MarineMax Reports Fiscal 2026 First Quarter Financial Results
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, marina operator, and provider of superyacht services, today reported financial results for its fiscal 2026 first quarter ended December 31, 2025. The Company delivered solid same-store sales growth and continued balance sheet improvement amid a challenging retail marine environment marked by promotional pressure and ongoing industry inventory normalization.
Despite continued margin pressure across the recreational boating industry, MarineMax generated revenue growth, maintained gross margins above 30%, and significantly reduced inventory levels year-over-year. Management reiterated confidence in the Company’s long-term strategy, highlighting the increasing contribution of higher-margin, less cyclical businesses and reaffirming full-year fiscal 2026 guidance.
Fiscal 2026 First Quarter Highlights
For the first quarter of fiscal 2026, MarineMax reported revenue of $505.2 million, representing an increase of 7.8% compared with $468.5 million in the prior-year period. Same-store sales rose by more than 10% year-over-year, reflecting improving retail activity and a favorable comparison to the prior year, which had been negatively affected by Hurricanes Helene and Milton.
Gross profit for the quarter totaled $160.5 million, with a gross margin of 31.8%. While this marked a decline from the 36.2% gross margin reported in the prior-year period, the Company continued to generate gross margins above 30%—a notable achievement given the heightened promotional environment and competitive pricing dynamics across the industry.
MarineMax also made meaningful progress in inventory management. Inventories at the end of the quarter declined by $167.3 million compared with the same period last year, reflecting disciplined purchasing, improved demand alignment, and proactive working capital management.
The Company reported a net loss of $7.9 million, or $0.36 per share, for the quarter. On an adjusted basis, net loss was $4.6 million, or $0.21 per share. Adjusted EBITDA totaled $15.5 million for the quarter.
Management Commentary
Brett McGill, Chief Executive Officer and President of MarineMax, commented on the quarter’s performance and broader industry trends.
“As anticipated, retail margin pressure persisted across the recreational boating industry during the December quarter,” McGill said. “This pressure reflects continued uncertainty and competitive dynamics, including elevated promotional activity, as the industry works through excess inventory and moves toward a more balanced supply-demand environment.”
McGill noted that while both new and used boat margins remained below historical levels, the Company was encouraged by strong same-store sales performance.
“Achieving double-digit same-store sales growth in this environment speaks to the strength of our brand portfolio, our customer relationships, and our positioning at the premium end of the market,” he said. “As industry inventory levels are expected to normalize through the second half of the fiscal year, we believe our product mix and customer focus will support a gradual recovery in margin performance.”
McGill emphasized that MarineMax’s diversified business model continues to provide meaningful benefits during cyclical downturns.
“Our ability to consistently generate gross margins above 30% in one of the most challenging markets the industry has faced underscores the advantages of our strategy,” he said. “Over the past several years, we have deliberately expanded beyond traditional boat sales into higher-margin, complementary businesses such as marinas, storage operations, superyacht services, and financing and insurance.”
“These businesses generate recurring revenue, offer stronger margins, and are inherently less cyclical than boat retail alone,” McGill added. “As they continue to scale, they are becoming increasingly important drivers of profitability, cash flow stability, and long-term shareholder value.”
McGill also highlighted improvements in the Company’s balance sheet and liquidity.
“During the quarter, we significantly reduced inventory and floor plan financing, demonstrating disciplined execution and improved alignment between supply and demand,” he said. “Customer deposits remained stable year-over-year, providing a solid foundation as we progress through the fiscal year. With increased liquidity, improved inventory positioning, and a strengthening balance sheet, we believe MarineMax is well-positioned to navigate the remainder of the cycle from a position of financial strength.”
Detailed Financial Results
Revenue and Comparable Store Performance
Revenue for the fiscal 2026 first quarter increased 7.8% to $505.2 million, compared with $468.5 million in the first quarter of fiscal 2025. The prior-year period was adversely affected by severe weather events, including Hurricanes Helene and Milton, which disrupted operations and customer activity at several locations.
On a same-store basis, revenue increased by more than 10% year-over-year. This compares favorably to an 11% decline in same-store sales reported in the first quarter of fiscal 2025 relative to fiscal 2024, highlighting a meaningful sequential improvement in demand trends.
Gross Profit and Margin
Gross profit for the quarter totaled $160.5 million, or 31.8% of revenue, compared with $169.7 million, or 36.2% of revenue, in the prior-year period. The decline in gross margin percentage was primarily attributable to continued retail promotional activity, competitive pricing, and sales mix shifts within the boat segment.
These pressures were partially offset by contributions from MarineMax’s higher-margin businesses, including marinas, storage operations, superyacht services, and finance and insurance offerings, which continued to provide margin stability.
Operating Expenses
Selling, general, and administrative (SG&A) expenses for the quarter were $155.6 million, representing 30.8% of revenue, compared with $130.7 million, or 27.9% of revenue, in the prior-year period. The prior-year quarter included a $25.8 million gain related to an adjustment in the fair value of contingent consideration, which created a difficult comparison.
Excluding changes in the fair value of contingent consideration, weather-related expenses, intangible amortization, restructuring charges, and transaction and other costs, adjusted SG&A increased modestly by $1.6 million, or 1.1%, to $151.0 million from $149.4 million in the first quarter of fiscal 2025. This increase primarily reflects continued investment in the Company’s diversified business segments and infrastructure.
Interest Expense
Interest expense for the quarter was $15.9 million, or 3.1% of revenue, compared with $18.7 million, or 4.0% of revenue, in the prior-year period. The decrease was driven largely by lower average inventory levels and reduced floor plan financing, as well as improved financing terms.
Earnings and Adjusted Metrics
MarineMax reported a net loss of $7.9 million, or $0.36 per share, for the first quarter of fiscal 2026, compared with net income of $18.1 million, or $0.77 per diluted share, in the prior-year period.
On an adjusted basis, net loss 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 for the quarter totaled $15.5 million, compared with $26.1 million in the prior-year period, reflecting lower margins and continued promotional pressure.
Based on current business conditions, prevailing retail marine industry trends, and other relevant factors, MarineMax reaffirmed its fiscal 2026 outlook. The Company continues to expect adjusted EBITDA in the range of $110 million to $125 million and adjusted net income 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, interest rates, or broader global economic conditions.
Looking ahead, management remains cautiously optimistic as the Company approaches the spring selling season, historically the most active period for recreational boating.
“Although conditions across the recreational marine industry remain challenging, we expect activity to gradually improve as we move into the spring,” McGill said. “Early indications from this year’s retail boat shows have been encouraging, and we believe our premium positioning, diversified revenue streams, and disciplined operating approach will enable us to outperform the broader market as conditions improve.
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