Key Highlights

  • CWH generated $1.58 billion in Revenue for the third quarter of 2026, trailing last year by 12.4%, or $223.2 million.
  • Noncash Goodwill charges of $286.7 million sit within the $320.1 million deficit.
  • Adjusted EBITDA came in at $36.0 million, a 62.4% drop, after a $12.7 million adjustment tied to finance and insurance chargebacks.
  • Sales of new vehicles slid 25.4% to 15,126 units even as the average selling price per new vehicle climbed 11.7%.
  • The efficiency drive is now expected to deliver more than $150 million in annualized savings.

Noncash Charge on the RV and Outdoor Retail Unit Drives the Quarterly Loss

Camping World Holdings (NYSE:CWH) announced third-quarter figures on Nov 2, 2026, covering activity through Sep 30, 2026. Revenue reached $1.58 billion, falling 12.4% from the year before, and the net result was a $320.1 million loss, equal to $3.09 on each diluted Class A share, against a loss of $0.64 a year earlier. Adjusted, the per-share figure was a $0.19 loss versus $0.43 of adjusted profit.

By its own account, the company is the largest RV seller in the US.

A $286.7 million non-cash Impairment on goodwill was booked against the unit that covers RV and Outdoor Retail operations. Management cited weak new RV demand, promotional pricing on travel trailers, a prolonged share price slide, higher borrowing costs for consumers, elevated fuel prices and softer sentiment.

Unit Volumes Tumble 25.4% Even as the Average New Vehicle Price Climbs 11.7%

New vehicle revenue shrank 16.7%, reaching $638.9 million, as 15,126 units changed hands. Same-store unit Volume for new models dropped 26.4%. The average selling price moved the other way, climbing 11.7% thanks to a richer blend of fifth wheels and motorized models. Average cost per unit increased 15.0%, so the new vehicle Margin contracted to 10.2%, a 252 basis point erosion.

Used vehicle sales came to $518.5 million, a 12.0% decrease, across 17,176 units, down 8.1%. The used gross margin stood at 18.0%. Finance and insurance income, net, retreated 17.3% to $147.5 million, including a $12.7 million chargeback adjustment. The prior-year equivalent was $3.7 million.

Gross profit overall reached $434.3 million, a 16.0% decline, while overall margin stood at 27.4%. On the products, service and other line, margin landed at 38.3%, 690 basis points lower.

Cost Cuts Pull SG&A Down $23.9 Million as the Savings Program Tops $150 Million

SG&A decreased 5.8% to $387.1 million, as headcount reductions lowered employee cash pay by $25.5 million. Management accelerated parts of the earlier $100 million plan and added over $50 million of annualized savings.

For the fourth quarter, SG&A should come in over $50 million below last year's level. The margin on Good Sam services and plans improved by 567 basis points, now standing at 62.3%. Good Sam Club revenue grew 75.6%, arriving at $19.0 million, helped by a one-off $5.3 million milestone payment.

The company held $263.8 million of cash against $1.423 billion of long-term debt. Net Debt came down by $97.8 million (7.0%) versus the year-earlier level. Year-to-date Operating Cash Flow reached $488.0 million, while the company had $823 million of floor plan capacity.

Adjusted EBITDA Expected Beneath the $230 Million Floor as 2027 Framework Awaits

For full-year 2026, the company anticipates adjusted EBITDA will land beneath the bottom of its earlier $230 million to $270 million range. A 2027 framework arrives with fourth-quarter results. Management said the broader sector assumes 2027 unit volume matches 2026, whereas its own planning is more conservative. A conference call was scheduled for Nov 3, 2026.