Malibu Boats, Inc. (MBUU) · Nov 5, 2026 · Earnings

Malibu Boats earnings miss as soft demand offsets Saxdor growth

Miss — Revenue $252.9M vs ~$257.9M consensus; adjusted EPS $0.15 vs ~$0.21-$0.25

Malibu Boats earnings show Saxdor driving growth while soft retail demand weighs on core Malibu, margins and adjusted EPS.

Malibu Boats is using the Saxdor acquisition to add a premium European dayboat business while managing through weak recreational-boat demand and deliberately limiting wholesale shipments to protect dealers. The prior outlook already called for soft retail demand, elevated promotions and dealer incentives, while fiscal 2027 guidance depended heavily on Saxdor and a gradual industry recovery.

The quarter missed the market’s operating bar despite headline growth. Revenue rose 29.9% to $252.9 million, but came in below the published consensus of roughly $257.9 million; adjusted EPS was $0.15 against estimates clustered around $0.21-$0.25. The GAAP $0.30 EPS figure looks better, but it benefited from a $15 million insurance-related reduction in general and administrative expense, while adjusted earnings were essentially flat year over year.

Q1 2027Q1 2026Consensus
Net sales (Financial Highlights)$252.9M (-1.9%)$194.7M$257.9M
Diluted EPS (Income Statement)$0.30$(0.04)~$0.21-$0.25
Adjusted EPS (Reconciliation)$0.15$0.15~$0.21-$0.25
Adjusted EBITDA (Financial Highlights)$14.3M (+21.7%)$11.8M
Adjusted EBITDA margin (Financial Highlights)5.7% (-0.4 pts)6.1%
Free cash flow (Free Cash Flow reconciliation)$(39.5)M$2.3M

Saxdor is doing the growth work, but the core business remains under pressure. Saxdor contributed $51.1 million of revenue and 139 units, while Malibu segment sales fell 9.1% and unit shipments declined as retail activity weakened. Cobalt and Saltwater improved, but the mix shift toward Saxdor masks continued softness in the company’s flagship ski/wake business.

Profitability improved on unusual help, not clean underlying expansion. Gross margin rose to 15.0%, mainly because Saxdor carries a higher margin, but adjusted EBITDA margin fell to 5.7% from 6.1%. The $15 million insurance-related reduction in general and administrative expense supported reported operating income, while acquisition costs, earnout adjustments and higher amortization diluted the benefit from revenue growth. 〔0〕

Cash conversion was the clearest weak spot. Operating cash flow swung to a $31.1 million use from $6.5 million provided a year earlier, driven by a $31.8 million inventory rebuild and higher receivables. Management says this is seasonal and expects working capital to reverse, but the quarter still consumed cash while debt stood at $172.9 million and cash fell to $40.3 million.

The near-term outlook is cautious rather than a fresh recovery signal. The company expects December-quarter sales of $236 million-$248 million and adjusted EBITDA of $13 million-$15 million, while changing its fiscal year-end creates a six-month transition period. That guidance preserves the strategy of controlled shipments and Saxdor integration, but it does not show durable retail demand returning yet.

Bottom line: Saxdor is making the numbers look bigger, but the underlying boat market is still soft and adjusted profitability missed expectations. This is a modest setback to the recovery story, not a reversal, because the growth platform and liquidity remain intact.

What to watch next

Six-month transition-period report for December 31, 2026

Original filing on SEC EDGAR

More Malibu Boats, Inc. news

Malibu Boats earnings miss as soft demand offsets Saxdor growth | MBUU Stock News
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