MarineMax received revenue of $505.2 million in its fiscal 2026 first quarter ended December 31 2025, an increase of 7.8% to $505.2 million from $468.5 million in the prior-year period.
The boat and yacht retailer had an increase in same-store sales of 10% compared with an 11% decline in the first quarter of fiscal 2025 versus the same period in fiscal 2024.
Gross profit was $160.5 million, or 31.8% of revenue, in the first quarter of fiscal 2026, compared with $169.7 million, or 36.2% of revenue, in the prior-year period.
Inventories at quarter end decreased $167.3 million from the prior year.
The company made a reported net loss of $7.9 million, with adjusted EBITDA of $15.5 million.
We expect activity to gradually improve as we move into the spring selling season.
The company reports that retail margin pressure persisted across the recreational boating industry in the December quarter, reflecting continued uncertainty and competitive dynamics.
And it says it has continued to reduce inventory and floor plan financing.
“While these conditions kept new and used boat margins well below historical levels, we were encouraged by the solid same-store sales growth achieved during the period,” said said Brett McGill, CEO and president of MarineMax.
The business has diversified over the years beyond traditional boat sales into marinas, storage operations, superyacht services, and financing and insurance and this strategy is paying off with the ability to generate gross margins above 30%.
Conditions remain challenging
Based on current business conditions, retail marine industry trends, and other relevant factors, the company says it continues to expect fiscal 2026 adjusted EBITDA to be in the region of $110 million to $125 million.
“Although conditions across the recreational marine industry remain challenging, we expect activity to gradually improve as we move into the spring selling season,” McGill concluded.
“Early indications from this year’s retail boat shows have been encouraging, and our positioning in the premium segment should enable us to outperform the broader market as conditions improve.”
