Key Highlights

  • 2026 adjusted EBITDA guidance was cut to $230 million to $270 million.
  • Second-quarter total revenue was $1.93 billion, down from $1.98 billion a year earlier.
  • New vehicle unit sales fell 16.4% to 22,312 units.
  • Used vehicle sales rose 5.2% to 19,882 units, partly offsetting the new-vehicle decline.

Camping World Holdings Inc. (NYSE:CWH) lowered its full-year profit guidance after a second quarter in which new recreational vehicle sales fell sharply. In results released July 29, 2026, the company cut its 2026 adjusted EBITDA guidance to $230 million to $270 million, from $275 million to $325 million previously. Chief Executive Matthew Wagner said the company was "not satisfied with the result" while noting it had "delivered on our priorities in a difficult market."

A Weaker Unit Mix

For the quarter ended June 30, 2026, total revenue was $1.93 billion, down from $1.98 billion a year earlier. Net income was $43.7 million, compared with $57.5 million in the second quarter of 2025, and adjusted EBITDA was $112.1 million, down 21.2%. Gross profit was $538.4 million, a 27.8% gross margin. New vehicle sales fell 16.4% to 22,312 units, while used vehicle sales rose 5.2% to 19,882 units, for combined unit sales of 42,194, down 7.5%.

Dividend and Analyst Targets

Several brokers, including JPMorgan, Roth Capital and Citi, have recently lowered price targets, according to market data. The company's dividend history shows $0.13 per share, though no dividend was declared in the second-quarter release, and six-month cash flow shows no dividends paid in 2026, compared with $15.7 million paid in the same period of 2025.

New Vehicle Demand Remains the Key Variable

The revised guidance range implies a lower midpoint of about $250 million, down from $300 million previously. Investors may watch whether adjusted EBITDA lands within the new range, how new and used unit trends develop, and whether the company resumes its dividend.