MarineMax yesterday reported fiscal 2026 third-quarter net income of $15.4 million, or $0.66 per diluted share, reversing a year-ago net loss of $52.1 million that had included a $69.1 million goodwill impairment charge.
Revenue for the quarter ended June 30 fell 7% to $611.3 million, from $657.2 million a year earlier, as same-store sales declined 7% amid what the company called a “challenging marine retail environment.” Growth in higher-margin businesses — such as superyacht services, marinas (including IGY), and parts and service — partly offset the decline.
“Our team executed with discipline during the quarter, delivering meaningful gross margin expansion despite continued softness across the recreational marine industry,” president and CEO Brett McGill said in a statement. “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.”
Gross margin expanded 530 basis points to 35.7% from 30.4%, driven by improved new and used boat margins and continued growth of the company’s higher-margin segments. Gross profit rose 9.2% to $218.1 million. Margin also got a roughly 110-basis-point lift from a tariff refund tied mostly to boat sales recorded earlier in the fiscal year.
Adjusted EBITDA rose to $51.3 million from $35.5 million, and adjusted diluted earnings per share came in at $0.81, up from $0.05 a year ago.
The company also pointed to balance-sheet progress:. Inventories fell 13% year over year to $788.6 million, and MarineMax completed a refinancing of $1.49 billion in aggregate senior secured credit facilities, extending maturities to 2031, expanding its revolving credit facility and lowering borrowing costs.
MarineMax reaffirmed its fiscal year guidance, expecting adjusted EBITDA of $110 million to $125 million and adjusted diluted earnings per share of $0.40 to $0.95.
“While demand remains tempered by a cautious consumer environment, industry inventory levels continue to normalize, supporting healthier pricing dynamics and margin recovery,” McGill said. “Our diversified business model and disciplined operating approach position us to outperform the broader marine market.”
