Camping World Holdings, a recreational vehicle dealer, reported strong third-quarter 2025 results marked by record-breaking total unit volume and significant year-to-date growth in net income and adjusted EBITDA.
For the quarter ending September 30, Camping World recorded revenue of $1.8 billion, up $81.1 million, or 4.7%, from the same period in 2024. Adjusted EBITDA reached $95.7 million, representing a 41.8% increase year-over-year.
According to a press release, President Matthew Wagner said the company delivered more than 40% adjusted EBITDA growth for the quarter, driven by record new and used vehicle volume. “These results are a testament to our ability to navigate around constant macroeconomic changes, outperforming the industry in every category,” Wagner said.
The company achieved a 13.5% year-to-date market share in new and used units, an increase of more than 200 basis points.
Wagner noted that same-store unit volume momentum continued into October, with low double-digit year-over-year gains.
Used vehicle unit sales rose 32.9%, reaching 18,694 units, while new vehicle sales climbed 1.7% to 20,286 units. Used vehicle revenue increased 31.7% to $589.1 million, offsetting a 7% decline in new vehicle revenue, which totaled $766.8 million.
Gross profit for the quarter was $517 million, up 3.7%. Total gross margin slightly decreased by 27 basis points to 28.6%, largely due to lower average selling prices for new vehicles. Finance and insurance gross profit rose by $12 million, aided by increased unit sales and new offerings.
Wagner said the company expects continued progress in 2026, driven by used vehicle volume, improving average selling prices, and more than $15 million in potential cost reductions.
Chairman and Chief Executive Officer Marcus Lemonis also said Camping World remains focused on its used, service, and Good Sam businesses as key differentiators. “As expected, affordability is still top of mind for consumers, and rising prices could create resistance on demand,” Lemonis said.
Lemonis added that the company is setting conservative new volume growth assumptions for 2026 but anticipates another year of adjusted EBITDA growth beginning in the low $300 million range.
Operating efficiencies contributed to reduced expenses. Selling, general, and administrative costs were $411 million, down 0.8% from the previous year, driven by lower employee compensation and advertising costs.
Interest expenses also declined, with floor plan interest expense down 19.3% to $18.1 million and other interest expense down 13.6% to $31 million, largely due to lower rates and principal balances.
As of September 30, Camping World operated 197 store locations in 44 states, a net decrease of 10 from the previous year following strategic consolidations aimed at improving efficiency.