
Total segment revenue		1,935,704		1,980,292		3,292,583		3,397,028
Intersegment eliminations		(1,665)		(4,344)		(3,939)		(7,556)
Total revenue		1,934,039		1,975,948		3,288,644		3,389,472
Segment Adjusted EBITDA:
Good Sam Services and Plans Segment		24,909		25,158		46,992		46,268
RV and Outdoor Retail Segment		89,835		122,020		98,400		135,023
Total Segment Adjusted EBITDA		114,744		147,178		145,392		181,291
Corporate SG&A excluding SBC⁽¹⁾		(3,641)		(4,465)		(6,590)		(7,391)
Depreciation and amortization		(24,634)		(23,419)		(47,352)		(45,963)
Long-lived asset impairment		(13,099)		—		(13,099)		(620)
Gain (loss) on lease termination and/or remeasurement		8		107		(56)		107
Gain (loss) on sale or disposal of assets		2,055		(1,185)		1,887		638
Stock-based compensation⁽²⁾		(4,384)		(8,444)		(9,158)		(15,714)
Loss and impairment on investments in equity securities⁽³⁾		—		(2,600)		(162)		(2,757)
Other interest expense, net		(26,912)		(30,836)		(53,761)		(61,367)
Intersegment eliminations⁽⁴⁾		947		(492)		1,238		(533)
Income before income taxes	$	45,084	$	75,844	$	18,339	$	47,691

(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 17 — 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 income (loss) before income taxes.


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Depreciation and amortization:
Good Sam Services and Plans	$	2,053	$	1,125	$	3,170	$	2,026
RV and Outdoor Retail		22,581		22,294		44,182		43,937
Total depreciation and amortization	$	24,634	$	23,419	$	47,352	$	45,963


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Other interest expense, net:
Good Sam Services and Plans	$	(196)	$	(21)	$	(233)	$	(73)
RV and Outdoor Retail		5,491		6,300		10,683		12,709
Subtotal		5,295		6,279		10,450		12,636
Corporate & other		21,617		24,557		43,311		48,731
Total other interest expense, net	$	26,912	$	30,836	$	53,761	$	61,367


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Assets:
Good Sam Services and Plans	$	94,810	$	127,282	$	87,911
RV and Outdoor Retail		4,755,642		4,906,137		4,881,045
Subtotal		4,850,452		5,033,419		4,968,956
Corporate & other		8,341		10,915		222,891
Total assets	$	4,858,793	$	5,044,334	$	5,191,847


	Three Months Ended June 30,					Six Months Ended June 30,
($ in thousands)	2026			2025		2026			2025
Capital expenditures:
Good Sam Services and Plans	$	4,517		$	2,213	$	9,156		$	5,118
RV and Outdoor Retail		25,045			47,774		56,441			116,964
Total capital expenditures	$	29,562		$	49,987	$	65,597		$	122,082

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 26,860	$ 30,216	$ 10,458	$ 17,936

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets

Schedule of changes in the goodwill by segment


	Good Sam
	Services and		RV and
($ in thousands)	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2024 (excluding impairment charges)	$	72,679	$	903,182	$	975,861
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2024		25,795		708,229		734,024
Acquisitions		—		17,951		17,951
Divestiture⁽¹⁾		—		(3,414)		(3,414)
Balance at June 30, 2025		25,795		722,766		748,561
Acquisitions		—		760		760
Balance at December 31, 2025		25,795		723,526		749,321
Acquisitions		—		2,340		2,340
Balance at June 30, 2026	$	25,795	$	725,866	$	751,661

(1)	In June 2025, the Company closed on the sale of a dealership (see Note 6 — Assets Held for Sale and Business Divestitures).

Schedule of Finite-lived intangible assets and related accumulated amortization


	June 30, 2026
	Carrying		Accumulated
($ in thousands)	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,194	$	(9,152)	$	42
Trademarks and trade names		2,132		(592)		1,540
Websites and developed technology		3,650		(2,447)		1,203
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(3,353)		801
Supplier lists and agreements		9,500		(1,930)		7,570
Trademarks and trade names		26,526		(24,015)		2,511
Websites and developed technology		6,151		(5,753)		398
	$	61,307	$	(47,242)	$	14,065

	December 31, 2025
	Carrying		Accumulated
($ in thousands)	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,194	$	(9,140)	$	54
Trademarks and trade names		2,132		(521)		1,611
Websites and developed technology		3,650		(2,169)		1,481
RV and Outdoor Retail:
Customer lists and domain names		4,154		(3,152)		1,002
Supplier lists and agreements		9,500		(1,484)		8,016
Trademarks and trade names		26,526		(23,345)		3,181
Websites and developed technology		6,151		(5,672)		479
	$	61,307	$	(45,483)	$	15,824

	June 30, 2025
	Cost or		Accumulated
($ in thousands)	Fair Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,656)	$	84
Trademarks and trade names		2,132		(450)		1,682
Websites and developed technology		3,650		(1,891)		1,759
RV and Outdoor Retail:
Customer lists and domain names and other		4,154		(2,952)		1,202
Supplier lists and agreements		9,500		(1,039)		8,461
Trademarks and trade names		26,526		(22,675)		3,851
Websites and developed technology		6,151		(5,588)		563
	$	61,853	$	(44,251)	$	17,602

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Fair Value Measurements

10. 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:


	June 30, 2026				December 31, 2025				June 30, 2025
($ in thousands)	Carrying Value		Level 3		Carrying Value		Level 3		Carrying Value		Level 3
Assets:
Derived participation investment ⁽¹⁾	$	3,302	$	3,302	$	3,321	$	3,321	$	6,001	$	6,001
Liabilities:
Acquisition-related contingent consideration ⁽²⁾		—		—		—		—		368		368

(1)	Derived participation investment was included in other assets in the accompanying condensed consolidated balance sheets.

(2)	As of June 30, 2025, the $0.4 million of acquisition-related contingent consideration was included in accrued liabilities in the accompanying condensed consolidated balance sheets.

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


($ in thousands)		Derived Participation Investment		Acquisition-Related Contingent Consideration
Beginning balance as of January 1, 2025		$	156	$	368
Purchases			5,992		—
Settlements			(458)		—
Gains included in earnings⁽¹⁾			311		—
Ending balance as of June 30, 2025			6,001		368
Purchases			3,475		—
Settlements			(1,308)		(100)
In transit exchanges for new securities⁽²⁾			(5,708)		—
Gains included in earnings⁽¹⁾			861		(268)
Ending balance as of December 31, 2025			3,321		—
Losses included in earnings			(19)		—
Ending balance as of June 30, 2026		$	3,302	$	—

(1)	Gains related to the derived participation investment represent an increase in the asset. Gains related to the acquisition-related contingent consideration represent a decrease in the liability.

(2)	Securitization proceeds held by issuer to be exchanged for new investment.

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 six months ended June 30, 2026.

In July 2026, the $5.7 million amount listed above as “In transit exchanges for new securities” was reinvested along with an additional $2.0 million in the residual interest of a previously securitized Derived Participation Investment.

Additionally, as of June 30, 2026 and December 31, 2025, the Company held a $7.5 million investment in a preferred interest of this consumer financing partner, which operates a captive-as-a-service business specializing in financing for RVs and powersports. Since this investment did not have a readily determinable fair value, it was recorded at its cost less impairments, if any.

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 was categorized as a Level 3 measurement and there was no significant change in unrealized gains or losses during the six months ended June 30, 2025. Based on milestones reached, the first milestone payment was determined to be $0.1 million and was paid in October 2025. The milestones relating to the second milestone payment could not be reached and did not result in any further milestone payments.

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 2026 and 2025 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, 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		June 30, 2026				December 31, 2025				June 30, 2025
($ in thousands)	Measurement		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2		$	1,286,597	$	1,232,752	$	1,308,832	$	1,285,475	$	1,330,401	$	1,311,749
Real Estate Facilities	Level 2			111,281		112,544		155,137		158,203		168,332		173,163
Other Long-Term Debt	Level 2			7,417		6,444		7,588		6,622		7,760		6,589

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-Based Compensation Plans - RSUs, PSUs and Liability-Classified Share-Based Awards (Details) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended	6 Months Ended	12 Months Ended
	May 18, 2026 shares	May 31, 2026 USD ($) director $ / shares shares	Dec. 31, 2025 USD ($) shares	Jan. 31, 2025 D tranche $ / shares shares	Jun. 30, 2026 $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 02, 2025 USD ($)
Restricted Stock Units
Stock-based Compensation Plans
Granted (in shares)						387,000
Restricted Stock Units \| Board of Directors Vice Chairman \| 2016 Plan
Stock-based Compensation Plans
Granted (in shares)							59,518
Vesting period			1 year
Aggregate grant date fair value \| $			$ 550,000
Restricted Stock Units \| Chief Executive Officer \| 2016 Plan \| Matthew D Wagner
Stock-based Compensation Plans
Granted (in shares)			465,000				465,000
Restricted Stock Units \| Employee
Stock-based Compensation Plans
Granted (in shares)						244,585
Grant date fair value (in dollars) \| $						$ 1,800
Vesting period						5 years
Weighted average grant date fair value (per share) \| $ / shares					$ 7.49	$ 7.49
Restricted Stock Units \| Employee \| Non-employee directors
Stock-based Compensation Plans
Granted (in shares)		20,325
Grant date fair value (in dollars) \| $		$ 1,000
Vesting period		1 year
Number of non-employee directors \| director		7
Weighted average grant date fair value (per share) \| $ / shares		$ 7.38
Performance Stock Units
Stock-based Compensation Plans
Granted (in shares)					200,000	200,000
Weighted-average grant date fair value (in dollars per share) \| $ / shares					$ 6.92
Upward or downward adjustment (In Percent)					200.00%
Certification period					10 days
Performance Stock Units \| Maximum
Stock-based Compensation Plans
Vesting right (In percent)					150.00%
Performance Stock Units \| Chief Executive Officer \| 2016 Plan
Stock-based Compensation Plans
Granted (in shares)				750,000
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
Performance Stock Units \| Chief Executive Officer \| 2016 Plan \| Class A Common Stock
Stock-based Compensation Plans
Consecutive trading \| D				30
Performance Stock Units \| Chief Executive Officer \| 2016 Plan \| Minimum
Stock-based Compensation Plans
Price per share (in shares) \| $ / shares				$ 32.5
Performance Stock Units \| Chief Executive Officer \| 2016 Plan \| Maximum
Stock-based Compensation Plans
Price per share (in shares) \| $ / shares				$ 47.5
Performance Stock Units \| Fifty Percent Target Payout \| Minimum
Stock-based Compensation Plans
Vesting right (In percent)					50.00%
Number of vesting shares					110,000
Performance Stock Units \| Seventy Five Percent Target Payout \| Minimum
Stock-based Compensation Plans
Vesting right (In percent)					75.00%
Number of vesting shares					90,000
Liability-Classified Share-Based Awards \| Chief Executive Officer
Stock-based Compensation Plans
Bonus relating to 2026 \| $		$ 2,300						$ 2,300
Additional lump-sum payment \| $								3,800
Employment aggregate compensation payments \| $			$ 7,500				$ 7,500	$ 6,000
Shares withheld to cover employee associated tax obligations		125,763
Cash payment \| $		$ 3,800
Liability-Classified Share-Based Awards \| Chief Executive Officer \| Class A Common Stock
Stock-based Compensation Plans
Stock award to employee (In shares)	319,602	319,602
Bonus Share \| Chief Executive Officer
Stock-based Compensation Plans
Shares withheld to cover employee associated tax obligations	125,763

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

Related Party Transactions

15. Related Party Transactions

Transactions with Directors, Equity Holders and Executive Officers

During the six months ended June 30, 2026, Mr. Lemonis, in his non-executive role of Co-Founder and Special Advisor under the Lemonis Second Employment Agreement, as amended, received i) base salary of $0.8 million in cash, ii) the 2026 Bonus settled with the issuance of 319,602 shares of Class A common stock, less 125,763 shares withheld to cover Mr. Lemonis’ associated tax withholding obligations, and iii) the Lump-Sum Payment of $3.8 million in cash. See Note 11 – Commitments and Contingencies for further details on the Lemonis Second Employment Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
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 six months ended June 30, 2026 and 2025 are unaudited. The condensed consolidated balance sheet as of December 31, 2025 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, 2025 filed with the SEC on February 27, 2026 (“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 June 30, 2026, December 31, 2025, and June 30, 2025, CWH owned 61.5%, 61.4%, and 61.1%, 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.
Seasonality	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.
Current Expected Credit Losses	Current Expected Credit Losses The allowance for credit losses is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. As of January 1, 2026, the Company elected the practical expedient to assume that conditions as of 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 Accounting Standards Codification (“ASC”) 606.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 as of 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 on January 1, 2026 resulted in the disclosure of the election of the practical expedient and did 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 an 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 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. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this ASU clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements and also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim periods with the annual reporting period 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 December 2025, the FASB issued ASU 2025-12, Codification Improvements. This ASU represents changes to the ASC that (1) clarify, (2) correct errors, or (3) make minor improvements. The ASU is intended to make the ASC easier to understand and apply. The standard is effective for fiscal years beginning after December 15, 2026 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. In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). This ASU introduces a comprehensive model that establishes recognition, measurement, presentation, and disclosure requirements for (1) environmental credits and, when applicable, (2) compliance obligations that may be settled by using environmental credits. 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 does not expect the impact of the adoption of the provisions of the ASU will be material to its condensed consolidated financial statements.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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


	June 30, 2026				December 31, 2025				June 30, 2025
($ in thousands)	Carrying Value		Level 3		Carrying Value		Level 3		Carrying Value		Level 3
Assets:
Derived participation investment ⁽¹⁾	$	3,302	$	3,302	$	3,321	$	3,321	$	6,001	$	6,001
Liabilities:
Acquisition-related contingent consideration ⁽²⁾		—		—		—		—		368		368

(1)	Derived participation investment was included in other assets in the accompanying condensed consolidated balance sheets.

(2)	As of June 30, 2025, the $0.4 million of acquisition-related contingent consideration was included in accrued liabilities in the accompanying condensed consolidated balance sheets.

Schedule of fair value measurements of assets using significant unobservable inputs


($ in thousands)		Derived Participation Investment		Acquisition-Related Contingent Consideration
Beginning balance as of January 1, 2025		$	156	$	368
Purchases			5,992		—
Settlements			(458)		—
Gains included in earnings⁽¹⁾			311		—
Ending balance as of June 30, 2025			6,001		368
Purchases			3,475		—
Settlements			(1,308)		(100)
In transit exchanges for new securities⁽²⁾			(5,708)		—
Gains included in earnings⁽¹⁾			861		(268)
Ending balance as of December 31, 2025			3,321		—
Losses included in earnings			(19)		—
Ending balance as of June 30, 2026		$	3,302	$	—

(1)	Gains related to the derived participation investment represent an increase in the asset. Gains related to the acquisition-related contingent consideration represent a decrease in the liability.

(2)	Securitization proceeds held by issuer to be exchanged for new investment.

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


	Fair Value		June 30, 2026				December 31, 2025				June 30, 2025
($ in thousands)	Measurement		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loan Facility	Level 2		$	1,286,597	$	1,232,752	$	1,308,832	$	1,285,475	$	1,330,401	$	1,311,749
Real Estate Facilities	Level 2			111,281		112,544		155,137		158,203		168,332		173,163
Other Long-Term Debt	Level 2			7,417		6,444		7,588		6,622		7,760		6,589

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Inventories and Floor Plan Payables (Tables)

6 Months Ended

Jun. 30, 2026

Inventories and Floor Plan Payables

Schedule of inventories


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Good Sam services and plans	$	272	$	349	$	298
New RVs		1,264,258		1,421,435		1,330,965
Used RVs		429,417		530,861		536,665
Products, parts, accessories and other		166,351		159,255		193,232
	$	1,860,298	$	2,111,900	$	2,061,160

Schedule of outstanding amounts and available borrowing


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$	2,150,000	$	2,150,000	$	2,150,000
Less: borrowings, net of FLAIR offset account		(1,324,184)		(1,603,645)		(1,280,102)
Less: FLAIR offset account⁽¹⁾		(22,231)		(25,117)		(39)
Additional borrowing capacity		803,585		521,238		869,859
Less: short-term payable for sold inventory⁽²⁾		(70,217)		(35,981)		(82,871)
Less: purchase commitments⁽³⁾		(18,152)		(26,841)		(26,884)
Unencumbered borrowing capacity	$	715,216	$	458,416	$	760,104

Revolving line of credit:	$	70,000	$	70,000	$	70,000
Less: borrowings		—		—		—
Additional borrowing capacity	$	70,000	$	70,000	$	70,000

Letters of credit:
Total commitment	$	45,000	$	45,000	$	45,000
Less: outstanding letters of credit		(15,414)		(15,414)		(14,300)
Additional letters of credit capacity	$	29,586	$	29,586	$	30,700

(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.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 24, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity 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	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		63,827,952
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

Earnings Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share

Earnings Per Share

18. Earnings Per Share

Basic earnings per share of Class A common stock is computed by dividing net income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net 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 earnings per share of Class A common stock:


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands except per share amounts)	2026			2025			2026			2025
Numerator:
Net income	$	43,713		$	57,523		$	17,052		$	32,841
Less: net income attributable to non-controlling interests		(16,853)			(27,307)			(6,594)			(14,905)
Net income attributable to Camping World Holdings, Inc. — basic	$	26,860		$	30,216		$	10,458		$	17,936
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options, PSUs and RSUs		82			27			15			—
Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		—			—			—			11,049
Net income attributable to Camping World Holdings, Inc. — diluted	$	26,942		$	30,243		$	10,473		$	28,985
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		63,668			62,610			63,573			62,571
Dilutive liability-classified awards		433			—			505			—
Dilutive PSUs and RSUs		74			137			88			195
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		—			—			—			39,895
Weighted-average shares of Class A common stock outstanding — diluted		64,175			62,747			64,166			102,661

Earnings per share of Class A common stock — basic	$	0.42		$	0.48		$	0.16		$	0.29
Earnings per share of Class A common stock — diluted	$	0.42		$	0.48		$	0.16		$	0.28

Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:
Stock options to purchase Class A common stock		132			151			134			153
PSUs and RSUs		1,723			1,892			1,478			1,684
Common units of CWGS, LLC that are convertible into Class A common stock		39,895			39,895			39,895			—

Weighted-average contingently issuable shares excluded from the computation of diluted earnings per share of Class A common stock since all necessary conditions had not been satisfied:
PSUs⁽¹⁾		815			750			783			750

(1)

See Note 17 – 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 earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.

Long-Term Debt - Real Estate Facilities - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Long-term debt
Outstanding	$ 1,405,295	$ 1,471,557	$ 1,506,493
Real Estate Facilities
Long-term debt
Outstanding	111,281	$ 155,137	$ 168,332
Remaining Available	57,390
M&T Real Estate Facility
Long-term debt
Outstanding	108,322
Remaining Available	$ 57,390
Wtd. Average Interest Rate	6.04%
First CIBC Real Estate Facility
Long-term debt
Outstanding	$ 2,959
Wtd. Average Interest Rate	6.63%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Stock-Based Compensation Plans - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-based compensation expense:
Stock-based compensation expense	$ 4,384	$ 8,444	$ 9,158	$ 15,714
Costs applicable to revenue
Stock-based compensation expense:
Stock-based compensation expense	130	100	260	225
Selling, general, and administrative
Stock-based compensation expense:
Stock-based compensation expense	$ 4,254	$ 8,344	$ 8,898	$ 15,489

Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2026

Lease Obligations

Schedule of lease cost


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2026			2025			2026			2025
Operating lease cost	$	31,091		$	29,423		$	62,114		$	58,776
Finance lease cost:
Amortization of finance lease assets		2,740			2,717			5,458			5,308
Interest on finance lease liabilities		2,058			2,240			4,104			4,422
Short-term lease cost		275			275			535			583
Variable lease cost		6,643			5,155			12,763			11,859
Sublease income		(1,084)			(882)			(2,192)			(1,728)
Net lease costs	$	41,723		$	38,928		$	82,782		$	79,220

Schedule of cash flow supplemental information


	Six Months Ended June 30,
($ in thousands)	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	63,704		$	40,833
Operating cash flows for finance leases		4,104			4,422
Financing cash flows for finance leases		3,745			3,637
Lease assets obtained in exchange for lease liabilities:
New, remeasured and terminated operating leases		32,151			6,329
New, remeasured and terminated finance leases		4,011			12,768

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 1,934,039	$ 1,975,948	$ 3,288,644	$ 3,389,472
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	1,395,661	1,383,693	2,346,927	2,367,589
Operating expenses:
Selling, general, and administrative	410,860	437,489	769,164	824,934
Depreciation and amortization	24,634	23,419	47,352	45,963
Long-lived asset impairment	13,099	0	13,099	620
(Gain) loss on lease termination and/or remeasurement	(8)	(107)	56	(107)
(Gain) loss on sale or disposal of assets	(2,055)	1,185	(1,887)	(638)
Total operating expenses	446,530	461,986	827,784	870,772
Income from operations	91,848	130,269	113,933	151,111
Other expense:
Floor plan interest expense	(19,852)	(20,989)	(41,671)	(39,295)
Other interest expense, net	(26,912)	(30,836)	(53,761)	(61,367)
Other expense, net		(2,600)	(162)	(2,758)
Total other expense	(46,764)	(54,425)	(95,594)	(103,420)
Income before income taxes	45,084	75,844	18,339	47,691
Income tax expense	(1,371)	(18,321)	(1,287)	(14,850)
Net income	43,713	57,523	17,052	32,841
Less: net income attributable to non-controlling interests	(16,853)	(27,307)	(6,594)	(14,905)
Net income attributable to Camping World Holdings, Inc.	$ 26,860	$ 30,216	$ 10,458	$ 17,936
Class A Common Stock
Earnings per share of Class A common stock:
Basic	$ 0.42	$ 0.48	$ 0.16	$ 0.29
Diluted	$ 0.42	$ 0.48	$ 0.16	$ 0.28
Weighted average shares of Class A common stock outstanding:
Basic	63,668	62,610	63,573	62,571
Diluted	64,175	62,747	64,166	102,661
Good Sam Services and Plans
Revenue:
Total revenue	$ 54,629	$ 54,213	$ 103,087	$ 100,421
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	20,886	21,947	39,795	39,668
RV and Outdoor Retail
Revenue:
Total revenue	1,879,410	1,921,735	3,185,557	3,289,051
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	1,374,775	1,361,746	2,307,132	2,327,921
RV and Outdoor Retail \| New vehicles
Revenue:
Total revenue	869,047	915,106	1,456,741	1,536,538
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	773,986	788,873	1,289,899	1,325,232
RV and Outdoor Retail \| Used vehicles
Revenue:
Total revenue	580,322	572,271	984,102	994,622
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	484,681	455,239	817,179	799,200
RV and Outdoor Retail \| Products, service and other
Revenue:
Total revenue	217,563	222,890	375,983	387,882
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	114,707	116,412	197,480	201,151
RV and Outdoor Retail \| Finance and insurance, net
Revenue:
Total revenue	201,677	201,198	347,777	349,865
RV and Outdoor Retail \| Good Sam Club
Revenue:
Total revenue	10,801	10,270	20,954	20,144
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	$ 1,401	$ 1,222	$ 2,574	$ 2,338

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Tangible assets (liabilities) acquired (assumed):
Goodwill	$ 751,661	$ 748,561	$ 749,321	$ 734,024
Application of deposit paid in prior period		(11,000)
Cash paid for acquisitions, net of cash acquired	7,054	81,154
2026 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net	4,670
Prepaid expenses and other assets	0
Property and equipment, net	44
Operating lease assets	0
Accrued liabilities	0
Current portion of operating lease liabilities	0
Other current liabilities	0
Operating lease liabilities, net of current portion	0
Total tangible net assets acquired	4,714
Goodwill	2,340
Purchase price of acquisitions	7,054
Application of deposit paid in prior period	0
Cash paid for acquisitions, net of cash acquired	7,054
Inventory purchases financed via floor plan	(3,627)
Cash payment net of floor plan financing	$ 3,427
2025 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net		73,343
Prepaid expenses and other assets		58
Property and equipment, net		1,415
Operating lease assets		9,367
Accrued liabilities		(144)
Current portion of operating lease liabilities		(1,055)
Other current liabilities		(469)
Operating lease liabilities, net of current portion		(8,312)
Total tangible net assets acquired		74,203
Goodwill		17,951
Purchase price of acquisitions		92,154
Application of deposit paid in prior period		(11,000)
Cash paid for acquisitions, net of cash acquired		81,154
Inventory purchases financed via floor plan		(71,181)
Cash payment net of floor plan financing		$ 9,973

Segments Information - General Information (Details)	6 Months Ended
Segments Information - General Information (Details)	Jun. 30, 2026 segment
Segments Information
Number of reportable segments	2

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

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 six months ended June 30, 2026 and 2025 are unaudited. The condensed consolidated balance sheet as of December 31, 2025 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, 2025 filed with the SEC on February 27, 2026 (“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 June 30, 2026, December 31, 2025, and June 30, 2025, CWH owned 61.5%, 61.4%, and 61.1%, 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.

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.

Current Expected Credit Losses

The allowance for credit losses is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. As of January 1, 2026, the Company elected the practical expedient to assume that conditions as of 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 Accounting Standards Codification (“ASC”) 606.

Recently Adopted Accounting Pronouncements

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 as of 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 on January 1, 2026 resulted in the disclosure of the election of the practical expedient and did 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 an 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 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.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this ASU clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements and also includes

a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim periods with the annual reporting period 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 December 2025, the FASB issued ASU 2025-12, Codification Improvements. This ASU represents changes to the ASC that (1) clarify, (2) correct errors, or (3) make minor improvements. The ASU is intended to make the ASC easier to understand and apply. The standard is effective for fiscal years beginning after December 15, 2026 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.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). This ASU introduces a comprehensive model that establishes recognition, measurement, presentation, and disclosure requirements for (1) environmental credits and, when applicable, (2) compliance obligations that may be settled by using environmental credits. 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 does not expect the impact of the adoption of the provisions of the ASU will be material to its condensed consolidated financial statements.

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation Plans

Schedule of stock-based compensation expense classified with the consolidated statements of operations


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Stock-based compensation expense:
Costs applicable to revenue	$	130	$	100	$	260	$	225
Selling, general, and administrative		4,254		8,344		8,898		15,489
Total stock-based compensation expense	$	4,384	$	8,444	$	9,158	$	15,714

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


	Stock	Restricted	Performance
(in thousands)	Options	Stock Units	Stock Units⁽¹⁾
Outstanding at December 31, 2025	138	1,915	750
Granted	—	387	200
Vested	—	(260)	—
Forfeited	(9)	(33)	—
Outstanding at June 30, 2026	129	2,009	950
Exercisable at June 30, 2026	129	n/a	n/a

Segments Information - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Revenue:
Total assets	$ 4,858,793	$ 5,044,334	$ 5,191,847
Subtotal
Revenue:
Total assets	4,850,452	5,033,419	4,968,956
Corporate & other
Revenue:
Total assets	8,341	10,915	222,891
Good Sam Services and Plans \| Operating Segments
Revenue:
Total assets	94,810	127,282	87,911
RV and Outdoor Retail \| Operating Segments
Revenue:
Total assets	$ 4,755,642	$ 4,906,137	$ 4,881,045

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Long-Term Debt

6 Months Ended

Jun. 30, 2026

Long-Term Debt

Long-Term Debt

8. Long-Term Debt

Outstanding long-term debt consisted of the following:


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Term Loan Facility ⁽¹⁾	$	1,286,597	$	1,308,832	$	1,330,401
Real Estate Facilities ⁽²⁾		111,281		155,137		168,332
Other Long-Term Debt		7,417		7,588		7,760
Subtotal		1,405,295		1,471,557		1,506,493
Less: current portion		(27,792)		(57,939)		(23,023)
Total	$	1,377,503	$	1,413,618	$	1,483,470

(1)	Net of $5.6 million, $7.0 million, and $8.3 million of original issue discount as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively, and $2.0 million, $2.6 million, and $3.2 million of finance costs as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively.

(2)	Net of $1.5 million, $2.0 million, and $2.5 million of finance costs as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively.

Senior Secured Credit Facilities

As of June 30, 2026, December 31, 2025, and June 30, 2025, 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:


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Senior Secured Credit Facilities:
Term Loan Facility:
Principal amount of borrowings	$	1,400,000	$	1,400,000	$	1,400,000
Less: cumulative principal payments		(105,772)		(81,564)		(58,057)
Less: unamortized original issue discount		(5,623)		(6,993)		(8,329)
Less: unamortized finance costs		(2,008)		(2,611)		(3,213)
		1,286,597		1,308,832		1,330,401
Less: current portion		(14,015)		(14,015)		(14,015)
Long-term debt, net of current portion	$	1,272,582	$	1,294,817	$	1,316,386
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 June 30, 2026, December 31, 2025, and June 30, 2025, the average interest rate on the Term Loan Facility was 6.26%, 6.33%, and 6.94%, respectively, and the effective interest rates were 6.48%, 6.77%, and 7.18%, respectively. In addition to the regularly scheduled quarterly principal payments, the Company made a voluntary principal payment on the Term Loan Facility of $17.2 million in February 2026.

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 June 30, 2026 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 June 30, 2026, 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 June 30, 2026, December 31, 2025, and June 30, 2025.

Real Estate Facilities

As of June 30, 2026, December 31, 2025 and June 30, 2025, 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 six months ended June 30, 2026, FRHP had no additional borrowings under the M&T Real Estate facility. During the year ended December 31, 2025 and the six months ended June 30, 2026, FRHP made payments on the M&T Real Estate Facility of $8.3 million and $44.3 million, respectively, to pay off the remaining principal balances related to certain properties. Of the $44.3 million paid during the six months ended June 30, 2026, $30.1 million related to the principal repayment on the December 31, 2025 sale of real property, where the net proceeds of $15.1 million and principal repayment were not distributed through escrow until January 2, 2026.

As of June 30, 2026, December 31, 2025, and June 30, 2025, 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 a loan and security agreement for a real estate credit facility (as amended from time to time, the “First CIBC Real Estate Facility” and together with the M&T Real Estate Facility, the “Real Estate Facilities”). 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 June 30, 2026
			Remaining			Wtd. Average
($ in thousands)	Outstanding⁽¹⁾		Available⁽²⁾			Interest Rate
Real Estate Facilities
M&T Real Estate Facility	$	108,322	$	57,390	⁽³⁾		6.04%
First CIBC Real Estate Facility		2,959		—			6.63%
	$	111,281	$	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 June 30, 2026 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 June 30, 2026, December 31, 2025, and June 30, 2025.

Other Long-Term Debt

As of June 30, 2026, the outstanding principal balance of other long-term debt was $7.4 million with a weighted average interest rate of 4.27%.

Non-Controlling Interests

6 Months Ended

Jun. 30, 2026

Non-Controlling Interests

Non-Controlling Interests

16. Non-Controlling Interests

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


	As of June 30, 2026				As of December 31, 2025				As of June 30, 2025
	Common Units		Ownership %		Common Units		Ownership %		Common Units		Ownership %
CWH		63,827,952		61.5%		63,436,696		61.4%		62,648,648		61.1%
Continuing Equity Owners		39,895,393		38.5%		39,895,393		38.6%		39,895,393		38.9%
Total		103,723,345		100.0%		103,332,089		100.0%		102,544,041		100.0%

For the six months ended June 30, 2026 and 2025, contributions from and distributions to holders of LLC common units represented tax refunds and tax payments, respectively, made on behalf of the Continuing Equity Owners.

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


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Net income attributable to Camping World Holdings, Inc.	$	26,860	$	30,216	$	10,458	$	17,936
Transfers to non-controlling interests:
Increase in additional paid-in capital as a result of the vesting of restricted stock units		199		226		510		672
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		(125)		(304)		(632)		(1,175)
Increase in additional paid-in capital as a result of the stock award to employee		589		—		589		—
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on stock award to employee		(884)		—		(884)		—
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	$	26,639	$	30,138	$	10,041	$	17,433

Accounts Receivable

6 Months Ended

Jun. 30, 2026

Accounts Receivable

Accounts Receivable

3. Accounts Receivable


	June 30,			December 31,			June 30,
($ in thousands)	2026			2025			2025
Good Sam Services and Plans	$	12,788		$	15,313		$	16,847
RV and Outdoor Retail
New and used vehicles		5,225			2,868			5,046
Parts, service and other		28,741			30,750			27,650
Trade accounts receivable		41,958			40,906			32,543
Due from manufacturers		47,734			25,209			31,574
Escrow receivable from sale of real property		—			45,249			—
Other		33,005			13,625			27,771
		169,451			173,920			141,431
Allowance for credit losses		(7,472)			(3,422)			(3,609)
	$	161,979		$	170,498		$	137,822

On December 31, 2025, the Company closed on the $45.2 million sale of real property; however, net proceeds of $15.1 million and the principal payments of $30.1 million on the related Real Estate Facilities (see Note 8 — Long-Term Debt) were not distributed through escrow until January 2, 2026.

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue

Summary of total unsatisfied performance obligation for these revenue streams, that the Company expects to recognize the amounts as revenue


	As of
($ in thousands)	June 30, 2026
2026	$	56,558
2027		46,521
2028		17,752
2029		9,894
2030		5,294
Thereafter		3,022
	$	139,041

Long-Lived Asset Impairment - Type of long-lived asset (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	$ 13,099	$ 0	$ 13,099	$ 620
Leasehold improvements
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	435	0	435	190
Operating lease right of use assets
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	6,392		6,392
Building and improvements
Long-lived asset impairment charges by type of long-lived asset:
Long-lived asset impairment	$ 6,272	$ 0	$ 6,272	$ 430

Assets Held for Sale and Business Divestitures

6 Months Ended

Jun. 30, 2026

Assets Held for Sale and Business Divestitures

Assets Held for Sale and Business Divestitures

6. Assets Held for Sale and Business Divestitures

As of June 30, 2026, December 31, 2025, and June 30, 2025, one, one, 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:


	June 30,			December 31,		June 30,
($ in thousands)	2026			2025		2025
Assets held for sale:
Property and equipment, net	$	175		$	175	$	15,202
	$	175		$	175	$	15,202

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 was included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations for the three and six months ended June 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.

Revenue

6 Months Ended

Jun. 30, 2026

Revenue

Revenue

2. Revenue

Contract Assets

As of June 30, 2026, December 31, 2025, and June 30, 2025, contract assets of $9.3 million, $10.7 million and $9.9 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 six months ended June 30, 2026, the Company estimates approximately $56.3 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 June 30, 2026, 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 June 30, 2026 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows:


	As of
($ in thousands)	June 30, 2026
2026	$	56,558
2027		46,521
2028		17,752
2029		9,894
2030		5,294
Thereafter		3,022
	$	139,041

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Lease Obligations
Operating cash flows for operating leases	$ 63,704	$ 40,833
Operating cash flows for finance leases	4,104	4,422
Financing cash flows for finance leases	3,745	3,637
New, remeasured and terminated operating leases	32,151	6,329
New, remeasured and terminated finance leases	$ 4,011	$ 12,768

Long-Term Debt - Outstanding amounts and available borrowings under Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Long-term debt
Long-term debt	$ 1,405,295	$ 1,506,493	$ 1,471,557
Less: current portion	(27,792)	(23,023)	(57,939)
Long-term debt, net of current portion	1,377,503	1,483,470	1,413,618
Term Loan Facility
Long-term debt
Principal amount of borrowings	1,400,000	1,400,000	1,400,000
Less: cumulative principal payments	(105,772)	(58,057)	(81,564)
Less: unamortized original issue discount	(5,623)	(8,329)	(6,993)
Less: unamortized finance costs	(2,008)	(3,213)	(2,611)
Long-term debt	1,286,597	1,330,401	1,308,832
Less: current portion	(14,015)	(14,015)	(14,015)
Long-term debt, net of current portion	1,272,582	1,316,386	1,294,817
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

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income	$ 43,713	$ (26,661)	$ 57,523	$ (24,682)	$ 17,052	$ 32,841
Less: net income attributable to non-controlling interests	(16,853)		(27,307)		(6,594)	(14,905)
Net income attributable to Camping World Holdings, Inc. - basic	26,860		30,216		10,458	17,936
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options, PSUs and RSUs	82		27		15
Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock						11,049
Net income attributable to Camping World Holdings, Inc. - diluted	$ 26,942		$ 30,243		$ 10,473	$ 28,985
Performance stock units
Denominator:
PSUs	815		750		783	750
Stock options
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:	132		151		134	153
PSUs and RSUs
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:	1,723		1,892		1,478	1,684
Convertible common stock \| CWGS, LLC
Denominator:
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:	39,895		39,895		39,895
Class A common stock
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	63,668		62,610		63,573	62,571
Dilutive liability-classified awards	433				505
Dilutive PSUs and RSUs	74		137		88	195
Dilutive common units of CWGS, LLC that are convertible into Class A common stock						39,895
Weighted-average shares of Class A common stock outstanding - diluted	64,175		62,747		64,166	102,661
Earnings per share of Class A common stock - basic	$ 0.42		$ 0.48		$ 0.16	$ 0.29
Earnings per share of Class A common stock - diluted	$ 0.42		$ 0.48		$ 0.16	$ 0.28

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 17,052	$ 32,841
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	47,352	45,963
Stock-based compensation	9,158	15,714
Loss (gain) on lease termination and/or remeasurement	2	(107)
Long-lived asset impairment	13,099	620
Gain on sale or disposal of assets	(1,887)	(638)
Provision for credit losses	1,140	1,117
Noncash lease expense	30,634	29,661
Accretion of original debt issuance discount	1,370	1,271
Noncash interest	1,785	2,106
Deferred income taxes	0	3,705
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(123,445)	(124,242)
Inventories	255,602	(171,390)
Prepaid expenses and other assets	(1,722)	(827)
Accounts payable and other accrued expenses	118,438	156,840
Payment pursuant to Tax Receivable Agreement	(1,416)	0
Deferred revenues	(8,188)	1,612
Operating lease liabilities	(32,224)	(31,437)
Other, net	6,435	(7,404)
Net cash provided by (used in) operating activities	333,185	(44,595)
Investing activities
Purchases of property and equipment	(64,211)	(49,696)
Proceeds from sale or disposal of property and equipment	255	2,966
Purchases of real property	(1,386)	(72,386)
Proceeds from the sale or disposal of real property	67,565	9,843
Purchases of businesses, net of cash acquired	(7,054)	(81,154)
Proceeds from divestiture of business	0	10,349
Net cash used in investing activities	(4,831)	(180,078)
Financing activities
Payments on long-term debt	(68,799)	(12,537)
Net (payments) proceeds on notes payable - floor plan, net	(245,225)	168,108
Payments on finance leases	(3,745)	(3,637)
Payments on sale-leaseback arrangement	(104)	(102)
Payments of stock offering costs	0	(572)
Dividends on Class A common stock	0	(15,652)
RSU shares withheld for tax	(632)	(1,175)
Stock award shares withheld for tax	(885)	0
Contributions from (distributions to) holders of LLC common units	62	(98)
Net cash (used in) provided by financing activities	(319,328)	134,335
Increase (decrease) in cash and cash equivalents	9,026	(90,338)
Cash and cash equivalents at beginning of the period	215,043	208,422
Cash and cash equivalents at end of the period	$ 224,069	$ 118,084

Accounts Receivable (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Receivables
Gross receivables	$ 173,920	$ 169,451	$ 173,920	$ 141,431
Allowance for credit losses	(3,422)	(7,472)	(3,422)	(3,609)
Accounts Receivable, Net	170,498	161,979	170,498	137,822
Real property sold	45,200		45,200
Net proceeds from sale of real property sold, held in escrow		15,100	15,100
Real Estate Facilities
Receivables
Payments on secured debt, held in escrow	30,100
Good Sam Services and Plans
Receivables
Gross receivables	15,313	12,788	15,313	16,847
RV and Outdoor Retail \| Trade accounts receivable
Receivables
Gross receivables	40,906	41,958	40,906	32,543
RV and Outdoor Retail \| Due from manufacturers
Receivables
Gross receivables	25,209	47,734	25,209	31,574
RV and Outdoor Retail \| Escrow receivable from sale of real property
Receivables
Gross receivables	45,249		45,249
RV and Outdoor Retail \| New and used vehicles
Receivables
Gross receivables	2,868	5,225	2,868	5,046
RV and Outdoor Retail \| Parts, services and other
Receivables
Gross receivables	30,750	28,741	30,750	27,650
RV and Outdoor Retail \| Other
Receivables
Gross receivables	$ 13,625	$ 33,005	$ 13,625	$ 27,771

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Goodwill
Balance (excluding impairment charges)						$ 975,861
Accumulated impairment charges						(241,837)
Balance		$ 749,321	$ 749,321	$ 748,561	$ 734,024
Acquisitions			2,340	760	17,951
Divestiture					(3,414)
Balance	$ 751,661		751,661	749,321	748,561
Goodwill impairment	$ 0		0
RV and Outdoor Retail
Goodwill
Impairment test, fair value exceeds carrying value ( in percent)	7.00%	10.00%
Good Sam Services and Plans
Goodwill
Balance (excluding impairment charges)						72,679
Accumulated impairment charges						(46,884)
Balance		$ 25,795	25,795	25,795	25,795
Balance	$ 25,795		25,795	25,795	25,795
RV and Outdoor Retail
Goodwill
Balance (excluding impairment charges)						903,182
Accumulated impairment charges						$ (194,953)
Balance		$ 723,526	723,526	722,766	708,229
Acquisitions			2,340	760	17,951
Divestiture					(3,414)
Balance	$ 725,866		$ 725,866	$ 723,526	$ 722,766

Segments Information - Segment income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segments Information
Revenue	$ 1,934,039	$ 1,975,948	$ 3,288,644	$ 3,389,472
Depreciation and amortization	(24,634)	(23,419)	(47,352)	(45,963)
Long-lived asset impairment	(13,099)	0	(13,099)	(620)
Gain (loss) on sale or disposal of assets	2,055	(1,185)	1,887	638
Stock-based compensation	(4,384)	(8,444)	(9,158)	(15,714)
Other interest expense, net	(26,912)	(30,836)	(53,761)	(61,367)
Income before income taxes	45,084	75,844	18,339	47,691
Operating Segments
Segments Information
Revenue	1,935,704	1,980,292	3,292,583	3,397,028
Total Segment Adjusted EBITDA	114,744	147,178	145,392	181,291
Corporate SG&A excluding SBC	(3,641)	(4,465)	(6,590)	(7,391)
Depreciation and amortization	(24,634)	(23,419)	(47,352)	(45,963)
Long-lived asset impairment	(13,099)		(13,099)	(620)
Gain (loss) on lease termination and/or remeasurement	8	107	(56)	107
Gain (loss) on sale or disposal of assets	2,055	(1,185)	1,887	638
Stock-based compensation	(4,384)	(8,444)	(9,158)	(15,714)
Loss and impairment on investments in equity securities		(2,600)	(162)	(2,757)
Other interest expense, net	(26,912)	(30,836)	(53,761)	(61,367)
Intersegment Eliminations
Segments Information
Revenue	(1,665)	(4,344)	(3,939)	(7,556)
Income before income taxes	947	(492)	1,238	(533)
Good Sam Services and Plans Segment
Segments Information
Revenue	54,629	54,213	103,087	100,421
Good Sam Services and Plans Segment \| Operating Segments
Segments Information
Revenue	54,756	54,301	104,106	101,317
Total Segment Adjusted EBITDA	24,909	25,158	46,992	46,268
Depreciation and amortization	(2,053)	(1,125)	(3,170)	(2,026)
Other interest expense, net	196	21	233	73
Good Sam Services and Plans Segment \| Intersegment Eliminations
Segments Information
Revenue	127	88	1,019	896
RV and Outdoor Retail Segment
Segments Information
Revenue	1,879,410	1,921,735	3,185,557	3,289,051
RV and Outdoor Retail Segment \| Operating Segments
Segments Information
Revenue	1,880,948	1,925,991	3,188,477	3,295,711
Total Segment Adjusted EBITDA	89,835	122,020	98,400	135,023
Depreciation and amortization	(22,581)	(22,294)	(44,182)	(43,937)
Other interest expense, net	(5,491)	(6,300)	(10,683)	(12,709)
RV and Outdoor Retail Segment \| Intersegment Eliminations
Segments Information
Revenue	$ 1,538	$ 4,256	$ 2,920	$ 6,660

Assets Held for Sale and Business Divestitures - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025 USD ($) item property	Jun. 30, 2026 USD ($) property	Jun. 30, 2025 USD ($) item property	Dec. 31, 2025 property
Divestiture
Cash consideration received in divestiture		$ 0	$ 10,349
Disposal Group \| Assets held for sale
Assets Held for Sale and Business Divestitures
Number of properties \| property	5	1	5	1
Certain assets of one RV dealership \| Business divestitures
Divestiture
Sale of certain assets \| item	1		1
Total consideration received in divestiture	$ 10,300		$ 10,300
Cash consideration received in divestiture			4,400
Cash consideration			5,900
Deposit future purchase			1,000
Disposal group, divestiture	6,100		6,100
Inventories	100		100
Goodwill divested	3,400		3,400
Loss on divestiture of assets	$ 300		$ 300

Segments Information - Other interest expense, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segments Information
Total other interest expense, net	$ 26,912	$ 30,836	$ 53,761	$ 61,367
Operating Segments
Segments Information
Total other interest expense, net	26,912	30,836	53,761	61,367
Subtotal
Segments Information
Total other interest expense, net	5,295	6,279	10,450	12,636
Corporate & other
Segments Information
Total other interest expense, net	21,617	24,557	43,311	48,731
Good Sam Services and Plans \| Operating Segments
Segments Information
Total other interest expense, net	(196)	(21)	(233)	(73)
RV and Outdoor Retail \| Operating Segments
Segments Information
Total other interest expense, net	$ 5,491	$ 6,300	$ 10,683	$ 12,709

Non-Controlling Interests (Tables)

6 Months Ended

Jun. 30, 2026

Non-Controlling Interests

Schedule of ownership in CWGS, LLC


	As of June 30, 2026				As of December 31, 2025				As of June 30, 2025
	Common Units		Ownership %		Common Units		Ownership %		Common Units		Ownership %
CWH		63,827,952		61.5%		63,436,696		61.4%		62,648,648		61.1%
Continuing Equity Owners		39,895,393		38.5%		39,895,393		38.6%		39,895,393		38.9%
Total		103,723,345		100.0%		103,332,089		100.0%		102,544,041		100.0%

Schedule of effects of changes in ownership


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Net income attributable to Camping World Holdings, Inc.	$	26,860	$	30,216	$	10,458	$	17,936
Transfers to non-controlling interests:
Increase in additional paid-in capital as a result of the vesting of restricted stock units		199		226		510		672
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		(125)		(304)		(632)		(1,175)
Increase in additional paid-in capital as a result of the stock award to employee		589		—		589		—
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on stock award to employee		(884)		—		(884)		—
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	$	26,639	$	30,138	$	10,041	$	17,433

Revenue - Performance Obligation (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Performance obligation
Revenue expected to be recognized	$ 139,041
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Performance obligation
Revenue expected to be recognized	$ 56,558
Unsatisfied performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Performance obligation
Revenue expected to be recognized	$ 46,521
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	$ 17,752
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	$ 9,894
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	$ 5,294
Unsatisfied performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Performance obligation
Revenue expected to be recognized	$ 3,022
Unsatisfied performance obligation, period

Segments Information - Capital expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segments Information
Total capital expenditures	$ 29,562	$ 49,987	$ 65,597	$ 122,082
Good Sam Services and Plans \| Operating Segments
Segments Information
Total capital expenditures	4,517	2,213	9,156	5,118
RV and Outdoor Retail \| Operating Segments
Segments Information
Total capital expenditures	$ 25,045	$ 47,774	$ 56,441	$ 116,964

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2026

Assets of Multiple Dealership Locations Acquired

Acquisitions

Summary of the purchase price allocations


	Six Months Ended June 30,
($ in thousands)	2026		2025
Tangible assets (liabilities) acquired (assumed):
Inventories, net		4,670		73,343
Prepaid expenses and other assets		—		58
Property and equipment, net		44		1,415
Operating lease assets		—		9,367
Accrued liabilities		—		(144)
Current portion of operating lease liabilities		—		(1,055)
Other current liabilities		—		(469)
Operating lease liabilities, net of current portion		—		(8,312)
Total tangible net assets acquired		4,714		74,203
Goodwill		2,340		17,951
Purchase price of acquisitions		7,054		92,154
Application of deposit paid in prior period		—		(11,000)
Cash paid for acquisitions, net of cash acquired		7,054		81,154
Inventory purchases financed via floor plan		(3,627)		(71,181)
Cash payment net of floor plan financing	$	3,427	$	9,973

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-Term Debt - Real Estate Facilities (Details) - USD ($) $ in Millions		6 Months Ended		12 Months Ended
	Dec. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Long-term debt
Net proceeds from sale of real property sold, held in escrow		$ 15.1		$ 15.1
M&T Real Estate Facility
Long-term debt
Maximum borrowing capacity	$ 300.0	300.0	$ 300.0	300.0
Maximum borrowing capacity, increase in capacity		100.0	$ 100.0	100.0
Proceeds from issuance of debt		0.0
M&T Real Estate Facility Relating to Separate Property
Long-term debt
Payments of outstanding balance		$ 44.3		$ 8.3
Real Estate Facilities
Long-term debt
Payments on secured debt, held in escrow	$ 30.1

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
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	1,286,597	1,330,401	$ 1,308,832
Level 2 \| Carrying Value \| Real Estate Facilities
Fair Value Measurements
Debt instrument	111,281	168,332	155,137
Level 2 \| Carrying Value \| Other Long-Term Debt
Fair Value Measurements
Debt instrument	7,417	7,760	7,588
Level 2 \| Fair Value \| Term Loan Facility
Fair Value Measurements
Debt instrument	1,232,752	1,311,749	1,285,475
Level 2 \| Fair Value \| Real Estate Facilities
Fair Value Measurements
Debt instrument	112,544	173,163	158,203
Level 2 \| Fair Value \| Other Long-Term Debt
Fair Value Measurements
Debt instrument	$ 6,444	$ 6,589	$ 6,622

Summary of Significant Accounting Policies (Details) - CWGS, LLC	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Summary of Significant Accounting Policies
Ownership interest	100.00%	100.00%	100.00%
CWH
Summary of Significant Accounting Policies
Ownership interest	61.50%	61.10%	61.40%

Acquisitions - General Information (Details) $ in Millions	6 Months Ended
Acquisitions - General Information (Details) $ in Millions	Jun. 30, 2026 USD ($) location	Jun. 30, 2025 USD ($) location	Dec. 31, 2024 USD ($)
Acquisitions
Real properties purchased	$ 1.4	$ 72.4
Maximum aggregate payment if all milestones are reached	$ 0.5
RV Dealerships
Acquisitions
Deposit			$ 1.0
Lazydays
Acquisitions
Number of locations acquired \| location	5
Deposit	$ 10.0
Number of locations to acquire per the acquisition agreement \| location	7
RV and Outdoor Retail \| RV Dealership Groups
Acquisitions
Number of locations acquired \| location	1	8
Cash paid for acquisition	$ 7.1	$ 92.2

Stock-Based Compensation Plans - stock option, restricted stock unit ("RSU") and performance stock unit ("PSU") (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2026 shares	Jun. 30, 2026 shares
Stock Options
Outstanding at December 31, 2025 (in shares)		138,000
Forfeited (in shares)		(9,000)
Outstanding at June 30, 2026 (in shares)	129,000	129,000
Exercisable at June 30, 2026 (in shares)	129,000	129,000
Restricted Stock Units
Restricted stock unit and performance stock unit
Outstanding at December 31, 2025 (in shares)		1,915,000
Granted (in shares)		387,000
Vested (in shares)		(260,000)
Forfeited (in shares)		(33,000)
Outstanding at June 30, 2026 (in shares)	2,009,000	2,009,000
Performance Stock Units
Restricted stock unit and performance stock unit
Outstanding at December 31, 2025 (in shares)		750,000
Granted (in shares)	200,000	200,000
Outstanding at June 30, 2026 (in shares)	950,000	950,000

Lease Obligations

6 Months Ended

Jun. 30, 2026

Lease Obligations

Lease Obligations

9. Lease Obligations

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


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2026			2025			2026			2025
Operating lease cost	$	31,091		$	29,423		$	62,114		$	58,776
Finance lease cost:
Amortization of finance lease assets		2,740			2,717			5,458			5,308
Interest on finance lease liabilities		2,058			2,240			4,104			4,422
Short-term lease cost		275			275			535			583
Variable lease cost		6,643			5,155			12,763			11,859
Sublease income		(1,084)			(882)			(2,192)			(1,728)
Net lease costs	$	41,723		$	38,928		$	82,782		$	79,220

As of June 30, 2026, December 31, 2025, and June 30, 2025, finance lease assets of $112.3 million, $113.7 million, and $127.5 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:


	Six Months Ended June 30,
($ in thousands)	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	63,704		$	40,833
Operating cash flows for finance leases		4,104			4,422
Financing cash flows for finance leases		3,745			3,637
Lease assets obtained in exchange for lease liabilities:
New, remeasured and terminated operating leases		32,151			6,329
New, remeasured and terminated finance leases		4,011			12,768

During the six months ended June 30, 2026 and 2025, the Company entered into sale-leaseback transactions for three and one properties, respectively, associated with store locations in the RV and Outdoor Retail segment, and received consideration of $11.0 million and $3.5 million of cash, respectively. The Company recorded a loss of $0.6 million for the six months ended June 30, 2026 that was included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations. No gain or loss was recorded for the six months ended June 30, 2025. In 2026, the Company entered into a 19-year lease agreement as the lessee with the buyer for two of the properties, and a 12.5-year lease agreement as the lessee with the buyer for one of the properties. In 2025, the Company entered into a 19-year lease agreement as the lessee with the buyer of the property.

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation Plans

Stock-Based Compensation Plans

17. 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 June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Stock-based compensation expense:
Costs applicable to revenue	$	130	$	100	$	260	$	225
Selling, general, and administrative		4,254		8,344		8,898		15,489
Total stock-based compensation expense	$	4,384	$	8,444	$	9,158	$	15,714

The following table summarizes stock option, restricted stock unit (“RSU”) and performance stock unit (“PSU”) activities for the six months ended June 30, 2026:


	Stock	Restricted	Performance
(in thousands)	Options	Stock Units	Stock Units⁽¹⁾
Outstanding at December 31, 2025	138	1,915	750
Granted	—	387	200
Vested	—	(260)	—
Forfeited	(9)	(33)	—
Outstanding at June 30, 2026	129	2,009	950
Exercisable at June 30, 2026	129	n/a	n/a

(1)

PSU quantities in this table are presented at target levels of performance prior to the final determination of goal achievement.

RSUs

During the six months ended June 30, 2026, the Company granted a total of 244,585 RSUs to non-executive employees with an aggregate grant date fair value of $1.8 million and weighted-average grant date fair value of $7.49 per RSU, which will be recognized, net of forfeitures, over a vesting period of five years.

In December 2025, in conjunction with the amended and restated employment agreement with Matthew D. Wagner, the Company granted Mr. Wagner 465,000 RSUs with a vesting period through November 15, 2028 and an effective date of January 1, 2026 to coincide with his appointment as the Company’s Chief Executive Officer and member of the Board. Also, in December 2025, Brent Moody was appointed as Chairman of the Board effective January 1, 2026 and the Company granted Mr. Moody RSUs with an aggregate grant date fair value of $550,000 with a vesting period of one year and an effective date of January 1, 2026. Although the effective date of Mr. Wagner’s and Mr. Moody’s RSU grants was January 1, 2026, these RSU grants met the criteria for a grant date for accounting purposes during December 2025. The 465,000 and 59,518 RSUs granted to Mr. Wagner and Mr. Moody, respectively, were recorded as if they were granted during the year ended December 31, 2025.

In addition, on the date of the Company’s annual stockholders’ meeting in May 2026, in accordance with the Company’s non-employee director compensation policy, each of the seven non-employee directors received grants of 20,325 RSUs with an aggregate grant date fair value of $1.0 million and a weighted-average grant date fair value of $7.38 per RSU, which will be recognized, net of forfeitures, over a vesting period of one year.

PSUs

In January 2025, pursuant to Mr. Lemonis’ previous employment agreement effective January 1, 2025 (the “Lemonis First Employment Agreement”), the Company granted Mr. Lemonis 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 what was originally a three year performance period ending on December 31, 2027. However, if the Lemonis Second Employment Agreement is not extended, pursuant to the PSU award agreement with Mr. Lemonis the end of the post-termination measurement period will be February 16, 2027 and any tranche that has not met its stock price target will be forfeited. 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.

During the three months ended June 30, 2026, the Company granted PSUs to employees, including Mr. Kirn and Ms. Christen, with respect to an aggregate target number of 200,000 PSUs. The PSUs will be eligible to be earned based on an Adjusted EBITDA performance target for fiscal year 2026. In the event that actual performance exceeds or falls below target performance, the percentage of the earned PSUs will be adjusted upward or downward, as applicable, by an amount equal to 200% of the percentage by which actual performance exceeds or falls short of target performance; provided that in no event shall the number of PSUs eligible to vest for any year be less than the minimum (50% of the target number of PSUs for 110,000 of the target PSUs and 75% of the target number of PSUs for the remaining 90,000 of the target PSUs) or greater than the maximum (150% of the target number of PSUs). The earned PSUs will vest on the date on which the Compensation Committee certifies the Adjusted EBITDA achievement, which certification shall occur within ten (10) business days following the filing of the Company’s Annual Report on Form 10-K for fiscal year 2026 (“2026 PSU Vest Date”), subject to the employee’s continued employment or service through such date. The weighted-average grant date fair value of $6.92 per PSU will be recognized, net of forfeitures, through the 2026 PSU Vest Date based on an estimate of the probable outcome of the performance target. The probable outcome of the performance target is updated each reporting period through the final performance target resolution on the 2026 PSU Vest Date.

Liability-Classified Share-Based Awards

As discussed in Note 11 – Commitments and Contingencies and pursuant to the Lemonis Second Employment Agreement, Mr. Lemonis’ 2026 compensation included the 2026 Bonus of $2.3 million and the Lump-Sum Payment of $3.8 million, each of which could be settled in cash or shares of Class A common stock based on the closing stock price on the settlement date. Since the 2026 Bonus and the Lump-Sum Payment might be settled in cash or shares, were initially expected to be settled in shares, and a settlement in shares would result in a variable number of shares based on a fixed monetary amount, these payments were each recorded as liability-classified share-based awards (“Liability-Classified Awards”).

The Company deemed the 2026 service conditions relating to the Lemonis Second Employment Agreement to be nonsubstantive for accounting purposes, so all of the SBC expense relating to the Liability-Classified Awards was recognized by December 31, 2025, which was the date that Mr. Lemonis retired from the position of Chief Executive Officer and Chairman of the Board. As of December 31, 2025, the aggregate $6.0 million for the Liability-Classified Awards was recorded in other current liabilities in the condensed consolidated balance sheet and was not a component of stockholders’ equity.

As further discussed in Note 11 – Commitments and Contingencies and pursuant to the May 18, 2026 amendment to the Lemonis Second Employment Agreement, the Company settled each of the 2026 Bonus and Lump-Sum Payment in May 2026. The 2026 Bonus was settled with the issuance of 319,602 shares of Class A common stock, less 125,763 shares withheld to cover Mr. Lemonis’ associated tax withholding obligations. The Lump-Sum Payment was settled with a cash payment of $3.8 million. For the three and six

months ended June 30, 2026, the amount recorded to components of stockholders’ equity related to SBC expense exceeded the SBC expense recorded in the condensed statements of operations by $2.3 million, reflecting the 2026 Bonus settled in shares of Class A common stock in May 2026 for which the SBC expense had been recognized during the three months ended December 31, 2025.

Assets Held for Sale and Business Divestitures - Assets and Related Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Assets held for sale:
Assets held for sale	$ 175	$ 175	$ 15,202
Disposal Group \| Assets held for sale
Assets held for sale:
Property and equipment, net	175	175	15,202
Assets held for sale	$ 175	$ 175	$ 15,202

Statement of Cash Flows

6 Months Ended

Jun. 30, 2026

Statement of Cash Flows

Statement of Cash Flows

12. Statement of Cash Flows

Supplemental disclosures of cash flow information for the following periods were as follows:


	Six Months Ended June 30,
($ in thousands)	2026		2025
Cash paid during the period for:
Interest	$	93,915	$	97,848
Income taxes		1,880		501
Noncash investing and financing activities:
Leasehold improvements paid by lessor		51		380
Capital expenditures in accounts payable and accrued liabilities		6,958		12,012
Prior period deposit applied to portion of purchase price of RV dealership acquisition		—		11,000

Lease Obligations - Financial Statement Line Items (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Lease Obligations
Finance lease assets	$ 112.3	$ 113.7	$ 127.5

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 224,069	$ 215,043	$ 118,084
Contracts in transit	138,901	53,327	163,767
Accounts receivable, net	161,979	170,498	137,822
Inventories	1,860,298	2,111,900	2,061,160
Prepaid expenses and other assets	68,441	67,338	57,974
Assets held for sale	175	175	15,202
Total current assets	2,453,863	2,618,281	2,554,009
Property and equipment, net	818,734	832,062	910,052
Operating lease assets	786,101	790,974	716,020
Deferred tax assets, net	1,426	1,426	211,435
Intangible assets, net	14,065	15,824	17,602
Goodwill	751,661	749,321	748,561
Other assets	32,943	36,446	34,168
Total assets	4,858,793	5,044,334	5,191,847
Current liabilities:
Accounts payable	253,501	147,707	283,450
Accrued liabilities	159,683	128,399	182,581
Deferred revenues	88,259	90,456	94,041
Current portion of operating lease liabilities	64,629	65,365	65,488
Current portion of finance lease liabilities	8,920	8,820	19,514
Current portion of Tax Receivable Agreement liability	0	1,416	1,700
Current portion of long-term debt	27,792	57,939	23,023
Notes payable - floor plan, net	1,324,184	1,603,645	1,280,102
Other current liabilities	82,064	79,391	79,167
Total current liabilities	2,009,032	2,183,138	2,029,066
Operating lease liabilities, net of current portion	810,047	804,167	734,083
Finance lease liabilities, net of current portion	124,119	125,384	128,598
Tax Receivable Agreement liability, net of current portion	0	0	148,672
Long-term debt, net of current portion	1,377,503	1,413,618	1,483,470
Deferred revenues	50,782	56,773	63,337
Other long-term liabilities	88,506	89,455	88,042
Total liabilities	4,459,989	4,672,535	4,675,268
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	223,593	216,944	205,383
Retained earnings	21,466	11,008	134,525
Total stockholders' equity attributable to Camping World Holdings, Inc.	245,701	228,590	340,538
Non-controlling interests	153,103	143,209	176,041
Total stockholders' equity	398,804	371,799	516,579
Total liabilities and stockholders' equity	4,858,793	5,044,334	5,191,847
Class A Common Stock
Stockholders' equity:
Common stock	638	634	626
Class B Common Stock
Stockholders' equity:
Common stock	4	4	4
Class C Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0	$ 0

Commitments and Contingencies (Details) - USD ($)						1 Months Ended	6 Months Ended
Commitments and Contingencies (Details) - USD ($)	May 18, 2026	Apr. 07, 2026	Sep. 12, 2024	May 23, 2024	Oct. 08, 2021	May 31, 2026	Jun. 30, 2026	Dec. 31, 2025	Dec. 02, 2025	Jun. 30, 2025
Mr. Lemonis \| Related party
Commitments and Contingencies
Shares withheld to cover employee associated tax obligations							125,763
Mr. Lemonis \| Related party \| Class A Common Stock
Commitments and Contingencies
Stock award to employee (In shares)							319,602
Mr. Lemonis \| Liability-Classified Share-Based Awards
Commitments and Contingencies
Employment agreement salary									$ 1,500,000
Employment agreement bonus						$ 2,300,000			2,300,000
Additional lump-sum payment									3,800,000
Employment aggregate compensation payments								$ 7,500,000	$ 6,000,000
Shares withheld to cover employee associated tax obligations						125,763
Mr. Lemonis \| Liability-Classified Share-Based Awards \| Class A Common Stock
Commitments and Contingencies
Stock award to employee (In shares)	319,602					319,602
Mr. Lemonis \| Bonus Share
Commitments and Contingencies
Shares withheld to cover employee associated tax obligations	125,763
Thomas E. Kim
Commitments and Contingencies
Annual base salary		$ 650,000
Annual target incentive bonus percentage		100.00%
PSUs, target payout		40,000
Lindsey J. Christen
Commitments and Contingencies
Annual base salary		$ 700,000
Annual target incentive bonus percentage		100.00%
PSUs, target payout		50,000
Surety Bond
Commitments and Contingencies
Outstanding surety bonds							$ 23,600,000	25,000,000		$ 26,100,000
Letters of credit \| Floor Plan Facility
Commitments and Contingencies
Letters of credit							15,414,000	15,414,000		14,300,000
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
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

Fair Value Measurements (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Oct. 31, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Liabilities
Derived participation investment, in transit exchanges for new securities, reinvested	$ 5,700
Derived participation investment, residual interest, reinvested	$ 2,000
Investment in preferred interest of consumer financing partner			$ 7,500	$ 7,500
Maximum aggregate payment if all milestones are reached			500
First milestone payment		$ 100
Accrued Liabilities
Liabilities
Acquisition-related contingent consideration					$ 400
Level 3 \| Carrying Value
Assets
Derived participation investment			3,302	3,321	6,001
Liabilities
Acquisition-related contingent consideration			0	0	368
Level 3 \| Fair Value
Assets
Derived participation investment			3,302	3,321	6,001
Liabilities
Acquisition-related contingent consideration			$ 0	$ 0	$ 368

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Class A Common Stock

Schedule of reconciliations of the numerators and denominators used to compute basic and diluted earnings per share


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands except per share amounts)	2026			2025			2026			2025
Numerator:
Net income	$	43,713		$	57,523		$	17,052		$	32,841
Less: net income attributable to non-controlling interests		(16,853)			(27,307)			(6,594)			(14,905)
Net income attributable to Camping World Holdings, Inc. — basic	$	26,860		$	30,216		$	10,458		$	17,936
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options, PSUs and RSUs		82			27			15			—
Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		—			—			—			11,049
Net income attributable to Camping World Holdings, Inc. — diluted	$	26,942		$	30,243		$	10,473		$	28,985
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		63,668			62,610			63,573			62,571
Dilutive liability-classified awards		433			—			505			—
Dilutive PSUs and RSUs		74			137			88			195
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		—			—			—			39,895
Weighted-average shares of Class A common stock outstanding — diluted		64,175			62,747			64,166			102,661

Earnings per share of Class A common stock — basic	$	0.42		$	0.48		$	0.16		$	0.29
Earnings per share of Class A common stock — diluted	$	0.42		$	0.48		$	0.16		$	0.28

Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:
Stock options to purchase Class A common stock		132			151			134			153
PSUs and RSUs		1,723			1,892			1,478			1,684
Common units of CWGS, LLC that are convertible into Class A common stock		39,895			39,895			39,895			—

Weighted-average contingently issuable shares excluded from the computation of diluted earnings per share of Class A common stock since all necessary conditions had not been satisfied:
PSUs⁽¹⁾		815			750			783			750

(1)

See Note 17 – Stock-Based Compensation Plans for further details of PSUs.

Lease Obligations - Sale-Leaseback Arrangement (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) property	Jun. 30, 2025 USD ($) property
Sale leaseback
Number of properties associated in sale leaseback transaction	3	1
Sale price of properties \| $	$ 11.0	$ 3.5
Loss on sale leaseback arrangement \| $	$ 0.6	$ 0.0
Sale leaseback agreement with 19-year term
Sale leaseback
Number of properties associated in sale leaseback transaction	2
Term of sale leaseback transaction	19 years	19 years
Sale Leaseback, 12.5-year term
Sale leaseback
Number of properties associated in sale leaseback transaction	1
Term of sale leaseback transaction	12 years 6 months

Revenue - Contract Assets (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Accounts receivable \| RV Service Center
Revenue
Contract asset	$ 9.3	$ 10.7	$ 9.9

Inventories and Floor Plan Payables

6 Months Ended

Jun. 30, 2026

Inventories and Floor Plan Payables

Inventories and Floor Plan Payables

4. Inventories and Floor Plan Payables

Inventories consisted of the following:


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Good Sam services and plans	$	272	$	349	$	298
New RVs		1,264,258		1,421,435		1,330,965
Used RVs		429,417		530,861		536,665
Products, parts, accessories and other		166,351		159,255		193,232
	$	1,860,298	$	2,111,900	$	2,061,160

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 8 — 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 June 30, 2026, December 31, 2025, and June 30, 2025, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 5.89%, 5.89%, and 6.49%, respectively.

There was no balance outstanding for the revolving line of credit under the Floor Plan Facility as of June 30, 2026, December 31, 2025 and June 30, 2025. 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 June 30, 2026, December 31, 2025, and June 30, 2025.

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 June 30, 2026 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 June 30, 2026, December 31, 2025, and June 30, 2025.

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility:


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$	2,150,000	$	2,150,000	$	2,150,000
Less: borrowings, net of FLAIR offset account		(1,324,184)		(1,603,645)		(1,280,102)
Less: FLAIR offset account⁽¹⁾		(22,231)		(25,117)		(39)
Additional borrowing capacity		803,585		521,238		869,859
Less: short-term payable for sold inventory⁽²⁾		(70,217)		(35,981)		(82,871)
Less: purchase commitments⁽³⁾		(18,152)		(26,841)		(26,884)
Unencumbered borrowing capacity	$	715,216	$	458,416	$	760,104

Revolving line of credit:	$	70,000	$	70,000	$	70,000
Less: borrowings		—		—		—
Additional borrowing capacity	$	70,000	$	70,000	$	70,000

Letters of credit:
Total commitment	$	45,000	$	45,000	$	45,000
Less: outstanding letters of credit		(15,414)		(15,414)		(14,300)
Additional letters of credit capacity	$	29,586	$	29,586	$	30,700

(1)

(2)

(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.

Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Acquisitions
Revenue	$ 3.4
Pre-tax income (loss)	0.3
Assets of Multiple Dealership Locations Acquired
Acquisitions
Goodwill for tax purposes	$ 2.3	$ 18.0
Revenue		76.5
Pre-tax income (loss)		$ 2.3

Segments Information - Depreciation and amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segments Information
Total depreciation and amortization	$ 24,634	$ 23,419	$ 47,352	$ 45,963
Operating Segments
Segments Information
Total depreciation and amortization	24,634	23,419	47,352	45,963
Good Sam Services and Plans \| Operating Segments
Segments Information
Total depreciation and amortization	2,053	1,125	3,170	2,026
RV and Outdoor Retail \| Operating Segments
Segments Information
Total depreciation and amortization	$ 22,581	$ 22,294	$ 44,182	$ 43,937

Long-Lived Asset Impairment

6 Months Ended

Jun. 30, 2026

Long-Lived Asset Impairment

Long-Lived Asset Impairment

5. Long-Lived Asset Impairment

During the three and six months ended June 30, 2026 and the six months ended June 30, 2025, 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:


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2026			2025			2026			2025
Long-lived asset impairment charges by type of long-lived asset:
Leasehold improvements	$	435		$	—		$	435		$	190
Operating lease right of use assets		6,392			—			6,392			—
Building and improvements		6,272			—			6,272			430
Total long-lived asset impairment charges	$	13,099		$	—		$	13,099		$	620

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
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
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	63,828,000	63,437,000	62,649,000
Common stock, outstanding	63,828,000	63,437,000	62,649,000
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

Statement of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2026

Statement of Cash Flows

Supplemental disclosures of cash flow information


	Six Months Ended June 30,
($ in thousands)	2026		2025
Cash paid during the period for:
Interest	$	93,915	$	97,848
Income taxes		1,880		501
Noncash investing and financing activities:
Leasehold improvements paid by lessor		51		380
Capital expenditures in accounts payable and accrued liabilities		6,958		12,012
Prior period deposit applied to portion of purchase price of RV dealership acquisition		—		11,000

Long-Lived Asset Impairment (Tables)

6 Months Ended

Jun. 30, 2026

Long-Lived Asset Impairment

Schedule of long-lived asset impairment charges by type of long-lived asset


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2026			2025			2026			2025
Long-lived asset impairment charges by type of long-lived asset:
Leasehold improvements	$	435		$	—		$	435		$	190
Operating lease right of use assets		6,392			—			6,392			—
Building and improvements		6,272			—			6,272			430
Total long-lived asset impairment charges	$	13,099		$	—		$	13,099		$	620

Segments Information - Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenue	$ 1,934,039	$ 1,975,948	$ 3,288,644	$ 3,389,472
Segment expenses:
Floor plan interest expense	$ 19,852	$ 20,989	$ 41,671	$ 39,295
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	$ 1,935,704	$ 1,980,292	$ 3,292,583	$ 3,397,028
Segment expenses:
Segment Adjusted EBITDA	114,744	147,178	145,392	181,291
Intersegment Eliminations
Revenue:
Revenue	(1,665)	(4,344)	(3,939)	(7,556)
Good Sam Services and Plans
Revenue:
Revenue	54,629	54,213	103,087	100,421
Good Sam Services and Plans \| Operating Segments
Revenue:
Revenue	54,756	54,301	104,106	101,317
Segment expenses:
Adjusted costs applicable to revenue	20,839	21,936	39,701	39,613
Adjusted selling, general, and administrative	8,952	7,167	16,741	14,809
Segment Adjusted EBITDA	24,909	25,158	46,992	46,268
Good Sam Services and Plans \| Intersegment Eliminations
Revenue:
Revenue	127	88	1,019	896
Segment expenses:
Adjusted costs applicable to revenue	56	40	672	627
Good Sam Services and Plans \| Good Sam Services and Plans \| Operating Segments
Revenue:
Revenue	54,629	54,213	103,087	100,421
RV and Outdoor Retail
Revenue:
Revenue	1,879,410	1,921,735	3,185,557	3,289,051
RV and Outdoor Retail \| Operating Segments
Revenue:
Revenue	1,880,948	1,925,991	3,188,477	3,295,711
Segment expenses:
Adjusted costs applicable to revenue	1,374,692	1,361,657	2,306,966	2,327,751
Adjusted selling, general, and administrative	394,013	417,513	736,935	787,245
Floor plan interest expense	19,852	20,989	41,671	39,295
Other segment items	(138)	20	(236)	(20)
Segment Adjusted EBITDA	89,835	122,020	98,400	135,023
RV and Outdoor Retail \| Intersegment Eliminations
Revenue:
Revenue	1,538	4,256	2,920	6,660
Segment expenses:
Adjusted costs applicable to revenue	2,694	3,792	4,741	6,417
RV and Outdoor Retail \| New vehicles
Revenue:
Revenue	869,047	915,106	1,456,741	1,536,538
RV and Outdoor Retail \| New vehicles \| Operating Segments
Revenue:
Revenue	869,047	915,106	1,456,741	1,536,538
RV and Outdoor Retail \| Used vehicles
Revenue:
Revenue	580,322	572,271	984,102	994,622
RV and Outdoor Retail \| Used vehicles \| Operating Segments
Revenue:
Revenue	580,322	572,271	984,102	994,622
RV and Outdoor Retail \| Products, service and other
Revenue:
Revenue	217,563	222,890	375,983	387,882
RV and Outdoor Retail \| Products, service and other \| Operating Segments
Revenue:
Revenue	217,563	222,890	375,983	387,882
RV and Outdoor Retail \| Finance and insurance, net
Revenue:
Revenue	201,677	201,198	347,777	349,865
RV and Outdoor Retail \| Finance and insurance, net \| Operating Segments
Revenue:
Revenue	201,677	201,198	347,777	349,865
RV and Outdoor Retail \| Good Sam Club
Revenue:
Revenue	10,801	10,270	20,954	20,144
RV and Outdoor Retail \| Good Sam Club \| Operating Segments
Revenue:
Revenue	$ 10,801	$ 10,270	$ 20,954	$ 20,144

Inventories and Floor Plan Payables - Floor Plan Payable (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Floor Plan Facility
Floor Plan Payable
Increase in borrowing capacity	$ 300,000
Maximum borrowing capacity	2,150,000	$ 2,150,000	$ 2,150,000	$ 2,150,000
Floor Plan Facility, floor plan notes
Floor Plan Payable
Applicable interest rate (as a percent)		5.89%	5.89%	6.49%
Line of Credit \| Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity		$ 70,000	$ 70,000	$ 70,000
Principal Outstanding		0	0	0
Letters of credit \| Floor Plan Facility
Floor Plan Payable
Increase in borrowing capacity	15,000
Maximum borrowing capacity	$ 45,000	$ 45,000	$ 45,000	$ 45,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Segments Information (Tables)

6 Months Ended

Jun. 30, 2026

Segments Information

Schedule of reportable segment revenue


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
	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	$	54,629	$	—	$	54,213	$	—	$	103,087	$	—	$	100,421	$	—
New vehicles		—		869,047		—		915,106		—		1,456,741		—		1,536,538
Used vehicles		—		580,322		—		572,271		—		984,102		—		994,622
Products, service and other		—		217,563		—		222,890		—		375,983		—		387,882
Finance and insurance, net		—		201,677		—		201,198		—		347,777		—		349,865
Good Sam Club		—		10,801		—		10,270		—		20,954		—		20,144
Intersegment revenue⁽¹⁾		127		1,538		88		4,256		1,019		2,920		896		6,660
Total revenue before intersegment eliminations		54,756		1,880,948		54,301		1,925,991		104,106		3,188,477		101,317		3,295,711

Segment expenses:
Adjusted costs applicable to revenue⁽²⁾		20,839		1,374,692		21,936		1,361,657		39,701		2,306,966		39,613		2,327,751
Intersegment costs applicable to revenue⁽³⁾		56		2,694		40		3,792		672		4,741		627		6,417
Adjusted selling, general, and administrative⁽⁴⁾		8,952		394,013		7,167		417,513		16,741		736,935		14,809		787,245
Floor plan interest expense		—		19,852		—		20,989		—		41,671		—		39,295
Other segment items⁽⁵⁾		—		(138)		—		20		—		(236)		—		(20)
Segment Adjusted EBITDA	$	24,909	$	89,835	$	25,158	$	122,020	$	46,992	$	98,400	$	46,268	$	135,023

(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 exclude SBC expense and intersegment operating expenses.

(5)

Schedule of reportable segment adjusted EBITDA


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Revenue:
Good Sam Services and Plans Segment	$	54,756	$	54,301	$	104,106	$	101,317
RV and Outdoor Retail Segment		1,880,948		1,925,991		3,188,477		3,295,711
Total segment revenue		1,935,704		1,980,292		3,292,583		3,397,028
Intersegment eliminations		(1,665)		(4,344)		(3,939)		(7,556)
Total revenue		1,934,039		1,975,948		3,288,644		3,389,472
Segment Adjusted EBITDA:
Good Sam Services and Plans Segment		24,909		25,158		46,992		46,268
RV and Outdoor Retail Segment		89,835		122,020		98,400		135,023
Total Segment Adjusted EBITDA		114,744		147,178		145,392		181,291
Corporate SG&A excluding SBC⁽¹⁾		(3,641)		(4,465)		(6,590)		(7,391)
Depreciation and amortization		(24,634)		(23,419)		(47,352)		(45,963)
Long-lived asset impairment		(13,099)		—		(13,099)		(620)
Gain (loss) on lease termination and/or remeasurement		8		107		(56)		107
Gain (loss) on sale or disposal of assets		2,055		(1,185)		1,887		638
Stock-based compensation⁽²⁾		(4,384)		(8,444)		(9,158)		(15,714)
Loss and impairment on investments in equity securities⁽³⁾		—		(2,600)		(162)		(2,757)
Other interest expense, net		(26,912)		(30,836)		(53,761)		(61,367)
Intersegment eliminations⁽⁴⁾		947		(492)		1,238		(533)
Income before income taxes	$	45,084	$	75,844	$	18,339	$	47,691

(1)

(2)

(3)

(4)

Represents the net impact of intersegment eliminations on income (loss) before income taxes.

Schedule of reportable segment depreciation and amortization and other interest expense, net


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Depreciation and amortization:
Good Sam Services and Plans	$	2,053	$	1,125	$	3,170	$	2,026
RV and Outdoor Retail		22,581		22,294		44,182		43,937
Total depreciation and amortization	$	24,634	$	23,419	$	47,352	$	45,963


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2026		2025		2026		2025
Other interest expense, net:
Good Sam Services and Plans	$	(196)	$	(21)	$	(233)	$	(73)
RV and Outdoor Retail		5,491		6,300		10,683		12,709
Subtotal		5,295		6,279		10,450		12,636
Corporate & other		21,617		24,557		43,311		48,731
Total other interest expense, net	$	26,912	$	30,836	$	53,761	$	61,367

Schedule of reportable segment assets


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Assets:
Good Sam Services and Plans	$	94,810	$	127,282	$	87,911
RV and Outdoor Retail		4,755,642		4,906,137		4,881,045
Subtotal		4,850,452		5,033,419		4,968,956
Corporate & other		8,341		10,915		222,891
Total assets	$	4,858,793	$	5,044,334	$	5,191,847

Schedule of reportable segment capital expenditures


	Three Months Ended June 30,					Six Months Ended June 30,
($ in thousands)	2026			2025		2026			2025
Capital expenditures:
Good Sam Services and Plans	$	4,517		$	2,213	$	9,156		$	5,118
RV and Outdoor Retail		25,045			47,774		56,441			116,964
Total capital expenditures	$	29,562		$	49,987	$	65,597		$	122,082

Acquisitions

6 Months Ended

Jun. 30, 2026

Acquisitions

Acquisitions

13. Acquisitions

During the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026, the RV and Outdoor Retail segment acquired the assets of one RV dealership location for a purchase price of approximately $7.1 million. Separate from this acquisition, during the six months ended June 30, 2026, the Company purchased real property for an aggregate purchase price of $1.4 million.

During the six months ended June 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 six months ended June 30, 2025. Separate from these acquisitions, during the six months ended June 30, 2025, the Company purchased real property for an aggregate purchase price of $72.4 million.

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:


	Six Months Ended June 30,
($ in thousands)	2026		2025
Tangible assets (liabilities) acquired (assumed):
Inventories, net		4,670		73,343
Prepaid expenses and other assets		—		58
Property and equipment, net		44		1,415
Operating lease assets		—		9,367
Accrued liabilities		—		(144)
Current portion of operating lease liabilities		—		(1,055)
Other current liabilities		—		(469)
Operating lease liabilities, net of current portion		—		(8,312)
Total tangible net assets acquired		4,714		74,203
Goodwill		2,340		17,951
Purchase price of acquisitions		7,054		92,154
Application of deposit paid in prior period		—		(11,000)
Cash paid for acquisitions, net of cash acquired		7,054		81,154
Inventory purchases financed via floor plan		(3,627)		(71,181)
Cash payment net of floor plan financing	$	3,427	$	9,973

The fair values above for the six months ended June 30, 2026 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.

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 six months ended June 30, 2026 and 2025, acquired goodwill of $2.3 million and $18.0 million, respectively, was expected to be deductible for tax purposes.

Included in the condensed consolidated financial statements for the six months ended June 30, 2026 were revenues of $3.4 million and pre-tax income of $0.3 million from the acquired dealership from the applicable acquisition date. Included in the condensed consolidated financial statements for the six months ended June 30, 2025 were revenue of $76.5 million and pre-tax income of $2.3 million from the acquired dealerships from the applicable acquisition dates. Pro forma information on these acquisitions has not been included, because the Company has deemed them to not be individually or cumulatively material.

- Definition

The entire disclosure for business combination.

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+ Details

Related Party Transactions (Details) - Related party - Mr. Lemonis $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) shares
Related Party Transactions
Payment of base salary \| $	$ 0.8
Repurchases of Class A common stock for withholding taxes (in shares) \| shares	125,763
Lump-sum compensation payment \| $	$ 3.8
Class A common stock
Related Party Transactions
Stock award to employee (In shares) \| shares	319,602

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Inventories and Floor Plan Payables - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Inventories
Inventories	$ 1,860,298	$ 2,111,900	$ 2,061,160
Good Sam Services and Plans
Inventories
Inventories	272	349	298
New RVs
Inventories
Inventories	1,264,258	1,421,435	1,330,965
Used RVs
Inventories
Inventories	429,417	530,861	536,665
Products, parts, accessories and other
Inventories
Inventories	$ 166,351	$ 159,255	$ 193,232

Fair Value Measurements - Significant unobservable inputs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Derived Participation Investment
Beginning balance	$ 3,321	$ 6,001	$ 156
Purchases		3,475	5,992
Settlements		(1,308)	(458)
In transit exchanges for new securities		(5,708)
Gain (loss) included in earnings	(19)	$ 861	$ 311
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List Not Disclosed [Flag]		true	true
Ending balance	3,302	$ 3,321	$ 6,001
Investment in Preferred Interest of Consumer Financing Partner	$ 7,500	7,500
Acquisition-Related Contingent Consideration
Beginning balance		368	368
Settlements		(100)
Gain (loss) included in earnings		$ (268)
Ending balance			$ 368

Revenue - Deferred Revenues (Details) $ in Millions	6 Months Ended
Revenue - Deferred Revenues (Details) $ in Millions	Jun. 30, 2026 USD ($)
Deferred Revenues
Revenues recognized that were included in the deferred revenues balance	$ 56.3

Statement of Cash Flows - Supplemental disclosures of cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash paid during the period for:
Interest	$ 93,915	$ 97,848
Income taxes	1,880	501
Noncash investing and financing activities:
Leasehold improvements paid by lessor	51	380
Capital expenditures in accounts payable and accrued liabilities	$ 6,958	12,012
Prior period deposit applied to portion of purchase price of RV dealership acquisition		$ 11,000

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Instrument [Line Items]

Schedule of outstanding long-term debt


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Term Loan Facility ⁽¹⁾	$	1,286,597	$	1,308,832	$	1,330,401
Real Estate Facilities ⁽²⁾		111,281		155,137		168,332
Other Long-Term Debt		7,417		7,588		7,760
Subtotal		1,405,295		1,471,557		1,506,493
Less: current portion		(27,792)		(57,939)		(23,023)
Total	$	1,377,503	$	1,413,618	$	1,483,470

(1)	Net of $5.6 million, $7.0 million, and $8.3 million of original issue discount as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively, and $2.0 million, $2.6 million, and $3.2 million of finance costs as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively.

(2)	Net of $1.5 million, $2.0 million, and $2.5 million of finance costs as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively.

Term Loan Facility

Debt Instrument [Line Items]

Schedule of outstanding amounts and available borrowings


	June 30,		December 31,		June 30,
($ in thousands)	2026		2025		2025
Senior Secured Credit Facilities:
Term Loan Facility:
Principal amount of borrowings	$	1,400,000	$	1,400,000	$	1,400,000
Less: cumulative principal payments		(105,772)		(81,564)		(58,057)
Less: unamortized original issue discount		(5,623)		(6,993)		(8,329)
Less: unamortized finance costs		(2,008)		(2,611)		(3,213)
		1,286,597		1,308,832		1,330,401
Less: current portion		(14,015)		(14,015)		(14,015)
Long-term debt, net of current portion	$	1,272,582	$	1,294,817	$	1,316,386
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 June 30, 2026
			Remaining			Wtd. Average
($ in thousands)	Outstanding⁽¹⁾		Available⁽²⁾			Interest Rate
Real Estate Facilities
M&T Real Estate Facility	$	108,322	$	57,390	⁽³⁾		6.04%
First CIBC Real Estate Facility		2,959		—			6.63%
	$	111,281	$	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.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Lease Obligations - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease costs
Operating lease cost	$ 31,091	$ 29,423	$ 62,114	$ 58,776
Amortization of finance lease assets	2,740	2,717	5,458	5,308
Interest on finance lease liabilities	2,058	2,240	4,104	4,422
Short-term lease cost	275	275	535	583
Variable lease cost	6,643	5,155	12,763	11,859
Sublease income	(1,084)	(882)	(2,192)	(1,728)
Net lease costs	$ 41,723	$ 38,928	$ 82,782	$ 79,220

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Taxes

Income Taxes

14. Income Taxes

CWH is organized as a Subchapter C corporation and, as of June 30, 2026, was a 61.5% owner of CWGS, LLC (see Note 16 — 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 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 six months ended June 30, 2026 and 2025, the Company's effective income tax rate was 7.0% and 31.1%, respectively. The decrease in the tax rate for the six months ended June 30, 2026, reflects the computation of the provision for income taxes based on a projected annual effective tax rate while excluding loss jurisdictions, which cannot be benefitted.

The Company evaluates its deferred tax assets on a quarterly basis to determine if they can be realized and establishes valuation allowances when it is not more likely than not that all or a portion of the deferred tax assets can be realized. During the year ended December 31, 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 actual cumulative historical operating results for income tax purposes over the past several years in each of the tax jurisdictions where it operates. 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, the Company considers the amount calculated related to the remaining Tax Receivable Agreement Liability not probable.

The Company determines its quarterly income tax provision using an estimated annual effective tax rate excluding loss jurisdictions, which cannot be benefited, 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 six months ended June 30, 2026.

Tax Receivable Agreement

CWH is party to a tax receivable agreement (the “Tax Receivable Agreement”) that provides for the payment by CWH to the Continuing Equity Owners and Crestview Partners II GP, L.P. of 85% of the amount of tax benefits, if any, CWH 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 CWH 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’ and 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 CWH as transferee pursuant to a redemption of common units in CWGS, LLC). CWH 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. During the six months ended June 30, 2026, CWH paid $1.4 million under the Tax Receivable Agreement liability.

If utilization of the deferred tax assets subject to the Tax Receivable Agreement becomes more likely than not in the future, CWH 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 six months ended June 30, 2026, the Company filed an entity classification election for CWFR Capital, LLC, which was treated as a liquidation event. As a result, the Company recognized a net income tax benefit of $0.6 million related to this entity classification election.

During the six months ended June 30, 2026 and 2025, there were no redemptions of common units by Continuing Equity Owners.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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+ Details

Inventories and Floor Plan Payables - Floor Plan Outstanding (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Feb. 28, 2025
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	$ 2,150,000	$ 2,150,000
Less: borrowings	(1,324,184)	(1,603,645)	(1,280,102)
Less: FLAIR offset account	(22,231)	(25,117)	(39)
Additional borrowing capacity	803,585	521,238	869,859
Less: short-term payable for sold inventory	(70,217)	(35,981)	(82,871)
Less: purchase commitments	(18,152)	(26,841)	(26,884)
Unencumbered borrowing capacity	715,216	458,416	760,104
Line of Credit \| Floor Plan Facility
Notes payable - floor plan:
Total commitment	70,000	70,000	70,000
Additional borrowing capacity	70,000	70,000	70,000
Letters of credit \| Floor Plan Facility
Notes payable - floor plan:
Total commitment	45,000	45,000	45,000	$ 45,000
Less: outstanding letters of credit	(15,414)	(15,414)	(14,300)
Additional letters of credit capacity	$ 29,586	$ 29,586	$ 30,700

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2026

Accounts Receivable

Summary of accounts receivable


	June 30,			December 31,			June 30,
($ in thousands)	2026			2025			2025
Good Sam Services and Plans	$	12,788		$	15,313		$	16,847
RV and Outdoor Retail
New and used vehicles		5,225			2,868			5,046
Parts, service and other		28,741			30,750			27,650
Trade accounts receivable		41,958			40,906			32,543
Due from manufacturers		47,734			25,209			31,574
Escrow receivable from sale of real property		—			45,249			—
Other		33,005			13,625			27,771
		169,451			173,920			141,431
Allowance for credit losses		(7,472)			(3,422)			(3,609)
	$	161,979		$	170,498		$	137,822

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Intangible Assets
Carrying Value	$ 61,307	$ 61,307	$ 61,853
Accumulated Amortization	(47,242)	(45,483)	(44,251)
Net	14,065	15,824	17,602
Good Sam Services and Plans \| Membership, customer lists and other
Intangible Assets
Carrying Value	9,194	9,194	9,740
Accumulated Amortization	(9,152)	(9,140)	(9,656)
Net	42	54	84
Good Sam Services and Plans \| Trademarks and trade names
Intangible Assets
Carrying Value	2,132	2,132	2,132
Accumulated Amortization	(592)	(521)	(450)
Net	1,540	1,611	1,682
Good Sam Services and Plans \| Websites and developed technology
Intangible Assets
Carrying Value	3,650	3,650	3,650
Accumulated Amortization	(2,447)	(2,169)	(1,891)
Net	1,203	1,481	1,759
RV and Outdoor Retail \| Customer lists, domain names and other
Intangible Assets
Carrying Value	4,154		4,154
Accumulated Amortization	(3,353)		(2,952)
Net	801		1,202
RV and Outdoor Retail \| Customer lists and domain names
Intangible Assets
Carrying Value		4,154
Accumulated Amortization		(3,152)
Net		1,002
RV and Outdoor Retail \| Supplier lists and agreements
Intangible Assets
Carrying Value	9,500	9,500	9,500
Accumulated Amortization	(1,930)	(1,484)	(1,039)
Net	7,570	8,016	8,461
RV and Outdoor Retail \| Trademarks and trade names
Intangible Assets
Carrying Value	26,526	26,526	26,526
Accumulated Amortization	(24,015)	(23,345)	(22,675)
Net	2,511	3,181	3,851
RV and Outdoor Retail \| Websites and developed technology
Intangible Assets
Carrying Value	6,151	6,151	6,151
Accumulated Amortization	(5,753)	(5,672)	(5,588)
Net	$ 398	$ 479	$ 563

Assets Held for Sale and Business Divestitures (Tables)

6 Months Ended

Jun. 30, 2026

Assets Held for Sale and Business Divestitures

Schedule of components of assets held for sale and liabilities related to assets held for sale


	June 30,			December 31,		June 30,
($ in thousands)	2026			2025		2025
Assets held for sale:
Property and equipment, net	$	175		$	175	$	15,202
	$	175		$	175	$	15,202

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details