HZO earnings analysis
What we found in HZO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MarineMax reported revenue of $527.4M for Q2 (three months ended March 31, 2026), down 16.5% YoY (from $631.5M). Gross profit fell $8.2M to $181.3M but gross margin expanded to 34.4% (from 30.0%), operating cash flow for the six months improved to $72.3M, and the company remains in compliance with credit covenants. Material headwinds include a sharp comparable‑store sales decline and high short‑term borrowings of $689.9M.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue (YoY) — material decline
- Total revenue decreased $104.1M, or 16.5%, to $527.4M for the three months ended March 31, 2026 (from $631.5M a year earlier).
- Gross margin expansion
- Gross profit decreased $8.2M to $181.3M, but gross profit as a percentage of revenue increased to 34.4% for the quarter (from 30.0% a year earlier).
- Operating cash flow turned positive (six months)
- For the six months ended March 31, 2026, cash provided by operating activities was approximately $72.3M (compared with cash used in operating activities of approximately $73.6M in the prior-year six months).
- Interest expense down
- Interest expense decreased $3.5M to $14.7M for the quarter (from $18.2M in the prior-year quarter), reflecting lower borrowings and lower interest rates.
- Low investing spend / modest capex
- Cash used in investing activities for the six months was approximately $6.3M, primarily for property and equipment, indicating limited capex intensity to date.
- Credit facility compliance / liquidity view
- Company states it was in compliance with all covenants under the Amended Credit Facility as of March 31, 2026 and 'believes that the cash generated from sales and our existing capital resources will be adequate to meet our liquidity and capital requirements for at least the next 12 months.'
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Comparable‑store sales weakness
- Comparable‑store sales decreased $95.7M, or 15.4%, driving the quarter's revenue decline (the company attributes the decrease to weaker new and used boat revenue and macro/geopolitical headwinds).
- High short‑term borrowings (Floor Plan)
- Short‑term borrowings (which solely consisted of the Floor Plan) totaled approximately $689.9M as of March 31, 2026, with the Floor Plan availability up to $950M.
- Material long‑term debt
- Long‑term debt totaled approximately $338.7M as of March 31, 2026, adding to the company's leverage profile.
- Revenue pressure despite margin mix
- While gross margin expanded to 34.4%, gross profit still declined to $181.3M (down $8.2M YoY) as revenue fell to $527.4M, indicating margin improvements have not offset volume declines.
- Interest rate sensitivity
- A hypothetical 100 basis point increase in interest rates would result in an increase of approximately $10.2M in annual pre-tax interest expense based on balances as of March 31, 2026.
- SG&A and operating expense pressure (six months)
- Selling, general and administrative expenses increased $28.5M to $326.0M for the six months ended March 31, 2026 (from $297.5M), pressuring operating results.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.04
- Gross margin
- 34.4%
- Operating margin
- 2.1%
What they said about what is next.
No numeric forward guidance provided in the 10‑Q. Management states it 'believes that the cash generated from sales and our existing capital resources will be adequate to meet our liquidity and capital requirements for at least the next 12 months' and reiterates plans to 'continue our growth through [acquisitions] in appropriate circumstances.' The Amended Credit Facility matures in August 2027 (no quantified FY revenue/EPS targets given in MD&A).
The filing reads worse than the one before it.
What came before.
- 10-Q · January 29, 2026
- Revenue rose 7.8% year-over-year to $505.2M for the quarter (up $36.7M vs. prior year) driven by a $48.6M (10.7%) increase in comparable‑store sales, but gross margin and profitability compressed materially. Gross…
- 10-K · November 17, 2025
- MarineMax describes a strategy of vertical integration and international diversification built on its position as the largest recreational boat and yacht retailer and superyacht services provider. Fiscal 2025 highlights…
- 10-Q · July 24, 2025
- MarineMax reported revenue of $657.2 million for the quarter, down $100.5 million or 13.3% year-over-year, with gross margin compressing to 30.4% and operating results driven negative by a $69.1 million goodwill…
- 10-Q · April 24, 2025
- Revenue improved year-over-year: total revenue for the quarter rose to $631.5 million, driven by an 11% comparable-store sales increase. However, gross margin compressed to 30.0% (from 32.7%) and operating margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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