Open the filing on EDGARMarineMax Reports Fiscal 2026 Third Quarter Results
~ Diversified Business Model Delivers Improved Profitability and Strong Margin Expansion Despite Challenging Marine Retail Environment ~
~ Gross Margin Increases 530 Basis Points to 35.7% ~
~ Company Reaffirms Fiscal 2026 Guidance ~
~ Earnings Conference Call at 10:00 a.m. ET Today ~
OLDSMAR, Florida, July 23, 2026 - MarineMax, Inc. (NYSE: HZO) (“MarineMax” or the “Company”), the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, today announced results for its fiscal 2026 third quarter ended June 30, 2026.
Fiscal 2026 Third Quarter Summary
Revenue of $611.3 million
Gross margin increased 530 basis points to 35.7%, driven by improved boat margins and continued growth of the Company’s higher-margin businesses
Gross profit increased by 9.2% to $218.1 million, despite a 7% decline in same-store sales, reflecting the strength of MarineMax’s diversified business model and execution in a challenging marine retail environment
Inventories decreased $118 million year-over-year through continued focus on inventory management and working capital efficiency
Completed the refinancing of $1.49 billion aggregate senior secured credit facilities, extending maturities to 2031, expanding the revolving credit facility and lowering borrowing costs while enhancing financial flexibility
Reported net income of $15.4 million, or $0.66 per diluted share; Adjusted diluted EPS of $0.81
Adjusted EBITDA of $51.3 million
CEO & President Commentary
“Our team executed with discipline during the quarter, delivering meaningful gross margin expansion despite continued softness across the recreational marine industry,” said Brett McGill, Chief Executive Officer and President of MarineMax. “Improved margins on new and used boats, along with increased contributions from higher-margin businesses such as superyacht services, marinas, finance and insurance, and parts and service, drove higher profitability despite lower same-store sales. We also reduced inventory, generated cash, and further strengthened our balance sheet, reflecting our continued focus on operational excellence and capital efficiency.
“While demand remains tempered by a cautious consumer environment, industry inventory levels continue to normalize, supporting healthier pricing dynamics and margin recovery. Our diversified business model and disciplined operating approach position us to outperform the broader marine market.
“The quarter also reflects continued progress in strengthening our financial position and enhancing financial flexibility,” McGill continued. “Through prudent inventory management, debt reduction, and the successful refinancing of our $1.49 billion senior secured credit facilities, we extended debt maturities, increased available liquidity, and lowered our cost of capital. These actions, together with our strong cash generation, position us to invest selectively in attractive growth opportunities and continue executing our strategic priorities from a position of financial strength. We are confident in our ability to navigate the current environment and pursue opportunities that enhance our competitive position and drive value for shareholders.”
Fiscal 2026 Third Quarter Results
Revenue in the fiscal 2026 third quarter declined 7.0% to $611.3 million from $657.2 million in the prior-year period, primarily reflecting a 7% decline in same-store sales amid continued softness in the recreational marine retail market. The decline was partly offset by continued growth in the Company’s higher-margin businesses such as superyacht services, marinas (including IGY) and parts and service.
Gross profit increased 9.2% to $218.1 million from $199.6 million in the prior-year period. Gross margin increased 530 basis points to 35.7% from 30.4%, driven by improved new and used boat margins, favorable business mix, and continued growth in the Company’s higher-margin businesses. Gross margin for the quarter also benefitted by approximately 110 basis points from a tariff refund, the majority of which related to boat sales recorded earlier in the fiscal year.
Selling, general, and administrative (SG&A) expenses totaled $180.9 million, or 29.6% of revenue, compared with $172.1 million, or 26.2% of revenue, for the comparable period last year. Excluding transaction and other costs, intangible amortization, changes in contingent consideration, weather-related costs, and restructuring expenses, Adjusted SG&Aincreased $6.1 million, or 3.6%, from the fiscal 2025 third quarter.
Interest expense declined to $14.3 million, or 2.3% of revenue, from $16.9 million, or 2.6% of revenue, in the prior-year period, reflecting lower inventory levels and reduced borrowing costs following lower interest rates and disciplined balance sheet management.
Net income for the fiscal 2026 third quarter was $15.4 million, or $0.66 per diluted share, compared with a net loss of $52.1 million, or $2.42 per share, in the prior-year period. The third quarter of fiscal year 2025 included a non-cash goodwill impairment charge of $69.1 million associated with the Company’s manufacturing segment. Adjusted net income was $18.8 million, or $0.81 per diluted share, compared with $1.0 million, or $0.05 per diluted share, in the prior-year period.
Adjusted EBITDA increased to $51.3 million from $35.5 million in the prior-year period.
Balance Sheet
Cash and cash equivalents totaled $174.8 million as of June 30, 2026, compared with $151.0 million at the end of the prior-year period.
Inventories declined 13.0% to $788.6 million from $906.2 million in the prior-year period.
Fiscal 2026 Guidance
Based on results to date, current business conditions, retail trends and other factors, the Company continues to expect fiscal 2026 Adjusted EBITDAto be in the range of $110 million to $125 million and adjusted net incomein the range of $0.40 to $0.95 per diluted share. These projections exclude the potential impact of material acquisitions and other unforeseen developments, including changes in tariffs, geopolitical conflicts, and broader macroeconomic conditions.
“While we remain mindful of geopolitical and macroeconomic uncertainty, we are encouraged by the continued strength of our higher-margin businesses, improving boat margins, and the progress we have made strengthening our balance sheet,” McGill concluded. “Supported by our diversified business model, disciplined operating approach, strong liquidity, and enhanced financial flexibility, we believe MarineMax is well positioned to navigate current market conditions and capitalize on opportunities as industry fundamentals continue to normalize, with a continued emphasis on driving profitable growth, generating strong cash flow, allocating capital prudently, and creating value for our shareholders.”
Conference Call Information
MarineMax will discuss its fiscal 2026 third quarter financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the “Investors” section of the Company's website www.marinemax.com, or by dialing 877-407-0789 (U.S. and Canada) or 201-689-8562 (International). An online replay will be available within one hour of the conclusion of the call and will be archived on the website for one year.
About MarineMax
As the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com.
Forward Looking Statement
Forward-looking statements notice
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events, and may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words, or other similar terms or expressions that concern the Company’s expectations, strategy, plans, or intentions. These statements, including those relating to industry inventory levels, pricing dynamics, margin recovery, our positioning to outperform the broader marine market, our positioning to invest in attractive growth opportunities and to continue executing our strategic priorities, our fiscal 2026 guidance, the influence of geopolitical uncertainty and macroeconomic dynamics on consumer behavior over the next several quarters, and our positioning to navigate the environment and drive long-term value creation, are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the timing of and potential outcome of the Company’s long-term strategy, the estimated impact resulting from the Company’s cost-reduction initiatives, the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, general economic conditions, as well as those within the Company's industry, the level of consumer spending, and numerous other factors identified in the Company’s most recently filed Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
| Three Months Ended | Nine Months Ended |
|---|
| June 30, | June 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Revenue | $611,258 | $657,159 | $1,643,848 | $1,757,135 |
| Cost of sales | 393,180 | 457,538 | 1,084,014 | 1,198,349 |
| Gross profit | 218,078 | 199,621 | 559,834 | 558,786 |
| Selling, general, and administrative expenses | 180,859 | 172,106 | 506,857 | 469,558 |
| Goodwill impairment | - | 69,055 | - | 69,055 |
| Income (loss) from operations | 37,219 | (41,540) | 52,977 | 20,173 |
| Interest expense | 14,310 | 16,936 | 44,825 | 53,860 |
| Income (loss) before income tax provision (benefit) | 22,909 | (58,476) | 8,152 | (33,687) |
| Income tax provision (benefit) | 7,262 | (6,506) | 3,315 | (3,003) |
| Net income (loss) | 15,647 | (51,970) | 4,837 | (30,684) |
| Less: Net income attributable to non-controlling interests | 286 | 176 | - | 96 |
| Net income (loss) attributable to MarineMax, Inc. | $15,361 | $(52,146) | $4,837 | $(30,780) |
| Basic net income (loss) per common share | $0.70 | $(2.42) | $0.22 | $(1.38) |
| Diluted net income (loss) per common share | $0.66 | $(2.42) | $0.21 | $(1.38) |
| Weighted average number of common shares used in computing net income (loss) per common share: | | | | |
| Basic | 22,068,431 | 21,515,092 | 22,012,594 | 22,249,076 |
| Diluted | 23,157,811 | 21,515,092 | 22,827,827 | 22,249,076 |
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
| June 30, | September 30, | June 30, |
|---|
| 2026 | 2025 | 2025 |
|---|
| ASSETS | | | |
| CURRENT ASSETS: | | | |
| Cash and cash equivalents | $174,779 | $170,351 | $151,017 |
| Accounts receivable, net | 95,111 | 108,288 | 106,849 |
| Inventories | 788,642 | 867,328 | 906,219 |
| Prepaid expenses and other current assets | 28,244 | 34,912 | 33,793 |
| Total current assets | 1,086,776 | 1,180,879 | 1,197,878 |
| Property and equipment, net | 541,674 | 552,546 | 551,912 |
| Operating lease right-of-use assets, net | 135,832 | 137,915 | 138,143 |
| Goodwill | 525,117 | 526,931 | 527,144 |
| Other intangible assets, net | 34,010 | 35,416 | 36,661 |
| Other long-term assets | 34,928 | 36,751 | 35,999 |
| Total assets | $2,358,337 | $2,470,438 | $2,487,737 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
| CURRENT LIABILITIES: | | | |
| Accounts payable | $43,857 | $56,378 | $44,504 |
| Contract liabilities (customer deposits) | 61,389 | 45,699 | 48,900 |
| Accrued expenses | 128,375 | 121,042 | 116,892 |
| Short-term borrowings (Floor Plan) | 608,320 | 715,679 | 735,215 |
| Current maturities on long-term debt | 27,525 | 35,593 | 35,593 |
| Current operating lease liabilities | 11,493 | 10,489 | 10,045 |
| Total current liabilities | 880,959 | 984,880 | 991,149 |
| Long-term debt, net of current maturities | 335,172 | 356,235 | 365,070 |
| Noncurrent operating lease liabilities | 127,300 | 127,969 | 127,860 |
| Deferred tax liabilities, net | 46,581 | 47,447 | 45,539 |
| Other long-term liabilities | 4,417 | 5,154 | 6,796 |
| Total liabilities | 1,394,429 | 1,521,685 | 1,536,414 |
| SHAREHOLDERS' EQUITY: | | | |
| Preferred stock | - | - | - |
| Common stock | 31 | 31 | 30 |
| Additional paid-in capital | 374,264 | 360,818 | 362,216 |
| Accumulated other comprehensive income | 5,251 | 8,234 | 9,322 |
| Retained earnings | 751,221 | 746,384 | 747,239 |
| Treasury stock | (178,277) | (178,277) | (178,277) |
| Total shareholders’ equity attributable to MarineMax, Inc. | 952,490 | 937,190 | 940,530 |
| Non-controlling interests | 11,418 | 11,563 | 10,793 |
| Total shareholders’ equity | 963,908 | 948,753 | 951,323 |
| Total liabilities and shareholders’ equity | $2,358,337 | $2,470,438 | $2,487,737 |
MarineMax, Inc. and Subsidiaries
Segment Financial Information
(Amounts in thousands)
| Three Months Ended | Nine Months Ended |
|---|
| June 30, | June 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Revenue: | | | | |
| Retail Operations | $609,120 | $655,750 | $1,638,865 | $1,750,439 |
| Product Manufacturing | 33,265 | 32,150 | 78,592 | 105,591 |
| Elimination of intersegment revenue | (31,127) | (30,741) | (73,609) | (98,895) |
| Revenue | $611,258 | $657,159 | $1,643,848 | $1,757,135 |
| Income from operations: | | | | |
| Retail Operations | $37,166 | $28,079 | $56,735 | $90,271 |
| Product Manufacturing (1) | (554) | (72,363) | (11,753) | (75,570) |
| Intersegment adjustments | 607 | 2,744 | 7,995 | 5,472 |
| Income (loss) from operations | $37,219 | $(41,540) | $52,977 | $20,173 |
(1) Product manufacturing loss from operations for the three and nine months ended June 30, 2025, includes a non-cash goodwill impairment charge of $69.1 million.
MarineMax, Inc. and Subsidiaries
Supplemental Financial Information
(Amounts in thousands, except share and per share data)
| Three Months Ended | Nine Months Ended |
|---|
| June 30, | June 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net income (loss) attributable to MarineMax, Inc. | $15,361 | $(52,146) | $4,837 | $(30,780) |
| Transaction and other costs (1) | 4,621 | 742 | 13,344 | 1,564 |
| Intangible amortization (2) | 835 | 1,397 | 2,629 | 4,253 |
| Change in fair value of contingent consideration (3) | 12 | 60 | (331) | (25,652) |
| Weather (recoveries) expenses | (907) | (773) | (2,124) | 4,748 |
| Restructuring expense (4) | 73 | 526 | 282 | 1,302 |
| Goodwill impairment (5) | - | 69,055 | - | 69,055 |
| Tax adjustments for items noted above (6) | (1,163) | (17,823) | (3,464) | (13,873) |
| Adjusted net income attributable to MarineMax, Inc. | $18,832 | $1,038 | $15,173 | $10,617 |
| Diluted net income (loss) per common share | $0.66 | $(2.42) | $0.21 | $(1.38) |
| Transaction and other costs (1) | 0.20 | 0.03 | 0.57 | 0.07 |
| Intangible amortization (2) | 0.04 | 0.06 | 0.12 | 0.19 |
| Change in fair value of contingent consideration (3) | - | - | (0.01) | (1.15) |
| Weather (recoveries) expenses | (0.04) | (0.04) | (0.09) | 0.21 |
| Restructuring expense (4) | - | 0.02 | 0.01 | 0.06 |
| Goodwill impairment (5) | - | 3.21 | - | 3.10 |
| Tax adjustments for items noted above (6) | (0.05) | (0.81) | (0.15) | (0.62) |
| Adjustment for dilutive shares (7) | - | - | - | (0.02) |
| Adjusted diluted net income per common share | $0.81 | $0.05 | $0.66 | $0.46 |
(1) Transaction and other costs relate to acquisition transaction expenses, integration, and other related costs in the period.
(2) Represents amortization expense for acquisition-related intangible assets.
(3) Represents (gains) expenses to record contingent consideration liabilities at fair value.
(4) Represents expenses incurred as a result of restructuring and store closings.
(5) Represents goodwill impairment expense incurred on the manufacturing reporting unit during the three months ended June 30, 2025.
(6) Adjustments for taxes for items are calculated based on an estimated effective tax rate. The estimated effective rate used for the three and nine months ended June 30, 2026 was used for the three and nine months ended June 30, 2025, for consistency in presentation.
(7) Represents an adjustment for shares that are anti-dilutive for GAAP net income per share but are dilutive for adjusted net income per share.
| Three Months Ended | Nine Months Ended |
|---|
| June 30, | June 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net income (loss) attributable to MarineMax, Inc. | $15,361 | $(52,146) | $4,837 | $(30,780) |
| Interest expense (excluding floor plan) | 7,471 | 6,946 | 21,497 | 22,502 |
| Income tax provision (benefit) | 7,262 | (6,506) | 3,315 | (3,003) |
| Depreciation and amortization | 12,594 | 12,537 | 37,888 | 36,385 |
| Stock-based compensation expense | 4,442 | 5,643 | 11,239 | 16,438 |
| Transaction and other costs | 4,621 | 742 | 13,344 | 1,564 |
| Restructuring expense | 73 | 526 | 282 | 1,302 |
| Goodwill impairment | - | 69,055 | - | 69,055 |
| Change in fair value of contingent consideration | 12 | 60 | (331) | (25,652) |
| Weather (recoveries) expenses | (907) | (773) | (2,124) | 4,748 |
| Foreign currency | 401 | (540) | 822 | (41) |
| Adjusted EBITDA | $51,330 | $35,544 | $90,769 | $92,518 |
1, 2 Non-GAAP Financial Measures
This press release, along with the above Supplemental Financial Information table, contains “Adjusted net income attributable to MarineMax, Inc.,” “Adjusted diluted net income per common share,” “Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization” (“Adjusted EBITDA”), and “Adjusted selling, general and administrative expenses” (“Adjusted SG&A”), which are non-GAAP financial measures as defined under applicable securities legislation. Adjusted SG&A expenses represent SG&A expenses adjusted for transaction and other costs, intangible amortization, change in fair value of contingent consideration, weather expenses, and restructuring expenses. See the tables labeled, “Supplemental Financial Information” for the excluded amounts for both periods for Adjusted SG&A.
In determining these measures, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company’s results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliation and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.
In addition, we have not reconciled our fiscal year 2026 Adjusted net income and Adjusted EBITDA guidance to net income (the corresponding GAAP measure for each), which is not accessible on a forward-looking basis due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration, acquisition costs, and other costs. Acquisition contingent consideration and transaction costs, which are likely to be significant to the calculation of net income, are affected by the integration and post-acquisition performance of our acquirees, which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted net income and Adjusted EBITDA are not available without unreasonable effort.
Contacts
Mike McLamb · Chief Financial Officer · MarineMax, Inc. · 727-531-1700
Scott Solomon · Sharon Merrill Advisors · 857-383-2409 · HZO@investorrelations.com