Camping World’s first quarter performance received a significant positive response from the market, despite missing revenue expectations. Management attributed the resilient adjusted EBITDA and reduced losses to disciplined cost controls, improved operating leverage, and successful execution of exclusive branding strategies. CEO Matt Wagner highlighted that new unit sales outpaced the broader RV industry, even as challenging weather and a soft retail environment weighed on overall demand. The company’s focus on SG&A efficiency, including $29 million in cost reductions and a streamlined store footprint, supported profitability in a volatile quarter.
Is now the time to buy CWH? Find out in our full research report (it’s free for active Edge members).
Camping World (CWH) Q1 CY2026 Highlights:
- Revenue: $1.35 billion vs analyst estimates of $1.41 billion (4.2% year-on-year decline, 3.7% miss)
- Adjusted EPS: -$0.21 vs analyst estimates of -$0.31 (32.6% beat)
- Adjusted EBITDA: $49.81 million vs analyst estimates of $17.66 million (3.7% margin, significant beat)
- Operating Margin: 1.6%, in line with the same quarter last year
- Locations: 199 at quarter end, down from 209 in the same quarter last year
- Same-Store Sales fell 4.2% year on year (3% in the same quarter last year)
- Market Capitalization: $468.8 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are 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 Q1 Earnings Call
- Patrick Buckley (Jefferies) asked about Finance & Insurance (F&I) dynamics and down payment trends. CEO Matt Wagner explained higher down payments on expensive RVs and increased attachment of Good Sam products, reflecting a K-shaped consumer environment.
- James Hardiman (Citigroup) questioned the impact of severe weather and geopolitical events on sales. Wagner detailed shutdowns at over 60 stores and said stabilization in March and April pointed to share gains despite industry volatility.
- Joseph Altobello (Raymond James) probed inventory turnover targets and the pace of progress. Wagner described the improvements as gradual, with significant gains expected through Q2, and outlined disciplined replenishment and margin focus.
- Noah Zatzkin (KeyBanc Capital Markets) asked about share gains in March and April. Wagner credited exclusive brands and inventory strategy for outperformance, highlighting double-digit growth in exclusive travel trailer brands.
- Alice Wycklendt (Baird) inquired about consumer credit trends and store count. CFO Thomas Kirn and SVP Brett Andress reported stable customer credit quality and noted a disciplined, opportunistic approach to M&A and location management.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be watching (1) the pace and impact of ongoing SG&A and IT cost reductions, particularly from AI initiatives; (2) stabilization and recovery in gross margins as inventory turnover accelerates, especially for aged units; and (3) Good Sam’s expansion into adjacent marketplaces and the success of its new CRM system. Additional signals include exclusive brand sales trends and the effectiveness of new partnerships, such as with Costco.
Camping World currently trades at $7.45, up from $6.93 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).
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