CWH · Camping World Holdings, Inc.

Camping World's second-quarter results reflected a challenging RV market, with total revenue declining 2.1% to $1.93B and net income falling 24.0% to $43.7M. New vehicle revenue dropped 5.0% on a 16.4% unit decline, though average selling prices rose 13.6% due to mix shift. Used vehicle revenue grew 1.4% as units increased 5.2%, but average selling prices fell 3.6%. Gross margins contracted sharply: new vehicle gross margin fell 286 bps to 10.9%, and used vehicle gross margin declined 397 bps to 16.5%, pressured by aged inventory clearance and higher costs. Products, service and other revenue slipped 2.4% on lower service and collision work. On the positive side, SG&A decreased $26.6M (6.1%), driven by headcount reductions and lower compensation, demonstrating cost discipline. Adjusted EBITDA dropped 21.2% to $112.1M, still above the implied quarterly run-rate of the new full-year guidance. Management revised the 2026 Adjusted EBITDA outlook to $230M-$270M from $275M-$325M, citing a weaker industry backdrop with retail new unit registrations expected down ~15% YoY. The company highlighted market share gains and progress on structural cost savings, with $50M of additional run-rate savings targeted by year-end 2026. Cash flow remained robust: YTD operating cash flow of $333M helped reduce net debt by 14.5% to $1.314B, and quarter-end cash stood at $224.1M. The balance sheet is positioned to weather near-term headwinds while capital allocation remains focused on internal investment and deleveraging.