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 volume, strong market share gains, and improved operating performance.

• 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.

• Year-to-date market share reached a record 13.5%, up over 200 basis points, with nearly 14% of all new and used RVs sold in North America.

• The company continues to focus on value, affordability, exclusive products, and contract manufacturing to outperform industry trends.

Financial highlights

• Adjusted EBITDA for Q3 2025 was $95.7 million, up from $67.5 million in Q3 2024, reflecting improved operating performance.

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

• Gross margin for Q3 2025 was 28.6%, down 27 basis points from Q3 2024; new vehicle gross margin at 12.7%, used vehicle gross margin at 18.3%.

• SG&A as a percentage of gross profit improved by 360 basis points year-over-year; SG&A expenses decreased 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.

Outlook and guidance

• 2026 adjusted EBITDA floor set at $310 million, not including potential upside from cost savings, used unit sales, M&A, or conservative new unit forecasts.

• Management expects continued Adjusted EBITDA growth in 2026, starting in the low $300 million range, with plans to outperform.

• Four key upside drivers for 2026: SG&A cost takeouts ($15 million opportunity), used RV sales, dealership acquisitions, and new RV sales.

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

• Conservative approach to new RV inventory and forecasting due to macroeconomic uncertainty and OEM price increases.