MarineMax Reports Fiscal 2026 Third Quarter Results

About this update from Marinemax, Inc. (fl)

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 1 of $0.81 Adjusted EBITDA 1 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&A 2 increased $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 1 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 1 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 EBITDA 1,2 to be in the range of $110 million to $125 million and adjusted net income 1,2 in 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 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) (Unaudited)       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) (Unaudited)       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) (Unaudited)       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 (loss) 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) (Unaudited)       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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722016202/en/

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