Camping World Posts $320.1 Million Loss on Goodwill Charge

The Tip Desk · November 10, 2026 · 4 min read

Adjusted EBITDA fell to $36.0 million as new-vehicle volume and margins compressed and the dealer accelerated cost cuts.

Camping World Holdings, Inc. (CWH), America’s largest recreational-vehicle dealer, reported a net loss of $320.1 million for the third quarter ended September 30, 2026, including a $286.7 million noncash goodwill impairment on its RV and Outdoor Retail reporting unit.

Revenue was $1.58 billion, down $223.2 million, or 12.4%, from a year earlier. Adjusted EBITDA was $36.0 million, down $59.7 million, or 62.4%, and included a $12.7 million unfavorable finance-and-insurance chargeback liability adjustment. Diluted loss was $3.09 a share.

The company said the impairment was largely driven by continued pressure on new RV industry demand, promotional pricing in core travel-trailer offerings, a sustained decline in its share price, and macroeconomic factors including higher consumer interest rates, elevated fuel prices and weaker consumer sentiment.

New-vehicle revenue was $638.9 million, down $127.9 million, or 16.7%. New-vehicle unit sales were 15,126, down 5,160 units, or 25.4%. Used-vehicle revenue was $518.5 million, down $70.6 million, or 12.0%, on 17,176 units, down 1,518 units, or 8.1%. Combined new and used unit sales were 32,302, down 6,678 units, or 17.1%. Same-store new-vehicle unit sales decreased 26.4% and same-store used-vehicle unit sales decreased 8.6%.

Average selling price of new vehicles increased 11.7% to $42,239. New-vehicle gross margin was 10.2%, down 252 basis points, as a 15.0% increase in average cost per new vehicle sold more than offset the higher selling price. Used-vehicle gross margin was 18.0%, down 36 basis points. Chief Executive Officer Matthew Wagner said the company entered the fourth quarter with its lowest mix of prior-model-year new units in five years and grew new-vehicle average selling price on a richer mix of fifth wheels and motorized units.

Products, service and other revenue was $209.0 million, up $0.4 million, or 0.2%. That segment’s gross margin was 38.3%, down 690 basis points, on a 12.8% increase in applicable costs from higher service volume billed at lower average labor rates. Finance and insurance, net was $147.5 million, down $30.8 million, or 17.3%, on fewer contracts from the unit decline and the larger chargeback adjustment versus a $3.7 million adjustment a year earlier. Good Sam Club revenue was $19.0 million, up $8.2 million, or 75.6%, including a nonrecurring $5.3 million co-branded credit-card milestone payment and $2.3 million of recurring profit sharing. Good Sam Services and Plans gross margin expanded 567 basis points to 62.3%.

Total gross profit was $434.3 million, down $82.8 million, or 16.0%. Total gross margin was 27.4%, down 119 basis points. Selling, general and administrative expenses were $387.1 million, down $23.9 million, or 5.8%, led by a $25.5 million decrease in employee cash compensation excluding commissions from headcount reductions.

Wagner said that as summer signals indicated new-vehicle gross margins across the industry were likely to remain under greater pressure than anticipated, the company accelerated elements of a previously announced $100 million efficiency program and implemented additional reductions amounting to over $50 million of anticipated incremental annualized savings. The efficiency program now totals over $150 million of anticipated annualized savings. Fourth-quarter 2026 SG&A is expected to decline by more than $50 million year over year.

Cash and cash equivalents were $263.8 million. Net debt decreased $97.8 million, or 7.0%, versus the third quarter of 2025. Year-to-date operating cash flow was $488.0 million. Total RV and Outdoor Retail inventories were $1.77 billion, down $257.5 million, or 12.7%, including used-vehicle inventory down $147.3 million, or 24.8%. Good Sam Club members were 1,369,725, down 238,382, or 14.8%.

The company said it expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated range of $230 million to $270 million and is not providing additional full-year 2026 guidance. It intends to discuss its framework for 2027 with fourth-quarter results. Wagner said the industry is planning for 2027 unit sales comparable to 2026, but the company is building its plans around more conservative assumptions.