Executive Summary

Q2 2025 delivered record unit volume (45,602), strong revenue growth, and significant profitability improvement: revenue rose 9.4% to $1.98B, net income attributable to CWH increased to $30.2M, and adjusted EBITDA rose 34.7% to $142.2M, driven by cost execution, used-vehicle margin expansion, and F&I growth .
Versus Wall Street, CWH posted a revenue beat and an EBITDA beat, while adjusted EPS modestly missed consensus (Street 0.60 vs actual 0.57) amid lower new-vehicle ASPs and Good Sam margin pressure; catalysts include sustained same-store growth, volume momentum in July, and SG&A leverage initiatives .
Guidance narrative: management now expects FY25 new unit volume to grow “in excess of high-singles,” new ASP down ~10–12% for the year, and SG&A as % of gross profit to improve 300–400 bps; mid‑cycle earnings power reiterated at >$500M adjusted EBITDA, with an internal mandate to accelerate gross margin by 100 bps .
Additional tailwinds: expected $15–$20M cash tax savings in 2025 from the One Big Beautiful Bill Act and ongoing deleveraging (> $75M paid down since Oct-2024); dividend declared for Q3 2025 at $0.125 per share supports capital return narrative .

What Went Well and What Went Wrong

What Went Well

Record quarterly volume and broad-based growth: combined new+used units up 20.7% YoY; revenue up 9.4%; adjusted EBITDA up 34.7%—management cited “volume, margin performance and aggressive cost controls” as drivers .
Used-vehicle margin expansion and F&I strength: used GM rose 149 bps to 20.5% and F&I gross profit increased $22.2M, aided by new offerings and unit volume growth .
SG&A efficiency improving: SG&A as a % of gross profit improved 276 bps YoY; management emphasized structural cost actions (headcount reductions, location consolidations) and continued focus on per-rooftop productivity .

Management quotes:

“Our nimbleness is a true testament to the differentiation and durability of our model.” — Marcus Lemonis .
“Same store unit growth trends July month-to-date are tracking up high-teens on used and up high-singles on new.” — Matt Wagner .
“We’ve paid down debt by over $75 million in total since October of last year.” — Tom Kirn .

What Went Wrong

New ASP and gross margin pressure: average selling price of new vehicles fell 10.6% YoY, compressing new-vehicle GM by 149 bps to 13.8% and reducing front-end yield per unit .
Good Sam Services margins declined: GM in Good Sam Services and Plans fell 777 bps to 59.5% due to higher roadside assistance claim costs, partially offset elsewhere .
Products, service and other revenue declined 5.5% YoY: reallocation of service labor to used inventory reconditioning and prior divestiture of RV furniture compressed top line in the segment (though margin improved) .

Financial Results

Consolidated performance vs prior periods

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Billions)	$1.81	$1.41	$1.98
Net Income Attributable to CWH ($USD Millions)	$9.77	$(12.28)	$30.22
Diluted EPS ($USD)	$0.22	$(0.21)	$0.48
Gross Margin (%)	30.3%	30.4%	30.0%
Adjusted EBITDA ($USD Millions)	$105.58	$31.15	$142.22

Notes:

Adjusted EPS (non-GAAP) in Q2 2025: $0.57 .
EBITDA and Adjusted EBITDA are non-GAAP metrics defined by the company; reconciliations provided in the release .

Segment revenue breakdown and margins

Segment	Q2 2024 Revenue ($MM)	Q2 2025 Revenue ($MM)	YoY Change
New Vehicles	$847.1	$915.1	+8.0%
Used Vehicles	$480.8	$572.3	+19.0%
Products, Service & Other	$235.9	$222.9	−5.5%
Finance & Insurance, net	$179.0	$201.2	+12.4% (implied)
Good Sam Services & Plans	$52.5	$54.2	+3.2% (implied)
Good Sam Club	$11.1	$10.3	−7.6% (implied)
Total Revenue	$1,806.5	$1,975.9	+9.4%

Gross Margin (%)	Q2 2024	Q2 2025
New Vehicles	15.3%	13.8%
Used Vehicles	19.0%	20.5%
Products, Service & Other	43.7%	47.8%
Good Sam Services & Plans	67.3%	59.5%
Good Sam Club	86.8%	88.1%
Total Gross Margin	30.3%	30.0%

KPIs and operating metrics

KPI	Q2 2024	Q1 2025	Q2 2025
New Units Sold (#)	22,084	16,726	26,696
Used Units Sold (#)	15,700	13,939	18,906
Total Units Sold (#)	37,784	30,665	45,602
ASP – New ($)	$38,358	$37,154	$34,279
ASP – Used ($)	$30,623	$30,300	$30,269
Same-Store Unit Growth – New (%)	n/a	−2.0%	+22.2%
Same-Store Unit Growth – Used (%)	n/a	+28.5%	+20.8%
F&I Net per Vehicle ($)	$4,738	$4,848	$4,412
Total Vehicle Front-End Yield ($)	$10,577	$10,179	$9,747
Store Count (#)	215	209	201

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
New Unit Volume Growth	FY2025	Low single digits (guideposts)	“In excess of high‑singles” YoY	Raised
New Vehicle ASP	FY2025	Directionally lower vs PY (implicit early-year commentary)	Down ~10–12% YoY; seasonal improvement in Q3/Q4	Quantified decline
SG&A as % of Gross Profit	FY2025	Improve 600–700 bps	Improve 300–400 bps; pro-forma reductions to help in H2	Lower near-term target
Adjusted EBITDA “Mid-Cycle”	Multi-year	Over $500M on current store count (narrative)	Reiterated; internal mandate to accelerate GM by 100 bps	Maintained
Cash Tax Savings (OBBB Act)	FY2025	n/a	$15–$20M; prioritize deleveraging	New benefit
Debt Paydown	Since Oct-2024	n/a	>$75M paid down including July 2025	New update
Dividend	Q3 2025	n/a	$0.125 per share declared	Announced

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24, Q1’25)	Current Period (Q2’25)	Trend
ASP and Mix Management	Q4: new ASP up 2.5% QoQ; Q1: ASP lower and cost-driven	New ASP −10.6% YoY; FY ASP down 10–12% expected; July ASP began to rebound seasonally	Near-term pressured; seasonal improvement in H2
SG&A Leverage	Goal to improve 600–700 bps	Targeting 300–400 bps in FY25, with more cost take-out and pro-forma benefits in H2	Improving, but tempered by ASP dynamics
Used Supply Chain & Margins	Record used procurement; used GM improved	Used GM 20.5%; management guiding ~18.5–19.5% through H2 while targeting higher turns	Stable margins; optimizing turns
F&I Growth	Q4 & Q1 F&I growth supportive of GP	F&I gross profit +$22.2M YoY; per unit $4,412	Expanding with volume
Good Sam Margin Pressure	Claims elevated in Q1	Good Sam Services GM down 777 bps on higher claims; investment in roadside	Pressured near-term
Tariffs/Macro	Q1: limited consumer impact from tariffs	Management notes tariff/interest-rate uncertainty; resilient execution	Monitor, manageable

Management Commentary

“We set a record selling more RVs than we ever have in an entire quarter: 45,000 units… Our gross margins broke 30%.” — Marcus Lemonis .
“July month-to-date unit growth tracking up high-teens on used and high-singles on new, in line with Q2 performance.” — Matt Wagner .
“We expect cash tax savings of $15 to $20 million in 2025… prioritizing debt paydown and deleveraging.” — Tom Kirn .
“More confident than ever in our mid-cycle earnings power… over $500 million of adjusted EBITDA… mandate to accelerate gross margin by 100 bps.” — Marcus Lemonis .
“Contract manufacturing is expanding into motorized (Class B/C/A; exploring Super C) to unlock mix/ASP opportunities.” — Matt Wagner .

Q&A Highlights

ASP trends and competitive posture: Management emphasized focus on profitability over promotions; ASP declines are mix-driven with July seasonal uptick; strategy aims to disrupt opening price points across type codes without sacrificing features .
Used margins sustainability and turns: Guide ~18.5–19.5% used GM through H2; testing pricing to lift turns toward 4x even if sacrificing ~25–50 bps margin for higher dollar ROI; July margins near 20% .
SG&A leverage trajectory: FY25 improvement of 300–400 bps expected; achieving 600–700 bps requires ASP recovery toward ~$38k; cost reductions to continue; potential macro tailwind from rates .
M&A posture and competitive landscape: Not pausing M&A but more thoughtful amid deleveraging; seeking white space and accretive deals, with examples of turnaround gains from recent acquisitions; signs of stress among smaller dealers .
F&I scaling: Penetration stable; as ASPs rise, F&I dollars per unit should grow, aiding SG&A leverage alongside GPUs .

Estimates Context

How Q2 2025 results compared to S&P Global consensus:

Metric	Consensus	Actual	Surprise
Revenue ($USD Billions)	$1.876*	$1.976	+$0.100B (beat)*
Adjusted EPS ($USD)	$0.599*	$0.57	−$0.029 (miss)*
EBITDA ($USD Millions)	$139.35*	$154.77	+$15.42M (beat)*

Values retrieved from S&P Global.
Note: Company-reported Adjusted EBITDA was $142.2M; differences reflect metric definitions across sources .
Actual revenue and adjusted EPS per company materials: $1.976B and $0.57 .

Key Takeaways for Investors

Volume-led top-line beat with broad-based unit growth; continued momentum into July supports near-term comp strength and potential estimate revisions higher for revenue/EBITDA .
EPS miss tied to lower new ASPs and Good Sam margin pressure; focus on mix, contract manufacturing, and SG&A controls should support margin recovery as ASPs seasonally rise in H2 .
Structural cost actions and footprint consolidation driving SG&A leverage; watch for incremental bps improvement in Q3/Q4 as pro-forma cost reductions flow through .
Cash tax savings ($15–$20M) and deleveraging (> $75M repaid) strengthen the balance sheet and could improve equity perception around risk/reward .
Strategic expansion into motorized via contract manufacturing and targeted pricing creates medium-term mix/ASP upside while sustaining affordability-driven share gains .
Dividend declaration ($0.125) underscores balanced capital allocation; consider yield support alongside cyclical normalization .
Trading implications: Near term, watch same-store metrics, ASP trajectory, and Good Sam claims stabilization; medium term, mid-cycle EBITDA >$500M thesis relies on sustained unit share gains and margin restoration .

All document-based figures and quotes cited from Q2 2025 8-K and press release, Q2 2025 earnings call transcript, Q1 2025 8-K/press release, Q4 2024 press release, and Q3 2025 dividend press release.

Camping World Holdings, Inc. (CWH)·Q2 2025 Earnings Summary