Camping World Posts $320.1 Million Loss as Unit Sales Fall 17.1%
Key Facts
Camping World reported third-quarter results on November 2, posting revenue of $1.6 billion, down $223.2 million, or 12.4%, from the year-earlier period, according to the company statement. The group recorded a net loss of $320.1 million, including a $286.7 million goodwill impairment. Adjusted EBITDA was $36 million and included a negative impact of $12.7 million from adjustments to finance and insurance commission chargeback liabilities. Quarterly loss per share was $0.19, compared with the Zacks consensus estimate for a loss of $0.16 and earnings of $0.43 per share a year earlier. The figures point to a broad decline in activity, while the reported loss also reflects the goodwill impairment charge.
New-unit sales fell to 15,126 in the quarter, down 25.4% from the year-earlier period, while used-unit sales declined 8.1% to 17,176, according to the results statement. Total new and used units sold reached 32,302, down 17.1%, or 6,678 units, year over year. On a same-store basis, new-unit sales fell 26.4% and used-unit sales declined 8.6%, bringing the combined decrease to 17.8%. The average selling price of new vehicles rose 11.7%, while the average selling price of used vehicles fell 4.2%. The price divergence shows different trends across the two categories, even as unit sales declined in both.
The company said the decline in gross profit was led by year-over-year decreases of $32.4 million in new-vehicle gross profit, $30.8 million in finance and insurance, and $14.8 million in used vehicles. In an October 5 disclosure, it said new and used unit sales began weakening gradually in July and trends remained weak through the quarter. It added that weaker sales contributed to a more active promotional environment for new vehicles in the recreational vehicle sector. The company said unit declines eased somewhat in August and September, but new-vehicle margins remained under greater-than-expected pressure. It also said some economic factors affecting the outlook, including energy and interest rates, had worsened.
The company cut its 2026 outlook on October 5, saying adjusted EBITDA would be below the low end of its previous range of $230 million to $270 million. The move comes as wholesale shipment forecasts for recreational vehicles decline: the RV Industry Association estimated shipments of about 290,000 units in 2026, down 15.3% from 342,220 units in 2025. The association expects shipments to stabilize near 285,000 units in 2027, declining in the first half of the year before returning to quarterly year-over-year growth in the second half. September shipments totaled 23,320 units, down 9.2% from 25,684 units a year earlier, while shipments since the start of 2026 declined 13.7%. Association President Craig Kirby said persistent inflation, higher interest rates and fuel costs, and economic and geopolitical uncertainty had weakened consumer confidence and purchasing power, contributing to weaker demand and dealer orders.
In its second-quarter results, Camping World reported revenue of $1.93 billion, net income of $43.7 million and adjusted EBITDA of $112.1 million. It also said at the time that the RV Industry Association's median estimate for 2026 shipments had been cut 10.2% from its spring forecast, implying a level 8.2% below 2025 shipments. In October, the company announced additional job cuts that it expects to generate at least $50 million in additional annual savings. The measures included closing four dealerships, with plans to reopen two of them later. The company expected fourth-quarter selling, general and administrative expenses to fall by more than $50 million year over year, and said it was exploring refinancing its term loan to strengthen financial flexibility, with any potential transaction still subject to market conditions and customary procedures.
The company is scheduled to hold an earnings call on November 3, 2026, at 7:30 a.m. Central Time, according to its statement. The company said its fourth-quarter cost structure would benefit from the announced reduction measures, as the market monitors their impact on expenses. The path of sales and margins remains a focus amid continued weak demand and pressure on new-vehicle gross profit. Refinancing the term loan remains under consideration and subject to market conditions and customary procedures, according to the company disclosure. CWH shares closed at $5 on October 30, before the results were announced, according to EL7 data.