Recreational vehicle (RV) and boat retailer Camping World (NYSE: CWH) fell short of the market’s revenue expectations in Q2 CY2026, with sales falling 2.1% year on year to $1.93 billion. Its non-GAAP profit of $0.57 per share was in line with analysts’ consensus estimates.
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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 estimates of $0.57 (in line)
- Adjusted EBITDA: $112.1 million vs analyst estimates of $130 million (5.8% margin, 13.8% 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
- Free Cash Flow Margin: 19.1%, up from 8.2% 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: $398.9 million
Company Overview
Founded in 1966 as a single recreational vehicle (RV) dealership, Camping World (NYSE: CWH) still sells RVs along with boats and general merchandise for outdoor activities.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but many enduring ones grow for years.
With $6.27 billion in revenue over the past 12 months, Camping World is a mid-sized retailer, which sometimes brings disadvantages compared to larger competitors benefiting from better economies of scale.
As you can see below, Camping World’s demand was weak over the last three years. Its sales fell by 1.3% annually as it closed stores.
This quarter, Camping World missed Wall Street’s estimates and reported a rather uninspiring 2.1% year-on-year revenue decline, generating $1.93 billion of revenue.
Looking ahead, sell-side analysts expect revenue to grow 5.8% over the next 12 months, an acceleration versus the last three years. This projection is healthy and indicates its newer products will spur better top-line performance.
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Store Performance
Number of Stores
The number of stores a retailer operates is a critical driver of how quickly company-level sales can grow.
Camping World listed 200 locations in the latest quarter and has generally closed its stores over the last two years, averaging 2.9% annual declines.
When a retailer shutters stores, it usually means that brick-and-mortar demand is less than supply, and it is responding by closing underperforming locations to improve profitability.
Same-Store Sales
The change in a company’s store base only tells one side of the story. The other is the performance of its existing locations and e-commerce sales, which informs management teams whether they should expand or downsize their physical footprints. Same-store sales gives us insight into this topic because it measures organic growth for a retailer’s e-commerce platform and brick-and-mortar shops that have existed for at least a year.
Camping World’s demand within its existing locations has barely increased over the last two years as its same-store sales were flat. This performance isn’t ideal, and Camping World is attempting to boost same-store sales by closing stores (fewer locations sometimes lead to higher same-store sales).
In the latest quarter, Camping World’s same-store sales fell by 1.1% year on year. This decline was a reversal from its historical levels.
Key Takeaways from Camping World’s Q2 Results
We struggled to find many positives in these results. Its full-year EBITDA guidance missed and its EBITDA fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock traded down 8.9% to $5.52 immediately after reporting.
Camping World’s latest earnings report disappointed. One quarter doesn’t define a company’s quality, so let’s explore whether the stock is a buy at the current price. The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
