Camping World (CWH) Q3 2025 earnings summary

Executive summary

• Adjusted EBITDA grew over 40% year-over-year to $95.7 million in Q3 2025, driven by record used RV and vehicle unit volume and strong market share gains, with nearly 14% of all new and used RVs sold in North America and year-to-date market share reaching 13.5%.

• Revenue for Q3 2025 was $1.81 billion, up 4.7% year-over-year, primarily due to a 31.7% increase in used vehicle sales and finance and insurance growth, partially offset by declines in new vehicle and product/service revenue.

• Net loss attributable to shareholders was $40.4 million for Q3 2025, compared to net income of $5.5 million in Q3 2024, mainly due to a $175.4 million income tax expense from a full valuation allowance on deferred tax assets.

• The company continues to focus on value, affordability, exclusive products, and contract manufacturing to outperform industry trends, with management confident in outperforming the RV industry in 2026.

• Management expects continued Adjusted EBITDA growth in 2026, starting in the low $300 million range, with a conservative floor of $310 million, not including potential upside from cost savings, used unit sales, M&A, or new unit outperformance.

Financial highlights

• Used vehicle revenue rose 31.7% year-over-year in Q3 2025 to $589.1 million, while new vehicle revenue declined 7.0% to $766.8 million due to lower average selling prices.

• Gross margin for Q3 2025 was 28.6%, down 27 basis points year-over-year; new vehicle gross margin was 12.7% and used vehicle gross margin was 18.3%.

• SG&A as a percentage of gross profit improved by 360 basis points year-over-year, with SG&A expenses decreasing 0.8% to $411 million.

• Ended Q3 2025 with $230 million in cash, $427 million in used inventory, $173 million in parts inventory, and nearly $260 million in unencumbered real estate.

• Operating cash flow for the nine months ended September 30, 2025, was $95.2 million, down from $408.5 million in the prior year period, mainly due to inventory and working capital changes.

Outlook and guidance

• Set a conservative adjusted EBITDA floor of $310 million for 2026, with four key upside drivers: SG&A cost savings ($15 million), used RV sales, dealership acquisitions, and new RV sales.

• Used business expected to yield $6 million adjusted EBITDA for every 1,000 additional used units sold.

• Market share goal is 15%, with expectations for 50-100 basis points of improvement in the next year.

• Expansion of new and existing dealerships is projected to cost $63–81 million over the next twelve months, excluding inventory financing.

• New RV market outlook remains conservative due to OEM price increases and macro uncertainty, with management focusing on used, service, and Good Sam businesses.