Fiscal 2026 fourth quarter and full year
Filed Nov 4, 2026MarineMax Reports Fiscal 2026 Fourth Quarter and Full Year Results
Fourth-quarter revenue and same-store sales declined and the Company reported GAAP losses, while gross margin expanded, adjusted EBITDA increased, and inventory declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Fourth quarter revenueGAAP | $520.1M | – | – |
| Full year revenueGAAP | $2.2B | – | – |
| Fourth quarter same-store salesother | decreased 5.7% | – | decreased 5.7% |
| Full year same-store salesother | decreased 5.5% | – | decreased 5.5% |
| Fourth quarter cost of salesGAAP | 325.8M | – | – |
| Full year cost of salesGAAP | 1.41B | – | – |
| Fourth quarter gross profitGAAP | $194.3M | – | – |
| Full year gross profitGAAP | 754.2M | – | – |
| Fourth quarter gross marginGAAP | 37.4% | – | increased 270 basis points |
| Full year gross marginGAAP | 34.9% | – | increased 240 basis points |
| Fourth quarter selling, general and administrative expensesGAAP | $196.1M | – | – |
| Full year selling, general and administrative expensesGAAP | 702.9M | – | – |
| Fourth quarter Adjusted SG&Anon-GAAP | $181.1M | – | increased $3.2 million, or 1.8% |
| Full year goodwill impairmentGAAP | — | – | – |
| Fourth quarter loss from operationsGAAP | −1.72M | – | – |
| Full year income from operationsGAAP | 51.26M | – | – |
| Fourth quarter interest expenseGAAP | $13.2M | – | – |
| Full year interest expenseGAAP | 58.03M | – | – |
| Fourth quarter loss before income tax benefit provisionGAAP | −14.93M | – | – |
| Full year loss before income tax benefit provisionGAAP | −6.78M | – | – |
| Fourth quarter income tax benefitGAAP | −2.64M | – | – |
| Full year income tax provisionGAAP | 678K | – | – |
| Fourth quarter net loss attributable to MarineMax, Inc.GAAP | $13M | – | – |
| Full year net loss attributable to MarineMax, Inc.GAAP | $8.2M | – | – |
| Fourth quarter diluted net loss per common shareGAAP | $0.59 | – | – |
| Full year diluted net loss per common shareGAAP | $0.37 | – | – |
| Fourth quarter adjusted net loss attributable to MarineMax, Inc.non-GAAP | $1.8M | – | – |
| Full year adjusted net income attributable to MarineMax, Inc.non-GAAP | $13.3M | – | – |
| Fourth quarter adjusted diluted net loss per common sharenon-GAAP | $0.08 | – | – |
| Full year adjusted diluted net income per common sharenon-GAAP | $0.58 | – | – |
| Fourth quarter Adjusted EBITDAnon-GAAP | $21.8M | – | increased 26% |
| Full year Adjusted EBITDAnon-GAAP | $112.6M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Retail Operations, fourth quarter revenueThe Company cited lower boat sales, partially offset by continued growth in marinas and parts and service. | $519.9M | – | – |
| Product Manufacturing, fourth quarter revenueNo segment-specific revenue driver was provided. | $30.04M | – | – |
| Retail Operations, full year revenueNo segment-specific full-year revenue driver was provided. | $2.16B | – | – |
| Product Manufacturing, full year revenueNo segment-specific full-year revenue driver was provided. | $108.6M | – | – |
What drove it
- Fourth-quarter revenue decreased primarily because of lower boat sales.
- Continued growth in marinas and parts and service partially offset lower boat sales.
- Fourth-quarter gross-margin expansion was primarily driven by improved boat profitability and a greater contribution from higher-margin businesses across the portfolio.
- Fourth-quarter SG&A increased primarily because of costs associated with the pending acquisition by Safe Harbor.
- Adjusted EBITDA increased to $21.8 million from $17.3 million in the fourth quarter.
Concerns
- Same-store sales decreased 5.7% in the fourth quarter and 5.5% for fiscal 2026.
- Fourth-quarter revenue was $520.1 million versus $552.2 million in the prior-year period.
- MarineMax recorded a fourth-quarter net loss attributable to MarineMax of $13.0 million, compared with a $0.9 million net loss in the prior-year period.
- Fourth-quarter SG&A totaled $196.1 million, or 37.7% of revenue, compared with $177.6 million, or 32.2% of revenue, in the prior-year period.
- The Company will not provide financial guidance for fiscal 2027 due to the pending acquisition by Safe Harbor.
What to watch
- Completion of the Safe Harbor transaction, which is expected to close by the end of calendar year 2026, subject to customary closing conditions including shareholder approval.
- The pace of boat sales and same-store sales in the challenging retail environment.
- The contribution from higher-margin businesses, including marinas and parts and service.
- Inventory levels following the $54.6 million, or 6.3%, fiscal-2026 inventory reduction.
- Transaction and other costs associated with the pending acquisition by Safe Harbor.
Balance sheet and cash flow
- Cash and cash equivalents totaled $156.4 million as of September 30, 2026, compared with $170.4 million at the end of the prior-year period.
- Inventories declined $54.6 million, or 6.3%, to $812.8 million in fiscal 2026 from $867.3 million at the end of fiscal 2025.
- Short-term borrowings were 613,671 (Amounts in thousands) as of September 30, 2026, compared with 715,679 (Amounts in thousands) as of September 30, 2025.
- Current maturities on long-term debt were 31,448 (Amounts in thousands) as of September 30, 2026, compared with 35,593 (Amounts in thousands) as of September 30, 2025.
- Long-term debt, net of current maturities, was 324,351 (Amounts in thousands) as of September 30, 2026, compared with 356,235 (Amounts in thousands) as of September 30, 2025.
Analysis
MarineMax closed fiscal 2026 with softer retail demand but materially improved gross-margin performance. Fourth-quarter revenue was $520.1 million, compared with $552.2 million in the prior-year period, while same-store sales decreased 5.7%. For the full year, revenue was $2.2 billion and same-store sales decreased 5.5%. Management attributed the quarterly revenue decline primarily to lower boat sales, with continued growth in marinas and parts and service providing a partial offset.
Mix and boat profitability supported margin expansion despite lower revenue. Fourth-quarter gross profit increased to $194.3 million from $191.4 million, and gross margin rose to 37.4% from 34.7%, an increase of 270 basis points. Full-year gross margin increased 240 basis points to 34.9%. The Company attributed the quarterly expansion to improved boat profitability and a greater contribution from higher-margin businesses across the portfolio.
GAAP earnings remained pressured by operating expenses and acquisition-related costs. Fourth-quarter SG&A increased to $196.1 million, or 37.7% of revenue, from $177.6 million, or 32.2% of revenue, primarily due to costs associated with the pending Safe Harbor transaction. MarineMax reported a fourth-quarter net loss attributable to MarineMax of $13.0 million, or $0.59 per share, versus a $0.9 million loss, or $0.04 per share, a year earlier. Excluding specified items, adjusted net loss was $1.8 million, or $0.08 per share, compared with $1.1 million, or $0.05 per share.
Non-GAAP operating performance improved. Fourth-quarter Adjusted EBITDA increased 26% to $21.8 million from $17.3 million, while full-year Adjusted EBITDA was $112.6 million compared with $109.8 million. Full-year GAAP income from operations was 51,260 (Amounts in thousands), compared with 34,017 (Amounts in thousands), and the prior year included a 69,055 (Amounts in thousands) goodwill impairment charge in Product Manufacturing.
Balance-sheet actions centered on inventory reduction. Cash and cash equivalents were $156.4 million at September 30, 2026, compared with $170.4 million at the end of the prior-year period. Inventories declined $54.6 million, or 6.3%, to $812.8 million from $867.3 million. The Company expects Safe Harbor's acquisition of all outstanding common shares for $53.00 per share in cash to close by the end of calendar year 2026, subject to closing conditions, and will not provide fiscal 2027 guidance or hold a results conference call.
Management, verbatim
Fiscal 2026 demonstrated the strength of MarineMax's diversified business model and the benefits of our strategic investments to broaden our marine offerings and expand our presence in durable, higher-margin businesses.
Brett McGill, Chief Executive Officer and President
Despite a challenging retail environment, contributions from across our portfolio helped offset market pressures, underscoring the value of our diversification strategy.
Brett McGill, Chief Executive Officer and President
Our previously announced agreement to be acquired by Safe Harbor represents an important milestone for MarineMax and reflects the value we have created by building a broader and more diversified marine business.
Brett McGill, Chief Executive Officer and President
Not in the filing
stated, not guessed- Fiscal 2027 financial guidance was not provided.
- Prior outlook was not provided, so no comparison with prior guidance is available.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Dividends and share repurchases were not reported.
- A fourth-quarter prior-quarter comparison was not reported for the key metrics.
- Percentage changes for reported segment revenue were not provided.
- Full-year Adjusted SG&A was not reported.
- A full-year prior-year gross-margin percentage was not printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.