Camping World Holdings, Inc. (CWH): Results of Operations and Financial Condition
Camping World Holdings, Inc. (CWH) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Camping World Holdings, Inc. Reports Second Quarter 2026 Results ◾ Revenues of $1.93 Billion, Net Income of $43.7 Million, and Adjusted EBITDA (1) of $112.1 Million ◾ Same-Store Used Vehicle Unit Sales Increased 5% for the Full Quarter, New Unit Share Increased T
How this was made
The 30-second read
Why it matters
The key tradable update is the lowered full-year EBITDA range, driven by weaker peak-season RV industry trends that pressured vehicle gross profit, partially offset by SG&A reductions and Good Sam margin expansion.
Market read
Investors get a fresh earnings framework: Q2 showed gross profit pressure and the company cut its full-year EBITDA outlook, while also outlining structural SG&A savings timing.
What to watch
Used vehicle unit sales rose 5.2% and average new/used pricing moved in opposite directions, so gross profit pressure may be partially offset by mix and sequential margin improvement in 2H26.
Revenues of $1.93 Billion, Net Income of $43.7 Million, and Adjusted EBITDA of $112.1 Million
Revenue, gross profit, net income and Adjusted EBITDA declined, while used vehicle unit sales grew, SG&A declined and the Company reduced net debt. The Company lowered its full-year 2026 Adjusted EBITDA outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $1.9 billion | – | decrease of $41.9 million, or 2.1% |
| New vehicle revenueGAAP | $869.0 million | – | decrease of $46.1 million, or 5.0% |
| New vehicle unit salesother | 22,312 units | – | decrease of 4,384 units, or 16.4% |
| Used vehicle revenueGAAP | $580.3 million | – | increase of $8.1 million, or 1.4% |
| Used vehicle unit salesother | 19,882 units | – | increase of 976 units, or 5.2% |
| Combined new and used vehicle unit salesother | 42,194 | – | decrease of 3,408 units, or 7.5% |
| Average selling price of new vehicles soldother | +13.6% | – | increased 13.6% |
| Average selling price of used vehicles soldother | -3.6% | – | decreased 3.6% |
| Same store new vehicle unit salesother | -16.3% | – | decreased 16.3% |
| Same store used vehicle unit salesother | +5.2% | – | increased 5.2% |
| Combined same store new and used vehicle unit salesother | -7.3% | – | decreased 7.3% |
| New vehicle gross marginGAAP | 10.9% | – | decrease of 286 basis points |
| Used vehicle gross marginGAAP | 16.5% | – | decrease of 397 basis points |
| Products, service and other revenueGAAP | $217.6 million | – | decrease of $5.3 million, or 2.4% |
| Products, service and other gross marginGAAP | 47.3% | – | decrease of 50 basis points |
| Gross profitGAAP | $538.4 million | – | decrease of $53.9 million, or 9.1% |
| Total gross marginGAAP | 27.8% | – | decrease of 214 basis points |
| Selling, general and administrative expensesGAAP | $410.9 million | – | decrease of $26.6 million, or 6.1% |
| SG&A Excluding SBCnon-GAAP | $406.6 million | – | decrease of $22.5 million, or 5.3% |
| SG&A as a percentage of gross profitGAAP | 76.3% | – | increase of 245 basis points |
| SG&A Excluding SBC as a percentage of gross profitnon-GAAP | 75.5% | – | increase of 306 basis points |
| Floor plan interest expenseGAAP | $19.9 million | – | decrease of $1.1 million, or 5.4% |
| Average interest rate for the Company's Floor Plan Facilityother | 5.98% | – | – |
| Net incomeGAAP | $43.7 million | – | decrease of $13.8 million, or 24.0% |
| Adjusted EBITDAnon-GAAP | $112.1 million | – | decrease of $30.2 million, or 21.2% |
| Diluted earnings per share of Class A common stockGAAP | $0.42 | – | decrease of $0.06, or 12.5% |
| Adjusted earnings per share – diluted of Class A common stocknon-GAAP | $0.57 | – | – |
| Total number of store locationsother | 200 | a net decrease of one store location | – |
| Operating cash flow, year-to-dateGAAP | $333 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| New vehiclesNew vehicle unit sales decreased 4,384 units, or 16.4%. New vehicle gross margin was 10.9%, a decrease of 286 basis points, driven primarily by the 17.4% increase in the average cost per new vehicle sold, partially offset by the 13.6% increase in the average selling price per new vehicle sold. | $869.0 million | – | decrease of $46.1 million, or 5.0% |
| Used vehiclesUsed vehicle unit sales increased 976 units, or 5.2%. Used vehicle gross margin was 16.5%, a decrease of 397 basis points, primarily due to a 3.6% decrease in the average selling price per used vehicle sold and a 1.2% increase in the average cost per used vehicle sold. | $580.3 million | – | increase of $8.1 million, or 1.4% |
| Products, service and otherThe revenue decline was primarily due to reduced service, collision, and warranty work. Gross margin was affected by a lower mix of higher margin service and collision revenue and increased labor rates. | $217.6 million | – | decrease of $5.3 million, or 2.4% |
Full Year 2026 outlook
- NoteAdjusted EBITDA of $230 million to $270 million
- Note2026 retail industry outlook of 290,000 to 310,000 new units, or down 15% year over year at the midpoint
- Noteequity-based compensation of approximately $16-19 million
- Notedepreciation and amortization of approximately $90-100 million
- Noteother interest expense of approximately $110-120 million
- Note$50 million of run-rate savings expected to be achieved by the end of 2026
What drove it
- Same store used vehicle unit sales increased 5.2%, while same store new vehicle unit sales decreased 16.3%.
- Gross profit declined mainly from $31.2 million lower new vehicle gross profit, $21.4 million of decreased used vehicles gross profit, and $3.6 million of decreased products, service and other gross profit, partially offset by a $1.5 million increase in Good Sam Services and Plans gross profit.
- SG&A declined primarily because employee cash compensation costs excluding commissions decreased $28.2 million, commissions costs decreased $4.9 million, and stock-based compensation expense decreased $4.1 million.
- The Company identified an incremental $100 million of structural SG&A savings and operating efficiencies, expected to be fully annualized by early 2028.
- The Company cited healthier inventory and sequentially improving vehicle margins entering the second half of the year.
Concerns
- New RV industry trends weakened during the peak selling season in May and June.
- Vehicle gross profit was pressured by aged used inventory and prior-model-year new inventory actions.
- New vehicle gross margin decreased 286 basis points and used vehicle gross margin decreased 397 basis points.
- Volume trends remained soft July-to-date.
- The Company lowered full-year 2026 Adjusted EBITDA guidance from $275 million to $325 million to $230 million to $270 million.
- New RV registrations in the U.S. declined by 16.4% to 113,631 registrations for the year-to-date period ended May 31, 2026.
What to watch
- Whether soft July-to-date volume trends persist in the second half of 2026.
- Execution against the $50 million of run-rate savings expected by the end of 2026.
- Sequential vehicle-margin improvement following inventory-aging actions.
- Progress toward full-year Adjusted EBITDA of $230 million to $270 million.
- New RV registration and industry retail-unit trends relative to the revised 2026 retail industry outlook of 290,000 to 310,000 new units.
Balance sheet and cash flow
- Cash and cash equivalents totaled $224.1 million at the end of the second quarter of 2026.
- Total outstanding long-term debt was $1.405 billion.
- Net debt decreased $222.3 million, or 14.5%, at the end of the second quarter of 2026 compared to the second quarter of 2025.
- Year-to-date operating cash flow was $333 million.
Analysis
Camping World reported a weaker second quarter as revenue decreased 2.1% to $1.9 billion, gross profit decreased 9.1% to $538.4 million, and net income decreased 24.0% to $43.7 million. Adjusted EBITDA decreased 21.2% to $112.1 million. The larger gross-profit decline relative to revenue reflects margin pressure across vehicle categories and products, service and other.
Vehicle mix showed a sharp divergence. New vehicle revenue decreased 5.0% and new vehicle unit sales decreased 16.4%, while used vehicle revenue increased 1.4% and used vehicle unit sales increased 5.2%. Same store used vehicle unit sales increased 5.2%, but same store new vehicle unit sales decreased 16.3%. Management attributed second-quarter pressure to weakening new RV industry trends in May and June and actions to move aged used inventory and prior-model-year new inventory.
Margins were the central issue. New vehicle gross margin decreased 286 basis points to 10.9%, and used vehicle gross margin decreased 397 basis points to 16.5%. Total gross margin decreased 214 basis points to 27.8%. SG&A decreased $26.6 million, or 6.1%, to $410.9 million, but SG&A as a percentage of gross profit increased 245 basis points to 76.3% because gross profit fell faster than expenses. The Company has identified an incremental $100 million of structural SG&A savings and operating efficiencies, with $50 million of run-rate savings expected by the end of 2026.
Balance-sheet and cash-flow disclosures were constructive. Cash and cash equivalents totaled $224.1 million, total outstanding long-term debt was $1.405 billion, and net debt decreased $222.3 million, or 14.5%, versus the second quarter of 2025. The Company reported $333 million of year-to-date operating cash flow and cited an improved inventory aging profile.
The outlook reset is the key forward development. Full-year 2026 Adjusted EBITDA guidance was lowered from $275 million to $325 million to $230 million to $270 million, alongside a revised 2026 retail industry outlook of 290,000 to 310,000 new units. Management said volume trends remain soft July-to-date, while citing healthier inventory and sequentially improving vehicle margins entering the second half.
Management, verbatim
Earlier this year we emphasized three priorities: growing RV market share, accelerating Good Sam, and reducing SG&A. In the second quarter, our market share exceeded last year’s record levels, Good Sam Services and Plans margin expanded, and SG&A came down $26.6 million. We delivered on our priorities in a difficult market.
Matthew Wagner, Chief Executive Officer and President of CWH
Our progress was more than offset by new RV industry trends that weakened during the peak selling season in May and June. Even so, we moved aged used inventory and prior-model-year new inventory as planned. These factors pressured vehicle gross profit and resulted in second-quarter earnings below our expectations. We are not satisfied with the result.
Matthew Wagner, Chief Executive Officer and President of CWH
Year-to-date we generated $333 million of operating cash flow, strengthened our balance sheet, and improved our inventory aging profile. Our capital allocation framework prioritizes disciplined capital expenditures, retention of working capital within the business, and reduction of our net debt leverage.
Tom Kirn, Chief Financial Officer of CWH
Not in the filing
stated, not guessed- Prior-year revenue amount
- Prior-year new vehicle revenue amount
- Prior-year used vehicle revenue amount
- Prior-year products, service and other revenue amount
- Prior-year gross profit amount
- Prior-year SG&A amount
- Prior-year net income amount
- Prior-year Adjusted EBITDA amount
- Prior-year GAAP diluted earnings per share amount
- Prior-quarter comparisons for reported metrics
- GAAP operating income
- GAAP operating margin
- Free cash flow
- Capital expenditures
- Share repurchases
- Dividend information
- Income tax rate
- Revenue, gross-margin, operating-expense and tax-rate guidance
- Good Sam Services and Plans revenue
- Prior guidance comparison based on a separately provided previous outlook
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Camping World filed an 8-K with Exhibit 99.1 covering Q2 2026 operating results and a revised full-year 2026 Adjusted EBITDA outlook.
Ticker impact
Camping World reported Q2 results and revised full-year 2026 Adjusted EBITDA outlook to $230M-$270M from $275M-$325M.
Likely downside bias until investors see evidence that structural SG&A savings offset gross profit pressure in 2H26.
The filing includes a concrete EBITDA outlook reduction plus commentary that vehicle gross profit was pressured by industry trends in May and June, despite SG&A reductions.
Market effects
Signals continued softness in RV retail demand and margin pressure, reinforcing caution across RV dealers and related discretionary retail.
No specific regional impact disclosed.
Primarily US discretionary retail and consumer durable demand, with limited global spillover.
Counterpoint
The company is simultaneously delivering SG&A cuts and identifies $50M of run-rate savings by end of 2026, which could stabilize earnings even if volumes remain soft.
Key entities
- companyCamping World Holdings, Inc.
RV dealer reporting Q2 2026 results, cash/debt metrics, and a revised 2026 Adjusted EBITDA outlook.
- executiveMatthew Wagner
CEO and President commenting on market share, Good Sam margin expansion, SG&A reduction, and gross profit pressure.
- executiveTom Kirn
CFO discussing operating cash flow, balance sheet strengthening, and net debt leverage.
