MarineMax Reports Fiscal 2026 Third Quarter Results

MarineMax Reports Fiscal 2026 Third Quarter Results July 23, 2026 ~ 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 ~ 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 millionGross margin increased 530 basis points to 35.7%, driven by improved boat margins and continued growth of the Company’s higher-margin businessesGross 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 environmentInventories decreased $118 million year-over-year through continued focus on inventory management and working capital efficiencyCompleted 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 flexibilityReported net income of $15.4 million, or $0.66 per diluted share; Adjusted diluted EPS 1 of $0.81Adjusted 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&A2 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 income1 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 EBITDA1 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 EBITDA1,2 to be in the range of $110 million to $125 million and adjusted net income1,2 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. Source: MarineMax, Inc.