Camping World Holdings Stock Earnings Reports

Camping World reported a disciplined first quarter despite a softer RV industry. Key takeaways: management reiterated full-year adjusted EBITDA guidance of $275M–$325M, pointing to operating leverage and inventory discipline as drivers. Q1 adjusted EBITDA was $28M (vs. $31.2M prior year). The company reduced SG&A by $29M (7.5% YoY) and improved SG&A as a percentage of gross profit by 135 bps, alongside ~ $35M of annualized cost savings year-to-date and additional AI-driven cost-savings initiatives. Total same-store RV unit inventory is down >10% YoY and year-to-date unit purchases are down >20%; newer model-year (2025) new inventory is ~8% of new inventory and down ~50% in units vs. prior-year timing. Management says new-unit sales outpaced the industry and new/used volume trends improved into March and April (April trending slightly positive YoY for new+used same-store). Good Sam showed top-line growth with margin stabilization and an ERP overhaul completing in Q2; an in-house CRM for extended service plans is already showing early productivity gains. Balance sheet and cash flow: $200M cash at quarter end, net debt leverage improved to 5.6x (from 8.1x a year ago), and $56M of debt was paid down in the quarter. CapEx guidance is targeted to be below $100M for 2026 (with maintenance CapEx potentially nearer $75M). Management expects gross margins to remain pressured into Q2 and improve in the back half of 2026 as velocity and aging improve. They continue to pursue selective M&A and partnerships (Costco rollout being optimized; not yet included in guidance). Overall message: operational transformation (cost takeout, inventory discipline, exclusive-brand strategy, Good Sam improvements) positions the company to grow adjusted EBITDA and free cash flow despite a challenging industry backdrop.