Camping World | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 1.934 B

Revenue: As of FY2026 Q2, the actual value is USD 1.934 B, missing the estimate of USD 1.991 B.

EPS: As of FY2026 Q2, the actual value is USD 0.42, missing the estimate of USD 0.5217.

EBIT: As of FY2026 Q2, the actual value is USD 73.37 M.

Second Quarter 2026 Financial Highlights

Revenue

• Total revenue was $1.93 billion, a decrease of $41.9 million, or -2.1% compared to the second quarter of 2025.
• New vehicle revenue was $869.0 million, a decrease of $46.1 million, or -5.0%.
• Used vehicle revenue was $580.3 million, an increase of $8.1 million, or 1.4%.
• Products, service and other revenue was $217.6 million, a decrease of $5.3 million, or -2.4%.
• Good Sam Services and Plans revenue was $54.629 million, compared to $54.213 million in the prior year period.
• Finance and insurance, net revenue was $201.677 million, compared to $201.198 million in the prior year period.

Operational Metrics

• Net income was $43.7 million, a decrease of $13.8 million, or -24.0%.
• Adjusted EBITDA was $112.1 million, a decrease of $30.2 million, or -21.2%.
• Total gross profit was $538.4 million, a decrease of $53.9 million, or -9.1%.
• Total gross margin was 27.8%, a decrease of 214 basis points.
• New vehicle gross margin was 10.9%, a decrease of 286 basis points.
• Used vehicle gross margin was 16.5%, a decrease of 397 basis points.
• Products, service and other gross margin was 47.3%, a decrease of 50 basis points.
• Selling, general and administrative expenses (SG&A) were $410.9 million, a decrease of $26.6 million, or -6.1%.
• Income from operations was $91.848 million, compared to $130.269 million in the prior year period.
• Floor plan interest expense was $19.9 million, a decrease of $1.1 million, or -5.4%.

Cash Flow

• Cash and cash equivalents totaled $224.1 million at the end of the second quarter of 2026.
• Year-to-date operating cash flow was $333 million.

Unique Operational Metrics

• New vehicle unit sales were 22,312 units, a decrease of 4,384 units, or -16.4%.
• Used vehicle unit sales were 19,882 units, an increase of 976 units, or 5.2%.
• Combined new and used vehicle unit sales were 42,194, a decrease of 3,408 units, or -7.5%.
• Average selling price of new vehicles sold increased 13.6% to $38,950.
• Average selling price of used vehicles sold decreased -3.6% to $29,188.
• Same store new vehicle unit sales decreased -16.3%, while same store used vehicle unit sales increased 5.2%.
• Total outstanding long-term debt was $1.405 billion.
• Net debt decreased $222.3 million, or -14.5%, compared to the second quarter of 2025.
• The total number of store locations was 200 as of June 30, 2026, a net decrease of one store location.
• Active Customers were 4,102,846, a decrease of -2.8%.
• Good Sam Club members were 1,472,554, a decrease of -11.4%.

Outlook / Guidance

Camping World Holdings, Inc. revised its full year 2026 Adjusted EBITDA outlook to a new range of $230 million to $270 million, down from the previous guidance of $275 million to $325 million. This revision reflects a challenging market, with the 2026 retail industry outlook for new units projected to be 290,000 to 310,000, representing a -15% year-over-year decrease at the midpoint. Despite soft volume trends, the company anticipates year-over-year Adjusted EBITDA growth for the full year due to healthier inventory and improving vehicle margins in the second half.