Camping World Holdings, Inc.

For Q2 2026, Camping World reported total revenue of $1.9 billion, down 2.1% year over year. New vehicle revenue was $869 million, down 5% on unit sales down 16.4%, while used vehicle revenue was $580 million, up 1.4% on 5% higher unit sales. New vehicle gross margin was 10.9% versus 13.8% a year ago, used vehicle gross margin was 16.5% versus 20.5%, and Good Sam services and plans gross margin was 61.8% versus 59.5%. SG&A declined by $26.6 million, or 6.1% year over year. For the full year, management now expects the new RV industry to be 290,000-310,000 units, down from a prior 325,000-350,000 view, while used RV market expectations remain 715,000-750,000 units. Adjusted EBITDA guidance was reset to $230 million-$270 million. Management also said new margins could land around 11.5%-12% for 2026 and used margins around 17.5%-18% for the year, with sequential margin improvement expected in Q3 and some typical Q4 moderation.

Matt Wagner said the quarter reflected a weak new-RV market, but he framed the strategy as deliberate: clear aged inventory now, protect market position, and build a leaner operating model. He repeatedly pointed to share gains, used-unit growth, Good Sam expansion, and early July margin improvement as signs the company is positioning for better leverage later in the cycle. His tone was candid about the softness in demand, but confident that Camping World is taking the right actions on inventory, product mix, and cost structure.

Thomas Kirn focused on the numbers behind the quarter: revenue of $1.9 billion, gross margin pressure in vehicle sales, and SG&A down $26.6 million. He highlighted that Good Sam services and plans margins improved to 61.8%, and he outlined the timing of the incremental $100 million in annualized savings: the first $50 million by the end of 2026, the balance by early 2028, with about $15 million of benefit expected in 2026 and about $35 million carrying into 2027. He also said the company ended the quarter with $224 million of cash, $185 million of unencumbered real estate, and $1.4 billion of long-term debt, and reiterated that deleveraging remains a priority.

Analysts pressed on why the EBITDA outlook was cut and whether the issue was volume, pricing, or margins; management said the main drivers were lower new-unit volume and weaker new and used margins, while ASPs held up better than expected. Questions also focused on margin cadence, and management said Q3 should improve sequentially, while Q4 may typically soften but not necessarily as sharply as last year because inventory has already been cleansed. Other notable topics included the used business, where management said used ASPs should improve later in the year, service labor rates, Costco program progress, and whether the industry needs more than lower rates to stimulate demand.