CWH — Camping World Holdings, Inc.

Camping World Holdings (CWH) Q2 2026 Earnings Call Summary

1. Key Financial Results and Metrics

• Total Revenue: $1.9 billion, down 2.1% year-over-year.
• New Vehicle Revenue: $869 million, down 5%, with new unit sales declining 16.4%.
• Used Vehicle Revenue: $580 million, up 1.4%, driven by a 5% increase in unit sales.
• New Vehicle Gross Margin: 10.9%, down from 13.8% year-over-year.
• Used Vehicle Gross Margin: 16.5%, down from 20.5% year-over-year.
• SG&A Expenses: Reduced by $26.6 million (6.1% year-over-year), representing 76.3% of gross profit.
• Adjusted EBITDA Guidance: Revised to $230 million to $270 million for 2026.

2. Strategic Updates and Business Highlights

• Market Share Gains: Achieved over 29% share of all new RVs sold in the U.S. and grew same-store used unit sales by over 5%.
• Inventory Management: Reduced aged inventory significantly, with prior model year exposure down to nearly 1% from over 6% a year ago.
• Good Sam Services: Expanded services and plans, with gross margins increasing to 61.8%.
• Cost Efficiency Initiatives: Identified $100 million in potential annual savings through operational efficiencies, with $50 million expected by the end of 2026.

3. Forward Guidance and Outlook

• New RV Market Outlook: Expecting new vehicle retail registrations to be in the range of 290,000 to 310,000 units for the year, down from previous expectations of 325,000 to 350,000.
• Used RV Market: Anticipating used RV sales to remain stable between 715,000 to 750,000 units for the year.
• Margin Expectations: Projecting new vehicle margins to average between 11.5% and 12% and used vehicle margins between 17.5% and 18% for the year.

4. Bad News, Challenges, or Points of Concern

• Weak New RV Market: The new RV sales environment is the weakest in over 15 years, with significant declines in new unit sales and pressure on vehicle gross profits.
• Geopolitical Tensions: Noted a correlation between geopolitical events and declining sales, particularly in June and July.
• Inventory Challenges: Despite improvements, the company is cautious about inventory replenishment due to broader industry challenges and excess inventory among competitors.
• Sales Pressure: Faced promotional pressure from competitors, impacting margins and sales strategies.

5. Notable Q&A Insights

• Adjusted EBITDA Range: The low end of the adjusted EBITDA guidance reflects a more conservative industry outlook, while the high end assumes slight recovery.
• Used vs. New Pricing Spread: The healthy pricing spread between new and used RVs is seen as beneficial, with expectations that used ASPs may improve in the latter half of the year.
• Service Business Trends: The company is seeing improved customer pay work but is cautious about labor rates and capacity management.
• Costco Initiative: The Costco sales program is progressing but not meeting initial sales goals, with expectations for better performance next year.
• Future Growth in Used Business: The company aims to increase its used market share from approximately 9% to over 12% in the coming years, emphasizing the stability of the used RV market.

Overall, while Camping World faced significant challenges in Q2 2026, particularly in the new RV market, strategic initiatives and a focus on cost management and market share growth in the used RV segment position the company for potential recovery in the latter half of the year.