MALIBU BOATS, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2026 RESULTS
MALIBU BOATS, INC. (MBUU) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 MALIBU BOATS, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2026 RESULTS Board Authorizes Fiscal 2027 Share Repurchase Program of $70 Million Loudon, TN - August 27, 2026 - Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the fourth qu
How this was made
The 30-second read
Why it matters
Earnings beat and buyback could drive near‑term buying pressure; watch for execution of Saxdor integration.
Market read
First disclosure of earnings and capital allocation moves; actionable for traders.
What to watch
Integration risks of Saxdor acquisition and potential inventory overhang.
Malibu Boats reported fourth-quarter net sales of $295.5 million, up 42.7%, and authorized a $70 million Fiscal 2027 share repurchase program.
Fourth-quarter sales, gross profit, adjusted EBITDA, operating cash flow and free cash flow increased sharply, supported by Saxdor, higher Cobalt and Saltwater Fishing volumes, pricing and model mix. Full-year GAAP operating income and net income declined materially, while fiscal 2027 guidance calls for higher net sales and Adjusted EBITDA.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q4 net sales (In thousands)GAAP | $295.5M | – | 42.7% |
| Q4 unit volumeother | 1,456 units | – | 19.2% |
| Q4 gross profit (In thousands)GAAP | $52.19M | – | 59.4% |
| Q4 gross profit marginGAAP | 17.7 % | – | 190 basis points |
| Q4 cost of sales (In thousands)GAAP | 243.3M | – | 39.6% |
| Q4 selling and marketing expense (In thousands)GAAP | 6.77M | – | 25.7% |
| Q4 general and administrative expense (In thousands)GAAP | 31.77M | – | 68.8% |
| Q4 amortization expense (In thousands)GAAP | 4.30M | – | – |
| Q4 operating income (In thousands)GAAP | 9.34M | – | – |
| Q4 net income (In thousands)GAAP | $7.37M | – | 53.7% |
| Q4 net income marginGAAP | 2.5 % | – | – |
| Q4 diluted net income available to Class A Common Stock per shareGAAP | $ 0.37 | – | 54.2% |
| Q4 Adjusted EBITDA (In thousands)non-GAAP | $33.95M | – | 72.7% |
| Q4 Adjusted EBITDA marginnon-GAAP | 11.5 % | – | – |
| Q4 adjusted net income per sharenon-GAAP | $ 0.92 | – | 119.0% |
| Q4 net cash provided by operating activities (In thousands)GAAP | $26.95M | – | 28.1% |
| Q4 free cash flow (In thousands)non-GAAP | $16.99M | – | 19.3% |
| Fiscal Year 2026 net sales (In thousands)GAAP | $914.6M | – | 13.3% |
| Fiscal Year 2026 unit volumeother | 4,944 units | – | 0.9% |
| Fiscal Year 2026 gross profit (In thousands)GAAP | $146.5M | – | 1.7% |
| Fiscal Year 2026 gross profit marginGAAP | 16.0 % | – | 180 basis points |
| Fiscal Year 2026 cost of sales (In thousands)GAAP | 768.1M | – | 15.8% |
| Fiscal Year 2026 selling and marketing expense (In thousands)GAAP | 27.48M | – | 19.1% |
| Fiscal Year 2026 general and administrative expense (In thousands)GAAP | 105.1M | – | 13.7% |
| Fiscal Year 2026 amortization expense (In thousands)GAAP | 10.80M | – | – |
| Fiscal Year 2026 operating income (In thousands)GAAP | 3.10M | – | – |
| Fiscal Year 2026 net income (In thousands)GAAP | $1.71M | – | 88.8% |
| Fiscal Year 2026 net income marginGAAP | 0.2 % | – | – |
| Fiscal Year 2026 diluted net income available to Class A Common Stock per shareGAAP | $ 0.09 | – | 88.2% |
| Fiscal Year 2026 Adjusted EBITDA (In thousands)non-GAAP | $73.94M | – | 1.1% |
| Fiscal Year 2026 Adjusted EBITDA marginnon-GAAP | 8.1 % | – | – |
| Fiscal Year 2026 adjusted net income per sharenon-GAAP | $ 1.52 | – | 3.8% |
| Fiscal Year 2026 net cash provided by operating activities (In thousands)GAAP | $67.51M | – | 19.5% |
| Fiscal Year 2026 capital expenditures (In thousands)GAAP | −$24.66M | – | – |
| Fiscal Year 2026 free cash flow (In thousands)non-GAAP | $43.20M | – | 48.3% |
| Cash as of June 30, 2026 (In thousands)GAAP | $74.42M | – | – |
| Long-term debt as of June 30, 2026 (In thousands)GAAP | 165M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q4 MalibuFavorable model mix and year-over-year price increases, partially offset by decreased unit volumes. Unit volumes decreased 14 units, or 2.5%, primarily due to lower wholesale shipments driven by lower retail activity. | $82.9M | – | 3.2% |
| Q4 Saltwater FishingHigher unit volumes, favorable model mix and year-over-year price increases. Unit volumes increased 7 units, or 2.2%, primarily due to higher wholesale shipments as a result of firming dealer inventory levels in pockets of the portfolio. | $80.9M | – | 11.1% |
| Q4 CobaltHigher unit volumes, favorable model mix and year-over-year price increases. Unit volumes increased 62 units, or 18.9%, primarily due to higher wholesale shipments as a result of firming dealer inventory levels in pockets of the portfolio. | $70.5M | – | 31.0% |
| Q4 SaxdorNew segment due to the recent acquisition. Unit volumes were 180 units. | $61.2M | – | – |
| Fiscal Year 2026 MalibuFavorable model mix and year-over-year price increases, partially offset by decreased unit volumes. Unit volumes decreased 73 units, primarily due to lower wholesale shipments driven by lower retail activity during the period. | $312.9M | – | 0.1% |
| Fiscal Year 2026 Saltwater FishingFavorable model mix and year-over-year price increases, partially offset by decreased unit volumes. Unit volumes decreased 53 units, primarily due to lower wholesale shipments driven by lower retail activity during the period. | $284M | – | 1.6% |
| Fiscal Year 2026 CobaltFavorable model mix and year-over-year price increases, partially offset by decreased unit volumes. Unit volumes decreased 74 units, primarily due to lower wholesale shipments driven by lower retail activity and dealers' desire to hold less inventory. | $233.4M | – | 8.4% |
| Fiscal Year 2026 SaxdorSince the acquisition on March 2, 2026, unit volume attributable to Saxdor was 246 units. | $84.3M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Fiscal Year 2027 outlook
- Revenue$1.08 billion to $1.12 billion year-over-year
- NoteAdjusted EBITDA ranging from $101 million to $109 million.
- NoteThe Company has not provided reconciliations of guidance for Adjusted EBITDA.
Capital returns
- The Board of Directors authorized a new $70 million share repurchase program for Fiscal 2027 in June 2026.
- The Company paused its share repurchase activities during the refinancing negotiations.
- Repurchase and retirement of Class A Common Stock: $ (33,910) (In thousands) for fiscal year 2026, compared with $ (35,955) (In thousands) for fiscal year 2025.
What drove it
- Fourth-quarter net sales growth was driven primarily by $61.2 million of revenue from the new Saxdor segment, increased unit volumes in Cobalt and Saltwater Fishing, favorable model mix across the three existing segments, and year-over-year price increases.
- Fourth-quarter consolidated net sales per unit increased 19.7% to $202,979 per unit.
- Fourth-quarter gross margin increased 190 basis points from 15.8% to 17.7%, driven by an increased mix of models that carry a higher gross margin.
- Fiscal-year net sales benefited from $84.3 million of revenue from Saxdor, favorable model mix and year-over-year price increases.
- The Company expects completion of its first domestically-built Saxdor boats at its Fort Pierce, Florida facility in the first half of fiscal 2027.
- The fiscal 2026 model-year lineup added eleven new models across the portfolio.
Concerns
- Fiscal year 2026 GAAP operating income decreased to $3.1 million from $21.8 million and GAAP net income decreased 88.8% to $1.7 million.
- Fiscal year 2026 gross margin decreased 180 basis points from 17.8% to 16.0%, driven primarily by higher per unit material and labor costs.
- Lower wholesale shipments across all three existing segments during fiscal year 2026 reflected lower retail activity; Cobalt dealers also sought to hold less inventory.
- General and administrative expenses increased due to Saxdor acquisition-related expenses, the new Saxdor segment, incentive pay and salaries.
- Management said macro disruptions continue to pressure the payment buyer and present a near-term headwind to an inflection in the cycle.
What to watch
- Delivery of fiscal 2027 net sales of $1.08 billion to $1.12 billion and Adjusted EBITDA of $101 million to $109 million.
- Progress of Saxdor integration and expected completion of the first domestically-built Saxdor boats in the first half of fiscal 2027.
- Whether retail activity and dealer inventory conditions improve across the Malibu, Saltwater Fishing and Cobalt segments.
- The effect of higher per-unit material and labor costs on gross margin.
- Execution under the new $70 million Fiscal 2027 share repurchase program following the July refinancing.
Balance sheet and cash flow
- Cash: $74.4 million as of June 30, 2026.
- Long-term debt: $165.0 million as of June 30, 2026.
- Total assets: $ 996,194 (In thousands) as of June 30, 2026, compared with $ 734,578 (In thousands) as of June 30, 2025.
- Inventories, net: 180,066 (In thousands) as of June 30, 2026, compared with 142,163 (In thousands) as of June 30, 2025.
- Net cash provided by operating activities: $ 67,509 (In thousands) for fiscal year 2026.
- Purchases of property and equipment: $ (24,663) (In thousands) for fiscal year 2026.
- Payment for acquisition, net of cash acquired: $ (118,305) (In thousands) for fiscal year 2026.
- On July 10, 2026, the Company completed a refinancing extending the maturity date to July 2031. The new structure includes a $100.0 million term loan facility and a $250.0 million revolving credit facility, replacing the prior $350.0 million revolving facility.
Analysis
Malibu Boats closed fiscal 2026 with a sharply improved fourth quarter. Net sales increased 42.7% to $295.5 million, while unit volume increased 19.2% to 1,456 units. Saxdor contributed $61.2 million of fourth-quarter revenue and 180 units. Cobalt and Saltwater Fishing also recorded higher unit volumes, while Malibu unit volume declined. The company attributed the revenue increase across the existing portfolio to favorable model mix and year-over-year price increases as well as volume gains in Cobalt and Saltwater Fishing.
Fourth-quarter profitability improved at the gross-profit level. Gross profit increased 59.4% to $52.2 million and gross margin increased from 15.8% to 17.7%, driven by a higher-margin model mix. However, general and administrative expense increased to $31.8 million, reflecting Saxdor acquisition-related expense, incremental Saxdor costs and higher incentive pay. Operating income increased to $9.3 million, GAAP net income increased to $7.4 million, and Adjusted EBITDA increased to $33.9 million. Fourth-quarter operating cash flow increased to $27.0 million and free cash flow increased to $17.0 million.
The full-year result shows the cost of the acquisition and a weaker underlying shipment environment. Fiscal-year net sales increased 13.3% to $914.6 million, including $84.3 million from Saxdor, but unit volume increased only 0.9% to 4,944 units because lower wholesale shipments across the three existing segments offset Saxdor's 246 units. Gross profit increased 1.7% to $146.5 million, while gross margin declined from 17.8% to 16.0% because of higher per-unit material and labor costs. Operating income declined to $3.1 million and GAAP net income declined 88.8% to $1.7 million. Adjusted EBITDA declined 1.1% to $73.9 million.
Balance-sheet cash rose to $74.4 million at June 30, 2026, while long-term debt was $165.0 million. Full-year operating cash flow was $67.5 million, capital expenditures were $24.7 million and free cash flow was approximately $43.2 million. The company paid $118.3 million for the acquisition, net of cash acquired, and repurchased and retired $33.9 million of Class A Common Stock. It refinanced its credit facility on July 10, 2026, with a $100.0 million term loan facility and a $250.0 million revolving credit facility, and the board authorized a new $70 million Fiscal 2027 repurchase program.
For fiscal 2027, Malibu anticipates net sales of $1.08 billion to $1.12 billion and Adjusted EBITDA of $101 million to $109 million. The guide implies management expects to extend the fourth-quarter momentum and capture Saxdor integration benefits, but the release specifically identifies continuing macro pressure on payment buyers and awaits more durable evidence of a broader industry recovery. Margin recovery, retail activity, dealer inventory normalization and the transition to domestic Saxdor production are the central reported operating variables for the year.
Management, verbatim
Fiscal 2026 demonstrated the power of our strategic execution. We delivered a strong finish to the year, driven by better than expected net sales, disciplined cost management, dealer network optimization, and the successful integration of Saxdor in our first four months with the business.
Steve Menneto, President and Chief Executive Officer of Malibu Boats, Inc.
While we're seeing early signs of stabilization across the industry, we are contending with macro disruptions that continue to pressure the payment buyer, which presents a near-term headwind to an inflection in the cycle.
Steve Menneto, President and Chief Executive Officer of Malibu Boats, Inc.
While we chose to pause our open market purchases during our lender negotiations, the Board authorized a new $70 million share repurchase program for fiscal 2027 in June, and we closed our refinancing in July, underscoring our confidence in the business and our commitment to returning capital to shareholders.
David Black, Chief Financial Officer of Malibu Boats, Inc.
Not in the filing
stated, not guessed- Previous-release outlook was not provided; therefore, no comparison of reported results with prior guidance is available.
- Prior-quarter comparisons are not reported for the presented operating metrics.
- Fiscal 2027 guidance for gross margin, operating expenses and tax rate is not provided.
- A GAAP reconciliation for fiscal 2027 Adjusted EBITDA guidance is not provided.
- Dividend declarations or dividend payments are not reported.
- Segment operating income, segment gross profit and segment margins are not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Malibu Boats filed an 8‑K detailing FY2026 financials and a new $70 M share repurchase program.
Ticker impact
Malibu Boats reported Q4 and full-year FY2026 results with 42.7% sales growth and a $70M share repurchase authorization.
Potential short-term price rally on earnings beat and buyback news.
Revenue and profit surged YoY, and the board's buyback indicates confidence, likely attracting buyers.
Market effects
Positive for recreational marine equipment sector, may lift peers.
U.S. consumer discretionary outlook improves.
Limited to U.S. market; modest global effect.
Counterpoint
If macro headwinds persist, earnings growth may not be sustainable.
Key entities
- ExecutiveSteve Menneto
President and CEO of Malibu Boats, commented on results.
- ExecutiveDavid Black
CFO, highlighted refinancing and share repurchase.
