Camping World Q3 2026: A $286.7M Writedown and a Demand Collapse

Camping World's third quarter came in worse than Wall Street modeled, with an adjusted loss of $0.19 per share missing expectations and revenue falling 12.4% from a year ago.

New RV unit sales drove the damage, falling 25.4% to 15,126 units as higher consumer interest rates, elevated fuel prices, and persistent promotional pricing in travel trailers weighed on demand. Net debt leverage climbed to 8.6 times, leaving little room for further deterioration.

A $286.7 million noncash goodwill impairment on the RV and Outdoor Retail reporting unit turned an already painful operating quarter into a GAAP diluted loss of $3.09 per share. The writedown acknowledges that the value once assigned to that business can no longer be supported at current demand levels. Full-year adjusted EBITDA will now land below prior guidance.

CEO Matthew Wagner accelerated the cost program to more than $150 million in anticipated annualized savings. He was direct about the demand outlook: while the broader industry is planning for 2027 unit sales comparable to 2026, Camping World is building its own plans around more conservative assumptions. Management sees further pressure as more likely than a recovery.

The one credible offset is the Good Sam franchise, where Services and Plans gross margin expanded 567 basis points to 62.3% and a revised co-branded credit card agreement is now generating recurring profit sharing. The company also carries cash and has cut inventory, entering Q4 with its lowest share of prior-model-year new units in five years. Those buffers sit against 8.6 times leverage and a demand environment management is not betting on.