Camping World (CWH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $1.35 billion, down 4.2% year-over-year, with a net loss of $26.7 million and adjusted EBITDA of $28.0 million; disciplined cost control and exclusive brand strategy drove outperformance in new RV sales despite industry headwinds.

• SG&A to gross profit improved by 135 basis points year-over-year, with SG&A reduced by over $29 million, reflecting cost efficiencies from headcount reductions and lower advertising and commission costs.

• Store count decreased by 10 locations over the past year, with 199 locations operating as of March 31, 2026, following consolidation and efficiency initiatives.

• Good Sam segment continued top-line growth and stabilized margins, with ERP overhaul and higher extended warranty sales supporting adjacent marketplace entry.

• CEO and Chairman Marcus Lemonis retired effective December 31, 2025, transitioning to a non-executive advisory role.

Financial highlights

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

• New vehicle revenue fell 5.4% to $587.7 million, with unit sales down 9.0% and average selling price up 3.9%; used vehicle revenue declined 4.4% to $403.8 million, with unit sales down 3.4%.

• Products, service, and other revenue decreased 4.0% to $158.4 million, mainly due to reduced service and collision work.

• Good Sam Services and Plans revenue rose 4.9% year-over-year to $48.5 million, driven by higher extended warranty sales.

• Cash and cash equivalents at quarter-end were $200 million; net debt leverage ratio improved to 5.6x from 8.1x year-over-year.

Outlook and guidance

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

• New RV industry expected to track toward lower end of 325,000-350,000 units; used RV industry toward midpoint of 715,000-750,000 units.

• Gross margin pressure expected to persist through Q2, with improvement anticipated in the back half of 2026.

• Expansion of new and existing dealerships is expected to cost $26–31 million over the next twelve months, excluding inventory financing.

• The regular cash dividend program was paused in February 2026 to prioritize debt reduction; future dividends will be re-evaluated.