Camping World Q3 results miss on vehicle sales decline, gross margin pressure
CWH•Camping World’s Q3 revenue fell 12% to $1.58 billion, below expectations, while adjusted EPS was a loss of $0.19, also missing expectations. The company recorded a $286.7 million goodwill impairment and expects 2026 adjusted EBITDA below its prior $230 million to $270 million range.
1. Quarterly results
Camping World reported Q3 revenue of $1.58 billion, compared with the $1.65 billion analyst estimate. Adjusted EPS was a loss of $0.19 versus an expected profit of $0.14; the company reported a net loss of $320.1 million and gross profit of $434.3 million.
2. Sales and outlook
The company said lower new and used vehicle unit sales drove declines in revenue and profit. Gross margins were pressured by increased average costs per new vehicle sold and lower selling prices for used vehicles. Camping World recorded a $286.7 million goodwill impairment, citing ongoing industry demand pressure, promotional pricing and macroeconomic factors. It expects 2026 adjusted EBITDA below its previous $230 million to $270 million range and expects fourth-quarter 2026 SG&A to decline by more than $50 million year over year.
