MarineMax has reported financial results for its fiscal 2026 second quarter ended 31 March 2026.
The company posted revenue of $527.4m for the quarter, down from $631.5m in the same period last year. MarineMax said the decline was mainly due to lower new and used boat sales, although this was partly offset by growth in other parts of the business, including finance and insurance, superyacht services and marinas.
Same-store sales fell 15 per cent during the quarter, compared with an 11 per cent increase in the prior-year period.
Gross profit came in at $181.3m, compared with $189.5m a year earlier. Gross profit margin was 34.4 per cent, up from 30 per cent in the prior-year quarter.
MarineMax reported a net loss of $2.6m, or $0.12 per share. That compared with net income of $3.3m, or $0.14 per diluted share, in the prior-year quarter. Adjusted net income was $0.9m, or $0.04 per diluted share, compared with adjusted net income of $5.5m, or $0.24 per diluted share, in the prior year.
Adjusted EBITDA was $23.9m, compared with $30.9m in the prior-year quarter.
The update comes amid a tense time at MarineMax, after two major shareholders, Donerail Group and Levin Capital Strategies, issued statements earlier this year calling out ‘failures’ and ‘a culture of nepotism’ at the firm, saying they no longer had confidence in Brett McGill as the firm’s CEO.
MarineMax responded, saying it had been engaging with Donerail throughout, and that it remains committed to ‘carefully evaluating any credible proposal that has the potential to enhance shareholder value.’ The firm has not publicly addressed the specific claims of nepotism.
The news generated further buyout interest from major private equity firms, including Centerbridge Partners and Blackstone, as well as wealthy individuals, according to Reuters.
McGill was re-elected to the board by shareholders at the firm’s AGM on 3 March 2026.
Selling, general and administrative (SG&A) expenses rose to $170.4m, representing 32.3 per cent of revenue. In the prior-year quarter, SG&A expenses were $166.8m, or 26.4 per cent of revenue. On an adjusted basis, excluding transaction costs, changes in contingent consideration, weather events and other non-recurring items, adjusted SG&A was $165.8m, or 31.4 per cent of revenue, compared with $163.8m, or 25.9 per cent of revenue, in the prior year.
Interest expense was $14.7m, down from $18.2m in the prior-year period.
MarineMax CEO Brett McGill comment
Commenting on the results, MarineMax CEO and president Brett McGill says: “Our fiscal second quarter results reflected ongoing industry headwinds in the retail environment for new and used boat sales; however, our higher-margin businesses once again provided important balance, stability and growth, helping to offset much of the pressure caused by the decline in boat revenue.”
McGill adds: “Contributions from areas of the business that we have strategically expanded, including finance and insurance, superyacht services, marinas, and parts and service, continue to perform well and support our margin profile, underscoring the benefits of our diversified business model.
“While near-term market conditions remain pressured by geopolitical and macroeconomic uncertainty, including international concerns from tariffs, the long-term fundamentals of the recreational marine market remain strong.
“Virtually every recent boat show we have participated in, including last month’s Palm Beach International Boat Show, has produced strong and, in some cases, record results, highlighting sustained consumer interest in the boating lifestyle, especially in premium segments.
“Our balance sheet remains very strong, supported by disciplined inventory management, reduced floorplan financing, and ample liquidity. As we enter the summer selling season, we are seeing increased demand across both digital and retail channels supporting a cautiously optimistic outlook.”
Cash and cash equivalents were $189.1m at quarter end, compared with $170.4m at the end of fiscal 2025 and $203.5m in the prior-year period.
Inventories totalled $845.4m, down from $973.4m a year earlier.
MarineMax fiscal 2026 guidance
MarineMax reaffirmed its fiscal 2026 guidance. The company continues to expect adjusted EBITDA for fiscal 2026 to be in the range of $110m to $125m and adjusted net income to be in the range of $0.40 to $0.95 per diluted share.
It said the projections exclude the potential impact of material acquisitions or other unforeseen developments, including changes in tariffs, international hostilities and broader macroeconomic conditions.
“As we look ahead, we recognise that geopolitical uncertainty and macroeconomic dynamics may continue to influence consumer behaviour over the next several quarters,” McGill says.
“That said, our diversified business model, strong balance sheet and continued growth in higher-margin businesses position us well to navigate the environment and drive long-term value creation.”
MarineMax operates a network of more than 120 locations worldwide, including more than 70 dealerships and more than 65 marina and storage facilities.
Its businesses include IGY Marinas, Fraser Yachts Group, Northrop & Johnson, Cruisers Yachts and Intrepid Powerboats. The company also provides financing and insurance services and operates digital products, including Boatyard and Boatzon. MarineMax Vacations operates in Tortola, British Virgin Islands.
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