Malibu Boats, Inc. (MBUU) · Aug 27, 2026 · Earnings

Malibu Boats beats Q4 estimates as Saxdor lifts sales, but FY26 margins slide

Beat — Adjusted EPS $0.92 vs ~$0.75 consensus; revenue $295.5M vs ~$263M

Saxdor helped drive a sharp Q4 revenue and adjusted EPS beat, though annual profitability fell and management stayed cautious on the recovery.

The quarter cleared a relatively modest market bar by a wide margin. Published estimates called for roughly $263 million of revenue and $0.75 of adjusted EPS; Malibu delivered $295.5 million and $0.92, respectively, implying about a 12% revenue beat and a 23% adjusted-EPS beat.

MetricQ4 FY2026Q4 FY2025Market expectation
Net sales$295.5M$207.0M~$263M
Diluted GAAP EPS$0.37$0.24—
Adjusted EPS$0.92$0.42~$0.75
Adjusted EBITDA$33.9M$19.7M—
Adjusted EBITDA margin11.5%9.5%—
FY2026 net sales$914.6M$807.6MPrior guide: $880–886M
FY2026 adjusted EBITDA$73.9M$74.8MPrior guide: $72–74M

Saxdor was the main reason the headline beat was so large. The new segment contributed $61.2 million of Q4 revenue and 180 units, while the legacy business also benefited from stronger Cobalt and Saltwater shipments; Malibu’s own segment saw units fall 2.5% as retail activity remained weak.

The quality of the quarter improved, not just the size. Gross margin rose to 17.7% from 15.8%, and adjusted EBITDA margin expanded to 11.5% from 9.5%, supported by product mix and pricing. 〔0〕

The full-year picture is less impressive than the Q4 print. FY2026 revenue exceeded the previous $880–886 million guide, but adjusted EBITDA was essentially at the top of its $72–74 million range and still declined 1.1% year over year. GAAP net income fell 88.8% to $1.7 million, while annual adjusted EBITDA margin contracted to 8.1% from 9.3%, reflecting acquisition costs, higher labor and material costs, and added amortization.

The balance sheet gained flexibility but also more acquisition-related leverage. Malibu ended the year with $74.4 million of cash and $165 million of debt, versus $18 million of debt a year earlier, after spending $118.3 million on the Saxdor acquisition. Free cash flow improved to $43.2 million, and the newly authorized $70 million repurchase program is supportive capital-allocation news, but the filing provides no quantified fiscal 2027 outlook.

Net: a genuine Q4 beat, but not a clean all-clear on the cycle. The market already knew Saxdor would materially lift reported sales, so the surprise was the magnitude of the revenue and adjusted-profit outperformance. That is partly offset by weak full-year underlying profitability and management’s warning that macro disruption continues to pressure buyers, keeping the recovery outlook deliberately cautious.

What to watch next

First domestically built Saxdor boats, first half fiscal 2027

Original filing on SEC EDGAR

More Malibu Boats, Inc. news

Malibu Boats beats Q4 estimates as Saxdor lifts sales, but FY26 margins slide | MBUU Stock News
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