Camping World entered 2026 with fewer stores, fewer employees and a new problem: a much sharper drop in new RV sales.
The nation’s largest RV dealer closed or consolidated 13 locations over the 12 months ending March 31. By the second quarter, new RV unit sales had fallen 16.4% from a year earlier, leading the company to lower its full-year earnings forecast.
Used RVs told a different story, with unit sales rising 5.2%. The contrast leaves Camping World facing a weaker new-RV market while demand for preowned units remains comparatively resilient.
Camping World Has Shifted From Expansion to Efficiency
Two years ago, Camping World was still expanding rapidly. By March 2024, it operated 215 locations, 20 more than it had a year earlier. The company added a net 13 stores during the first quarter alone, according to its 2024 financial report.
That expansion has since given way to a leaner strategy. Camping World consolidated 10 locations and closed three during the 12 months ending March 2026. After accounting for new openings and one temporary closure, its total footprint fell from 209 stores to 199, according to its SEC filing. The count returned to 200 by June, but management is now placing greater emphasis on making its remaining locations more productive.
The shift goes beyond dealerships. Camping World cut its full-time workforce by more than 1,500 employees during 2025 and reduced employee compensation costs by another $28.2 million in the second quarter of 2026. Those savings helped cushion the effect of falling vehicle profits, but they were not enough to prevent the company from lowering its earnings forecast as new RV demand weakened.
New and Used RV Sales Are Moving in Opposite Directions
Camping World’s second-quarter results reveal a clear divide between the two sides of its RV business.
| Second-quarter result | Change from 2025 |
|---|---|
| New RV unit sales | Down 16.4% |
| Used RV unit sales | Up 5.2% |
| Combined RV unit sales | Down 7.5% |
| Total gross profit | Down 9.1% |
| Net income | Down 24.0% |
New RV revenue fell only 5% despite the much larger decline in units because the average selling price increased 13.6%. That increase can reflect a different mix of RVs sold and does not necessarily mean the price of a comparable RV rose by the same amount.
Used RV revenue increased 1.4%, but the average selling price fell 3.6%. Camping World said it deliberately moved older used inventory and prior-model-year new RVs during the quarter. Those sales improved inventory levels but reduced the amount of profit the company earned per vehicle.
The result was $538.4 million in total gross profit, down $53.9 million from the second quarter of 2025. Net income declined from $57.5 million to $43.7 million.
The Slowdown Extends Beyond Camping World
Camping World’s results closely follow the broader retail market. Data from Statistical Surveys cited in the company’s report showed U.S. new RV registrations falling 16.4% through May compared with the same five months of 2025. Used registrations increased 2.4% during that period.
Manufacturers are also sending fewer RVs to dealers. The RV Industry Association’s summer forecast projects approximately 314,000 wholesale shipments in 2026, based on the midpoint of its forecast range. That would be 8.2% fewer than the 342,200 units shipped last year.
July provided little evidence of a turnaround. RVIA reported 19,948 wholesale shipments, down 11.9% from July 2025. Shipments through the first seven months of the year were down 13.9%.
Retail registrations and wholesale shipments measure different parts of the business. Registrations generally track sales to consumers, while shipments count units manufacturers send to dealers. Both measures are now pointing in the same direction for new RVs.
The Latest Quarter Was Profitable, but the Pressure Is Clear
The company lowered its full-year adjusted earnings forecast after sales weakened during May and June, normally two of the industry’s busiest months. Camping World now expects adjusted earnings before interest, taxes, depreciation and amortization of $230 million to $270 million. Its previous forecast called for $275 million to $325 million.
Cost reductions helped offset some of the lost gross profit. Selling, general and administrative expenses fell by $26.6 million during the quarter, largely because of lower employee compensation following the 2025 workforce reductions.
Camping World had reported a $105.6 million net loss for 2025, driven largely by tax-related accounting adjustments. It returned to a profit during the first half of 2026, reporting $17.1 million in net income.
The company ended June with $224.1 million in cash and $1.405 billion in long-term debt. It also reported $333 million in operating cash flow through the first six months of 2026, while net debt was $222.3 million lower than a year earlier. Camping World carries substantial debt, but it continues to generate cash while reducing what it owes.
Camping World is still opening and acquiring locations, but it is operating with fewer employees and a tighter cost structure. The company’s latest numbers also show that the greatest weakness is concentrated in new RVs. Used sales are holding up considerably better as buyers look for less expensive ways to enter or remain in the RV market.
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