Camping World’s second quarter saw a positive market reaction despite falling short of Wall Street’s revenue expectations and recording lower margins. Management attributed the performance to aggressive inventory reduction, gains in new and used RV market share, and expanded Good Sam services. CEO Matt Wagner described the RV retail environment as “the weakest in over 15 years,” but emphasized progress on cost controls and operating efficiencies. The decision to clear aged inventory pressured gross profits, yet the company highlighted sequential margin improvement into July.
Is now the time to buy CWH? Find out in our full research report (it’s free for active Edge members).
Camping World (CWH) Q2 CY2026 Highlights:
- Revenue: $1.93 billion vs analyst estimates of $1.98 billion (2.1% year-on-year decline, 2.5% miss)
- Adjusted EPS: $0.57 vs analyst expectations of $0.58 (2.1% miss)
- Adjusted EBITDA: $126.4 million vs analyst estimates of $132.9 million (6.5% margin, 4.9% miss)
- EBITDA guidance for the full year is $250 million at the midpoint, below analyst estimates of $288.6 million
- Operating Margin: 4.7%, down from 6.6% in the same quarter last year
- Locations: 200 at quarter end, down from 201 in the same quarter last year
- Same-Store Sales fell 1.1% year on year (10.1% in the same quarter last year)
- Market Capitalization: $417.4 million
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Camping World’s Q2 Earnings Call
-
Sean Wagner (Citi): Asked for clarity on the drivers behind the revised EBITDA outlook. CEO Matt Wagner explained the revision was due to lower industry unit volumes and margin pressures, especially on new and used RVs.
-
Joseph Altobello (Raymond James): Inquired about the mix behind higher new RV average sale prices. Wagner noted the increase was due to a shift toward fifth wheel and Class C segments, where Camping World gained market share.
-
Tristan Thomas-Martin (BMO Capital Markets): Questioned whether Camping World was more promotional than peers. Wagner responded that while the company was aggressive in clearing aged assets, pricing remained market competitive.
-
Scott Stember (ROTH Capital Partners): Asked about trends in service labor rates and customer pay work. Wagner described a new tiered labor rate structure that increased customer volume while keeping effective labor rates and gross profits stable.
-
Alice Wycklendt (Baird): Sought detail on the F&I business’s resilience. CFO Thomas Kirn said penetration rates remained steady, with per-unit F&I revenue holding up despite shifts in customer mix.
Catalysts in Upcoming Quarters
Looking ahead, our analysts will focus on (1) the pace of sequential margin recovery as inventory optimization efforts take hold, (2) the scale and realization of SG&A efficiency initiatives throughout the back half of the year, and (3) ongoing growth in used RV sales and Good Sam services. Additionally, resolution of industry-wide inventory imbalances and stabilization in consumer demand will be key signposts for a sustained rebound.
Camping World currently trades at $6.55, up from $6.05 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
Our Favorite Stocks Right Now
ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively.
Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.
