Camping World Holdings, Inc. Reports Third Quarter 2025 Results, Record Breaking Total Unit Volume, Significant Year-to-Date Net Income and Adjusted EBITDA Growth

Camping World Holdings, Inc. (NYSE:CWH) ("CWH" or, collectively with its subsidiaries, the "Company"), the World's Largest Recreational Vehicle Dealer, today reported results for the third quarter ended September 30, 2025.

Matthew Wagner, President of CWH stated, "Our Company delivered over 40% Adjusted EBITDA⁽¹⁾ growth this quarter, driven by record breaking new and used vehicle volume⁽²⁾. These results are a testament to our ability to navigate around constant macroeconomic changes, outperforming the industry in every category."

Mr. Wagner continued, "Year-to-date our Company achieved a record 13.5% market share⁽³⁾ 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."

Mr. 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⁽¹⁾ 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⁽¹⁾ of Class A common stock was $0.43, a change of $0.30, or 230.8%.
• The total number of our store locations was 197 as of September 30, 2025, a net decrease of 10 store locations from September 30, 2024, or 4.8%, which included the consolidation of 15 store locations to improve the overall cost efficiency of the remaining store locations.

Revisions to Prior Period Condensed Consolidated Financial Statements

Subsequent to the issuance of the Company's condensed consolidated financial statements for the three and nine months ended September 30, 2024, the Company's management identified prior period misstatements related to the measurement of the realizable portion of the Company's outside basis difference deferred tax asset in CWGS Enterprises, LLC ("CWGS, LLC"), including the associated valuation allowance. As a result, deferred tax assets, net, additional paid-in capital, and income tax benefit (expense) as of and for the years ended December 31, 2023 and 2022 were revised in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025. The misstatements impacted the beginning balances of deferred taxes, net, additional paid-in capital, and retained earnings, which have been revised from the amounts previously reported as of September 30, 2024. The Company evaluated the materiality of these errors, both qualitatively and quantitatively, and determined the effect of these revisions was not material to the previously issued financial statements.

The following table presents the effect of the immaterial misstatements on the Company's consolidated balance sheet for the period indicated:

Earnings Conference Call and Webcast Information

A conference call to discuss the Company's third quarter 2025 financial results is scheduled for October 29, 2025, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-844-826-3035 (international callers please dial 1-412-317-5195) and using conference ID# 10203707. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company's website at http://investor.campingworld.com. Presentation materials are available at http://investor.campingworld.com. The replay of the conference call webcast and presentation materials will be available on the investor relations website for approximately 90 days.

Presentation

This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States ("GAAP"), unless noted as a non-GAAP financial measure. The Company is the sole managing member of CWGS, LLC, with sole voting power in and control of the management of CWGS, LLC. As of September 30, 2025, the Company owned 61.2% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the third quarter ended September 30, 2025 to our financial results from the third quarter ended September 30, 2024.

About Camping World Holdings, Inc.

Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is the world's largest retailer of RVs and related products and services. Through Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor adventures fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry's most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 44 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about macroeconomic and industry trends, future reductions in SG&A, future average selling prices, business plans and goals, future growth of our operations, future merger and acquisition activity, future deleveraging activities, future dividend payments, future payments under the Tax Receivable Agreement, and future financial results. These forward-looking statements are based on management's current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: general economic conditions, including inflation, interest rates and tariffs; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the success of our manufacturers; changes in consumer preferences; competition in our industry; risks related to acquisitions, new store openings and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; our ability to execute and achieve the expected benefits of our cost cutting initiatives; our reliance on our fulfillment and distribution centers; impacts from natural disasters, including pandemics and health crises; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; risks associated with our private brand offerings; we may incur asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; our private brand offerings exposing us to various risks; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; risks related to climate change and other environmental, social and governance matters; and risks related to our organizational structure.

These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10‑K for the year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Future declarations of quarterly dividends, if any, are subject to the determination and discretion of the Company's Board of Directors based on its consideration of various factors, including the Company's results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, receipt of excess tax distributions from CWGS, LLC, its business prospects and other factors that the Company's Board of Directors may deem relevant.

We intend to use our official Facebook, X (formerly known as Twitter), and Instagram accounts, each at the handle @CampingWorld, as well as the investor page of our website, investor.campingworld.com, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post through these social media channels and on our investor webpage may be deemed material. Accordingly, investors should subscribe to these accounts and our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts. These social media channels may be updated from time to time.

(Loss) Earnings Per Share

Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock (unaudited):