Camping World (CWH) Q1 2026 earnings summary

Executive summary

• First quarter 2026 revenue was $1.35 billion, down 4.2% year-over-year, with a net loss of $26.7 million and positive adjusted EBITDA of $28.0 million.

• SG&A to gross profit improved by 135 basis points year-over-year, reflecting cost efficiencies.

• New and used vehicle unit sales gained momentum in March and April after a slow start to the RV selling season.

• The company reaffirmed its full-year 2026 adjusted EBITDA outlook of $275–$325 million.

Financial highlights

• Gross profit was $403.3 million, down 6.1% year-over-year; total gross margin declined 62 basis points to 29.8%.

• Net loss increased by $2.0 million to $26.7 million; diluted loss per share was $(0.26), up $0.05 year-over-year.

• Adjusted EBITDA decreased 10.1% to $28.0 million.

• Cash and cash equivalents at quarter-end were $200 million; total outstanding long-term debt was $1.416 billion.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance reiterated at $275–$325 million.

• Management remains focused on new and used unit growth, Good Sam's growth, and SG&A cost efficiency.