Filing Flows › Camping World Holdings (CWH) › Q3 2025
Camping World Holdings (CWH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Camping World Holdings (CWH) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +5% from a year earlier and -9% from the quarter before. Operating margin was 4.4%, net loss $29.4M (1.6% of revenue).
Camping World Holdings, Q3 2025: revenue $1.8B (+5% year over year), operating margin 4.4%, net loss $29.4M, operating cash flow $140M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -9% | +5% |
| Operating profit | $79.1M | -39% | — |
| Net earnings | −$29.4M | -197% | — |
| Operating cash flow | $140M | -26% | -57% |
| Free cash flow | $89.4M | — | -72% |
What changed
Revenue was $1.8B in Q3 2025, up 5% year over year and down 9% from the previous quarter. RV and Outdoor Retail was the largest line at 97% of revenue. RV and Outdoor Retail added $0.08B year over year (up 5%), 98% of the total change.
Operating profit was $0.08B, a 4.4% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, above the 4% margin then. Total costs grew 4% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+35%). The quarter ended with a net loss of $0.03B, after a profit of $0.06B the previous quarter. Non-operating items added $0.10B, 56% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.14B (down 57% year over year). Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.14B. Capital expenditures of $0.05B left free cash flow of $0.09B.
Questions
What was Camping World Holdings' revenue in the third quarter 2025?
Camping World Holdings (CWH) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +5% from a year earlier and -9% from the quarter before.
Was Camping World Holdings profitable in the third quarter 2025?
Operating profit was $79.1M (4.4% of revenue) and net loss $29.4M.