MarineMax (HZO) Q3 2026 earnings summary

Executive summary

• Revenue for Q3 FY2026 was $611.3 million, down 7% year-over-year, reflecting a challenging marine retail environment and a 7% decline in same-store sales.

• Gross profit margin increased to 35.7% from 30.4% year-over-year, driven by improved boat margins, growth in higher-margin businesses, and a 110 basis point benefit from tariff refunds.

• Net income was $15.4 million ($0.66 per diluted share), compared to a net loss of $52.1 million in the prior year, which included a $69.1 million goodwill impairment; adjusted net income was $18.8 million ($0.81 per diluted share), up from $1.0 million ($0.05 per share) year-over-year.

• Adjusted EBITDA increased to $51.3 million from $35.5 million in the prior-year period, reflecting a 44% year-over-year increase.

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

Financial highlights

• Quarterly revenue: $611.3 million (down 7.0% year-over-year); nine-month revenue: $1,643.8 million (down 6.4%).

• Gross profit margin: 35.7% for the quarter, 34.1% for the nine months (up from 30.4% and 31.8%, respectively, in the prior year).

• Adjusted EBITDA was $51.3 million, up from $35.5 million year-over-year.

• Cash and cash equivalents totaled $174.8 million, up from $151.0 million a year ago.

• Inventories decreased to $788.6 million from $906.2 million, reflecting improved inventory management.

Outlook and guidance

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

• Guidance excludes impacts from material acquisitions, tariff changes, geopolitical conflicts, and broader macroeconomic shifts.

• Same-store sales for fiscal 2026 expected to decline in the mid-single-digit range, reflecting ongoing macroeconomic uncertainty.

• Liquidity is expected to be sufficient for at least the next 12 months, barring significant acquisitions.

• July trends consistent with May and June, with positive same-store sales anticipated for the month.