MarineMax (HZO) Q1 2026 earnings summary

Executive summary

• Revenue rose 7.8% year-over-year to $505.2 million, driven by strong same-store sales growth exceeding 10% and a shift toward larger, premium products despite a challenging retail environment.

• Gross margin declined to 31.8% from 36.2% due to increased promotions and sales mix, but was supported by expansion into higher-margin, recurring-revenue businesses.

• Net loss was $7.9 million ($0.36 per share); adjusted net loss was $4.6 million ($0.21 per share).

• Adjusted EBITDA was $15.5 million, down from $26.1 million in the prior year.

• Inventory was reduced by nearly $170 million year-over-year, strengthening liquidity and the balance sheet.

Financial highlights

• Revenue for the quarter was $505.2 million, up from $468.5 million year-over-year, with nearly 11% same-store sales growth.

• Gross profit was $160.5 million (31.8% margin), down from $169.7 million (36.2% margin) year-over-year.

• SG&A expenses increased to $155.6 million (30.8% of revenue), up from $130.7 million (27.9% of revenue) year-over-year.

• Interest expense declined to $15.9 million from $18.7 million year-over-year.

• Net loss was $7.9 million, or $(0.36) per diluted share, versus net income of $18.1 million, or $0.77 per diluted share, prior year.

Outlook and guidance

• Fiscal 2026 Adjusted EBITDA is expected to be $110–$125 million; adjusted net income per diluted share is projected at $0.40–$0.95.

• Same-store sales for fiscal 2026 are expected to be flat to slightly positive.

• Retail margin pressure is expected to persist through the fiscal second quarter, with improvement anticipated in the second half.

• Guidance excludes potential impacts from material acquisitions or unforeseen macroeconomic events.

• Management expects gradual improvement in industry conditions and margin performance as inventory normalizes.