MarineMax Widens Fourth-Quarter Loss as Safe Harbor Deal Closes In

The Tip Desk · November 11, 2026 · 3 min read

Revenue was $520.1 million as gross margin reached 37.4% and the company said it will not issue fiscal 2027 guidance.

MarineMax, Inc. (HZO), a boat and yacht retailer, marina operator and superyacht services company, reported a net loss attributable to the company of $13.0 million, or $0.59 a share, for the fiscal 2026 fourth quarter ended September 30, 2026, compared with a $0.9 million, or $0.04 a share, loss a year earlier.

Revenue was $520.1 million, down from $552.2 million in the prior-year period. The company said the decrease primarily reflected lower boat sales, partially offset by continued growth in several higher-margin areas, including marinas and parts and service. Same-store sales decreased 5.7%.

Gross profit increased to $194.3 million, or 37.4% of revenue, from $191.4 million, or 34.7% of revenue, a year earlier. The 270 basis point expansion was primarily driven by improved boat profitability and a greater contribution from higher-margin businesses across the portfolio, the company said.

Selling, general and administrative expenses totaled $196.1 million, or 37.7% of revenue, compared with $177.6 million, or 32.2% of revenue, in the prior-year period. The company said the increase was primarily attributable to costs associated with its pending acquisition by Safe Harbor Marinas. Excluding transaction and other costs, intangible amortization, changes in contingent consideration, weather-related costs and restructuring expenses, Adjusted SG&A increased $3.2 million, or 1.8%, to $181.1 million from $177.9 million.

Transaction and other costs were $12.5 million in the fourth quarter, versus $0.8 million a year earlier, and restructuring expense was $2.1 million versus $0.3 million.

Adjusted net loss was $1.8 million, or $0.08 a share, compared with an adjusted net loss of $1.1 million, or $0.05 a share, in the prior-year period. Adjusted EBITDA increased 26% to $21.8 million from $17.3 million.

Interest expense decreased to $13.2 million, or 2.5% of revenue, from $17.3 million, or 3.1% of revenue, in the prior-year period.

Retail Operations revenue was $519.9 million versus $549.1 million a year earlier, and Retail Operations income from operations fell to $2.2 million from $14.2 million. Product Manufacturing revenue was $30.0 million versus $33.4 million, and Product Manufacturing operating loss narrowed to $1.9 million from $3.5 million.

Cash and cash equivalents totaled $156.4 million as of September 30, 2026, compared with $170.4 million at the end of the prior-year period. Inventories declined $54.6 million, or 6.3%, to $812.8 million in fiscal 2026 from $867.3 million at the end of fiscal 2025, which followed a $39.3 million decline from the end of fiscal 2024.

For the full fiscal year, revenue was $2.2 billion, same-store sales decreased 5.5%, gross margin increased 240 basis points to 34.9%, net loss attributable to MarineMax was $8.2 million, or $0.37 a share, adjusted earnings were $0.58 a share, and Adjusted EBITDA was $112.6 million. Chief Executive Officer and President Brett McGill said that since 2019 the company has expanded 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.

As previously announced on August 10, 2026, MarineMax has entered into a definitive agreement with Safe Harbor, a marina and superyacht service business, under which Safe Harbor will acquire all issued and outstanding shares of common stock for $53.00 a share in cash, representing an enterprise value of approximately $1.5 billion. The transaction, which was unanimously approved by the company’s Board of Directors, is expected to close by the end of calendar year 2026, subject to customary closing conditions, including the approval of MarineMax’s shareholders.

In light of the pending acquisition, MarineMax said it will not hold a conference call to discuss its fiscal 2026 fourth quarter and full year results and does not intend to provide financial guidance for fiscal 2027.