Revenue grew 63.4% year-over-year to a record $129.9M in 2026Q4 with gross margin recovering to 22.6%, yet an 85% SG&A increase to $22.2M compressed operating margin to 2.9% from 7.5% and drove a $7.1M net loss, implying roughly $10.8M of non-operating charges that erased the operating result.
MasterCraft Boat Holdings, Inc. (MCFT) annual income statement — 14-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Sales/Revenue | 348.9M | 284.2M | 366.59M | 609.9M | 641.61M | 465.96M | 363.07M | 466.38M | 332.73M | 228.63M | 221.6M | 214.39M | 177.59M | 162.01M |
| Revenue Growth % | 22.77% | -22.47% | -39.89% | -4.94% | 37.7% | 28.34% | -22.15% | 40.17% | 45.53% | 3.17% | 3.36% | 20.72% | 9.62% | - |
| Cost of Goods Sold | 269.12M | 227.34M | 299.49M | 441.16M | 473.42M | 340.83M | 287.72M | 353.25M | 242.36M | 165.16M | 160.52M | 163.22M | 139.97M | 131.3M |
| COGS % of Revenue | 77.13% | 79.99% | 81.7% | 72.33% | 73.79% | 73.15% | 79.24% | 75.74% | 72.84% | 72.24% | 72.44% | 76.13% | 78.82% | 81.05% |
| Gross Profit | 79.78M | 56.87M | 67.1M | 168.74M | 168.19M | 125.13M | 75.36M | 113.13M | 90.36M | 63.48M | 61.08M | 51.17M | 37.61M | 30.71M |
| Gross Margin % | 22.87% | 20.01% | 18.3% | 27.67% | 26.21% | 26.85% | 20.76% | 24.26% | 27.16% | 27.76% | 27.56% | 23.87% | 21.18% | 18.95% |
| Gross Profit Growth % | 40.3% | -15.25% | -60.24% | 0.33% | 34.41% | 66.05% | -33.39% | 25.19% | 42.36% | 3.92% | 19.37% | 36.04% | 22.49% | - |
| Operating Expenses | 70.84M | 45.63M | 59.47M | 47.31M | 51.99M | 46.49M | 101.92M | 48.87M | 34.38M | 29.96M | 39.07M | 27.25M | 19.02M | 18.69M |
| OpEx % of Revenue | 20.3% | 16.06% | 16.22% | 7.76% | 8.1% | 9.98% | 28.07% | 10.48% | 10.33% | 13.1% | 17.63% | 12.71% | 10.71% | 11.54% |
| Selling, General & Admin | 66.16M | 43.83M | 47.83M | 45.35M | 48.94M | 44.53M | 41.54M | 45.38M | 32.78M | 29.85M | 38.85M | 27.02M | 18.8M | 18.47M |
| SG&A % of Revenue | 18.96% | 15.42% | 13.05% | 7.44% | 7.63% | 9.56% | 11.44% | 9.73% | 9.85% | 13.06% | 17.53% | 12.61% | 10.58% | 11.4% |
| Research & Development | 0 | 0 | 8.6M | 0 | 0 | 0 | 0 | 5.57M | 4.93M | 3.55M | 3.51M | 3.03M | 2.72M | 2.84M |
| R&D % of Revenue | - | - | 2.35% | - | - | - | - | 1.19% | 1.48% | 1.55% | 1.58% | 1.41% | 1.53% | 1.75% |
| Other Operating Expenses | 4.68M | 1.8M | 3.04M | 1.96M | 3.06M | 1.96M | 60.38M | 3.49M | 1.6M | 107K | 1.21M | 222K | 221K | 222K |
| Operating Income | 9.13M | 11.23M | 7.63M | 121.43M | 116.19M | 78.64M | -26.57M | 64.26M | 55.98M | 33.52M | 22.01M | 23.92M | 18.59M | 12.02M |
| Operating Margin % | 2.62% | 3.95% | 2.08% | 19.91% | 18.11% | 16.88% | -7.32% | 13.78% | 16.83% | 14.66% | 9.93% | 11.16% | 10.47% | 7.42% |
| Operating Income Growth % | -18.7% | 47.17% | -93.71% | 4.5% | 47.75% | 396.02% | -141.34% | 14.78% | 67.04% | 52.26% | -7.98% | 28.64% | 54.72% | - |
| EBITDA | 22.78M | 20.81M | 18.81M | 129.82M | 125.93M | 87.01M | -16.04M | 72.05M | 61.07M | 36.75M | 25.45M | 24.14M | 21.07M | 13.99M |
| EBITDA Margin % | 6.53% | 7.32% | 5.13% | 21.29% | 19.63% | 18.67% | -4.42% | 15.45% | 18.35% | 16.07% | 11.49% | 11.26% | 11.86% | 8.64% |
| EBITDA Growth % | 9.48% | 10.61% | -85.51% | 3.1% | 44.72% | 642.46% | -122.26% | 17.97% | 66.19% | 44.36% | 5.44% | 14.6% | 50.55% | - |
| D&A (Non-Cash Add-back) | 13.65M | 9.58M | 11.18M | 8.4M | 9.73M | 8.37M | 10.53M | 7.79M | 5.09M | 3.23M | 3.44M | 222K | 2.47M | 1.98M |
| EBIT | 9.13M | 14.7M | 13.42M | 124.78M | 117.3M | 77.91M | -26.57M | 64.64M | 56.48M | 33.52M | 19.8M | 23.92M | 18.59M | 12.02M |
| Net Interest Income | 2.53M | 2.3M | 2.5M | 672K | -1.47M | -3.39M | -5.04M | -6.51M | -3.47M | -2.22M | -1.28M | -5.17M | -7.55M | -9.24M |
| Interest Income | 2.75M | 3.47M | 5.79M | 3.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -215K | 1.17M | 3.29M | 2.68M | 1.47M | 3.39M | 5.04M | 6.51M | 3.47M | 2.22M | 1.28M | 5.17M | 7.55M | 9.24M |
| Other Income/Expense | 0 | 2.3M | 2.5M | 672K | -1.47M | -4.13M | -5.04M | -6.51M | -3.47M | -2.22M | -3.49M | -11.79M | -10.08M | -9.24M |
| Pretax Income | 1.35M | 13.54M | 10.13M | 122.1M | 114.72M | 74.52M | -31.61M | 26.75M | 52.51M | 31.29M | 18.52M | 12.13M | 8.51M | 2.78M |
| Pretax Margin % | 0.39% | 4.76% | 2.76% | 20.02% | 17.88% | 15.99% | -8.71% | 5.73% | 15.78% | 13.69% | 8.36% | 5.66% | 4.79% | 1.72% |
| Income Tax | 2.95M | 2.82M | 1.41M | 28.3M | 26.78M | 16.08M | -7.57M | 5.39M | 12.86M | 11.72M | 8.31M | 6.59M | -11.41M | -37K |
| Effective Tax Rate % | 218.86% | 20.83% | 13.89% | 23.18% | 23.34% | 21.58% | 23.93% | 20.16% | 24.48% | 37.46% | 44.86% | 54.37% | -134.08% | -1.33% |
| Net Income | -1.66M | 7.04M | 7.8M | 68.94M | 58.21M | 56.17M | -24.05M | 21.35M | 39.65M | 19.57M | 10.21M | 5.53M | 19.93M | 2.82M |
| Net Margin % | -0.48% | 2.48% | 2.13% | 11.3% | 9.07% | 12.05% | -6.62% | 4.58% | 11.92% | 8.56% | 4.61% | 2.58% | 11.22% | 1.74% |
| Net Income Growth % | -123.6% | -9.71% | -88.69% | 18.42% | 3.64% | 333.58% | -212.61% | -46.15% | 102.62% | 91.67% | 84.5% | -72.23% | 607.63% | - |
| Net Income (Continuing) | -1.6M | 10.71M | 8.72M | 93.8M | 87.94M | 58.44M | -24.05M | 21.35M | 39.65M | 19.57M | 10.21M | 5.53M | 19.93M | 2.82M |
| Discontinued Operations | -61K | -3.67M | -922K | -24.86M | -29.73M | -2.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 200K | 200K | 200K | 120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.10 | 0.43 | 0.46 | 3.88 | 3.12 | 2.96 | -1.28 | 1.14 | 2.12 | 1.05 | 0.56 | 0.32 | 1.16 | 0.25 |
| EPS Growth % | -122.51% | -6.52% | -88.14% | 24.36% | 5.41% | 331.25% | -212.28% | -46.23% | 101.9% | 87.5% | 75% | -72.41% | 364% | - |
| EPS (Basic) | -0.10 | 0.43 | 0.46 | 3.91 | 3.15 | 2.99 | -1.28 | 1.14 | 2.13 | 1.05 | 0.57 | 0.32 | 1.16 | 0.25 |
| Diluted Shares Outstanding | 17.16M | 16.54M | 17.04M | 17.77M | 18.64M | 18.95M | 18.73M | 18.77M | 18.71M | 18.62M | 18.26M | 17.21M | 17.21M | 11.14M |
| Basic Shares Outstanding | 17.16M | 16.45M | 16.93M | 17.62M | 18.46M | 18.81M | 18.73M | 18.65M | 18.62M | 18.59M | 17.85M | 17.21M | 17.21M | 11.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 783.01% | 795.08% | - | - |
Quick answers to the most common questions about buying MCFT stock.
For fiscal year 2026, MasterCraft Boat Holdings, Inc. (MCFT) reported total revenue of $348.9M. This represents a 115.4% increase compared to $162.0M in 2013.
MasterCraft Boat Holdings, Inc. (MCFT) reported a net loss of $1.7M for the fiscal year ending 2026.
MasterCraft Boat Holdings, Inc. (MCFT) reported an operating income of $9.1M, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MasterCraft Boat Holdings, Inc. (MCFT) generated $79.8M in gross profit for the year, representing a gross profit margin of 22.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SG&A surge outpacing revenue recovery
Metrics are mathematically derived from official filings.
Revenue Recovery Gains Momentum
MCFT's revenue grew 63.4% year-over-year to $129.9M in 2026Q4, the strongest quarterly top-line print in the ten-quarter window and a sharp reversal from the -59.7% contraction recorded in 2024Q4, according to the company's reported income statements.
The recovery appears to have built gradually from a trough of $63.4M in 2025Q2, with sequential gains through 2025 and an accelerating pattern in 2026. However, the extreme volatility — swinging from -30.7% growth in 2025Q1 to +63.4% in 2026Q4 — suggests demand conditions remain cyclical rather than structurally improving, which tempers confidence in the durability of the current momentum. Investors should monitor whether subsequent quarters sustain this trajectory or normalize back toward the $70-80M range seen earlier in the cycle.
Gross Margin Rebounds Sharply
MCFT's gross margin recovered to 22.6% in 2026Q4 from the cyclical trough of 12.2% in 2024Q4, with quarterly gross profit of $29.3M marking the highest absolute figure in the period, as disclosed in the company's quarterly financial statements.
The 10.4 percentage-point swing in gross margin over approximately six quarters implies substantial operating leverage embedded in the cost structure — favorable when volumes recover, but equally punishing on the downside. At 22.6%, MCFT's margin sits between Brunswick (24.8%) and Malibu (17.8%), suggesting competitive but not differentiated pricing power within the peer set. The dip to 21.0% in 2026Q2 amid the recovery indicates margin progression has not been monotonic, warranting scrutiny of mix and input cost trends.
Expense Growth Outpaces Revenue Gains
Despite record revenue of $129.9M in 2026Q4, MCFT's operating margin compressed to 2.9% from 7.5% in the year-ago quarter, as SG&A expenses surged to $22.2M versus $12.0M in 2025Q4 — an 85% increase that far exceeded the 63.4% revenue growth, per the company's reported income statement lines.
This pattern suggests the company front-loaded commercial or organizational spending to capture the demand rebound, but the timing of those costs appears to have outstripped the margin benefit in the near term. The step-change from a $10-12M quarterly SG&A run rate to $22.2M warrants further investigation into whether these expenses represent permanent infrastructure additions or transitional investment. If the latter, operating leverage could reassert itself in subsequent quarters; if the former, the margin recovery thesis weakens materially.
Net Loss Despite Record Revenue
MCFT reported a net loss of $7.1M in 2026Q4 despite generating $3.7M of operating income on record revenue, implying approximately $10.8M of non-operating charges — potentially interest expense, taxes, or one-time items — that more than erased the operating result, based on the company's reported figures.
The size of this gap relative to the company's operating scale suggests below-the-line pressures that are not visible in headline profitability metrics and merit closer examination in the full financial statements. Stock-based compensation also rose to $1.4M from $835K in 2025Q4, further diluting economic earnings. Given that three of the last six quarters show negative net income, reported earnings quality appears weaker than the operating income trajectory alone would imply, and reconciliation against cash flow generation would be informative.
Growth Acquisition May Mask Weakness
MCFT's 2026Q4 revenue grew 63.4% year-over-year to $129.9M, yet net margin swung to -5.5% from +7.2% in the prior-year quarter, suggesting the top-line recovery may be coming at the expense of structural profitability rather than reinforcing it, as reported in MCFT's quarterly results.
A skeptical analyst would focus on the simultaneous surge in SG&A ($22.2M) and the appearance of $7.1M in R&D expense — both well above historical norms — and question whether these represent durable additions to the cost base or one-time investments whose payback has yet to materialize. The absence of consistent profitability across the full cycle, combined with operating margins that remain well below the 2024Q3 peak of 8.0%, challenges any thesis that MCFT has achieved sustainable scale economics in the current demand environment.