Malibu Boats finished fiscal 2026 with a sharply stronger fourth quarter as higher unit volumes, the recently acquired Saxdor business and improved product mix drove substantial growth in sales, gross profit and adjusted earnings.
Fourth-quarter net sales increased 42.7% year-over-year to $295.5 million from $207 million.
Unit volume increased 19.2% to 1,456 boats, while gross profit climbed 59.4% to $52.2 million.
GAAP net income increased 53.7% to $7.4 million, or $0.37 per diluted share.
The strongest earnings growth appeared in the adjusted figures. Adjusted EBITDA jumped 72.7% to $33.9 million, while adjusted net income per diluted share increased 119% to $0.92 from $0.42.
The difference between revenue growth and profit growth highlights meaningful operating leverage during the quarter.
Gross margin reached 17.7% compared with 15.8% a year earlier, representing an improvement of approximately 190 basis points.
Adjusted EBITDA margin similarly increased to 11.5% from 9.5%, an expansion of approximately 200 basis points.
Malibu’s fourth-quarter sales growth reflected several drivers.
The newly acquired Saxdor segment contributed $61.2 million of revenue and 180 units during the period.
The company’s Cobalt and Saltwater Fishing businesses also generated higher unit volumes, while favorable model mix and year-over-year pricing helped lift revenue across the existing portfolio.
Those gains were partially offset by lower Malibu-brand unit volumes.
Cobalt was particularly strong.
Quarterly Cobalt revenue increased 31% to $70.5 million, while unit volume rose 18.9%.
Saltwater Fishing revenue increased 11.1% to $80.9 million.
Even the Malibu segment generated 3.2% sales growth to $82.9 million despite a 2.5% decline in unit volume, reflecting favorable model mix and pricing.
Consolidated net sales per unit increased 19.7% to $202,979, another useful indicator of the favorable mix shift.
Cobalt sales per unit increased 10.2% to $180,841, Saltwater Fishing increased 8.7% to $245,267 and Malibu increased 5.8% to $149,110.
Saxdor generated average quarterly sales of approximately $339,811 per unit.
The acquisition therefore contributed not only additional volume but also exposure to a higher-value product category.
Malibu expects to begin completing domestically manufactured Saxdor boats at its Fort Pierce, Florida, facility during the first half of fiscal 2027.
Management described integration of the acquired company as progressing well.
Cash generation also strengthened.
Fourth-quarter operating cash flow increased 28.1% to $27 million, while free cash flow increased 19.3% to $17 million.
For the full fiscal year, operating cash flow increased 19.5% to $67.5 million and free cash flow jumped 48.3% to $43.2 million.
The full-year picture was more mixed because the recreational boating industry remained under significant pressure.
Fiscal 2026 sales increased 13.3% to $914.6 million, but GAAP net income declined 88.8% to $1.7 million and adjusted EBITDA slipped 1.1% to $73.9 million.
That makes the fourth-quarter acceleration particularly important because the exit rate of the business was materially stronger than the full-year result.
Management said it is seeing early signs of industry stabilization, although macroeconomic pressures continue to weigh on financing-sensitive consumers.
The company nevertheless enters fiscal 2027 with additional financial flexibility.
Malibu completed a refinancing after fiscal year-end that extended its credit maturity through 2031.
Management said leverage remains well below its stated maximum target even after financing the Saxdor acquisition.
The board also authorized a new $70 million share-repurchase program for fiscal 2027.
The strongest positive angle is therefore the momentum exiting fiscal 2026.
Malibu generated 43% quarterly revenue growth, 59% gross-profit growth, 73% adjusted EBITDA growth and 119% adjusted EPS growth while expanding margins and free cash flow.
The Saxdor acquisition contributed significantly to those results, but organic drivers including stronger Cobalt and Saltwater volume, better mix and pricing also played an important role.
If broader recreational boating demand stabilizes, Malibu enters the next cycle with a larger portfolio, improving fourth-quarter profitability, stronger cash generation and additional capital-allocation flexibility.
KEY QUOTES:
“Fiscal 2026 demonstrated the power of our strategic execution. We delivered a strong finish to the year, driven by better than expected net sales, disciplined cost management, dealer network optimization, and the successful integration of Saxdor in our first four months with the business.”
“That said, we like how we’re positioned relative to the industry heading into fiscal 2027 and expect to build on the momentum we established.”
Steve Menneto, President and Chief Executive Officer of Malibu Boats
“The Board authorized a new $70 million share repurchase program for fiscal 2027 in June, and we closed our refinancing in July, underscoring our confidence in the business and our commitment to returning capital to shareholders.”
David Black, Chief Financial Officer of Malibu Boats
