MarineMax, Inc. (NYSE:HZO) reported first-quarter fiscal 2026 results on Thursday that fell short of profit expectations, overshadowing a solid revenue beat and prompting a pullback in the shares.
The stock dropped 3.16% in pre-market trading following the announcement.
For the quarter ended December 31, 2025, MarineMax posted an adjusted loss of -$0.21 per share, wider than analysts’ forecasts of a -$0.14 loss. Revenue increased 7.8% year on year to $505.2 million, comfortably ahead of the $481.6 million consensus estimate, supported by same-store sales growth of more than 10%.
Profitability was pressured by margins. Gross margin slipped to 31.8%, down from 36.2% a year earlier, reflecting an intensely promotional retail environment and an unfavorable sales mix. Management said margin pressure remains widespread across the recreational boating sector as the industry continues to rebalance inventory levels.
“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 Brett McGill, CEO and President of MarineMax. “With industry inventory levels anticipated to normalize through the second half of the fiscal year, we believe our positioning at the premium end of the market will support a gradual improvement in margin performance.”
MarineMax highlighted progress on balance-sheet discipline, cutting inventory by $167.3 million compared with a year earlier. The lower inventory base helped reduce interest expense to $15.9 million from $18.7 million in the prior-year period.
The company reaffirmed its full-year outlook, maintaining fiscal 2026 guidance for adjusted EBITDA of $110 million to $125 million and adjusted net income of $0.40 to $0.95 per diluted share.
“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,” McGill added.