MarineMax Swings to $2.6M Net Loss as Q2 Revenue Drops 16% to $527.4M

MarineMax, Inc. (NYSE: HZO), a boat and yacht retailer, swung to a net loss of $2.6 million for the three months ending March 31, 2026, reversing from net income of $3.3 million in the prior-year quarter. Revenue declined 16% to $527.4 million from $631.5 million a year earlier. Read more earnings reports.

For the six months ending March 31, 2026, the company posted a net loss of $10.5 million, a sharp reversal from net income of $21.4 million in the same period of fiscal 2025. Six-month revenue fell 6.1% to $1.03 billion from $1.10 billion.

Margin Pressure and Operating Income Decline

Gross profit for the March quarter dropped to $181.3 million from $189.5 million a year ago, while gross margin ticked up to 34.4% from 30.0%. Selling, general and administrative expenses rose to $170.4 million from $166.8 million, driven by higher personnel and facility costs.

Operating income fell 52% to $10.8 million from $22.7 million in the prior-year quarter. For the six-month period, operating income dropped 74% to $15.8 million from $61.7 million.

Interest Expense and Cash Position

Interest expense declined to $14.7 million in the March quarter from $18.2 million a year earlier, reflecting lower borrowing costs and debt levels. For the six months, interest expense totaled $30.5 million, down from $36.9 million.

The company generated $72.3 million in cash from operations during the six months ending March 31, 2026, a significant improvement from a cash use of $73.6 million in the prior-year period. Cash and cash equivalents stood at $189.1 million as of March 31, 2026, up from $170.4 million at the end of fiscal 2025.

Balance Sheet and Inventory

Total assets declined to $2.44 billion as of March 31, 2026, from $2.47 billion at the end of September 2025. Inventory decreased to $845.4 million from $867.3 million, reflecting lower boat inventory levels.

Total debt, including current and long-term portions, stood at $375.4 million as of March 31, 2026, down from $393.2 million six months earlier. Stockholders' equity edged lower to $932.2 million from $937.2 million.

Per-Share Results

Diluted earnings per share for the March quarter came in at a loss of $0.12, compared to earnings of $0.14 a year ago. For the six-month period, diluted loss per share was $0.48, compared to earnings of $0.91 in the prior-year period.