CWH earnings analysis
What we found in CWH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Camping World Holdings, Inc. reported a Q1 2026 revenue of $1.35 billion, down 4.2% year-over-year, and an EPS loss of -$0.21, improving from prior estimates of -$0.31. Segment performance varied, with Good Sam Services and Plans showing growth while RV and Outdoor Retail saw revenue declines. The company's cash position and debt levels reflect significant operational challenges, though management maintains a focus on strategic acquisitions and maintaining liquidity.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue decreased to $1.35 billion, down 4.2% from $1.41 billion in Q1 2025.
- Improvement in EPS
- Reported EPS loss improved to -$0.21, better than the expected -$0.31.
- Good Sam Services Growth
- Good Sam Services revenue increased to $48.5 million, up 4.9% from $46.2 million.
- Cash Position Maintained
- Ending cash balance was $199.8 million, slightly down from $215 million.
- Debt Levels Persistent
- Long-term debt was $1.39 billion as of March 31, 2026, slightly down from $1.41 billion.
- Segment Adjusted EBITDA
- Total segment adjusted EBITDA was $30.6 million in Q1 2026, compared to $34.1 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Pressure from Competition
- Facing increased competition and pricing pressures, gross margins declined in new and used vehicles.
- Legal Liabilities
- Ongoing litigation could impose financial burdens and reputational damage.
- Macro economic Headwinds
- Geopolitical tensions and inflation could adversely impact consumer spending on RVs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.21
- Gross margin
- 29.8%
- Operating margin
- 1.6%
- Segment
- Good Sam Services and Plans
- Segment
- RV and Outdoor Retail
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · February 27, 2026
- Camping World positions itself as America’s largest RV retailer with a national network (196 dealerships/service centers) and an integrated Good Sam membership and services business. For year ended December 31, 2025 the…
- 10-Q · October 30, 2025
- Camping World reported Q3 revenue of $1,806,118,000, up $81,130,000 (4.7%) versus Q3 2024, with operating margin improving to 4.4% from 3.7%. GAAP diluted EPS swung to a loss of $(0.64) from $0.09 in the prior-year…
- 10-Q · October 29, 2024
- Camping World reported Q3 revenue of $1,724,988,000, a slight decline of $4,625,000 (-0.3%) versus Q3 2023, while diluted EPS fell to $0.09 from $0.32 a year ago. Gross margin compressed to 28.9% (down 134 bps) and…
- 10-Q · August 1, 2024
- Camping World reported Q2 revenue of $1,806,505,000 (down 5.0% YoY) and diluted EPS of $0.22 (down from $0.64 YoY). Gross margin improved modestly to 30.3% from 30.0% (+27 bps) but operating income fell to $95,382,000…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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