MarineMax发布2026财年三季度业绩，收入低于预期但利润率改善并维持全年指引

~ 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 ~

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 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 powerb