Malibu Boats (MBUU) Q4 2026 earnings summary

Executive summary

• Fourth quarter net sales rose 42.7% year-over-year to $295.5 million, with adjusted EBITDA up 72.7% to $33.9 million and margin expanding 200 basis points, driven by both legacy business strength and the first full quarter of Saxdor contribution.

• Full-year net sales reached $914.6 million, exceeding guidance, but GAAP net income fell 88.8% to $1.7 million due to higher costs and acquisition-related expenses.

• Saxdor Yachts acquisition contributed significantly to revenue and unit growth, with integration progressing and first U.S.-built units expected in the first half of FY27.

• Board authorized a new $70 million share repurchase program for FY27.

• Refinanced credit facility, extending maturity to 2031, adding a new term loan, and enhancing liquidity.

Financial highlights

• Q4 net sales: $295.5 million (+42.7% YoY), including $61.2 million from Saxdor; legacy segments contributed $234.3 million (+13.2% YoY).

• Q4 adjusted EBITDA: $33.9 million (+72.7% YoY); margin up to 11.5% from 9.5%.

• Q4 adjusted net income per share: $0.92 (+119% YoY); FY adjusted net income per share: $1.52 (-3.8% YoY).

• FY net sales: $914.6 million (+13.3% YoY); adjusted EBITDA: $73.9 million (-1.1% YoY); GAAP net income: $1.7 million (-88.8% YoY).

• Free cash flow for the year: $43.2 million; cash from operations: $67.5 million.

Outlook and guidance

• FY27 net sales expected at $1.08–$1.12 billion; adjusted EBITDA $101–$109 million, reflecting full-year Saxdor ownership.

• Q1 FY27 guidance: net sales $255–$265 million; adjusted EBITDA $14–$16 million.

• Saxdor revenue base for FY27: $180 million, with low teens revenue growth and ramping to 10–11% EBITDA margin.

• Legacy brands expected to see low to mid-single-digit growth, with market flat to down and volumes stabilizing in the back half.

• Management remains cautious due to macroeconomic headwinds but expects to build on FY26 momentum.