# Camping World Holdings, Inc. (CWH) Q2 2025 Financial Results Summary
On July 29, 2025, Camping World Holdings, Inc. (CWH), the world’s largest recreational vehicle dealer, reported its financial results for the second quarter ending June 30, 2025. Below is a summary of the key metrics and developments from the report.
### Financial Highlights
– **Revenue**:
– **Total Revenue** was **$2.0 billion** for the quarter, marking an increase of **$169.4 million**, or **9.4%** compared to Q2 2024.
– **New Vehicle Revenue**: **$915.1 million**, an increase of **$68.0 million**, or **8.0%** year-over-year.
– **Used Vehicle Revenue**: **$572.3 million**, a significant increase of **$91.5 million**, or **19.0%** year-over-year.
– **Unit Sales**:
– **New Vehicle Unit Sales**: **26,696 units**, an increase of **4,612 units**, or **20.9%** year-over-year.
– **Used Vehicle Unit Sales**: **18,906 units**, an increase of **3,206 units**, or **20.4%** year-over-year.
– **Combined New and Used Vehicle Sales**: **45,602 units**, an overall increase of **7,818 units**, or **20.7%** year-over-year.
– **Average Selling Price**:
– Average selling price of **new vehicles** decreased by **10.6%**, while that of **used vehicles** decreased by **1.2%**.
### Gross Profit and Margins
– **Gross Profit**:
– Increased to **$592.3 million**, up **$44.6 million**, or **8.1%**, primarily due to higher used vehicle sales and increased finance and insurance gross profit.
– **Total Gross Margin**: Declined slightly to **30.0%,** decreasing by **34 basis points** year-over-year.
– **Gross Margins by Category**:
– **New Vehicle Gross Margin**: **13.8%,** a decrease of **149 basis points**.
– **Used Vehicle Gross Margin**: **20.5%,** an increase of **149 basis points**.
### Administrative Expenses
– **Selling, General and Administrative (SG&A) Expenses**:
– Increased to **$437.5 million**, which is up **$17.8 million**, or **4.2%** year-over-year.
– Excluding stock-based compensation, SG&A stood at **$429.1 million**, up **3.6%**.
### Profitability Metrics
– **Net Income**:
– Rose to **$57.5 million,** an improvement of **$34.1 million**, or **145.7%** year-over-year.
– **Adjusted EBITDA**:
– Increased to **$142.2 million,** reflecting an increase of **$36.6 million**, or **34.7%**.
– **Earnings Per Share**:
– **Diluted EPS** was **$0.48**, improving by **$0.26**, or **118.2%** year-over-year.
– **Adjusted EPS** was **$0.57**, improving by **$0.19**, or **50.0%** year-over-year.
### Corporate Activities and Outlook
– **Store Count**:
– The company had **201 store locations** as of June 30, 2025, reflecting a decrease of **14 stores**, or **6.5%** year-over-year due to consolidation efforts.
– **Debt Reduction**:
– Camping World highlighted paying down over **$75 million** in debt since October of last year.
– **Dividend Declaration**:
– The company declared a dividend of **$15.7 million** (around **$0.25 per share**) for this quarter, an increase from **$11.3 million** last year.
### Additional Notes
– The company’s leadership expressed optimism for the second half of the year, citing strong cash flow and anticipated profitability improvements, aiming for an adjusted EBITDA target of over **$500 million**.
– Despite a projected decline in the average selling price (ASP) for new vehicles of **10-12%** for the full year, the company expects overall growth in unit sales.
These results underscore Camping World Holdings’ strengthened financial position driven by innovative management strategies and effective cost controls amidst a competitive market landscape.
| Three Months Ended | Six Months Ended | |
|---|---|---|
| June 30, 2025 | June 30, 2024 | |
| Revenue: | ||
| Good Sam Services and Plans | $ 54,213 | $ 52,548 |
| RV and Outdoor Retail | ||
| New vehicles | $ 915,106 | $ 847,105 |
| Used vehicles | $ 572,271 | $ 480,774 |
| Products, service and other | $ 222,890 | $ 235,947 |
| Finance and insurance, net | $ 201,198 | $ 179,016 |
| Good Sam Club | $ 10,270 | $ 11,115 |
| Subtotal | $ 1,921,735 | $ 1,753,957 |
| Total revenue | $ 1,975,948 | $ 1,806,505 |
| Costs applicable to revenue | ||
| (exclusive of depreciation and amortization shown separately below): | ||
| Good Sam Services and Plans | $ 21,947 | $ 17,192 |
| RV and Outdoor Retail | ||
| New vehicles | $ 788,873 | $ 717,650 |
| Used vehicles | $ 455,239 | $ 389,601 |
| Products, service and other | $ 116,412 | $ 132,933 |
| Good Sam Club | $ 1,222 | $ 1,470 |
| Subtotal | $ 1,361,746 | $ 1,241,654 |
| Total costs applicable to revenue | $ 1,383,693 | $ 1,258,846 |
| Gross profit (exclusive of depreciation and amortization shown separately below): | ||
| Good Sam Services and Plans | $ 32,266 | $ 35,356 |
| RV and Outdoor Retail | ||
| New vehicles | $ 126,233 | $ 129,455 |
| Used vehicles | $ 117,032 | $ 91,173 |
| Products, service and other | $ 106,478 | $ 103,014 |
| Finance and insurance, net | $ 201,198 | $ 179,016 |
| Good Sam Club | $ 9,048 | $ 9,645 |
| Subtotal | $ 559,989 | $ 512,303 |
| Total gross profit | $ 592,255 | $ 547,659 |
| Operating expenses: | ||
| Selling, general, and administrative | $ 437,489 | $ 419,676 |
| Depreciation and amortization | $ 23,419 | $ 20,032 |
| Long-lived asset impairment | $ — | $ 4,584 |
| Lease termination | $ -107 | $ 40 |
| Loss (gain) on sale or disposal of assets | $ 1,185 | $ 7,945 |
| Total operating expenses | $ 461,986 | $ 452,277 |
| Income from operations | $ 130,269 | $ 95,382 |
| Other expense | ||
| Floor plan interest expense | $ -20,989 | $ -27,799 |
| Other interest expense, net | $ -30,836 | $ -36,153 |
| Other expense, net | $ -2,600 | $ -81 |
| Total other expense | $ -54,425 | $ -64,033 |
| Income (loss) before income taxes | $ 75,844 | $ 31,349 |
| Income tax (expense) benefit | $ -18,321 | $ -7,935 |
| Net income (loss) | $ 57,523 | $ 23,414 |
| Less: net income (loss) attributable | ||
| to | ||
| non-controlling interests | $ -27,307 | $ -13,643 |
| Net income (loss) attributable to | $ 30,216 | $ 9,771 |
| Camping World Holdings, Inc. | ||
| Earnings (loss) per share of Class A common stock: | ||
| Basic | $ 0.48 | $ 0.22 |
| Diluted | $ 0.48 | $ 0.22 |
| Weighted average shares of Class A common stock outstanding: | ||
| Basic | 62,610 | 45,093 |
| Diluted | 62,747 | 45,244 |
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 118,084 | $ 208,422 |
| Contracts in transit | $ 163,767 | $ 61,222 |
| Accounts receivable, net | $ 137,822 | $ 120,412 |
| Inventories | $ 2,061,160 | $ 1,821,837 |
| Prepaid expenses and other assets | $ 57,974 | $ 58,045 |
| Assets held for sale | $ 15,202 | $ 1,350 |
| Total current assets | $ 2,554,009 | $ 2,271,288 |
| Property and equipment, net | $ 910,052 | $ 846,760 |
| Operating lease assets | $ 716,020 | $ 739,352 |
| Deferred tax assets, net | $ 211,435 | $ 215,140 |
| Intangible assets, net | $ 17,602 | $ 19,469 |
| Goodwill | $ 748,561 | $ 734,023 |
| Other assets | $ 34,168 | $ 37,245 |
| Total assets | $ 5,191,847 | $ 4,863,277 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $ 283,450 | $ 145,346 |
| Accrued liabilities | $ 182,581 | $ 118,557 |
| Deferred revenues | $ 94,041 | $ 92,124 |
| Current portion of operating lease liabilities | $ 65,488 | $ 61,993 |
| Current portion of finance lease liabilities | $ 19,514 | $ 7,044 |
| Current portion of Tax Receivable Agreement liability | $ 1,700 | $ — |
| Current portion of long-term debt | $ 23,023 | $ 23,275 |
| Notes payable – floor plan, net | $ 1,280,102 | $ 1,161,713 |
| Other current liabilities | $ 79,167 | $ 70,900 |
| Total current liabilities | $ 2,029,066 | $ 1,680,952 |
| Operating lease liabilities, net of current portion |
