US-based recreational yacht retailer MarineMax has reported revenue of $611.3m for the third quarter of fiscal 2026, a 7 per cent decrease from the same period last year, while improved boat margins and growth in its higher-margin businesses increased profitability.
Gross profit rose 9.2 per cent to $218.1m and gross margin increased by 530 basis points to 35.7 per cent. During the quarter, the company reduced inventories by $118m year on year and completed the refinancing of $1.49bn in senior secured credit facilities, extending maturities to 2031, increasing its revolving credit facility and lowering borrowing costs.
Net income reached $15.4m, or $0.66 per diluted share, while adjusted EBITDA increased to $51.3m.
The news comes amid reports that MarineMax is preparing to sell itself, after investor Donerail Group began pushing for a sale or for a leadership change.
“Our team executed with discipline during the quarter, delivering meaningful gross margin expansion despite continued softness across the recreational marine industry,” says 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 normalise, 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 continues. “Through prudent inventory management, debt reduction, and the successful refinancing of our $1.49bn 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.”
Revenue for the quarter fell from $657.2m to $611.3m, which the company attributes primarily to a 7 per cent decline in same-store sales as conditions in the recreational marine retail market remained subdued. Growth in higher-margin businesses, including superyacht services, IGY marinas and parts and service, partly offset the decline.
Gross profit increased from $199.6m to $218.1m, while gross margin improved from 30.4 per cent to 35.7 per cent. MarineMax says this reflected stronger margins on new and used boats, a more favourable business mix and growth in its higher-margin operations. Gross margin also benefited by around 110 basis points from a tariff refund, most of which related to boat sales recorded earlier in the fiscal year.
Selling, general and administrative expenses totalled $180.9m, representing 29.6 per cent of revenue, compared with $172.1m, or 26.2 per cent of revenue, in the same quarter last year. Excluding transaction and other costs, intangible amortisation, changes in contingent consideration, weather-related costs and restructuring expenses, adjusted SG&A increased by $6.1m, or 3.6 per cent.
Interest expense declined to $14.3m from $16.9m a year earlier, reflecting lower inventory levels and lower borrowing costs.
Net income was $15.4m, or $0.66 per diluted share, compared with a net loss of $52.1m, or $2.42 per share, in the third quarter of fiscal 2025. The prior-year period included a non-cash goodwill impairment charge of $69.1m related to the company’s manufacturing segment. Adjusted net income rose to $18.8m, or $0.81 per diluted share, from $1m, or $0.05 per diluted share. Adjusted EBITDA increased from $35.5m to $51.3m.
As of 30 June 2026, cash and cash equivalents stood at $174.8m, up from $151m a year earlier. Inventories declined 13 per cent to $788.6m from $906.2m over the same period.
MarineMax has reaffirmed its fiscal 2026 guidance and continues to expect adjusted EBITDA of between $110m and $125m, with adjusted net income of $0.40 to $0.95 per diluted share. The outlook excludes 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 says. “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 capitalise on opportunities as industry fundamentals continue to normalise, with a continued emphasis on driving profitable growth, generating strong cash flow, allocating capital prudently, and creating value for our shareholders.”
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