Camping World Posts 3.6% Revenue Growth, 6.8% Profit Increase in Q1 2025

Camping World Holdings, the nation’s largest recreational vehicle dealer, reported financial results for the first quarter ended March 31, reflecting growth in unit sales, gross margin, and profitability, along with a significant year-over-year increase in adjusted EBITDA.

The Lincolnshire, Illinois-based company posted revenue of $1.4 billion, up 3.6% from the same period a year earlier. Gross profit rose 6.8% to $429.6 million, driven largely by strength in the used vehicle segment, which saw a 30.3% increase in unit sales and an 18.6% gross margin.

According to a press release, Marcus Lemonis, chairman and chief executive officer of Camping World, said, “We made the commitment at the beginning of the year to sell more units and make more money. Our results reflect a material year-over-year improvement in adjusted EBITDA, increasing nearly 4x vs. the prior year, with another period of record new and used combined unit market share.”

New vehicle revenue declined 5.3% to $621.4 million, with unit sales down 0.9% to 16,726 units. Meanwhile, used vehicle revenue climbed 25.1% to $422.4 million, with 13,939 units sold. Average selling prices decreased 4.4% for new units and 4.0% for used units.

Same store unit sales were also mixed, with new units down 2.0% while used units increased 28.5%. Combined same store unit sales rose 9.8% for the quarter. 

Matthew Wagner, president of Camping World, said, “Our business continues to exhibit consistent growth in real time. We remain confident in our guideposts to deliver growth in excess of low-double digits in used units and low single digits in new units.”

Products, service, and other revenue declined 7.3% to $165.0 million. 

Total SG&A expenses increased 4.3% to $387.4 million. The company cited higher compensation and advertising costs as primary drivers, partially offset by reduced legal fees. Excluding stock-based compensation, SG&A rose 3.8% to $380.3 million.

The company also reported a net loss of $24.7 million for the quarter, an improvement of $26.1 million from the previous year. Adjusted EBITDA rose to $31.1 million, a 278.0% increase. Diluted loss per share improved to $(0.21), while adjusted diluted loss per share narrowed to $(0.16).

Camping World operated 209 store locations as of March 31, 2025, down from 215 the year before. The company said recent headcount reductions and footprint optimization efforts are expected to further enhance profitability in future quarters.