Camping World Holdings reported its financial results for the second quarter ending June 30, 2026, navigating what CEO Matthew Wagner described as the most challenging new RV retail environment in over 15 years. Despite these headwinds, the company successfully grew its unit market share, accelerated its Good Sam service offerings, and aggressively reduced SG&A expenses by over $26 million.
Operational Resilience Amid Industry Softness
Management admitted that the quarter did not align with initial April projections. As the new RV market weakened during the peak selling season, the company made a strategic decision to liquidate aged and prior-year model inventory rather than carrying those assets into the second half of the year. While this impacted vehicle gross margins in the short term, leadership emphasized that the payoff is already becoming evident with sequential margin improvements seen in July.
The company’s used vehicle segment remains a cornerstone of its long-term strategy. Same-store used vehicle sales grew by over 5%, securing market share gains. For the full year, Camping World expects the used RV market to remain in the 715,000 to 750,000 unit range, providing a more accessible entry point for consumers into the RV lifestyle.
Market Headwinds and Inventory Optimization
On the new vehicle front, retail registrations declined 16% through May, a trend that persisted into the summer months. Wagner noted a clear correlation between geopolitical tensions in the Middle East and cooling demand for new units. Consequently, the company has adjusted its full-year industry outlook to 290,000–310,000 units, down from the previous expectation of 325,000–350,000 units.
Despite the market pressure, the company has reached its healthiest new inventory position since 2020. Exposure to prior model year vehicles is now near 1%, and the number of vehicles aged over 365 days has been reduced by 60% year-over-year. Used inventory has also seen significant improvement, with the number of units aged over 180 days cut by nearly 50%.
Efficiency Initiatives and Financial Outlook
Camping World has launched a broad operating efficiency program comprising 20 initiatives aimed at delivering $100 million in incremental annualized savings. Key efforts include retiring legacy software, centralizing processes, and deploying a new in-house enterprise-grade CRM for RV sales. These technological upgrades are expected to reduce annualized costs by over $20 million while improving closing ratios and customer satisfaction.
Reflecting the current volatility, the company has reset its adjusted EBITDA guidance to a range of $230 million to $270 million. CFO Tom Kirn highlighted that total revenue for the quarter was $1.9 billion, a 2.1% decrease year-over-year. While new vehicle gross margins compressed to 10.9% from 13.8% due to inventory clearing, the company maintains a strong balance sheet with $224 million in cash and $185 million in unencumbered real estate.
Strategic Focus for the Second Half
Looking ahead, Camping World is prioritizing variables within its control: leaner inventory management, structural cost reduction, and the continued expansion of the Good Sam platform. Management remains optimistic that these actions will build a more scalable operating model, positioning the business for stronger performance once the current industry cycle stabilizes.
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