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- **Revenue and Profit Growth**: Q3 2025 revenue $1.8B (+5%), EBITDA $95.7M (+40%). Used RV sales drove 30%+ unit growth, with 14% of RVs sold in North America.
- **Strategic Focus on Affordability**: Used RV strategy prioritizes monthly payments, achieving record sales despite new RV price increases. 2026 EBITDA floor $310M, with upside from $15M cost savings and used unit growth.
- **Leverage Reduction**: Net leverage down 3 turns YTD, targeting below 4x in 2026. Strong cash position ($230M) and inventory ($427M used, $173M parts).
- **M&A and Expansion**: Pipeline for 10-15 annual acquisitions, focusing on 1-2.5x EBITDA deals. Used RV market 2x new RV size, with 15%+ market share target.
- **Risks**: New RV resistance from 5-7% OEM price increases, but used RVs offsetting. Q4 cautious on new RV trends, with $4-5M actuarial benefits lapping.


**【CEO Summary Section】**
- **Revenue Growth and EBITDA Expansion**: Q3 2025 revenue reached $1.8 billion (5% YoY growth), with adjusted EBITDA of $95.7 million, up 40% YoY. Used RV sales drove volume growth, with 14% of new and used RVs sold in North America.
- **Used RV Strategy**: Emphasized affordability and monthly payment focus, achieving record used RV sales. Anticipates 2026 as another record year for combined new and used unit growth despite new RV pricing challenges.
- **Leverage Reduction**: Reduced net leverage by nearly 3 turns YTD through debt paydown and cash generation. Aims to deleverage further in 2026, targeting net leverage below 4x.
- **2026 Outlook**: Sets a conservative EBITDA floor of $310 million, excluding upside from cost savings, used sales, M&A, and new RV performance. Highlights potential $15 million SG&A savings and $6 million EBITDA per 1,000 used units sold.

**【CFO Financial Commentary】**
- **Revenue and Margins**: Q3 revenue growth driven by 30%+ used RV unit volume increase. New ASPs improved sequentially to $38,000, down 9% YoY due to mix changes. Gross margins pressured by higher-end new RV sales competition.
- **Balance Sheet Strength**: $230 million cash, $427 million used inventory, and $260 million real estate without mortgages. Q4 cautious on new RV trends, with $4-5 million Good Sam and F&I actuarial benefits lapping.
- **Service and P&S Resilience**: Despite parts and service revenue decline, P&S margins stable. Focus on Amazon marketplace and partnerships to boost aftermarket sales.

**【Q&A Highlights】**
- **New RV Demand**: OEM price increases (5-7% YoY) causing resistance, but used RV sales offsetting. Q3 new ASPs improved sequentially, but gross margins pressured by mix.
- **M&A Strategy**: Pipeline activity for accretive dealership acquisitions at 1-2.5x EBITDA. Targets 10-15 acquisitions/year, focusing on white space and margin accretion.
- **Consumer Financing**: Retail lending rates may drop in 2026, but short-term rate cuts lagging. Credit profile stable with F&I approval rates steady.
- **Market Share**: Aims for 15% RV industry share, up from 11.3% in 2024. Used RV market 2x new RV size, with high-single-digit used unit growth potential.


Camping World Holdings, Inc. (CWH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CWH

CWH fundamentals

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