Camping World Holdings reported third-quarter revenue of $1.58 billion for the period ending September 30, marking a 12.4% decrease from the previous year.
The recreational vehicle dealer also recorded a net loss of $320.1 million, which included a noncash goodwill impairment charge of $286.7 million related to its RV and Outdoor Retail reporting unit.
The company reported an Adjusted EBITDA of $36.0 million, representing a 62.4% decline compared to the third quarter of 2025, according to a press release.
This figure included a $12.7 million unfavorable adjustment for finance and insurance chargeback liabilities.
Camping World Chief Executive Officer and President Matthew Wagner noted the company’s efforts to optimize its operations. “Our team did a tremendous amount of work in the third quarter to position the Company for the future,” Wagner said.
“We built on our inventory discipline from the first half and entered the fourth quarter with our lowest mix of prior model year new units in five years,” Wagner added.
“We grew our new vehicle average selling price on a richer mix of fifth wheels and motorized units, sequentially improved used vehicle gross margins and GPU, expanded Good Sam Services and Plans gross margins, and reduced our SG&A by $24 million in the quarter.”
New vehicle revenue totaled $638.9 million on 15,126 unit sales, reflecting a 16.7% revenue decrease and a 25.4% drop in units.
Used vehicle revenue reached $518.5 million on 17,176 unit sales, representing a 12.0% revenue decline and an 8.1% decrease in units.
The average selling price for new vehicles increased by 11.7%, while the average selling price for used vehicles decreased by 4.2%.
New vehicle gross margin fell 252 basis points to 10.2%, and used vehicle gross margin decreased 36 basis points to 18.0%.
Good Sam Services and Plans saw its gross margin expand 567 basis points to 62.3%. Good Sam Club revenue increased 75.6% to $19.0 million, driven by a revised partner agreement for co-branded credit cards and recurring profit sharing.
Camping World accelerated its cost-reduction strategies in response to shifting industry dynamics.
“As signals emerged over the summer that new vehicle gross margins across the industry were likely to remain under greater pressure than we had anticipated, we moved swiftly to further optimize our cost structure,” Wagner stated.
“We accelerated elements of our previously announced $100 million efficiency program and implemented additional reductions amounting to over $50 million of anticipated incremental annualized savings,” Wagner explained.
“We enter the fourth quarter with a cost base that we believe is rebuilt for the current market backdrop and a team focused on the variables we can control.”
The company expects fourth-quarter selling, general, and administrative expenses to decline by more than $50 million year over year. Total inventory also decreased by $343 million from the end of the previous year.
Camping World Chief Financial Officer Tom Kirn provided updates on the company’s liquidity and debt management.
“Operating cash flow year to date was $488.0 million, we reduced total inventory by $343 million from year end and had floor plan capacity of $823 million,” Kirn said.
“In August, we amended and extended our M&T real estate facility to 2031, and we continue to evaluate alternatives to potentially refinance our Senior Secured Credit Facilities with the goal of increasing our financial flexibility,” Kirn added.
Looking ahead, Camping World expects full-year 2026 Adjusted EBITDA to fall below the previously communicated range of $230 million to $270 million.
The company plans to outline its 2027 financial framework alongside its fourth-quarter results.
“The industry is planning for 2027 unit sales to be comparable to 2026, but we are building our plans around more conservative assumptions,” Wagner noted.
“With a cost base that we believe is on track to be more than $150 million lighter on an annualized basis by 2028, the largest used RV business in the industry, and a Good Sam business that compounds through the cycle, we believe we are positioned to deliver a step change in our earnings profile when the market turns.”
