Key Highlights

  • CWH reported third quarter 2026 Revenue of $1.58 billion, down $223.2 million or 12.4% from a year earlier.
  • The net loss was $320.1 million, including a noncash Goodwill Impairment of $286.7 million.
  • Adjusted EBITDA was $36.0 million, down 62.4%, after a $12.7 million finance and insurance chargeback adjustment.
  • New vehicle unit sales fell 25.4% to 15,126, while the average new vehicle selling price rose 11.7%.
  • Annualized savings from the efficiency program now exceed $150 million.

Goodwill Impairment Drives $3.09 Per Share Loss in the RV Retail Unit

Camping World Holdings (NYSE:CWH) reported third quarter results for the period ended Sep 30, 2026 on Nov 2, 2026. Revenue was $1.58 billion, a decrease of 12.4%, and the net loss was $320.1 million, or $3.09 per diluted Class A share, versus a loss of $0.64 per share a year earlier. Adjusted loss per share was $0.19, compared with adjusted Earnings of $0.43.

The company, which describes itself as the largest recreational vehicle retailer in the United States, sells new and used RVs, parts and services, and runs the Good Sam club, protection plans and insurance businesses.

The noncash goodwill charge of $286.7 million relates to the RV and Outdoor Retail reporting unit. The company cited weak new RV demand, promotional pricing in travel trailers, its sustained share price decline, higher consumer interest rates, elevated fuel prices and weaker sentiment.

New Unit Sales Fall 25.4% While Higher Prices Lift Average Selling Price 11.7%

New vehicle revenue fell 16.7% to $638.9 million as unit sales dropped to 15,126. Same store new unit sales declined 26.4%. The average new vehicle selling price rose 11.7% on a richer mix of fifth wheels and motorized units, but the average cost per unit climbed 15.0%, cutting new vehicle gross Margin by 252 basis points to 10.2%.

Used vehicle revenue was $518.5 million, down 12.0%, on 17,176 units, down 8.1%. Used gross margin was 18.0%. Finance and insurance, net, fell 17.3% to $147.5 million, including the $12.7 million chargeback adjustment versus $3.7 million a year earlier.

Total Gross Profit was $434.3 million, down 16.0%, and gross margin was 27.4%. Products, service and other gross margin fell 690 basis points to 38.3%.

SG&A Falls $23.9 Million as the Efficiency Program Grows Beyond $150 Million

SG&A fell 5.8% to $387.1 million, mainly on a $25.5 million drop in employee cash compensation from headcount reductions.

Management accelerated parts of its earlier $100 million efficiency plan and added more than $50 million of incremental annualized savings. Fourth quarter SG&A is expected to decline by more than $50 million year over year. The Good Sam Services and Plans gross margin expanded 567 basis points to 62.3%, and Good Sam Club revenue rose 75.6% to $19.0 million, helped by a nonrecurring $5.3 million milestone payment.

Cash was $263.8 million and long-term Debt was $1.423 billion. Net debt decreased $97.8 million, or 7.0%, from a year earlier. Year-to-date Operating Cash Flow was $488.0 million, and floor plan capacity was $823 million.

Adjusted EBITDA Guidance Falls Below $230 Million Floor, 2027 Plan Due With Fourth Quarter

The company expects full-year 2026 adjusted EBITDA to come in below the low end of its prior $230 million to $270 million range and is not offering further annual guidance. It plans to outline a 2027 framework with fourth quarter results, and said industry plans assume 2027 unit sales comparable to 2026 while its own plans use more conservative assumptions. A conference call was set for Nov 3, 2026.