MarineMax reported a $13 million net loss for its fiscal fourth quarter, compared with a $0.9 million loss a year earlier, as lower boat sales and acquisition-related costs weighed on results ahead of its planned takeover by Safe Harbor Marinas.
Revenue for the quarter ended 30 September 2026 fell to $520.1 million from $552.2 million, while same-store sales declined 5.7%. Growth in marinas, parts and servicing partly offset weaker boat sales.
Safe Harbor has agreed to acquire MarineMax for $53 per share in cash, representing an enterprise value of approximately $1.5 billion, the transaction is expected to close by the end of 2026, subject to shareholder approval and other customary conditions.
Despite the revenue decline, quarterly gross profit increased to $194.3 million from $191.4 million. Gross margin rose 270 basis points to 37.4%, reflecting improved boat profitability and a larger contribution from higher-margin businesses.
Diversification strategy
“Despite a challenging retail environment, contributions from across our portfolio helped offset market pressures, underscoring the value of our diversification strategy,” said Brett McGill, chief executive and president.
Selling, general and administrative expenses increased to $196.1 million from $177.6 million, primarily because of costs associated with the pending acquisition.
Adjusted expenses rose 1.8% to $181.1 million, while interest expense fell to $13.2 million from $17.3 million.
The quarterly adjusted net loss was $1.8 million, or $0.08 per share, compared with $1.1 million, or $0.05 per share.
Adjusted EBITDA increased 26% to $21.8 million. These adjusted figures are non-GAAP measures.
Same-store sales
For the full year, the boat and yacht retailer, marina operator and superyacht services group reported revenue of $2.2 billion and an $8.2 million net loss.
Same-store sales fell 5.5%, while gross margin increased 240 basis points to 34.9%. Full-year adjusted EBITDA was $112.6 million.
“Since 2019, we have expanded our higher-margin, non-boat revenue streams, contributing to a significant improvement in gross margin from 26.1% in fiscal 2019 to 34.9% in fiscal 2026,” McGill said.
Year-end cash stood at $156.4 million, down from $170.4 million. Inventory declined 6.3% to $812.8 million, following a $39.3 million reduction in the previous financial year.
