MarineMax Reports Fiscal 2026 First Quarter Results
OLDSMAR, Fla.--( BUSINESS WIRE)--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 first quarter ended December 31, 2025.
Fiscal 2026 First Quarter Summary
CEO & President Commentary
“As anticipated, retail margin pressure persisted across the recreational boating industry in the December quarter, reflecting continued uncertainty and competitive dynamics, including elevated promotional activity, as the industry continues to right-size inventory,” said Brett McGill, CEO and President of MarineMax. “While these conditions kept new and used boat margins well below historical levels, we were encouraged by the solid same-store sales growth achieved during the period. With industry inventory levels anticipated to normalize through the second half of the fiscal year, we believe our positioning at the premium end of the market will support a gradual improvement in margin performance.
“Our ability to consistently generate gross margins above 30% in one of the industry’s more challenging markets underscores the benefits of our strategy of adding higher-margin, complementary and less cyclical businesses. Over the past several years, we have diversified beyond traditional boat sales into marinas, storage operations, superyacht services, and financing and insurance. These businesses provide higher‑margin, recurring-revenue streams that enhance resilience and reduce the volatility inherent in the boating industry cycles. As these businesses continue to scale, they are becoming an increasingly important driver of long-term performance.
“During the quarter, we also achieved substantial reductions in inventory and floor plan financing, reflecting disciplined operational execution and improved alignment between supply and demand. Customer deposits remained steady year-over-year, providing a foundation for greater stability as we progress through the year. Combined with increased liquidity, improved inventory positioning and a strengthening balance sheet, we are entering the next phase of the industry recovery from a position of financial strength.”
Fiscal 2026 First Quarter Results
Revenue in the fiscal 2026 first quarter increased 7.8% to $505.2 million from $468.5 million in the prior-year period, which was adversely impacted by Hurricanes Helene and Milton. On a comparable store basis, revenue increased by more than 10% year-over-year, compared with an 11% decline in the first quarter of fiscal 2025 versus the same period in fiscal 2024.
Gross profit was $160.5 million, or 31.8% of revenue, in the first quarter of fiscal 2026, compared with $169.7 million, or 36.2% of revenue, in the prior-year period. The decrease in gross margin percentage was primarily driven by the current retail promotional environment and sales mix, partly offset by contributions from the Company’s higher-margin businesses.
Selling, general, and administrative (SG&A) expenses totaled $155.6 million, or 30.8% of revenue, in the first quarter of fiscal 2026, compared with $130.7 million, or 27.9% of revenue, in the prior-year period. Included in the prior-year period is a gain of $25.8 million for an adjustment to the fair value of contingent consideration. Excluding change in fair value of contingent consideration, hurricane and tornado (weather) expenses, intangible amortization, restructuring charges, and transaction and other costs, Adjusted SG&A 1 increased $1.6 million, or 1.1%, to $151.0 million from $149.4 million in the first quarter of fiscal 2025.
Interest expense was $15.9 million, or 3.1% of revenue, in the first quarter of fiscal 2026, compared with $18.7 million, or 4.0% of revenue, in the prior-year period. The decrease primarily reflected lower inventory levels relative to the first quarter of fiscal 2025, as well as reduced financing costs.
Net loss for the first quarter of fiscal 2026 was $7.9 million, or $0.36 per share, compared with net income of $18.1 million, or $0.77 per diluted share, in the prior-year period. Adjusted net loss 1 was $4.6 million, or $0.21 per share, compared with adjusted net income of $4.1 million, or $0.17 per diluted share, in the first quarter of fiscal 2025. Adjusted EBITDA 1 totaled $15.5 million, compared with $26.1 million in the prior-year period.
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 EBITDA 1, 2 to be in the range of $110 million to $125 million, with 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 or other unforeseen developments, including changes in tariffs and broader global economic conditions.
McGill concluded, “Although conditions across the recreational marine industry remain challenging, we expect activity to gradually improve as we move into the spring selling season. Early indications from this year’s retail boat shows have been encouraging, and our positioning in the premium segment should enable us to outperform the broader market as conditions improve.”
Conference Call Information
MarineMax will discuss its fiscal 2026 first 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. Such forward-looking statements include, but are not limited to, those relating to industry inventory levels, improved margin performance, the resilience of our financial model, the increasing importance of our marinas, storage operations, superyacht services, and financing and insurance businesses, the next phase of the industry recovery and our position of financial strength, our fiscal 2026 financial guidance, the expected improvement in the recreational marine industry and our expected ability to outperform the broader market as conditions improve. These statements 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, uncertainties, and assumptions include the timing of and potential outcome of the Company’s long-term improvement plan, 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, the performance and integration of the recently acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2025 and other filings with the Securities and Exchange Commission. 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
December 31,
2025
2024
Revenue
$
505,178
$
468,461
Cost of sales
344,708
298,807
Gross profit
160,470
169,654
Selling, general, and administrative expenses
155,550
130,682
Income from operations
4,920
38,972
Interest expense
15,856
18,745
(Loss) income before income tax (benefit) provision
(10,936
)
20,227
Income tax (benefit) provision
(2,841
)
2,103
Net (loss) income
(8,095
)
18,124
Less: Net (loss) income attributable to non-controlling interests
(169
)
58
Net (loss) income attributable to MarineMax, Inc.
$
(7,926
)
$
18,066
Basic net (loss) income per common share
$
(0.36
)
$
0.80
Diluted net (loss) income per common share
$
(0.36
)
$
0.77
Weighted average number of common shares used in computing net (loss) income per common share:
Basic
21,942,854
22,615,629
Diluted
21,942,854
23,385,374
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
December 31,
September 30,
December 31,
2025
2025
2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
164,603
$
170,351
$
145,010
Accounts receivable, net
85,876
108,288
83,272
Inventories
867,896
867,328
1,035,183
Prepaid expenses and other current assets
26,123
34,912
34,958
Total current assets
1,144,498
1,180,879
1,298,423
Property and equipment, net
548,635
552,546
535,903
Operating lease right-of-use assets, net
137,387
137,915
142,741
Goodwill
526,968
526,931
587,967
Other intangible assets, net
34,945
35,416
38,493
Other long-term assets
35,886
36,751
30,818
Total assets
$
2,428,319
$
2,470,438
$
2,634,345
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
52,577
$
56,378
$
35,532
Contract liabilities (customer deposits)
52,643
45,699
52,504
Accrued expenses
107,049
121,042
164,145
Short-term borrowings (Floor Plan)
702,719
715,679
795,170
Current maturities on long-term debt
35,593
35,593
33,766
Current operating lease liabilities
10,760
10,489
10,330
Total current liabilities
961,341
984,880
1,091,447
Long-term debt, net of current maturities
347,490
356,235
347,294
Noncurrent operating lease liabilities
127,818
127,969
130,489
Deferred tax liabilities, net
42,592
47,447
54,364
Other long-term liabilities
4,758
5,154
7,550
Total liabilities
1,483,999
1,521,685
1,631,144
SHAREHOLDERS' EQUITY:
Preferred stock
—
—
—
Common stock
31
31
30
Additional paid-in capital
364,432
360,818
350,138
Accumulated other comprehensive income (loss)
8,171
8,234
(1,993
)
Retained earnings
738,458
746,384
796,081
Treasury stock
(178,277
)
(178,277
)
(150,797
)
Total shareholders’ equity attributable to MarineMax, Inc.
932,815
937,190
993,459
Non-controlling interests
11,505
11,563
9,742
Total shareholders’ equity
944,320
948,753
1,003,201
Total liabilities and shareholders’ equity
$
2,428,319
$
2,470,438
$
2,634,345
MarineMax, Inc. and Subsidiaries
Segment Financial Information
(Amounts in thousands)
(Unaudited)
Three Months Ended
December 31,
2025
2024
Revenue:
Retail Operations
$
504,413
$
468,349
Product Manufacturing
21,622
37,938
Elimination of intersegment revenue
(20,857
)
(37,826
)
Revenue
$
505,178
$
468,461
Income (loss) from operations:
Retail Operations
$
7,165
$
41,250
Product Manufacturing
(6,125
)
223
Intersegment adjustments
3,880
(2,501
)
Income from operations
$
4,920
$
38,972
MarineMax, Inc. and Subsidiaries
Supplemental Financial Information
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended
December 31,
2025
2024
Net (loss) income attributable to MarineMax, Inc.
$
(7,926
)
$
18,066
Transaction and other costs (1)
2,975
221
Intangible amortization (2)
960
1,428
Change in fair value of contingent consideration (3)
414
(25,817
)
Weather expenses
9
4,968
Restructuring expense (4)
147
503
Tax adjustments for items noted above (5)
(1,131
)
4,693
Adjusted net (loss) income attributable to MarineMax, Inc.
$
(4,552
)
$
4,062
Diluted net (loss) income per common share
$
(0.36
)
$
0.77
Transaction and other costs (1)
0.13
0.01
Intangible amortization (2)
0.04
0.06
Change in fair value of contingent consideration (3)
0.02
(1.10
)
Weather expenses
—
0.21
Restructuring expense (4)
0.01
0.02
Tax adjustments for items noted above (5)
(0.05
)
0.20
Adjusted diluted net (loss) income per common share
$
(0.21
)
$
0.17
(1) Transaction and other costs relate to acquisition transaction, integration, and other 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.
Three Months Ended
December 31,
2025
2024
Net (loss) income attributable to MarineMax, Inc.
$
(7,926
)
$
18,066
Interest expense (excluding floor plan)
7,355
8,401
Income tax (benefit) provision
(2,841
)
2,103
Depreciation and amortization
12,582
11,597
Stock-based compensation expense
2,645
5,473
Transaction and other costs
2,975
221
Change in fair value of contingent consideration
414
(25,817
)
Restructuring expense
147
503
Weather expenses
9
4,968
Foreign currency
184
542
Adjusted EBITDA
$
15,544
$
26,057
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.