8-K: Camping World Q1 2026 Results: Revenue Down, Loss Widens

Camping World Holdings reported first quarter 2026 results with revenues of $1.35 billion, a net loss of $26.7 million, and positive Adjusted EBITDA of $28.0 million, while reaffirming its full-year outlook.

Summary

• Camping World Holdings reported first quarter 2026 results, with total revenue of $1.35 billion, a decrease of 4.2% compared to the prior year.
• The company experienced a net loss of $26.7 million, an increase in loss of $2.0 million compared to the first quarter of 2025.
• Adjusted EBITDA for the quarter was $28.0 million, a decrease of 10.1% year-over-year.
• New and used vehicle unit sales showed improving trends in March and April after a slower start to the year.
• SG&A expenses decreased by 7.5% year-over-year, and as a percentage of gross profit, improved by 135 basis points.
• The company reaffirmed its full-year 2026 outlook, projecting Adjusted EBITDA between $275 million and $325 million.
• Cash and cash equivalents stood at $200 million, with total outstanding long-term debt at $1.416 billion.
• The net debt leverage ratio improved to 5.6x from 8.1x in the prior year's first quarter.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative sentiment due to declining revenues, widening net losses, and decreased unit sales, despite some positive operational improvements and reaffirmed guidance.

Positives

• SG&A expenses decreased by 7.5% ($29.1 million) year-over-year, indicating improved cost efficiency.
• SG&A as a percentage of gross profit improved by 135 basis points, demonstrating better operational leverage.
• New and used vehicle unit sales momentum improved through March and April, suggesting a potential recovery in demand.
• The company reaffirmed its full-year 2026 Adjusted EBITDA guidance of $275 million to $325 million.
• Net debt leverage ratio improved significantly to 5.6x from 8.1x in the prior year's first quarter.
• Average selling price of new vehicles increased by 3.9%.

Negatives

• Total revenue decreased by 4.2% ($58.9 million) to $1.35 billion for the first quarter.
• Net loss increased by 8.0% ($2.0 million) to $26.7 million for the first quarter.
• Diluted loss per share increased by 23.8% to $(0.26).
• Combined new and used vehicle unit sales decreased by 6.5% (1,983 units).
• New vehicle unit sales decreased by 9.0% (1,508 units).
• Used vehicle unit sales decreased by 3.4% (475 units).
• New vehicle gross margin decreased by 148 basis points.
• Used vehicle gross margin decreased by 91 basis points.

Risks

• General economic conditions, including inflation, interest rates, and tariffs.
• Availability of financing for the company and its customers.
• Fuel shortages, high fuel prices, or changes in energy sources.
• The well-being, continued popularity, and reputation for quality of manufacturers.
• Changes in consumer preferences and the cyclical and seasonal nature of the business.
• Competition in the industry.
• Risks related to acquisitions, new store openings, and expansion into new markets.
• Ability to manage inventory and fluctuations in same-store revenue.

Future Outlook

The company is reiterating its full-year 2026 guidance, expecting Adjusted EBITDA in the range of $275 million to $325 million. Management believes recent trends in March and April, stabilization in Good Sams margin, and cost efficiency opportunities support this outlook.

Management Comments

• "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."
• "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."
• "We remain focused on our three defined goals for 2026: new and used unit growth, accelerating Good Sams growth, and SG&A cost efficiency."

Industry Context

StockSavvy.ai notes that Camping World's first quarter results reflect a challenging RV industry environment, with declining revenues and increased net losses year-over-year. However, the company's focus on SG&A efficiencies and the observed improvement in unit sales momentum in March and April suggest potential for a turnaround in the latter half of the year, aligning with broader industry expectations of a gradual recovery.

Comparison to Industry Standards

• The RV industry has experienced a slowdown post-pandemic boom, with many dealers reporting decreased unit sales and revenue in early 2026 compared to peak periods. Camping World's 6.5% decline in combined new and used vehicle unit sales is consistent with this broader trend.
• Gross margins in RV retail have been under pressure due to increased vehicle costs and competitive pricing. Camping World's decrease in new vehicle gross margin (148 bps) and used vehicle gross margin (91 bps) reflects this industry-wide challenge.
• Competitors like Thor Industries and Winnebago Industries have also reported mixed results, with some focusing on cost controls and inventory management amidst fluctuating demand, similar to Camping World's strategy.

Legal Proceedings

• The filing mentions 'ongoing or future lawsuits against us and certain of our officers and directors' as a risk factor, but provides no specific details.

Stakeholder Impact

• Shareholders: Facing increased net loss per share and revenue decline, though the company reaffirmed full-year guidance.
• Employees: SG&A cost reductions may impact employee compensation or staffing levels.
• Suppliers: Reduced unit sales could lead to lower order volumes.
• Creditors: Improved net debt leverage ratio is a positive sign for debt holders.

Next Steps

• Continue focus on new and used unit growth.
• Accelerate Good Sams growth.
• Continue SG&A cost efficiency initiatives.
• Strengthen the balance sheet through capital deployment.
• Monitor trends in March and April sales for continued momentum.

Key Dates

Recommendation

While the Q1 results show a worsening net loss and declining revenues, the company's reaffirmation of full-year guidance and improving sales trends in March/April suggest potential for recovery. The improved debt leverage is also a positive. Investors should hold to see if the company can execute on its cost efficiencies and capitalize on the improving sales momentum in the coming quarters.

Keywords

Camping World, RV Dealer, Recreational Vehicles, Q1 2026 Earnings, Automotive Retail, Financial Results, Adjusted EBITDA, Net Loss