MarineMax Inc. (NYSE:HZO) saw its shares tumble 10.5% on Thursday, as investors reacted negatively to a cautious fiscal 2026 outlook that overshadowed the company’s stronger-than-expected fourth-quarter performance.
The world’s largest recreational boat and yacht retailer posted an adjusted loss of $0.04 per share for the quarter ending September 30—far narrower than Wall Street’s projected loss of $0.13 per share. Revenue totaled $552.2 million, comfortably ahead of the expected $532.39 million.
Even with ongoing pressure across the marine retail industry, MarineMax managed to grow same-store sales by 2.3% during the quarter. The company also delivered a notable improvement in profitability, with gross margins rising to 34.7%, reflecting its push into higher-margin segments.
“Our full year adjusted earnings and adjusted EBITDA were in line with our revised guidance, demonstrating the resilience of our diversified business model,” said Brett McGill, CEO and President of MarineMax. “While new boat sales and pricing remained under pressure in the fourth quarter due to the soft retail environment industrywide, our continued strategic expansion into higher-margin businesses is driving long-term value creation.”
Despite the operational progress, investors zeroed in on MarineMax’s fiscal 2026 guidance. The company expects adjusted earnings between $0.40 and $0.95 per share, with the midpoint falling below the current analyst consensus of $0.80.
MarineMax did highlight some recent positives, including strong demand at the Fort Lauderdale International Boat Show, where the company generated more revenue than last year and achieved its highest post-pandemic unit sales.
“Although our fiscal 2026 outlook reflects a prudent approach in light of macroeconomic uncertainty and persistent industry headwinds, we remain confident in MarineMax’s long-term strategy and growth priorities,” McGill added.
For fiscal 2025 overall, MarineMax generated $2.3 billion in revenue, while same-store sales declined 2.1% from the prior year.