Camping World Holdings, Inc. reported first‑quarter 2026 results for the period ended March 31, 2026, showing revenue of $1.35 billion, a 4.4% decline from the $1.413 billion reported a year earlier. The decline was driven by lower new‑vehicle and used‑vehicle sales, with new‑vehicle revenue falling 5.4% to $587.7 million and used‑vehicle revenue dropping 4.4% to $403.8 million. The company’s “Products, service and other” segment generated $158.4 million in revenue, a modest decline that helped keep the overall mix stable.
The company posted a net loss of $26.7 million, or an adjusted loss per share of $0.21. The loss widened compared to the $24.7 million loss reported in Q1 2025, reflecting higher operating expenses and inventory‑cleansing costs. Despite the larger loss, the adjusted loss per share beat consensus estimates of –$0.26 to –$0.31, a margin that investors viewed as a sign of disciplined cost management amid a challenging market. The company’s gross margin contracted to 29.8% from 30.4% in the prior year, largely because higher average costs for new vehicles and lower average selling prices for used vehicles squeezed profitability across both vehicle segments.
Operating leverage was supported by a 7.5% reduction in SG&A expenses, amounting to more than $29 million in savings. Management highlighted that inventory‑turnover initiatives and a focus on aging assets are expected to improve gross margin in the second half of the year. The net debt leverage ratio improved to 5.6× from 8.1× at the end of Q1 2025, underscoring a stronger balance sheet and reduced financial risk.
The company reiterated its 2026 adjusted EBITDA guidance of $275–$325 million, unchanged from the prior guidance. This reaffirmation signals confidence that cost‑control measures and inventory management will sustain profitability even as revenue growth slows. The guidance also reflects management’s expectation that the company’s exclusive brand units and Good Sam membership growth will provide a tailwind in the later half of the year.
Camping World’s store footprint was 199 locations as of March 31, 2026, a net decrease of 10 stores from the prior year. The consolidation effort is part of a broader strategy to reduce operating costs and improve store profitability. Management noted that the reduced footprint will support the company’s margin recovery plan and help maintain a leaner, more efficient retail network.
Investors responded positively to the earnings release, citing the EPS beat, the reaffirmed EBITDA guidance, and the improved balance‑sheet metrics as evidence of effective execution and a resilient business model in a challenging RV market.
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