Camping World Holdings, Inc. reported financial results for the three and nine months ended September 30, 2026, revealing a significant net loss driven by a large goodwill impairment charge and declining revenue. The company recorded a net loss of $320.1 million for the third quarter of 2026, an increase of $290.7 million compared to the same period in the prior year. This loss was largely attributed to a noncash goodwill impairment charge of $286.7 million related to its RV and Outdoor Retail reporting unit, which was driven by continued pressure on industry demand, promotional pricing, and sustained declines in the company's share price.
Revenue for the third quarter totaled $1.58 billion, a decrease of $223.2 million, or 12.4%. This decline was driven by lower sales across both new and used vehicle segments. New vehicle revenue fell to $638.9 million, a decrease of 16.7%, while used vehicle revenue decreased by 12.0% to $518.5 million. Combined new and used vehicle unit sales dropped by 17.1% to 32,302 units. Despite the volume decline, the company noted that its new vehicle average selling price increased by 11.7%, while used vehicle average selling price decreased by 4.2%.
In response to industry headwinds, Camping World accelerated its cost restructuring efforts. The company announced that its efficiency program now totals over $150 million of anticipated annualized savings. For the fourth quarter of 2026, the company expects its selling, general, and administrative (SG&A) expenses to decline by more than $50 million year over year. During the third quarter, SG&A expenses were $387.1 million, a decrease of $23.9 million, primarily due to reductions in employee cash compensation and stock-based compensation.
On a non-GAAP basis, Adjusted EBITDA for the third quarter was $36.0 million, a decrease of $59.7 million. The company’s balance sheet showed cash and cash equivalents of $263.8 million at the end of the quarter, with total long-term debt standing at $1.423 billion. The company’s Net Debt decreased by $97.8 million, or 7.0%, compared to the prior year. Additionally, the company amended and extended its M&T real estate facility to 2031 and continues to evaluate alternatives to refinance its Senior Secured Credit Facilities.
Regarding future outlook, Camping World expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated range of $230 million to $270 million. The company is not providing additional full-year 2026 guidance and intends to discuss its framework for 2027 in connection with its fourth quarter results. The company noted that it entered the fourth quarter with its lowest mix of prior model year new units in five years and a cost base it believes is rebuilt for the current market backdrop.
