Camping World Holdings (CWH) reported results for the first quarter ended March 31.
Matthew Wagner, CEO and president of CWH, said, “We are pleased with our first quarter performance against the current RV industry backdrop. While used RV sales underperformed expectations in January and February, the year-over-year trajectory of our new and used unit volume continued to improve as we progressed through March and into late April. In the quarter, we realized SG&A efficiencies and gained market share in our exclusive brand units.”
Balance Sheet and Cash Flow
At the end of the first quarter of 2026, cash and cash equivalents totaled $200 million. Total outstanding long-term debt was $1.416 billion. The Company’s net debt leverage ratio(1)(2) improved to 5.6x at the end of the first quarter of 2026 compared to 8.1x at the end of the first quarter of 2025. Tom Kirn, Chief Financial Officer of CWH commented, “We believe we are taking the right steps to generate strong free cash flow for the full year. Our capital deployment framework continues to prioritize strengthening the balance sheet.”
Full Year 2026 Outlook
Mr. Wagner stated, “We remain focused on our three defined goals for 2026: new and used unit growth, accelerating Good Sam’s growth, and SG&A cost efficiency. While the RV selling season started slower than expected, we believe recent trends in March and April, Good Sam’s margin stabilization, and additional cost efficiency opportunities support our 2026 outlook and position the Company for long-term value creation.”
For full year 2026, the Company is reiterating its previous guidance range of Adjusted EBITDA in the range of $275 million to $325 million.
First Quarter Operating Highlights
- Revenue was $1.4 billion for the first quarter, a decrease of $58.9 million, or 4.2%.
- New vehicle revenue was $587.7 million for the first quarter, a decrease of $33.7 million, or 5.4%, and new vehicle unit sales were 15,218 units, a decrease of 1,508 units, or 9.0%. Used vehicle revenue was $403.8 million for the first quarter, a decrease of $18.6 million, or 4.4%, and used vehicle unit sales were 13,464 units, a decrease of 475 units, or 3.4%. Combined new and used vehicle unit sales were 28,682, a decrease of 1,983 units, or 6.5%.
- Average selling price of new vehicles sold increased 3.9% and average selling price of used vehicles sold decreased 1.0%.
- Same store new vehicle unit sales decreased 8.7% for the first quarter and same store used vehicle unit sales decreased 2.6%. Combined same store new and used vehicle unit sales decreased 6.0%.
- New vehicle gross margin was 12.2%, a decrease of 148 basis points, driven primarily by the 5.7% increase in the average cost per new vehicle sold, partially offset by the 3.9% increase in the average selling price per new vehicle sold. Used vehicle gross margin was 17.7%, a decrease of 91 basis points, primarily due to the 1.0% lower average selling price per used vehicle sold.
- Products, service and other revenue was $158.4 million, a decrease of $6.6 million, or 4.0%, due to reduced service and collision work. Products, service and other gross margin was 47.8%, a decrease of 89 basis points, driven by the lower mix of higher margin service and collision revenue, and increased labor rates.
- Gross profit was $403.3 million, a decrease of $26.3 million, or 6.1%, and total gross margin was 29.8%, a decrease of 62 basis points. The gross profit decrease was mainly driven by the $13.3 million lower new vehicle gross profit, $7.1 million of decreased used vehicles gross profit, $4.6 million of decreased products, service and other gross profit, and $2.6 million of decreased finance and insurance, net (“F&I”) gross profit.
- Selling, general and administrative expenses (“SG&A”) were $358.3 million, a decrease of $29.1 million, or 7.5%. This decrease was primarily driven by an $18.9 million decrease in employee cash compensation costs excluding commissions; a $6.4 million decrease in advertising expenses; a $5.1 million decrease in commissions costs, and a $2.5 million decrease in stock-based compensation (“SBC”) expense, partially offset by a $2.5 million increase for software expenses and maintenance. SG&A Excluding SBC(4) was $353.7 million, a decrease of $26.6 million, or 7.0%. As a percentage of gross profit, SG&A and SG&A Excluding SBC were 88.8% and 87.7%, respectively, a decrease of 135 and 84 basis points, respectively.
- Floor plan interest expense was $21.8 million, an increase of $3.5 million, or 19.2%, primarily as a result of increased average floor plan balance, partially offset by lower average floor plan borrowing rate. Other interest expense, net was $26.8 million, a decrease of $3.7 million, or 12.1%, as a result of lower interest rates and reduced borrowings.
- Net loss was $(26.7) million for the first quarter of 2026, an increased loss of $2.0 million, or 8.0%. Adjusted EBITDA was $28.0 million, a decrease of $3.2 million, or 10.1%.
- Diluted loss per share of Class A common stock was $(0.26), an increased loss of $0.05, or 23.8%. Adjusted loss per share – diluted(4) of Class A common stock was $(0.21), an increased loss of $0.05, or 31.3%.
- The total number of our store locations was 199 as of March 31, 2026, a net decrease of 10 store locations from March 31, 2025, or 4.8%, which included the consolidation of 10 store locations to improve the overall cost efficiency of the remaining store locations. In the first quarter of 2026, we opened two locations and acquired one dealership.
