MarineMax Reports Fiscal 2026 Second Quarter Results

MarineMax Reports Fiscal 2026 Second Quarter Results April 23, 2026 ~ Results Underscore Strategic Value and Benefits of Diversified Business Strategy ~ ~ Gross Margin Exceeds 34%, Up from 30% in Prior Year ~ ~ 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 second quarter ended March 31, 2026. Fiscal 2026 Second Quarter Summary Revenue of $527.4 millionSame-store sales decreased 15% due to challenging environment, compared to an increase of 11% in the prior-year periodGross profit margin of 34.4%, reflecting strength in higher margin businessesInventories decreased $128.0 million year-over-yearReported net loss of $2.6 million, or $0.12 per share; adjusted net income 1 of $0.9 million, or $0.04 per diluted shareAdjusted EBITDA 1 of $23.9 million CEO & President Commentary “Our fiscal second quarter results reflected ongoing industry headwinds in the retail environment for new and used boat sales; however, our higher‑margin businesses once again provided important balance, stability and growth, helping to offset much of the pressure caused by the decline in boat revenue,” said MarineMax Chief Executive Officer and President Brett McGill. “Contributions from areas of the business that we have strategically expanded, including finance and insurance, superyacht services, marinas, and parts and service, continue to perform well and support our margin profile, underscoring the benefits of our diversified business model. “While near-term market conditions remain pressured by geopolitical and macroeconomic uncertainty, including international concerns from tariffs, the long-term fundamentals of the recreational marine market remain strong,” McGill said. “Virtually every recent boat show we have participated in, including last month’s Palm Beach International Boat Show, has produced strong and, in some cases, record results, highlighting sustained consumer interest in the boating lifestyle, especially in premium segments. This demand is reflected in our sequential and year-over-year customer deposit growth trends as well as continued strength in our superyacht and international marina businesses. “Our balance sheet remains very strong, supported by disciplined inventory management, reduced floorplan financing, and ample liquidity,” McGill said. “As we enter the summer selling season, we are seeing increased demand across both digital and retail channels supporting a cautiously optimistic outlook.” Fiscal 2026 Second Quarter Results Revenue for the fiscal 2026 second quarter was $527.4 million, compared with a record $631.5 million in the same period last year. This decline, primarily driven by lower boat sales, was partially offset by continued growth in higher-margin businesses, including finance and insurance, superyacht services and marinas. Gross profit totaled $181.3 million, compared with $189.5 million in the prior-year period. Gross profit margin expanded 440 basis points year-over-year to 34.4%, primarily driven by the increasing contribution from higher-margin businesses. Selling, general, and administrative (SG&A) expenses were $170.4 million, or 32.3% of revenue, compared with SG&A expenses of $166.8 million, or 26.4% of revenue, in the prior-year period. On an adjusted basis, excluding transaction costs, changes in contingent consideration, weather events, and other non-recurring items, Adjusted SG&A2 was $165.8 million, or 31.4% of revenue, compared with $163.8 million, or 25.9% of revenue, in the prior year. Interest expense was $14.7 million, or 2.8% of revenue, compared with $18.2 million, or 2.9% of revenue, in the prior-year period, reflecting lower interest rates and reduced inventory levels. Net loss for the quarter was $2.6 million, or $0.12 per share, compared with net income of $3.3 million, or $0.14 per diluted share, in the prior-year period. Adjusted net income1 was $0.9 million, or $0.04 per diluted share, compared with Adjusted net income of $5.5 million, or $0.24 per diluted share, in the prior year. Adjusted EBITDA1 for the quarter was $23.9 million, compared with $30.9 million in the prior-year period. Balance Sheet Cash and cash equivalents were $189.1 million at quarter end, compared with $203.5 million in the prior-year period and $170.4 million at the end of fiscal 2025. Inventories totaled $845.4 million, down from $973.4 million in the prior-year period. Company Reaffirms Fiscal 2026 Guidance Based on current business conditions, retail marine industry trends, and other relevant 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 or other unforeseen developments, including changes in tariffs, international hostilities, and broader macroeconomic conditions. “As we look ahead, we recognize that geopolitical uncertainty and macroeconomic dynamics may continue to influence consumer behavior over the next several quarters,” McGill concluded. “That said, our diversified business model, strong balance sheet and continued growth in higher-margin businesses position us well to navigate the environment and drive long-term value creation.” Conference Call Information MarineMax will discuss its fiscal 2026 second 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 over 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 the strength of the long-term fundamentals of the recreational marine market, demand across both digital and retail channels, our optimism because of the improving trends, 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, 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 Six Months Ended March 31, March 31, 2026 2025 2026 2025 Revenue $ 527,412 $ 631,515 $ 1,032,590 $ 1,099,976 Cost of sales 346,126 442,004 690,834 740,811 Gross profit 181,286 189,511 341,756 359,165 Selling, general, and administrative expenses 170,448 166,770 325,998 297,452 Income from operations 10,838 22,741 15,758 61,713 Interest expense 14,659 18,179 30,515 36,924 (Loss) income before income tax (benefit) provision (3,821 ) 4,562 (14,757 ) 24,789 Income tax (benefit) provision (1,106 ) 1,400 (3,947 ) 3,503 Net (loss) income (2,715 ) 3,162 (10,810 ) 21,286 Less: Net loss attributable to non-controlling interests (117 ) (138 ) (286 ) (80 ) Net (loss) income attributable to MarineMax, Inc. $ (2,598 ) $ 3,300 $ (10,524 ) $ 21,366 Basic net (loss) income per common share $ (0.12 ) $ 0.15 $ (0.48 ) $ 0.94 Diluted net (loss) income per common share $ (0.12 ) $ 0.14 $ (0.48 ) $ 0.91 Weighted average number of common shares used in computing net (loss) income per common share: Basic 22,027,425 22,616,518 21,984,675 22,616,069 Diluted 22,027,425 23,324,347 21,984,675 23,354,856 MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited) March 31, September 30, March 31, 2026 2025 2025 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 189,132 $ 170,351 $ 203,507 Accounts receivable, net 101,136 108,288 119,488 Inventories 845,371 867,328 973,410 Prepaid expenses and other current assets 25,454 34,912 27,219 Total current assets 1,161,093 1,180,879 1,323,624 Property and equipment, net 546,786 552,546 546,958 Operating lease right-of-use assets, net 139,085 137,915 140,230 Goodwill 525,650 526,931 591,101 Other intangible assets, net 34,700 35,416 37,592 Other long-term assets 34,247 36,751 33,596 Total assets $ 2,441,561 $ 2,470,438 $ 2,673,101 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 62,511 $ 56,378 $ 44,567 Contract liabilities (customer deposits) 61,742 45,699 56,936 Accrued expenses 122,430 121,042 172,156 Short-term borrowings (Floor Plan) 689,873 715,679 821,701 Current maturities on long-term debt 35,593 35,593 33,766 Current operating lease liabilities 11,288 10,489 10,196 Total current liabilities 983,437 984,880 1,139,322 Long-term debt, net of current maturities 338,730 356,235 339,054 Noncurrent operating lease liabilities 129,980 127,969 128,872 Deferred tax liabilities, net 41,211 47,447 55,372 Other long-term liabilities 4,780 5,154 7,102 Total liabilities 1,498,138 1,521,685 1,669,722 SHAREHOLDERS' EQUITY: Preferred stock — — — Common stock 31 31 30 Additional paid-in capital 368,584 360,818 355,459 Accumulated other comprehensive income 6,018 8,234 1,803 Retained earnings 735,860 746,384 799,385 Treasury stock (178,277 ) (178,277 ) (163,228 ) Total shareholders’ equity attributable to MarineMax, Inc. 932,216 937,190 993,449 Non-controlling interests 11,207 11,563 9,930 Total shareholders’ equity 943,423 948,753 1,003,379 Total liabilities and shareholders’ equity $ 2,441,561 $ 2,470,438 $ 2,673,101 MarineMax, Inc. and Subsidiaries Segment Financial Information (Amounts in thousands) (Unaudited) Three Months Ended Six Months Ended March 31, March 31, 2026 2025 2026 2025 Revenue: Retail Operations $ 525,332 $ 626,340 $ 1,029,745 $ 1,094,689 Product Manufacturing 23,705 35,503 45,327 73,441 Elimination of intersegment revenue (21,625 ) (30,328 ) (42,482 ) (68,154 ) Revenue $ 527,412 $ 631,515 $ 1,032,590 $ 1,099,976 Income from operations: Retail Operations $ 12,404 $ 20,941 $ 19,569 $ 62,191 Product Manufacturing (5,074 ) (3,429 ) (11,199 ) (3,206 ) Intersegment adjustments 3,508 5,229 7,388 2,728 Income from operations $ 10,838 $ 22,741 $ 15,758 $ 61,713 MarineMax, Inc. and Subsidiaries Supplemental Financial Information (Amounts in thousands, except share and per share data) (Unaudited) Three Months Ended Six Months Ended March 31, March 31, 2026 2025 2026 2025 Net (loss) income attributable to MarineMax, Inc. $ (2,598 ) $ 3,300 $ (10,524 ) $ 21,366 Transaction and other costs (1) 5,747 602 8,723 823 Intangible amortization (2) 835 1,428 1,794 2,856 Change in fair value of contingent consideration (3) (757 ) 106 (343 ) (25,712 ) Weather (recoveries) expenses (1,226 ) 553 (1,217 ) 5,521 Restructuring expense (4) 62 273 209 776 Tax adjustments for items noted above (5) (1,170 ) (743 ) (2,301 ) 3,950 Adjusted net income (loss) attributable to MarineMax, Inc. $ 893 $ 5,519 $ (3,659 ) $ 9,580 Diluted net (loss) income per common share $ (0.12 ) $ 0.14 $ (0.48 ) $ 0.91 Transaction and other costs (1) 0.26 0.03 0.40 0.04 Intangible amortization (2) 0.04 0.06 0.08 0.12 Change in fair value of contingent consideration (3) (0.03 ) 0.01 (0.02 ) (1.10 ) Weather (recoveries) expenses (0.06 ) 0.02 (0.06 ) 0.24 Restructuring expense (4) — 0.01 0.01 0.03 Tax adjustments for items noted above (5) (0.05 ) (0.03 ) (0.10 ) 0.17 Adjusted diluted net income (loss) per common share $ 0.04 $ 0.24 $ (0.17 ) $ 0.41 (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) Adjustments for taxes for items are calculated based on an estimated effective tax rate. The estimated effective rate used for the three and six months ended March 31, 2026 was used for the three and six months ended March 31, 2025, for consistency in presentation. Three Months Ended Six Months Ended March 31, March 31, 2026 2025 2026 2025 Net (loss) income attributable to MarineMax, Inc. $ (2,598 ) $ 3,300 $ (10,524 ) $ 21,366 Interest expense (excluding floor plan) 6,671 7,155 14,026 15,556 Income tax (benefit) provision (1,106 ) 1,400 (3,947 ) 3,503 Depreciation and amortization 12,711 12,251 25,294 23,849 Stock-based compensation expense 4,152 5,321 6,798 10,794 Transaction and other costs 5,747 602 8,723 823 Restructuring expense 62 273 209 776 Change in fair value of contingent consideration (757 ) 106 (343 ) (25,712 ) Weather (recoveries) expenses (1,226 ) 553 (1,217 ) 5,521 Foreign currency 236 (43 ) 420 499 Adjusted EBITDA $ 23,892 $ 30,918 $ 39,439 $ 56,975 1, 2 Non-GAAP Financial Measures This press release, along with the above Supplemental Financial Information table, contains “Adjusted net (loss) income attributable to MarineMax, Inc.,” “Adjusted diluted net (loss) 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 expense. 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.