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Camping World Holdings, Inc. Reports First Quarter 2026 Results

CWH
  • Camping World Holdings reported Q1 2026 revenues of $1.35 billion, a 4.2% decrease from the prior year period.
  • The company recorded a net loss of $26.7 million for the quarter, compared to a loss of $24.7 million in Q1 2025.
  • Adjusted EBITDA for the quarter was $28.0 million, representing a 10.1% decline year-over-year.
  • Total new and used vehicle unit sales decreased by 6.5% to 28,682 units, with new vehicle sales down 9.0% and used vehicle sales down 3.4%.
  • Gross profit margins improved by 135 basis points year-over-year due to SG&A efficiencies despite declines in vehicle revenue.
  • SG&A expenses decreased by 7.5% to $358.3 million, driven by reductions in employee cash compensation, advertising, and commissions.
  • Total store locations decreased by 10 to 199 as of March 31, 2026, following the consolidation of 10 locations to improve cost efficiency.
  • Cash and cash equivalents totaled $200 million, while total long-term debt was $1.416 billion.
  • Net debt leverage ratio improved to 5.6x at the end of Q1 2026, down from 8.1x in the same period last year.
  • The company reaffirmed its full-year 2026 Adjusted EBITDA outlook of $275 million to $325 million.
  • New vehicle average selling price increased 3.9% to $38,618, while used vehicle average selling price decreased 1.0% to $29,990.
  • Active customers declined by 3.4% to 3,998,211, and Good Sam Club members decreased by 3.1% to 1,649,168.
  • Floor plan interest expense increased 19.2% to $21.8 million due to higher average floor plan balances.
  • Management noted that new and used unit sales gained momentum in March and April following a slower start to the RV selling season.