MarineMax, Inc.

Third-quarter revenue was $611 million. Same-store sales declined 7% year over year, driven mainly by lower unit sales. Gross profit was $218 million and gross margin was 35.7%, up 530 basis points year over year; management said about 110 basis points came from tariff refunds and the remaining improvement came from stronger boat margins and higher-margin businesses. Adjusted EBITDA rose over 44% to $51 million from $35 million. Reported net income per diluted share was $0.66 versus a loss of $2.42 last year, and adjusted diluted EPS was $0.81 versus $0.05. For fiscal 2026, MarineMax reaffirmed adjusted EBITDA of $110 million to $125 million and adjusted net income of approximately $0.40 to $0.95 per diluted share. The company also expects full-year same-store sales and industry unit volumes to be down, with industry unit volumes potentially down in the mid-single-digit range, and it expects the tax rate to be in the mid-30s with diluted share count around 22.9 million.

Brett McGill framed the quarter as validation of MarineMax’s diversified model and customer-centric strategy. He emphasized that premium demand has been more resilient than the broader market and that the company is benefiting from brokerage, finance and insurance, marina operations, superyachts, and parts and service. He also highlighted the refinancing to 2031, the new certified preowned program, and the NextBoat partnership as steps that improve flexibility and expand higher-margin growth opportunities.

Michael McLamb focused on the financial improvement underneath the softer revenue backdrop. He said gross profit rose to $218 million, adjusted EBITDA climbed to $51 million, and inventory declined about $118 million from last June, while cash ended the quarter at almost $175 million. He noted interest expense fell due to lower inventory and borrowings, and said the refinancing of senior secured credit facilities was completed on improved terms. On margins, he said roughly 60% of the 420-basis-point underlying gross margin improvement came from higher-margin businesses and about 40% from boat margin improvement, with boat margins still about 300 to 400 basis points below pre-COVID levels.

Analysts pressed on how much of the margin improvement came from higher-margin businesses versus boat margins, and management said the mix was roughly 60% higher-margin businesses and about 40% boat margin recovery. Management also said boat margins improved by roughly 175 to 200 basis points year over year and should continue improving as inventory normalizes. Questions on guidance reflected concern that industry softness and weaker same-store sales could pressure the outlook, but management said stronger months and continued margin recovery could keep results toward the higher end of guidance. On dealer health, management suggested the worst of mom-and-pop closings may be behind the industry if inventory and margins keep improving.