Camping World’s second quarter saw robust revenue growth but a sharply negative market reaction as the company’s non-GAAP profit missed Wall Street’s consensus. Management attributed strong top-line growth to record RV unit sales and increased finance and insurance revenue, despite challenging macroeconomic conditions and tariffs. CEO Marcus Lemonis highlighted a deliberate focus on driving transaction volume and customer acquisition, even as the company continued consolidating locations and reducing headcount to enhance efficiency. Lemonis acknowledged, “We set a record selling more RVs than we ever have in an entire quarter, 45,000 units,” but also expressed disappointment with the bottom-line results, citing ongoing pressures from average selling price declines and the need for further cost reductions.
Is now the time to buy CWH? Find out in our full research report (it’s free).
Camping World (CWH) Q2 CY2025 Highlights:
- Revenue: $1.98 billion vs analyst estimates of $1.88 billion (9.4% year-on-year growth, 5.2% beat)
- Adjusted EPS: $0.57 vs analyst expectations of $0.60 (4.8% miss)
- Adjusted EBITDA: $163.1 million vs analyst estimates of $139.4 million (8.3% margin, 17% beat)
- Operating Margin: 6.6%, up from 5.3% in the same quarter last year
- Locations: 201 at quarter end, down from 215 in the same quarter last year
- Market Capitalization: $1.04 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Camping World’s Q2 Earnings Call
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Joe Altobello (Raymond James) pressed for clarity on average selling price (ASP) trends and promotional intensity. CEO Marcus Lemonis responded that lower ASPs reflect strategic inventory mix shifts, not aggressive discounting, and emphasized margin growth over market share.
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James Hardiman (Citi) asked about changes in revenue and margin guideposts for the year. Lemonis explained that the company has raised its new unit growth projections while holding used targets steady and aims to keep gross margins above 30%.
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Alex Perry (Bank of America) inquired about price mix expectations for the second half and early signs of recovery in higher-end segments. Lemonis and President Matthew Wagner said seasonal trends and contract manufacturing are driving ASP gains, especially in motorized RVs.
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Tristan Thomas-Martin (BMO Capital Markets) questioned the mix and pricing strategy for 2026 and the likelihood of renewed acquisition activity. Lemonis said the company will adapt inventory based on consumer preferences and remains open to acquisitions but is focused on maximizing returns from existing stores.
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Scott Stember (ROTH Capital Markets) sought details on the impact of tariffs on 2026 models and F&I growth prospects. Wagner cited a 5% baseline cost increase for new models, while Lemonis said higher ASPs would benefit both F&I revenue and used vehicle margins.
Catalysts in Upcoming Quarters
As we look ahead, our team will be watching (1) whether used RV sales sustain double-digit growth as inventory levels rise, (2) progress on SG&A cost reductions and the impact of further store consolidation, and (3) stabilization or improvement in average selling prices amid tariff and macroeconomic pressures. Execution on capital allocation and expansion of the Good Sam platform will also be critical to achieving management’s profitability targets.
Camping World currently trades at $16.50, down from $17.63 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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