Camping World Revenue Plummets 12.4% in Q3

Camping World reported a disappointing third quarter of 2026, with revenue falling 12.4% year-on-year to $1.58 billion, missing Wall Street's consensus estimates of $1.65 billion. The company's non-GAAP loss per share was -$0.19, a significant miss compared to the estimated $0.14.

Adjusted EBITDA also fell short of expectations, coming in at $36.01 million against an estimate of $66.18 million, a 45.6% miss. The operating margin declined to -17.3% from 4.4% in the prior year quarter, though free cash flow margin improved to 8.1% from 5.8%.

In response to industry pressures on new vehicle gross margins, Camping World accelerated its cost-saving initiatives, adding over $50 million in annualized savings. The company ended the quarter with 197 locations, consistent with the previous year, and same-store sales were flat year-on-year, a deceleration from previous growth.

Looking forward, analysts anticipate revenue growth of 4.4% over the next 12 months, driven by new products. However, the company's recent performance, marked by missed revenue and EBITDA targets, led to an 11.9% drop in its share price.