Camping World Holdings, Inc. (CWH) · Nov 2, 2026 · Earnings
Miss — Adjusted EPS $(0.19) vs ~$0.14 consensus; revenue $1.58B vs ~$1.65B
Camping World earnings show a deeper RV downturn: revenue missed expectations, adjusted EPS turned negative, and goodwill took a $287M hit.
Camping World is a national RV dealer trying to defend profitability through a weak-demand, promotional market: industry shipments were already down sharply, while the company had cut its 2026 EBITDA outlook on October 5 and was accelerating cost reductions. The quarter was materially worse than the market expected. Revenue fell 12.4% year over year to $1.58 billion, below the published consensus of roughly $1.65 billion, while adjusted diluted EPS was a $0.19 loss versus an external estimate near $0.14 of earnings. The operating decline was broad: combined vehicle unit sales dropped 17.1%, same-store unit sales fell 17.8%, and adjusted EBITDA fell 62.4% to $36.0 million.
| Metric | Q3 2026 | Q3 2025 | Consensus / comparison |
|---|---|---|---|
| Revenue (Operating Highlights) | $1.58B (-12.4%) | $1.81B | ~$1.65B |
| Adjusted diluted EPS (Operating Highlights) | $(0.19) | $0.43 | ~$0.14 |
| Adjusted EBITDA (Non-GAAP reconciliation) | $36.0M (-62.4%) | $95.7M | |
| Combined vehicle units (Supplemental Data) | 32,302 (-17.1%) | 38,980 | |
| Good Sam Services and Plans margin (Supplemental Data) | 62.3% (+567 bps) | 56.6% | |
| Net debt (Net Debt reconciliation) | $1.29B (-7.0% YoY) | $1.39B |
The headline impairment is noncash, but it confirms the business deterioration is not merely cosmetic. Camping World recorded a $286.7 million goodwill impairment tied to its RV and Outdoor Retail reporting unit, citing weaker new-RV demand, promotional pricing, and macro pressure. Excluding that charge, the company still produced only $36.0 million of adjusted EBITDA, with new-vehicle gross margin falling to 10.2% and products, service and other margin dropping to 38.3%.
Cost actions and balance-sheet execution are the credible offsets, not a turnaround yet. SG&A declined $23.9 million, inventory was reduced by $343 million from year-end, operating cash flow reached $488.0 million year to date, and Good Sam Services and Plans margin expanded materially. But those improvements were overwhelmed by lost vehicle volume and weaker front-end margins; management also says full-year 2026 adjusted EBITDA will be below the previously disclosed $230 million-$270 million range and is withholding additional 2026 guidance. 〔0〕
Bottom line: This is a clear earnings miss that confirms the RV downturn is damaging Camping World’s core economics faster than cost cuts can offset it. The company is preserving cash and rebuilding its cost base, but the operating story has weakened further rather than stabilized.
Q3 earnings call, November 3, 2026
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