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Jun 30, 2025
Camping World Q2 2025 Earnings Report
Camping World Holdings, Inc. reported strong second quarter 2025 results, with significant growth in net income and adjusted EBITDA, driven by increased unit sales and effective cost management.
Key Takeaways
Camping World Holdings, Inc. delivered a robust performance in the second quarter of 2025, achieving a 9.4% increase in total revenue to $2.0 billion. The company saw substantial growth in both new and used vehicle unit sales, which increased by 20.9% and 20.4% respectively, contributing to an all-time quarterly volume record of over 45,000 units. Net income surged by 145.7% to $57.5 million, and Adjusted EBITDA grew by 34.7% to $142.2 million, reflecting strong cost execution and improved gross margins in key segments.
Total revenue increased by 9.4% to $2.0 billion in Q2 2025 compared to the prior year.
Net income saw a significant improvement of 145.7%, reaching $57.5 million.
Combined new and used vehicle unit sales hit an all-time quarterly record of 45,602 units, up 20.7% year-over-year.
Adjusted EBITDA grew by 34.7% to $142.2 million, demonstrating strong operational efficiency.
Revenue by Segment
Forward Guidance
Camping World expects continued momentum through July, with full-year new unit volume expected to be higher, growing in excess of high-singles compared to the prior year. New vehicle ASP is expected to improve seasonally in Q3 and Q4 but could be lower by 10-12% for the full year. The company anticipates 300-400 basis points of improvement in SG&A as a percentage of gross profit and aims for over $500 million of adjusted EBITDA based on today’s store count.
Positive Outlook
- July month-to-date same store unit growth tracking up high-teens percent on used vehicles and high-singles on new vehicles.
- New unit volume for the full year expected to grow in excess of high-singles compared to prior year.
- Anticipated 300-400 basis points of improvement in SG&A as a percentage of gross profit for the full year.
- Expected annual cash tax savings of $15 to $20 million in 2025 due to the One Big Beautiful Bill Act.
- Mid-cycle earnings power scenario of over $500 million of adjusted EBITDA based on current store count.
Challenges Ahead
- New vehicle average selling price (ASP) could be lower by 10-12% for the full year compared to the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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