Camping World Holdings, Inc. Reports Third Quarter 2026 Results
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 Third Quarter 2026 Results ◾ Revenues of $1.58 billion, net loss of $320.1 million includes $286.7 million of goodwill impairment ◾ Adjusted EBITDA (1) of $36.0 million includes the unfavorable impact of $12.7 million of F&I c
How this was made
The 30-second read
Why it matters
The earnings miss and issued guidance suggest near‑term downside risk, but the announced cost‑reduction initiatives could mitigate the impact over the longer term.
Market read
The report provides fresh earnings data and a issued outlook, making it a primary source for traders evaluating CWH and its sector.
What to watch
Strong growth in Good Sam Services and a $5.3M non‑recurring credit‑card milestone may provide near‑term cash flow support.
Revenue declined 12.4% to $1.6 billion as vehicle volumes and margins weakened; a $286.7 million goodwill impairment drove a $320.1 million net loss, while Adjusted EBITDA fell 62.4% to $36.0 million.
Revenue, vehicle unit sales, gross profit, gross margin and Adjusted EBITDA declined year over year, and the Company expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated range of $230 million to $270 million. Cost actions, inventory reduction, Good Sam Services and Plans margin expansion, and year-to-date operating cash flow were offsets.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30GAAP | $1.58B | – | (12.4%) |
| Total revenue, nine months ended September 30GAAP | $4.87B | – | – |
| Total costs applicable to revenue, three months ended September 30GAAP | $1.15B | – | – |
| Gross profit, three months ended September 30GAAP | $434.3M | – | (16.0%) |
| Total gross margin, three months ended September 30GAAP | 27.4% | – | (119) bps |
| Gross profit, nine months ended September 30GAAP | $1.38B | – | – |
| Total gross margin, nine months ended September 30GAAP | 28.2% | – | (138) bps |
| Selling, general and administrative expenses, three months ended September 30GAAP | $387.1M | – | (5.8%) |
| SG&A Excluding SBC, three months ended September 30non-GAAP | $383.6M | – | (4.9%) |
| SG&A Excluding SBC as a percentage of gross profit, three months ended September 30non-GAAP | 88.3% | – | 1,032 basis points |
| Goodwill impairment, three months ended September 30GAAP | $286.7M | – | – |
| Long-lived asset impairment, three months ended September 30GAAP | $6.67M | – | – |
| Loss from operations, three months ended September 30GAAP | −$273.7M | – | – |
| Net loss, three months ended September 30GAAP | −$320.1M | – | 990.5% |
| Net loss attributable to Camping World Holdings, Inc., three months ended September 30GAAP | −$197.0M | – | – |
| Diluted loss per share of Class A common stock, three months ended September 30GAAP | $(3.09) | – | 382.8% |
| Adjusted loss earnings per share - diluted, three months ended September 30non-GAAP | $(0.19) | – | 144.2% |
| Adjusted EBITDA, three months ended September 30non-GAAP | $36.01M | – | (62.4%) |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $176.0M | – | – |
| Floor plan interest expense, three months ended September 30GAAP | −$15.16M | – | (16.1%) |
| Average interest rate for the Floor Plan Facility, three months ended September 30other | 5.93% | – | (55 basis point) |
| New vehicle unit sales, three months ended September 30other | 15,126 units | – | (25.4%) |
| Used vehicle unit sales, three months ended September 30other | 17,176 units | – | (8.1%) |
| Total vehicle unit sales, three months ended September 30other | 32,302 | – | (17.1%) |
| New vehicle average selling price, three months ended September 30other | $42,239 | – | 11.7% |
| Used vehicle average selling price, three months ended September 30other | $30,187 | – | (4.2%) |
| New vehicle gross margin, three months ended September 30other | 10.2% | – | (252) bps |
| Used vehicle gross margin, three months ended September 30other | 18.0% | – | (36) bps |
| Products, service and other gross margin, three months ended September 30other | 38.3% | – | (690) bps |
| Good Sam Services and Plans gross margin, three months ended September 30other | 62.3% | – | 567 bps |
| Good Sam Club gross margin, three months ended September 30other | 92.4% | – | 397 bps |
| Cash and cash equivalents, September 30GAAP | $263.8M | – | – |
| Total debt, September 30GAAP | $1.55B | – | – |
| Net Debt, September 30non-GAAP | $1.29B | – | (7.0%) |
| Net Debt Leverage Ratio, September 30non-GAAP | 8.6 | – | – |
| Net cash provided by operating activities, nine months ended September 30GAAP | $488.0M | – | – |
| Purchases of property and equipment, nine months ended September 30GAAP | −$90.21M | – | – |
| Inventories, September 30GAAP | $1.77B | – | – |
| Total store locations, September 30other | 197 | – | 0.0% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Good Sam Services and PlansGross margin expanded 567 basis points to 62.3%. | $50.07M | – | – |
| New vehiclesRevenue decline reflected new vehicle unit sales decreasing 25.4%, partially offset by an 11.7% increase in average selling price. | $638.9M | – | (16.7%) |
| Used vehiclesUsed vehicle unit sales decreased 8.1% and average selling price decreased 4.2%. | $518.5M | – | (12.0%) |
| Products, service and otherHigher service volume was billed at lower average labor rates for basic installation and maintenance services, contributing to a 690 basis point gross-margin decrease. | $209.0M | – | 0.2% |
| Finance and insurance, netFewer contracts sold following a 17.1% decrease in total vehicle unit sales and a $12.7 million unfavorable adjustment to variable consideration for chargebacks. | $147.5M | – | (17.3%) |
| Good Sam ClubGrowth reflected a nonrecurring $5.3 million milestone payment under a revised co-branded credit card partner agreement and $2.3 million of recurring profit sharing. | $18.98M | – | 75.6% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full-year 2026 and fourth quarter 2026 outlook
- Operating expensesFourth quarter 2026 SG&A expected to decline by more than $50 million year over year
- NoteFull-year 2026 Adjusted EBITDA is expected to be below the low end of the previously communicated range of $230 million to $270 million.
- NoteThe Company is not providing additional full-year 2026 guidance.
- NoteThe Company’s efficiency program now totals over $150 million of anticipated annualized savings.
- NoteThe Company intends to discuss its framework for 2027 in connection with its fourth quarter results.
Capital returns
- Dividends on Class A common stock were $— for the nine months ended September 30, 2026, compared with $(23,504) (in thousands) for the nine months ended September 30, 2025.
What drove it
- New vehicle average selling price increased 11.7%, reflecting a richer mix of fifth wheels and motorized units.
- Good Sam Services and Plans gross margin expanded 567 basis points to 62.3%.
- Good Sam Club revenue benefited from a revised co-branded credit card partner agreement, including a nonrecurring $5.3 million milestone payment, and $2.3 million of recurring profit sharing.
- SG&A declined $23.9 million, primarily due to a $25.5 million decrease in employee cash compensation costs excluding commissions, a $4.2 million decrease in stock-based compensation expense, and a $2.3 million decrease in commission costs.
- Floor plan interest expense declined $2.9 million, driven by a 55 basis point decrease in the average floor plan borrowing rate and an 8.3% decrease in the average floor plan balance.
Concerns
- Total revenue declined $223.2 million, or 12.4%, and combined new and used vehicle unit sales declined 17.1%.
- New vehicle gross margin fell 252 basis points to 10.2%, while products, service and other gross margin fell 690 basis points to 38.3%.
- Finance and insurance, net declined $30.8 million, including a $12.7 million unfavorable adjustment to variable consideration for chargebacks.
- The Company recorded a noncash goodwill impairment charge of $286.7 million related to its RV and Outdoor Retail reporting unit.
- Net Debt Leverage Ratio was 8.6 as of September 30, 2026, compared with 5.2 as of September 30, 2025.
- Full-year 2026 Adjusted EBITDA is expected to be below the low end of the previously communicated range of $230 million to $270 million.
What to watch
- Fourth quarter 2026 SG&A performance against the expectation to decline by more than $50 million year over year.
- New vehicle gross-margin pressure and the effect of promotional pricing in core travel trailer offerings.
- Whether sequential improvement in used vehicle gross margins and GPU continues.
- Progress on the efficiency program, which totals over $150 million of anticipated annualized savings.
- Potential refinancing alternatives for the Senior Secured Credit Facilities and the stated goal of increasing financial flexibility.
- The Company's 2027 framework, which it intends to discuss with fourth quarter results.
Balance sheet and cash flow
- Cash and cash equivalents were $263,756 (in thousands) as of September 30, 2026.
- Total debt was $1,554,489 (in thousands) and Net Debt was $1,290,733 (in thousands) as of September 30, 2026.
- Notes payable – floor plan, net were $1,254,357 (in thousands) as of September 30, 2026.
- Net cash provided by operating activities was $488,008 (in thousands) for the nine months ended September 30, 2026.
- Inventories were $1,768,811 (in thousands) as of September 30, 2026, compared with $2,111,900 (in thousands) at December 31, 2025.
- Floor plan capacity was $823 million.
- In August, the Company amended and extended its M&T real estate facility to 2031.
Analysis
Camping World reported a materially weaker third quarter. Total revenue was $1,582,910 (in thousands), down 12.4%, with combined new and used vehicle unit sales down 17.1%. New vehicle revenue declined 16.7% as units fell 25.4%, partly offset by an 11.7% rise in average selling price. Used vehicle revenue declined 12.0%, with an 8.1% unit decline and a 4.2% decrease in average selling price. Same store total revenue declined 13.7% to $1,390,121 (in thousands).
Gross profit declined 16.0% to $434,259 (in thousands), and total gross margin contracted 119 basis points to 27.4%. New vehicle gross margin declined 252 basis points to 10.2%, with higher average vehicle cost only partly offset by a higher average selling price. Used vehicle gross margin was 18.0%, down 36 basis points, while products, service and other margin fell 690 basis points to 38.3%. Good Sam Services and Plans was the principal margin offset, with gross margin expanding 567 basis points to 62.3%, and Good Sam Club revenue rose 75.6%.
SG&A declined $23.9 million to $387,084 (in thousands), but the decline was smaller than the reduction in gross profit. Accordingly, SG&A rose to 89.1% of gross profit from 79.4%. The quarter also included a $286,748 (in thousands) goodwill impairment and $6,668 (in thousands) of long-lived asset impairment, producing a loss from operations of $(273,744) (in thousands) and net loss of $(320,087) (in thousands). Adjusted EBITDA was $36,005 (in thousands), down 62.4% from $95,712 (in thousands), and included the unfavorable impact of $12.7 million of F&I chargeback liability adjustments.
Cash generation and inventory actions were constructive. Net cash provided by operating activities was $488,008 (in thousands) for the nine months ended September 30, 2026, while inventories declined to $1,768,811 (in thousands) from $2,111,900 (in thousands) at year end. Cash and cash equivalents were $263,756 (in thousands), and Net Debt was $1,290,733 (in thousands), down 7.0% from September 30, 2025. However, the Net Debt Leverage Ratio increased to 8.6 from 5.2 as trailing Adjusted EBITDA weakened.
Management accelerated its efficiency program to over $150 million of anticipated annualized savings and expects fourth quarter 2026 SG&A to decline by more than $50 million year over year. The Company expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated range of $230 million to $270 million and is not providing additional full-year guidance. The key reported variables are the pace of expense reduction, new-vehicle margin pressure, continued used-vehicle margin improvement, and the Company's refinancing evaluation.
Management, verbatim
Our team did a tremendous amount of work in the third quarter to position the Company for the future. We built on our inventory discipline from the first half and entered the fourth quarter with our lowest mix of prior model year new units in five years. We grew our new vehicle average selling price on a richer mix of fifth wheels and motorized units, sequentially improved used vehicle gross margins and GPU (2) , expanded Good Sam Services and Plans gross margins, and reduced our SG&A by $24 million in the quarter.
Matthew Wagner, Chief Executive Officer and President of CWH
As signals emerged over the summer that new vehicle gross margins across the industry were likely to remain under greater pressure than we had anticipated, we moved swiftly to further optimize our cost structure. We accelerated elements of our previously announced $100 million efficiency program and implemented additional reductions amounting to over $50 million of anticipated incremental annualized savings. We enter the fourth quarter with a cost base that we believe is rebuilt for the current market backdrop and a team focused on the variables we can control.
Matthew Wagner, Chief Executive Officer and President of CWH
Operating cash flow year to date was $488.0 million, we reduced total inventory by $343 million from year end and had floor plan capacity of $823 million. In August, we amended and extended our M&T real estate facility to 2031, and we continue to evaluate alternatives to potentially refinance our Senior Secured Credit Facilities with the goal of increasing our financial flexibility.
Tom Kirn, Chief Financial Officer of CWH
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison of actual results with prior guidance is available.
- Quarterly operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- A full-year 2026 revenue, gross-margin, operating-expense, or tax-rate guidance figure was not provided.
- A full-year 2026 Adjusted EBITDA point estimate or revised range was not provided beyond the statement that it is expected to be below the low end of $230 million to $270 million.
AlphAI 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
The filing is a standard SEC Form 8‑K Item 2.02 earnings release for Camping World Holdings, a US‑listed RV dealer (NYSE:CWH).
Ticker impact
Camping World Holdings reported Q3 2026 results with a $1.58B revenue decline, $320.1M net loss and issued full‑year Adjusted EBITDA guidance.
downward pressure as investors price in weaker earnings and issued EBITDA outlook
The earnings release shows a significant revenue drop, a large goodwill impairment, and guidance below the prior range, which typically triggers sell‑side pressure.
Market effects
Highlights weakness in the recreational vehicle retail sector, potentially pressuring peers such as Winnebago and Thor Industries.
US consumer discretionary sentiment may soften as RV demand appears to be declining.
Limited to North American RV market; no broader macro impact.
Counterpoint
If the company can successfully execute its $150M cost‑saving program, earnings could rebound faster than the market expects.
Key entities
- companyCamping World Holdings, Inc.
US‑listed RV dealer reporting Q3 results.
- executiveMatthew Wagner
CEO who commented on the results and cost‑saving program.
