Camping World Q4 EBITDA Losses Total $26.2M, Guides $275–$325M for 2026
Camping World posted a Q4 adjusted EBITDA loss of $26.2M on the back of strategic aged inventory clearing, despite $1.2B revenue driven by a 14% rise in used volumes and a 4% same-store sales gain. Management paused its dividend, repaid $50M debt, and guided 2026 adjusted EBITDA of $275–$325M, flagging front-half margin pressure.
1. Q4 Financial Results
Camping World reported Q4 revenue of $1.2B, driven by a 14% increase in used unit volume offset by a 7% decline in new unit sales. Accelerated aged inventory clearing in December pressured vehicle gross margins and contributed to an adjusted EBITDA loss of $26.2M.
2. Balance Sheet and Dividend Pause
Management paused the dividend to reinforce the balance sheet, ending the quarter with $215M in cash and repaying $50M of long-term debt year-to-date. The company aims to reduce leverage to below 4.7x in 2026 and under 4.0x by 2027.
3. 2026 Guidance and Priorities
For 2026, Camping World guided adjusted EBITDA of $275M–$325M, noting an estimated $35M front-half hit from faster inventory turns and roughly 120–130 basis points of gross margin pressure. Management highlighted ongoing SG&A reductions of $25M annualized to offset margin impacts and support growth initiatives.
4. Operational Challenges and Inventory Strategy
Executives cited severe weather closures affecting over 60 locations and a $13.5M gross profit miss on roughly 1,500 units in early 2026. The firm plans stricter inventory management, targeting new inventory turns improvement from 1.7 to 1.8 and leveraging Good Sam expansion to drive higher-margin, service-oriented revenue.