Camping World Holdings (CWH) reported results for the third quarter ended Sept. 30.
Matthew Wagner, president of CWH, stated, “Our company delivered over 40% Adjusted EBITDA growth this quarter, driven by record-breaking new and used vehicle volume. These results are a testament to our ability to navigate around constant macroeconomic changes, outperforming the industry in every category.”
Wagner continued, “Year-to-date our company achieved a record 13.5% market share of new and used units, an over 200 basis point combined improvement. Total new and used same store unit volume momentum continues in October, increasing low double-digit percent year over year as used remains a compelling value proposition for consumers focused on affordability. We expect continued progress in 2026, driven by used vehicle unit volume, improving ASPs and over $15 million of potential cost takeout opportunity.”
Marcus Lemonis, chairman and chief executive officer of CWH, commented, “As our team prepares for 2026, we are extremely confident in our ability to once again outperform the RV industry, grow our earnings and continue to reduce our leverage year-over-year. As expected, affordability is still top of mind for consumers, and rising prices could create resistance on demand. This is leading us to deliberately set conservative new volume growth assumptions. Our company will continue to rely on our market leading used, service and Good Sam businesses as our financial performance differentiator. While it is early in our forecasting, we see a consecutive year of Adjusted EBITDA growth, starting in the low $300 million range, and a plan to outperform it.”
Lemonis concluded, “Our management team believes this judicious conservatism, combined with our fortified balance sheet and improving leverage, has set the stage for our return to measured and accretive M&A activity across the business.”
Third Quarter-over-Quarter Operating Highlights
- Revenue was $1.8 billion for the third quarter, an increase of $81.1 million, or 4.7%.
- New vehicle revenue was $766.8 million for the third quarter, a decrease of $58.1 million, or 7.0%, and new vehicle unit sales were 20,286 units, an increase of 343 units, or 1.7%. Used vehicle revenue was $589.1 million for the third quarter, an increase of $141.9 million, or 31.7%, and used vehicle unit sales were 18,694 units, an increase of 4,629 units, or 32.9%. Combined new and used vehicle unit sales were 38,980, an increase of 4,972 units, or 14.6%.
- Average selling price of new vehicles sold decreased 8.6% and average selling price of used vehicles sold decreased 0.9%.
- Same store new vehicle unit sales increased 2.9% for the third quarter and same store used vehicle unit sales increased 33.4%. Combined same store new and used vehicle unit sales increased 15.6%.
- New vehicle gross margin was 12.7%, a decrease of 81 basis points, driven primarily by the 8.6% decrease in the average selling price per new vehicle sold, partially offset by a 7.8% reduction in the average cost per new vehicle sold. Used vehicle gross margin was 18.3%, an increase of 16 basis points, primarily due to a 1.1% decrease in the average cost per unit sold, partially offset by the 0.9% lower average selling price.
- Products, service and other revenue was $208.6 million, a decrease of $16.2 million, or 7.2%, primarily due to increased allocation of labor towards used reconditioning and away from customer pay work as used vehicle sales volumes increased. Products, service and other gross margin was 45.2%, an increase of 124 basis points, driven by higher labor billing rates and improved inventory management.
- Gross profit was $517.0 million, an increase of $18.5 million, or 3.7%, and total gross margin was 28.6%, a slight decrease of 27 basis points. The gross profit increase was mainly driven by the $26.7 million higher used vehicle gross profit from the increase in used vehicle unit sales as discussed above and $12.0 million increased finance and insurance, net (“F&I”) gross profit largely from the 14.6% increase in combined new and used vehicle unit sales and new F&I offerings. The slight gross margin decrease was primarily from the reduced average selling price per new vehicle sold, which was mostly offset by higher finance and insurance, net revenue that contributes 100.0% gross margin.
- Selling, general and administrative expenses (“SG&A”) were $411.0 million, a decrease of $3.2 million, or 0.8%. This decrease was primarily driven by a $10.8 million decrease in employee cash compensation costs excluding commissions, and a $5.1 million decrease in advertising expenses, partially offset by a $5.3 million increase in outside service provider fees related primarily to legal, audit, and computer software expenses and maintenance, a $5.2 million increase in commissions costs, and a $2.2 million increase in employee stock-based compensation (“SBC”) expense. SG&A Excluding SBC was $403.4 million, a decrease of $5.4 million, or 1.3%.
- Floor plan interest expense was $18.1 million, a decrease of $4.3 million, or 19.3%, primarily as a result of lower average interest rates. Other interest expense, net was $31.0 million, a decrease of $4.9 million, or 13.6%, as a result of lower interest rates and, to a lesser extent, lower principal balances.
- The company evaluated both positive and negative evidence and concluded that a full valuation allowance was necessary for the deferred tax assets of the public holding company, CWH, due to its cumulative historical operating results for income tax purposes over the past several years in each of the tax jurisdictions in which it operates. This valuation allowance resulted in a charge to income tax expense of $175.4 million. Additionally, an adjustment to the Tax Receivable Agreement liability for the change in the determination of the realizability of tax benefits underlying the estimate of future payments under the Tax Receivable Agreement was recorded for $149.2 million with an additional $37.3 million recorded to income tax expense for the associated revaluation of the deferred tax assets relating to the change in the balance of Tax Receivable Agreement liability.
- Net loss was $(29.4) million for the third quarter of 2025, a change of $(37.4) million, or (464.3)%. Adjusted EBITDA was $95.7 million, an increase of $28.2 million, or 41.8%.
- Diluted loss per share of Class A common stock was $(0.64), a change of $(0.73), or (811.1)%. Adjusted earnings per share – diluted of Class A common stock was $0.43, a change of $0.30, or 230.8%.
- The total number of store locations was 197 as of Sept. 30, a net decrease of 10 store locations from Sept. 30, 2024, or 4.8%, which included the consolidation of 15 store locations to improve the overall cost efficiency of the remaining store locations.
Click here for the full release and Camping World’s financial tables.
