MarineMax Q1 2026 results: ‘Gradual improvement’ expected amid mixed outlook
Revenue for the quarter totalled $505.2m; an increase of 7.8 per cent compared with Q1 2025
MarineMax has reported results for its fiscal 2026 first quarter ended 31 December 2025.
Revenue for the quarter totalled $505.2m, representing an increase of 7.8 per cent compared with the prior-year period. On a same-store basis, revenue increased by more than 10 per cent year on year. Gross profit for the quarter was $160.5m, equating to a gross margin of 31.8 per cent. Inventory levels at the end of the quarter were $167.3m lower than a year earlier.
The company reported a net loss of $7.9m, or $0.36 per share, for the quarter. On an adjusted basis, net loss was $4.6m, or $0.21 per share. Adjusted EBITDA totalled $15.5m.
In November, the firm posted its full-year 2025 results. Revenue in FY2025 totalled $552.2m compared with $563.1m in the same period last year. Same-store sales rose by 2.3 per cent
“As anticipated, retail margin pressure persisted across the recreational boating industry in the December quarter, reflecting continued uncertainty and competitive dynamics, including elevated promotional activity, as the industry continues to right-size inventory,” said Brett McGill, CEO and president of MarineMax.
“While these conditions kept new and used boat margins well below historical levels, we were encouraged by the solid same-store sales growth achieved during the period. With industry inventory levels anticipated to normalise through the second half of the fiscal year, we believe our positioning at the premium end of the market will support a gradual improvement in margin performance.
“Our ability to consistently generate gross margins above 30 per cent in one of the industry’s more challenging markets underscores the benefits of our strategy of adding higher-margin, complementary and less cyclical businesses.
“Over the past several years, we have diversified beyond traditional boat sales into marinas, storage operations, superyacht services, and financing and insurance. These businesses provide higher‑margin, recurring-revenue streams that enhance resilience and reduce the volatility inherent in the boating industry cycles. As these businesses continue to scale, they are becoming an increasingly important driver of long-term performance.
“During the quarter, we also achieved substantial reductions in inventory and floor plan financing, reflecting disciplined operational execution and improved alignment between supply and demand. Customer deposits remained steady year-over-year, providing a foundation for greater stability as we progress through the year. Combined with increased liquidity, improved inventory positioning and a strengthening balance sheet, we are entering the next phase of the industry recovery from a position of financial strength.”
Fiscal 2026 guidance reaffirmed
Selling, general and administrative expenses for the quarter were $155.6m, or 30.8 per cent of revenue, compared with $130.7m, or 27.9 per cent, in the prior-year period. The earlier period included a $25.8m gain related to an adjustment in the fair value of contingent consideration. On an adjusted basis, SG&A expenses increased by $1.6m to $151m.
Interest expense was $15.9m, or 3.1 per cent of revenue, compared with $18.7m, or 4 per cent, a year earlier. MarineMax attributed the reduction primarily to lower inventory levels and reduced financing costs.
MarineMax reaffirmed its fiscal 2026 guidance. The company continues to expect adjusted EBITDA in the range of $110m to $125m and adjusted net income of between $0.40 and $0.95 per diluted share, excluding the impact of material acquisitions and other factors.
“Although conditions across the recreational marine industry remain challenging, we expect activity to gradually improve as we move into the spring selling season,” adds McGill. “Early indications from this year’s retail boat shows have been encouraging, and our positioning in the premium segment should enable us to outperform the broader market as conditions improve.”
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