Camping World Holdings, Inc. disclosed results for the first fiscal quarter on Wednesday. The company reported revenues of $1.35 billion, a net loss of $26.7 million and a positive adjusted EBITDA of $28 million.
Camping World President Matthew Wagner said the company is pleased with its first quarter performance given the current RV industry landscape.
“While used RV sales underperformed expectations in January and February, the year-over-year trajectory of our new and used unit volume continued to improve as we progressed through March and into late April,” Wagner said. “In the quarter, we realized selling, general and administration (SG&A) efficiencies and gained market share in our exclusive brand units.”
Camping World’s gross profit was $403.3 million, a decrease of $26.3 million (6.1%). Total gross margin was 29.8%, a decrease of 62 basis points. The company’s SG&A to gross profit improved 135 basis points year-over-year.
At the end of the first quarter of 2026 (March 31), Camping World said its cash and cash equivalents totaled $200 million. Its total outstanding long-term debt was $1.416 billion.
Camping World CFO Tom Kirn said the company’s net debt leverage ratio improved to 5.6x at the end of the first quarter of 2026, an improvement when compared to the 8.1x ratio at the end of the first quarter of 2025.
“We believe we are taking the right steps to generate strong free cash flow for the full year,” Kirn said. “Our capital deployment framework continues to prioritize strengthening the balance sheet.”
As of March 31, Camping World has 199 store locations, a year-over-year net decrease of 10 store locations. The company said the net decrease included the consolidation of 10 locations to improve overall cost efficiency of the remaining stores.
In the first quarter of 2026, Camping World opened two locations and acquired one dealership.
Wagner said Camping World remains focused on three goals for 2026: new and used unit growth, accelerating the growth of the Good Sam membership program and SG&A cost efficiency.
“While the RV selling season started slower than expected,” Wagner said, “we believe recent trends in March and April, Good Sam’s margin stabilization, and additional cost efficiency opportunities support our 2026 outlook and position the Company for long-term value creation.”
