MarineMax (HZO) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue declined to $527.4 million from $631.5 million year-over-year, mainly due to a 15.4% drop in comparable-store sales and challenging retail conditions, but gross margin expanded to 34.4% from 30.0% due to growth in higher-margin businesses such as finance, insurance, superyacht services, and marinas.

• Reported net loss was $2.6 million ($0.12 per share), while adjusted net income was $0.9 million ($0.04 per diluted share); adjusted EBITDA was $23.9 million, down from $30.9 million last year.

• Over 20 acquisitions since 2019 have added $700 million in high-margin revenue, expanding into premium brands and superyacht segments.

• Technology investments and new product launches, including the MarineMax App and Boatyard platform, enhanced customer engagement and operational efficiency.

• Operating cash flow for the six months ended March 31, 2026, was $72.3 million, a significant improvement from a $73.6 million outflow in the prior year.

Financial highlights

• Quarterly revenue: $527.4 million, down from $631.5 million year-over-year, with same-store sales declining 15%.

• Gross margin: 34.4%, up 440 bps year-over-year, driven by higher-margin segments.

• Adjusted EBITDA: $23.9 million vs. $30.9 million last year.

• Adjusted EPS: $0.04 vs. $0.24 last year.

• Interest expense declined to $14.7 million from $18.2 million year-over-year.

Outlook and guidance

• Fiscal 2026 adjusted EBITDA guidance reaffirmed at $110–$125 million; adjusted net income $0.40–$0.95 per diluted share.

• Full-year same-store sales expected to be flat, with improvement anticipated in the back half of the year.

• Consolidated gross margins expected to remain in the low 30% range.

• Guidance excludes impacts from material acquisitions, tariff changes, or major macroeconomic shifts.

• Management remains cautiously optimistic, citing increased demand in digital and retail channels as the summer selling season begins.