Revenue growth has contracted by 16.5% year-over-year as of 2026Q2, with net margins slipping into negative territory at -0.5% due to rising operational costs.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 |
|---|
| Sales/Revenue | 2.24B | 2.31B | 2.43B | 2.39B | 2.31B | 2.06B | 1.51B | 1.24B | 1.18B | 1.05B | 942.05M | 751.37M | 624.69M | 584.5M | 524.46M | 480.89M | 450.34M | 588.59M | 885.41M | 1.26B | 1.21B | 947.35M | 762.01M | 607.5M | 540.72M | 504.07M | 550.65M | 450.1M | 291.2M |
| Revenue Growth % | -7.39% | -5.01% | 1.52% | 3.75% | 11.87% | 36.67% | 22.03% | 5.08% | 11.88% | 11.71% | 25.38% | 20.28% | 6.88% | 11.45% | 9.06% | 6.78% | -23.49% | -33.52% | -29.5% | 3.5% | 28.1% | 24.32% | 25.43% | 12.35% | 7.27% | -8.46% | 22.34% | 54.57% | - |
| Cost of Goods Sold | 1.51B | 1.56B | 1.63B | 1.56B | 1.5B | 1.4B | 1.11B | 914.32M | 879.14M | 787M | 716.02M | 566.6M | 462.87M | 433.64M | 391.17M | 361.4M | 339.53M | 499.93M | 679.16M | 956.25M | 906.78M | 712.84M | 573.62M | 459.73M | 416.14M | 383.98M | 416.04M | 335.8M | 218.7M |
| COGS % of Revenue | - | 67.51% | 67.04% | 65.12% | 65.09% | 68.04% | 73.59% | 73.91% | 74.67% | 74.79% | 76.01% | 75.41% | 74.1% | 74.19% | 74.59% | 75.15% | 75.39% | 84.94% | 76.71% | 76.14% | 74.72% | 75.25% | 75.28% | 75.68% | 76.96% | 76.18% | 75.55% | 74.61% | 75.1% |
| Gross Profit | 732.82M | 750.23M | 801.2M | 835.33M | 805.75M | 659.43M | 398.71M | 322.83M | 298.23M | 265.31M | 226.03M | 184.77M | 161.82M | 150.85M | 133.28M | 119.49M | 110.81M | 88.66M | 206.24M | 299.73M | 306.76M | 234.5M | 188.39M | 147.77M | 124.58M | 120.09M | 134.62M | 114.3M | 72.5M |
| Gross Margin % | 32.69% | 32.49% | 32.96% | 34.88% | 34.91% | 31.96% | 26.41% | 26.09% | 25.33% | 25.21% | 23.99% | 24.59% | 25.9% | 25.81% | 25.41% | 24.85% | 24.61% | 15.06% | 23.29% | 23.86% | 25.28% | 24.75% | 24.72% | 24.32% | 23.04% | 23.82% | 24.45% | 25.39% | 24.9% |
| Gross Profit Growth % | - | -6.36% | -4.09% | 3.67% | 22.19% | 65.39% | 23.5% | 8.25% | 12.41% | 17.38% | 22.33% | 14.18% | 7.27% | 13.18% | 11.54% | 7.84% | 24.98% | -57.01% | -31.19% | -2.29% | 30.81% | 24.48% | 27.49% | 18.62% | 3.74% | -10.79% | 17.78% | 57.66% | - |
| Operating Expenses | 747.23M | 647.16M | 672.97M | 634.53M | 540.55M | 449.97M | 292M | 262.3M | 235.05M | 220.03M | 185.78M | 159.44M | 146.43M | 132.5M | 127.91M | 127.9M | 123.97M | 160M | 339.52M | 245.22M | 222.81M | 169.97M | 139.47M | 113.3M | 95.57M | 92.73M | 95.56M | 82.1M | 54.2M |
| OpEx % of Revenue | - | 28.02% | 27.68% | 26.5% | 23.42% | 21.81% | 19.34% | 21.2% | 19.96% | 20.91% | 19.72% | 21.22% | 23.44% | 22.67% | 24.39% | 26.6% | 27.53% | 27.18% | 38.35% | 19.52% | 18.36% | 17.94% | 18.3% | 18.65% | 17.67% | 18.4% | 17.35% | 18.24% | 18.61% |
| Selling, General & Admin | 506.07M | 647.16M | 676M | 632.15M | 540.55M | 449.97M | 292M | 262.3M | 235.29M | 217.13M | 185.78M | 160.45M | 147.43M | 132.5M | 127.91M | 127.9M | 123.97M | 160M | 217.43M | 245.22M | 222.81M | 169.97M | 139.47M | 113.3M | 95.57M | 92.73M | 92.52M | 79.5M | 52.5M |
| SG&A % of Revenue | - | 28.02% | 27.81% | 26.4% | 23.42% | 21.81% | 19.34% | 21.2% | 19.98% | 20.63% | 19.72% | 21.35% | 23.6% | 22.67% | 24.39% | 26.6% | 27.53% | 27.18% | 24.56% | 19.52% | 18.36% | 17.94% | 18.3% | 18.65% | 17.67% | 18.4% | 16.8% | 17.66% | 18.03% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | -3.03M | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 122.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.04M | 2.6M | 1.7M |
| Operating Income | -14.41M | 103.07M | 128.23M | 200.8M | 265.2M | 209.46M | 106.72M | 60.53M | 63.18M | 45.29M | 40.25M | 25.33M | 15.39M | 18.35M | 5.37M | -8.4M | -13.16M | -71.34M | -133.27M | 54.51M | 83.95M | 64.53M | 48.92M | 34.47M | 29.01M | 27.35M | 39.05M | 32.2M | 18.3M |
| Operating Margin % | -0.64% | 4.46% | 5.27% | 8.39% | 11.49% | 10.15% | 7.07% | 4.89% | 5.37% | 4.3% | 4.27% | 3.37% | 2.46% | 3.14% | 1.02% | -1.75% | -2.92% | -12.12% | -15.05% | 4.34% | 6.92% | 6.81% | 6.42% | 5.67% | 5.37% | 5.43% | 7.09% | 7.15% | 6.28% |
| Operating Income Growth % | - | -19.62% | -36.14% | -24.28% | 26.61% | 96.28% | 76.3% | -4.2% | 39.51% | 12.51% | 58.9% | 64.63% | -16.14% | 241.68% | 163.91% | 36.18% | 81.55% | 46.47% | -344.49% | -35.07% | 30.1% | 31.9% | 41.92% | 18.82% | 6.07% | -29.96% | 21.29% | 75.96% | - |
| EBITDA | 11.06M | 152.39M | 172.71M | 241.83M | 284.62M | 225.06M | 119.49M | 72.13M | 73.86M | 54.65M | 48.22M | 33.19M | 22.67M | 25.13M | 11.85M | -1.79M | -5.81M | -60.37M | -122.18M | 63.86M | 92.56M | 70.65M | 54.2M | 38.91M | 32.63M | 31.34M | 42.1M | 34.8M | 20M |
| EBITDA Margin % | 0.49% | 6.6% | 7.1% | 10.1% | 12.33% | 10.91% | 7.91% | 5.83% | 6.27% | 5.19% | 5.12% | 4.42% | 3.63% | 4.3% | 2.26% | -0.37% | -1.29% | -10.26% | -13.8% | 5.08% | 7.63% | 7.46% | 7.11% | 6.41% | 6.03% | 6.22% | 7.64% | 7.73% | 6.87% |
| EBITDA Growth % | -94.36% | -11.77% | -28.58% | -15.03% | 26.46% | 88.36% | 65.66% | -2.34% | 35.14% | 13.35% | 45.27% | 46.42% | -9.78% | 112.04% | 763.07% | 69.23% | 90.38% | 50.59% | -291.33% | -31.01% | 31.02% | 30.35% | 39.27% | 19.27% | 4.11% | -25.56% | 20.97% | 74% | - |
| D&A (Non-Cash Add-back) | 25.47M | 49.32M | 44.49M | 41.03M | 19.42M | 15.61M | 12.77M | 11.6M | 10.67M | 9.36M | 7.96M | 7.86M | 7.28M | 6.78M | 6.48M | 6.62M | 7.36M | 10.97M | 11.09M | 9.35M | 8.61M | 6.12M | 5.27M | 4.44M | 3.61M | 3.98M | 3.04M | 2.6M | 1.7M |
| EBIT | 46.27M | 34.02M | 125.2M | 203.17M | 271M | 209.46M | 108.42M | 63.63M | 62.94M | 48.19M | 40.25M | 24.31M | 14.39M | 18.35M | 5.37M | -8.4M | -13.16M | -71.34M | -133.27M | 54.51M | 83.95M | 64.53M | 48.92M | 34.47M | 29.01M | 27.35M | 39.05M | 32.2M | 18.3M |
| Net Interest Income | -50.09M | -71.16M | -73.89M | -53.37M | -3.28M | -3.67M | -9.28M | -11.58M | -9.9M | -7.48M | -5.46M | -4.45M | -4.02M | -4.22M | -4.45M | -3.49M | -3.93M | -14.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 64.75M | 71.16M | 73.89M | 53.37M | 3.28M | 3.67M | 9.28M | 11.58M | 9.9M | 7.48M | 5.46M | 4.45M | 4.02M | 4.22M | 4.45M | 3.49M | 3.93M | 14.06M | 20.16M | 26.95M | 18.62M | 9.29M | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -47.62M | -140.21M | -73.89M | -53.37M | -3.28M | -3.67M | -9.28M | -11.58M | -9.9M | -7.48M | -5.46M | -4.45M | -4.02M | -4.22M | -4.45M | -3.49M | -3.93M | -14.06M | -20.16M | -26.95M | -18.62M | -9.29M | -6.5M | -2.47M | -1.26M | -2.4M | -4.13M | -2M | -17.2M |
| Pretax Income | -76.69M | -37.14M | 54.33M | 147.44M | 261.92M | 205.79M | 97.44M | 48.95M | 53.28M | 37.81M | 34.79M | 20.88M | 11.36M | 14.13M | 923K | -11.89M | -17.09M | -85.4M | -153.44M | 27.55M | 65.34M | 55.24M | 42.42M | 32M | 27.75M | 24.96M | 34.93M | 30.2M | 1.1M |
| Pretax Margin % | -3.42% | -1.61% | 2.23% | 6.16% | 11.35% | 9.97% | 6.45% | 3.96% | 4.53% | 3.59% | 3.69% | 2.78% | 1.82% | 2.42% | 0.18% | -2.47% | -3.8% | -14.51% | -17.33% | 2.19% | 5.38% | 5.83% | 5.57% | 5.27% | 5.13% | 4.95% | 6.34% | 6.71% | 0.38% |
| Income Tax | -13.82M | -6.38M | 15.59M | 37.96M | 63.93M | 50.81M | 22.81M | 12.97M | 13.97M | 14.26M | 12.21M | -27.41M | 91K | -894K | -176K | -367K | -19.59M | -8.63M | -19.16M | 7.49M | 25.96M | 21.41M | 16.13M | 12.32M | 10.68M | 9.61M | 13.53M | 12M | 1.7M |
| Effective Tax Rate % | 18.03% | 17.16% | 28.7% | 25.74% | 24.41% | 24.69% | 23.41% | 26.49% | 26.22% | 37.72% | 35.09% | -131.31% | 0.8% | -6.33% | -19.07% | 3.09% | 114.61% | 10.11% | 12.49% | 27.17% | 39.73% | 38.76% | 38.01% | 38.5% | 38.5% | 38.5% | 38.75% | 39.74% | 154.55% |
| Net Income | -63.52M | -31.63M | 38.07M | 109.28M | 197.99M | 154.98M | 74.63M | 35.98M | 39.31M | 23.55M | 22.58M | 48.29M | 11.27M | 15.02M | 1.1M | -11.52M | 2.5M | -76.77M | -134.28M | 20.07M | 39.38M | 33.83M | 26.3M | 19.68M | 17.07M | 15.35M | 21.39M | 18.2M | -600K |
| Net Margin % | -2.83% | -1.37% | 1.57% | 4.56% | 8.58% | 7.51% | 4.94% | 2.91% | 3.34% | 2.24% | 2.4% | 6.43% | 1.8% | 2.57% | 0.21% | -2.4% | 0.55% | -13.04% | -15.17% | 1.6% | 3.25% | 3.57% | 3.45% | 3.24% | 3.16% | 3.04% | 3.89% | 4.04% | -0.21% |
| Net Income Growth % | -211.61% | -183.1% | -65.17% | -44.8% | 27.75% | 107.65% | 107.4% | -8.46% | 66.95% | 4.27% | -53.24% | 328.42% | -24.97% | 1267.06% | 109.54% | -561.47% | 103.25% | 42.83% | -769.08% | -49.04% | 16.43% | 28.63% | 33.62% | 15.33% | 11.18% | -28.25% | 17.54% | 3133.33% | - |
| Net Income (Continuing) | -60.15M | -30.77M | 38.74M | 109.48M | 197.99M | 154.98M | 74.63M | 35.98M | 39.31M | 23.55M | 22.58M | 48.29M | 11.27M | 15.02M | 1.1M | -11.52M | 2.5M | -76.77M | -134.28M | 20.07M | 39.38M | 33.83M | 26.3M | 19.68M | 17.07M | 15.35M | 21.39M | 18.2M | -600K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 11.21M | 11.56M | 10.45M | 2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.89 | -1.43 | 1.65 | 4.87 | 8.84 | 6.78 | 3.37 | 1.57 | 1.71 | 0.95 | 0.91 | 1.92 | 0.46 | 0.63 | 0.05 | -0.51 | 0.11 | -4.11 | -7.30 | 1.04 | 2.08 | 1.88 | 1.58 | 1.26 | 1.10 | 1.01 | 1.41 | 1.21 | -0.05 |
| EPS Growth % | -219.99% | -186.67% | -66.12% | -44.91% | 30.38% | 101.19% | 114.65% | -8.19% | 80% | 4.4% | -52.6% | 317.39% | -26.98% | 1160% | 109.8% | -563.64% | 102.68% | 43.7% | -801.92% | -50% | 10.64% | 18.99% | 25.4% | 14.55% | 8.91% | -28.37% | 16.53% | 2324.26% | - |
| EPS (Basic) | - | -1.43 | 1.71 | 5.00 | 9.12 | 7.04 | 3.46 | 1.61 | 1.77 | 0.98 | 0.93 | 1.97 | 0.47 | 0.65 | 0.05 | -0.51 | 0.11 | -4.11 | -7.30 | 1.08 | 2.18 | 2.01 | 1.67 | 1.28 | 1.12 | 1.01 | 1.41 | 1.21 | -0.05 |
| Diluted Shares Outstanding | 21.98M | 22.05M | 23.01M | 22.43M | 22.4M | 22.86M | 22.13M | 22.88M | 23.03M | 24.68M | 24.82M | 25.1M | 24.66M | 24M | 23.34M | 22.38M | 22.6M | 18.69M | 18.39M | 19.29M | 18.93M | 18.03M | 16.67M | 15.67M | 15.54M | 15.24M | 15.2M | 14.96M | 11.03M |
| Basic Shares Outstanding | 21.98M | 22.05M | 22.27M | 21.85M | 21.71M | 22.01M | 21.55M | 22.29M | 22.27M | 23.97M | 24.2M | 24.47M | 23.92M | 23.25M | 22.74M | 22.38M | 22M | 18.69M | 18.39M | 18.62M | 18.03M | 16.82M | 15.54M | 15.34M | 15.27M | 15.22M | 15.19M | 14.96M | 11.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Inventory and interest rate sensitivity
As reported in recent financial filings, MarineMax experienced a 16.5% year-over-year revenue decline in 2026Q2, signaling a persistent cooling in demand that suggests the company's retail-heavy model is struggling to maintain momentum against a backdrop of broader consumer discretionary weakness and tightening credit conditions.
The revenue trajectory appears to be in a clear downtrend, reflecting the inherent volatility of the marine retail sector. This contraction suggests that the post-pandemic surge in boating interest has largely dissipated, leaving the company vulnerable to the cyclical nature of high-ticket recreational purchases.
Based on the provided income statement data, MarineMax's net margin has slipped into negative territory at -1.37% as of 2026Q2, indicating that the company's historical ability to leverage high-margin service and F&I revenue is currently being overwhelmed by rising operational costs and inventory-related discounting.
While gross margins have remained relatively resilient, hovering around 34.4% in the most recent quarter, the inability to translate this into positive net income suggests significant operating deleverage. Investors should monitor whether this margin compression is a temporary byproduct of inventory clearing or a more permanent shift in the competitive pricing environment.
According to the latest quarterly figures, MarineMax's operating income has struggled to scale, with the 2026Q2 operating margin of 2.1% failing to offset the rising burden of SG&A expenses, which reached $170.4 million in the same period, highlighting a lack of efficiency in the current cost structure.
The company's fixed-cost base, driven by its extensive retail and manufacturing footprint, appears to be acting as a drag on profitability during this period of revenue decline. This suggests that management may face difficulty in rightsizing expenses quickly enough to match the current pace of top-line contraction.
Data from recent income statements suggests that MarineMax's earnings quality is currently compromised by persistent net losses, with 2026Q2 showing a net loss of $2.6 million, raising concerns about the sustainability of the current business model in a high-interest-rate environment that penalizes inventory-heavy retail operations.
Short-sellers may focus on the potential for future inventory write-downs, as aged stock often necessitates aggressive discounting that is not yet fully reflected in current gross margins. The reliance on floor plan financing further complicates the outlook, as interest expenses may continue to erode the bottom line if inventory turnover does not improve.
Quick answers to the most common questions about buying HZO stock.
For fiscal year 2025, MarineMax, Inc. (HZO) reported total revenue of $2.31B. This represents a 693.0% increase compared to $291.2M in 1998.
MarineMax, Inc. (HZO) reported a net loss of $31.6M for the fiscal year ending 2025.
MarineMax, Inc. (HZO) reported an operating income of $103.1M, resulting in an operating profit margin of 4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
MarineMax, Inc. (HZO) generated $750.2M in gross profit for the year, representing a gross profit margin of 32.5%. This demonstrates the company's core pricing power and production efficiency.