Camping World Holdings, Inc. Reports Third Quarter 2026 Results
Key Highlights
- ➤Net loss $320.1 million includes $286.7 million goodwill impairment
- ➤Adjusted EBITDA $36.0 million, down 62.4%, including $12.7 million chargeback adjustment
- ➤Full-year 2026 Adjusted EBITDA expected below previously guided $230 million-$270 million range
- ➤Efficiency program now targets over $150 million in anticipated annualized savings
- ➤Q3 revenue $1.58 billion, down 12.4%, as combined vehicle unit sales fell 17.1%
Expert Statements
Matthew Wagner, Chief Executive Officer and President of Camping World Holdings
“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, 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 Camping World Holdings
“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.”
Tom Kirn, Chief Financial Officer of Camping World Holdings
“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.”
Matthew Wagner, Chief Executive Officer and President of Camping World Holdings
“The industry is planning for 2027 unit sales to be comparable to 2026, but we are building our plans around more conservative assumptions. With a cost base that we believe is on track to be more than $150 million lighter on an annualized basis by 2028, the largest used RV business in the industry, and a Good Sam business that compounds through the cycle, we believe we are positioned to deliver a step change in our earnings profile when the market turns.”
* 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 chargeback liability adjustments * Company accelerates cost actions; the Company’s efficiency program now totals over $150 million of anticipated annualized savings * Fourth quarter 2026 SG&A expected to decline by more than $50 million year over year * Good Sam Services and Plans gross margin expands 567 basis points to 62.3% LINCOLNSHIRE, Ill., Nov. 02, 2026 (GLOBE NEWSWIRE) -- Camping World Holdings, Inc. (NYSE: CWH) (“CWH” or, collectively with its subsidiaries, the “Company” or “Camping World”), America’s Largest Recreational Vehicle Dealer, today reported results for the third quarter ended September 30, 2026.
Matthew Wagner, Chief Executive Officer and President of CWH, stated, “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.”
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