Camping World (CWH) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $1.93 billion, down 2.1% year-over-year, with net income between $26.9 million and $43.7 million, and Adjusted EBITDA of $112.1 million, both declining from the prior year.

• Same-store used unit sales grew over 5%, while new vehicle unit sales dropped 16.3%-16.4%; overall combined unit sales fell 7.5%.

• SG&A expenses were reduced by $26.6 million or 6.1% year-over-year, reflecting cost-cutting initiatives and headcount reductions.

• The company paused its regular cash dividend program in February 2026 to focus on reducing net debt leverage.

• Market share for new units exceeded 29% of all new RVs sold in the U.S. through May, despite industry headwinds.

Financial highlights

• New vehicle revenue was $869 million (down 5%); used vehicle revenue was $580.3 million (up 1.4%).

• Gross profit declined 9.1% to $538.4 million; total gross margin decreased 214 basis points to 27.8%.

• Adjusted EBITDA for Q2 2026 was $112.1 million (5.8% margin), down from $142.2 million (7.2% margin) in Q2 2025.

• Operating cash flow for the first six months was $333.2 million, a significant improvement from a $44.6 million outflow in the prior year period, driven by inventory reductions.

• Ended quarter with $224 million cash, $185 million unencumbered real estate, and $1.4 billion long-term debt.

Outlook and guidance

• Adjusted EBITDA outlook reset to $230 million-$270 million for 2026, reflecting current market volatility.

• Industry new RV sales expected in the 290,000-310,000 unit range for the year, down from previous 325,000-350,000.

• Used RV market expected to track 715,000-750,000 units for the year.

• New vehicle margins projected at 11.5%-12%, used at 17.5%-18% for 2026.

• SG&A efficiency initiatives expected to deliver $100 million in annualized savings, with $15 million benefit in 2026 and $35 million carrying into 2027.