Q3 2025 Camping World Holdings Inc Earnings Call Transcript
Key Points
- Camping World Holdings Inc (CWH) reported a significant increase in adjusted EBITDA by over 40% to $95.7 million for the third quarter.
- The company achieved record unit volume sales, selling nearly 14% of new and used RVs in North America.
- CWH has made substantial progress in improving its net leverage position, reducing it by nearly three turns since the beginning of the year.
- The company anticipates another record year of combined new and used unit volume growth in 2026.
- CWH is investing in AI and marketing technology to drive cost savings and improve operational efficiency, with an estimated $15 million in additional cost takeout opportunities identified for next year.
- Rising OEM prices for new RVs are creating resistance in the market, potentially impacting new RV sales.
- The company is taking a conservative approach to 2026 due to uncertainties in consumer sentiment, labor markets, and macroeconomic conditions.
- CWH's fourth quarter is expected to be impacted by new unit trends and lapsing benefits from the previous year, such as Good Sam loyalty breakage and F&I actuarial benefits.
- The company is cautious about the potential impact of interest rates and tariffs on its business in 2026.
- Despite improvements, the company acknowledges the challenges in achieving its mid-cycle adjusted EBITDA target of $500 million, which requires stabilization in the new RV market.
Good morning, and welcome to the Camping World Holdings conference call to discuss financial results for the third quarter ended September 30, 2025. (Operator Instructions) Please be advised that this call is being recorded and the reproduction of the call in whole or in part is not permitted without written authorization from the company.
Joining on the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Matthew Wagner, President; Tom Kirn, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer; and Brett Andress, Senior Vice President, Investor Relations.
I will turn the call over to Ms. Christen to get us started.
Thank you, and good morning, everyone. A press release covering the company's third quarter ended September 30, 2025, financial results was issued yesterday afternoon, and a copy of that press release can be found in the Investor Relations section on the company's website.
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