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Sep 30, 2025
Camping World Q3 2025 Earnings Report
Camping World reported its third quarter 2025 results, highlighting record-breaking total unit volume and significant year-to-date net income and Adjusted EBITDA growth.
Key Takeaways
Camping World Holdings, Inc. delivered a strong third quarter in 2025, with revenue increasing by 4.7% to $1.8 billion, driven by record new and used vehicle unit sales. Despite a net loss of $(29.4) million due to a significant income tax expense related to a valuation allowance, the company achieved a 41.8% increase in Adjusted EBITDA to $95.7 million, demonstrating strong operational performance and outperforming the industry in key categories.
Total revenue for the third quarter increased by 4.7% to $1.8 billion.
Adjusted EBITDA grew by 41.8% to $95.7 million, indicating strong operational performance.
Combined new and used vehicle unit sales increased by 14.6% to 38,980 units, setting a new record.
The company reported a net loss of $(29.4) million, primarily due to a $175.4 million income tax expense from a valuation allowance on deferred tax assets.
Revenue by Segment
Forward Guidance
Camping World anticipates continued progress in 2026, driven by used vehicle unit volume and improving average selling prices. The company expects to outperform the RV industry, grow earnings, and reduce leverage year-over-year, with Adjusted EBITDA starting in the low $300 million range. They also plan for measured and accretive M&A activity.
Positive Outlook
- Expects continued progress in 2026, driven by used vehicle unit volume.
- Anticipates improving average selling prices (ASPs) in 2026.
- Identified over $15 million of potential cost takeout opportunity for 2026.
- Confident in outperforming the RV industry and growing earnings in 2026.
- Plans for a consecutive year of Adjusted EBITDA growth, starting in the low $300 million range for 2026.
Challenges Ahead
- Affordability is still a top concern for consumers.
- Rising prices could create resistance on demand.
- Deliberately setting conservative new volume growth assumptions.
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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