MarineMax Inc. reported a small loss in its fiscal fourth quarter ended September 30, primarily due to higher costs and lower sales resulting from fewer new boat sales and rationalization efforts, including store closures, over the last year. Same-store sales increased 2.3 percent, driven by strength in used boat sales.

Fiscal 2025 Fourth Quarter Summary

  • Revenue of $552.2 million
  • Same-store sales increase 2.3 percent
  • Gross profit of 34.7 percent
  • Reported and Adjusted net loss per share of 4 cents
  • Net loss of $0.9 million
  • Adjusted EBITDA of $17.3 million

Fiscal 2025 Full Year Summary

  • Revenue of $2.3 billion
  • Same-store sales decrease 2.1 percent
  • Gross profit of 32.5 percent
  • Reported net loss per share of $1.43; Adjusted earnings per share of 61 cents
  • Net loss of $31.6 million
  • Adjusted EBITDA of $109.8 million

CEO and President Commentary
“Our full year adjusted earnings and adjusted EBITDA were in line with our revised guidance, demonstrating the resilience of our diversified business model,” said Brett McGill, the company’s chief executive officer and president. “While new boat sales and pricing remained under pressure in the fourth quarter due to the soft retail environment industrywide, our continued strategic expansion into higher-margin businesses is driving long-term value creation. Strong contributions from areas such as finance & insurance, parts, services, our Superyachts Division, and marina operations, including IGY, supported our improved gross margin of 34.7 percent during a period when many dealers in our industry faced margin compression.

“Recent initiatives, including the launch of our flagship Yacht Sales and Service Center in Fort Myers, Florida, highlight our commitment to innovation and world-class customer service – a commitment reflected in our industry-leading net promoter scores,” McGill said. “We have also made important strategic adjustments to refine our product portfolio by eliminating underperforming brands, allowing us to concentrate on offerings that better align with evolving customer demand and deliver greater value to our business. At the same time, we are focused on unlocking synergies across our yacht sales, Superyacht services and marina operations, enabling MarineMax to capture additional value across our marine services ecosystem. Our investments in wholly owned New Wave Innovations continue to deliver compelling results, including enhanced customer engagement and sales, marketing and service technology advancements that are allowing us to outperform in a tough industry environment.

“Turning to recent business, we had a strong showing at the recent Fort Lauderdale International Boat Show, one of the industry’s largest and most prestigious events. We generated more revenue than at last year’s show and set a post-COVID record for unit sales, demonstrating the effectiveness of our investments and technology tools and the strength of our industry-leading brands. While it’s too early to say that the demand headwinds caused by heightened economic uncertainty have subsided, the level of consumer engagement was very encouraging,” McGill said.

“On the governance front, we strengthened our Board of Directors this past quarter with the appointment of two new members, Odilon Almeida and Dan Schiappa,” McGill said. “Both bring distinguished track records in scaling operations, corporate governance, and strategic innovation that will be invaluable as we execute our long-term growth strategy and enhance shareholder value.”

Fiscal 2025 Fourth Quarter Results
Revenue was $552.2 million in the fourth quarter of fiscal 2025, compared with $563.1 million in the prior-year period. This year-over-year decline primarily reflected lower new boat sales and the impact of the company’s portfolio rationalization efforts, including strategic store closures that occurred after the end of fiscal 2024. Same-store sales increased 2.3 percent, driven by growth in used boat revenue, finance and insurance, parts and service income, and contributions from Superyacht services and marina operations, including IGY.

Gross profit was $191.4 million, or 34.7 percent of revenue, in the fourth quarter of fiscal 2025, compared with $193.2 million, or 34.3 percent of revenue, in the prior-year period. The increase in gross margin percentage reflects continued growth in its diversified, higher-margin businesses, achieved despite significantly lower boat margins due to the challenging retail environment.

Selling, general, and administrative (SG&A) expenses totaled $177.6 million, or 32.2 percent of revenue, in the fourth quarter of fiscal 2025 compared with $166.4 million, or 29.5 percent of revenue, in the prior-year period. The increase primarily reflects the greater contribution of service-related revenue, which has different cost dynamics than retail store operations, along with targeted marketing investments to strengthen sales opportunities in a challenging environment, as well as higher foreign currency translation costs due to a weaker dollar.

Interest expense was $17.3 million, or 3.1 percent of revenue, in the fourth quarter of fiscal 2025, compared with $17.9 million, or 3.2 percent of revenue, in the prior-year period.

Net loss was $0.9 million, or $0.04 per share, in the fourth quarter of fiscal 2025, compared with net income of $4.0 million, or 17 cents per diluted share, in the prior-year period. On an adjusted basis, the company reported a net loss of $0.9 million, or 4 cents per share, versus adjusted net income of $5.5 million, or 24 cents per diluted share, in the prior-year period.

Adjusted EBITDA was $17.3 million for the fourth quarter of fiscal 2025, compared with $33.5 million in the prior-year period.

Fiscal 2026 Outlook
Based on current business conditions, retail marine industry trends, and other relevant factors, MarineMax expects fiscal 2026 Adjusted EBITDA to be in the range of $110 million to $125 million, with adjusted net income in the range of 40 cents to 95 cents per diluted share. These projections exclude the potential impact of material acquisitions or other unforeseen developments, including changes in tariffs and/or global economic conditions.

“Although our fiscal 2026 outlook reflects a prudent approach in light of macroeconomic uncertainty and persistent industry headwinds, we remain confident in MarineMax’s long-term strategy and growth priorities,” McGill said. “Our diversification across higher margin businesses, combined with our historical industry-leading retail strategy and our strong balance sheet, provides the financial flexibility to capitalize on opportunities throughout industry cycles. Our experienced leadership team will continue executing strategic initiatives in product innovation, digital engagement, and customer experience – areas that are becoming increasingly important as buyers grow more selective. As shown by our recent Fort Lauderdale Boat Show results, demand for the boating lifestyle remains resilient, and as market conditions stabilize, we expect our performance to improve, driven by our expanding presence in higher-value segments, operational leverage from our diversified platform, and continued investment in technology and innovation.”

Image courtesy Marine Max