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Sep 30, 2025
Malibu Boats Q1 2026 Earnings Report
Malibu Boats reported a 13.5% increase in net sales to $194.7 million, with unit volume up 10.3% to 1,129 units, and adjusted EBITDA increasing 19.1% to $11.8 million for the first quarter of fiscal year 2026.
Key Takeaways
Malibu Boats delivered strong first-quarter results, exceeding expectations with increased net sales and adjusted EBITDA, despite a challenging market. The company prioritized dealer health and maintained disciplined execution, keeping channel inventories aligned. Growth was primarily driven by the Malibu segment, favorable model mix in Cobalt, and inflation-driven price increases.
Net sales increased by 13.5% to $194.7 million, primarily due to higher unit volumes in the Malibu segment and favorable model mix in Cobalt.
Adjusted EBITDA rose by 19.1% to $11.8 million, with the Adjusted EBITDA margin improving to 6.1%.
GAAP net loss decreased significantly by 86.2% to $0.7 million, and adjusted net income per share increased by 114.3% to $0.15.
Unit volume increased by 10.3% to 1,129 units, mainly driven by higher wholesale shipments in the Malibu segment, partially offset by decreases in Cobalt and Saltwater Fishing.
Revenue by Segment
Forward Guidance
For the full fiscal year 2026, Malibu anticipates net sales to be flat to down mid-single digits year-over-year, with an Adjusted EBITDA margin ranging from 8% to 9%.
Positive Outlook
- Anticipated Adjusted EBITDA margin of 8%-9% for fiscal year 2026, indicating continued profitability.
- Focus on efficiency and cost management to maintain balance sheet strength.
- Commitment to innovation with the introduction of new Model Year 2026 lineup, including the Pathfinder 2600.
- Strategic prioritization of dealer health and alignment of channel inventories.
- Flexibility to navigate near-term market conditions and capture opportunities as the market improves.
Challenges Ahead
- Net sales are expected to be flat to down mid-single digits year-over-year for fiscal year 2026, indicating potential revenue contraction.
- Challenging market environment is expected to persist.
- Uncertainty regarding certain items like vertical integration costs, stock-based compensation, and litigation expenses, which are difficult to forecast.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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