Key Highlights

● Full-year adjusted EBITDA guidance was cut to $230 million to $270 million.

● Second-quarter revenue fell 2.1% to $1.93 billion as new vehicle units dropped 16.4%.

● Gross margin narrowed to 27.8% from 30.0%, and net income fell 24.0% to $43.7 million.

● Cash and cash equivalents reached $224.1 million at June 30, 2026.

Camping World Holdings Inc (NYSE:CWH) cut its full-year adjusted EBITDA guidance to $230 million to $270 million from $275 million to $325 million alongside its second-quarter 2026 results on July 29, 2026. Chief executive Matthew Wagner said in the release: "We are not satisfied with the result."

The company is one of the largest retailers of recreational vehicles in the United States, selling new and used vehicles, parts, accessories and service. It also runs Good Sam, a membership and insurance-style services business that earns steadier income than vehicle sales.

Sales slip, margins narrow

Total revenue for the quarter ended June 30, 2026 was $1.93 billion (precisely $1,934.0 million), down 2.1% from $1.98 billion a year earlier. Within that, new vehicle revenue fell 5.0% to $869.0 million, while used vehicle revenue rose 1.4% to $580.3 million. Products, service and other revenue was $217.6 million, down 2.4%.

Unit sales tell the same story. New vehicle units dropped 16.4% to 22,312, whereas used units rose 5.2% to 19,882, giving total units of 42,194, down 7.5%. Revenue fell by much less than units, which implies higher average selling prices on the vehicles sold. The mix shift toward used vehicles is also visible in the numbers, since used units grew while new units contracted sharply.

Profitability took the larger hit. Total gross profit fell 9.1% to $538.4 million, and gross margin narrowed to 27.8% from 30.0%. Net income was $43.7 million, down 24.0% from $57.5 million, and adjusted EBITDA fell 21.2% to $112.1 million from $142.2 million.

Earnings per share and Good Sam

Diluted earnings per Class A share were $0.42, compared with $0.48 a year before. Adjusted diluted earnings per share were unchanged at $0.57, so the adjusted measure held steady even as the reported figure declined.

Good Sam Services and Plans revenue edged up 0.8% to $54.6 million, with gross margin improving to 61.8% from 59.5%. Good Sam Club revenue rose 5.2% to $10.8 million. However, club membership fell 11.4% to 1,472,554 from 1,662,653, a drop worth monitoring given the club's role in bringing customers back to the stores.

Cash and dividends

Cash and cash equivalents were $224.1 million at June 30, 2026, up from $118.1 million a year earlier, an increase of about $106 million. That gives the company more room to manage through a soft period.

No dividend was declared for the quarter, and Class A dividends were nil in the first six months of 2026, against $15.7 million in the same period of 2025.

Risks and what to watch

The core risk is demand for new recreational vehicles, which are large discretionary purchases. The fall in new unit sales and the reduced gross margin show the pressure, and the guidance cut implies management expects it to continue for the rest of 2026. A shrinking Good Sam membership base adds to the concern.

What the Third Quarter Must Show

Camping World's second quarter showed revenue down 2.1% to $1.93 billion, new vehicle units down 16.4%, gross margin of 27.8% against 30.0%, and adjusted EBITDA down 21.2% to $112.1 million, which sits behind management's decision to cut full-year adjusted EBITDA guidance to $230 million to $270 million. Against that, cash and cash equivalents were $224.1 million, up from $118.1 million a year earlier, and used vehicle units rose 5.2%.

The next marker is the third-quarter 2026 report. Investors will look at whether new unit declines ease, whether gross margin stabilizes from the 27.8% reported for the second quarter, and whether adjusted EBITDA stays within the lowered range. The Good Sam membership base, which fell 11.4%, is another point to follow.