Camping World Holdings (CWH) reported results for the second quarter ended June 30.
Marcus Lemonis, chairman and CEO of CWH, said, “I am unbelievably pleased with our company’s financial performance in the quarter, driven by volume, margin performance and aggressive cost controls. We continue to surgically manage our inventory to find volume and gross profit opportunities leveraging our new and used supply chains, our contract manufacturing relationships, our sophisticated data analytics, and the strength of our balance sheet to put the right inventory on the ground at the right time and the right price. Our nimbleness is a true testament to the differentiation and durability of our model.”
Lemonis continued, “We have made structural changes to our fixed costs compared to last year, reducing our headcount by over 900, consolidating 16 locations and selling 7,818 more units; meaningfully improving our per-rooftop productivity and proving we can adapt to the near-term ASP contribution margin environment in new vehicles.”
Matthew Wagner, president of CWH, commented, “Our same store unit growth trends July month-to-date are tracking up high-teens percent on used vehicles and up high-singles on new vehicles compared to the prior year, both in line on a multi-year basis with our second quarter performance. Our guideposts for the full year remain largely unchanged, although our new unit volume is now expected to be higher, growing in excess of high-singles compared to the prior year. New vehicle ASP is expected to improve seasonally in the third and fourth quarter but could be lower by 10-12% for the full year compared to the prior year. Despite this drop in ASP we are expecting to accomplish 300-400 basis points of improvement in SG&A as a percentage of gross profit(1), recognizing that this efficiency will improve further as ASPs rebound.”
Tom Kirn, chief financial officer of CWH, commented, “We expect cash flow to benefit from the passage of the One Big Beautiful Bill Act through the immediate deductibility of floorplan interest expense on travel trailers and fifth wheels. We estimate annual cash tax savings of $15 to $20 million in 2025 and expect to prioritize debt paydown and deleveraging activities with those savings. Including payments in July 2025, we’ve paid down debt by over $75 million in total since October of last year.”
“We enter the second half more confident than ever in our mid-cycle earnings power scenario of over $500 million of adjusted EBITDA based on today’s store count(2), particularly as the Company’s per rooftop productivity accelerates, resulting in better earnings, better leverage, and a greater willingness to explore new market expansion opportunities. Given results year-to-date, we believe that more upside exists in the 15% new and used combined market share goal we set last year, with 20% plus emerging as a realistic medium-term goal. The team also set an internal mandate to accelerate gross margin by 100 basis points, further bolstering our confidence in the earnings power of our business model,” Lemonis concluded.
Refer to the company’s investor presentation slide deck, dated July 2025, on the Investor Relations website at http://investor.campingworld.com for more detailed information on second quarter 2025 results.
Second Quarter-over-Quarter Operating Highlights
- Revenue was $2 billion for the second quarter, an increase of $169.4 million, or 9.4%.
- New vehicle revenue was $915.1 million for the second quarter, an increase of $68.0 million, or 8.0%, and new vehicle unit sales were 26,696 units, an increase of 4,612 units, or 20.9%. Used vehicle revenue was $572.3 million for the second quarter, an increase of $91.5 million, or 19.0%, and used vehicle unit sales were 18,906 units, an increase of 3,206 units, or 20.4%. Combined new and used vehicle unit sales were 45,602, an increase of 7,818 units, or 20.7%.
- Average selling price of new vehicles sold decreased 10.6% and average selling price of used vehicles sold decreased 1.2%.
- Same store new vehicle unit sales increased 22.2% for the second quarter and same store used vehicle unit sales increased 20.8%. Combined same store new and used vehicle unit sales increased 21.6%.
- New vehicle gross margin was 13.8%, a decrease of 149 basis points, driven primarily by the 10.6% decrease in the average selling price per new vehicle sold, partially offset by a 9.1% reduction in the average cost per new vehicle sold. Used vehicle gross margin was 20.5%, an increase of 149 basis points, primarily due to a 3.0% decrease in the average cost per unit sold, partially offset by the 1.2% lower average selling price.
- Products, service and other revenue was $222.9 million, a decrease of $13.1 million, or 5.5%, driven primarily by a reallocation of service labor toward used inventory reconditioning and the divestiture of our RV furniture business in May 2024. Products, service and other gross margin was 47.8%, an increase of 411 basis points, driven by the divestiture of the RV furniture business, which had negative gross margins for the three months ended June 30, 2024, and increased sales volume of our higher-margin aftermarket part assortment.
- Gross profit was $592.3 million, an increase of $44.6 million, or 8.1%, and total gross margin was 30.0%, a decrease of 34 basis points. The gross profit increase was mainly driven by the $25.9 million higher used vehicle gross profit from the increase in used vehicle unit sales and gross margin as discussed above and $22.2 million increased finance and insurance, net (“F&I”) gross profit largely from the 20.7% increase in combined new and used vehicle unit sales and new F&I offerings. The gross margin decrease was primarily from higher roadside assistance claim costs that drove the 777 basis point decrease in Good Sam Services and Plans gross margin to 59.5%, which was mostly offset by improvements for used vehicles and products, service and other discussed above.
- Selling, general and administrative expenses (SG&A) were $437.5 million, an increase of $17.8 million, or 4.2%. This increase was primarily driven by a $7.5 million increase in employee cash compensation costs, a $3.0 million increase in employee stock-based compensation (SBC) expense, $2.9 million of additional advertising expenses, and an additional $3.3 million for other outside service providers. SG&A Excluding SBC(3) was $429.1 million, an increase of $14.8 million, or 3.6%.
- Floorplan interest expense was $21.0 million, a decrease of $6.8 million, or 24.5%, as a result of lower interest rates and lower principal balances. Other interest expense, net was $30.8 million, a decrease of $5.3 million, or 14.7%, as a result of lower interest rates and, to a lesser extent, lower principal balances.
- Net income was $57.5 million for the second quarter of 2025, an improvement of $34.1 million, or 145.7%. Adjusted EBITDA(3) was $142.2 million, an increase of $36.6 million, or 34.7%.
- Diluted earnings per share of Class A common stock was $0.48, an improvement of $0.26, or 118.2%. Adjusted earnings per share – diluted(3) of Class A common stock was $0.57, an improvement of $0.19, or 50.0%.
- The total number of store locations was 201 as of June 30, a net decrease of 14 store locations from June 30, 2024, or 6.5%, which included the consolidation of 16 store locations to improve the overall cost efficiency of the remaining store locations.
