Camping World Holdings reported a significant rise in profitability for the second quarter of 2025, citing vehicle sales and disciplined cost management as key drivers.
The company posted net income of $57.5 million and adjusted EBITDA of $142.2 million, marking year-over-year increases of 145.7% and 34.7%, respectively.
The recreational vehicle retailer recorded total revenue of $2.0 billion for the quarter ending June 30, up 9.4% from the same period last year.
Unit sales of new and used vehicles reached a combined total of 45,602, a quarterly record and an increase of 20.7% compared to the second quarter of 2024.
According to a press release, Chairman and CEO Marcus Lemonis attributed the strong performance to volume gains, margin discipline, and inventory strategy.
“We continue to surgically manage our inventory to find volume and gross profit opportunities,” Lemonis said. He emphasized the company’s ability to adjust quickly to shifting market conditions.
The company’s fixed cost reductions also included a workforce reduction of more than 900 employees and the consolidation of 16 store locations. Despite the closures, per-location productivity improved, supported by a 7,818-unit increase in overall vehicle sales.
Same-store sales results were also positive. New vehicle sales grew by 22.2%, and used vehicle sales increased by 20.8%, driven by strong demand and inventory reconditioning efforts.
Average selling prices declined 10.6% for new vehicles and 1.2% for used, reflecting market trends. Used vehicle margins also improved to 20.5%, up 149 basis points, due to a 3.0% reduction in average cost per unit. New vehicle gross margins declined to 13.8% as pricing softened, though costs were also reduced by 9.1% per unit.
President Matthew Wagner noted that momentum has continued into July, with used vehicle sales tracking up by high-teens percentage and new units growing in the high-single digits compared to last year. He added that full-year volume guidance for new vehicles had been raised.
The company’s products, service, and other revenue declined 5.5% to $222.9 million due to the divestiture of its RV furniture business and a shift in service labor to used vehicle prep. However, gross margins in this segment improved by 411 basis points to 47.8%.
CFO Tom Kirn highlighted financial flexibility gained from legislative changes, including estimated tax savings of $15 million to $20 million tied to the One Big Beautiful Bill Act.