Camping World Holdings, Inc.

What they do

The company sells new and used RVs and related products and services through a national network of dealerships and service centers. It also offers Good Sam-branded roadside assistance, protection plans, and insurance, along with e-commerce via direct.campingworld.com. As of June 30, 2026, it operated 200 locations, all selling and/or servicing RVs.

Revenue drivers

• New vehicle sales — Largest revenue segment; Q2 2026 revenue of $869.0 million, down 5.0% with unit sales down 16.4%.
• Used vehicle sales — Same-store used unit sales increased 5% in Q2 2026; used RV registrations industry-wide rose 2.4%.
• Good Sam services and plans — Includes roadside assistance, protection plans, and insurance; management noted margin expansion in Q2 2026.
• Parts, service, and other — Includes RV maintenance and repair services, accessories, and other retail products.

Recent performance

In Q2 2026, revenue was $1.93 billion, down 2.1%, and net income was $43.7 million, with Adjusted EBITDA of $112.1 million. SG&A decreased $26.6 million. Operating cash flow for the first half of 2026 was $333 million, and cash balance was $224.1 million. For full-year 2025, revenue was $6.37 billion with a net loss of $105.6 million.

Strategy

Management's stated priorities are growing RV market share, accelerating Good Sam, and reducing SG&A. They identified $35 million in savings through April and an incremental $100 million of structural savings expected to be annualized by early 2028, with $50 million run-rate by end of 2026. The company also focuses on disciplined capital expenditures and reducing net debt leverage.

Risks

• Economic sensitivity — Demand is tied to consumer discretionary spending; high interest rates, inflation, and fuel prices have negatively impacted new RV sales.
• Manufacturer concentration — Business depends on Thor Industries and Forest River for RV supply; any quality or supply issues could hurt results.
• Inventory management — Failure to align inventory with demand has and may continue to adversely affect financial performance.
• Geopolitical conflict — The U.S.-Israeli conflict with Iran since February 2026 has raised gasoline prices and dampened consumer sentiment, reducing RV demand.

Outlook

Management revised full-year 2026 Adjusted EBITDA guidance to $230-$270 million, down from prior $275-$325 million, citing a weaker peak season and a revised industry outlook of 290,000-310,000 new units (down 15% year-over-year at midpoint). They expect healthier inventory and sequentially improving vehicle margins to support year-over-year Adjusted EBITDA growth for the full year.