MarineMax Reports Fiscal 2025 Third Quarter Results

OLDSMAR, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO) (“MarineMax” or the “Company”), the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, today announced results for its fiscal 2025 third quarter ended June 30, 2025.

Fiscal 2025 Third Quarter Summary

• June quarter revenue of $657.2 million
• Same-store sales down 9%
• Gross profit of 30.4%
• Net loss of $52.1 million, or $2.42 per share, includes a non-cash goodwill impairment charge of $69.1 million; Adjusted diluted EPS¹ of $0.49
• Adjusted EBITDA¹ of $35.5 million

CEO & President Commentary

“A combination of ongoing economic uncertainty, evolving trade policies and geopolitical tensions contributed to weak retail demand across the recreational marine industry in the June quarter,” said Brett McGill, Chief Executive Officer and President of MarineMax. “Business conditions have been challenging throughout the fiscal year, with increasing consumer caution since April, particularly among prospective new boat buyers, many of whom are delaying their purchases until conditions improve.

“Importantly, our continued diversification efforts have helped to offset some of the pressures on new boat margins during the fiscal year,” McGill said. “Our 31.8% gross margin through the first nine months of fiscal 2025 included strong contributions from our higher-margin growth areas, including finance and insurance, marinas and superyacht services. Our marina portfolio, anchored by our prestigious IGY Marinas brand, continues to expand its reach. This momentum is reflected in the recent opening of the new state-of-the-art IGY Savannah Harbor Marina and IGY’s selection as the marina operator for the upcoming Wynn Al Marjan Island Marina in the United Arab Emirates. These milestones underscore our team’s commitment to operational excellence, world-class service, and leadership in global marina management.

“Although industry inventory levels remain elevated due to softer sales in the June quarter, we expect improvement ahead, with forecasts indicating a gradual rebalancing beginning in the back half of calendar 2025,” McGill said. “Recent developments such as the new tax legislation, easing geopolitical tensions, and the prospect of trade agreements, may help reduce some of the uncertainty that has weighed on consumer confidence. Encouragingly, interest in the boating lifestyle remains strong as demonstrated by attendance at our events as well as marina demand, and online activity.”

Fiscal 2025 Third Quarter Results

Revenue in the fiscal 2025 third quarter declined 13.3% to $657.2 million from $757.7 million a year earlier, primarily due to lower new boat sales partly offset by stronger used boat sales and growth in many of the Company’s higher-margin businesses. Same-store sales were down 9% compared with the prior year.

Gross profit decreased 17.6% to $199.6 million from $242.1 million in the prior-year period. Gross profit margin of 30.4% decreased 160 basis points from 32.0% in the comparable period last year, primarily reflecting lower new boat margins due to the challenged retail environment.

Selling, general, and administrative (SG&A) expenses totaled $172.1 million, or 26.2% of revenue, in the third quarter, compared with $181.1 million, or 23.9% of revenue, for the comparable period last year. Excluding transaction and other costs, intangible amortization, changes in contingent consideration, weather events, and restructuring expense in the respective periods, Adjusted SG&A² decreased $6.6 million, or 3.7%, in the third quarter of fiscal 2025 from the same period in fiscal 2024.

Interest expense was $16.9 million, or 2.6% of revenue in the third quarter, compared with $18.2 million, or 2.4% of revenue in the prior-year period, reflecting lower interest rates compared with the third quarter of fiscal 2024.

Net loss in the third quarter of fiscal 2025 was $52.1 million, or $2.42 per share, which includes a non-cash goodwill impairment charge of $69.1 million associated with the Company’s manufacturing segment. The impairment charge was required due to the decline in the Company’s market capitalization in the quarter, combined with a decline in the manufacturing segment’s performance due to the challenging environment. For the comparable period of fiscal 2024, MarineMax reported net income of $31.6 million, or $1.37 per diluted share. Adjusted net income¹ in the third quarter of fiscal 2025 was $11.0 million, or $0.49 per adjusted diluted share, compared with $34.8 million, or $1.51 per diluted share, in the prior-year period. Adjusted EBITDA¹ for the quarter ended June 30, 2025, was $35.5 million, compared with $70.4 million for the comparable period last year.

Revised Fiscal 2025 Guidance

Based on results to date, current business conditions, retail trends and other factors, the Company is revising its fiscal year 2025 guidance. Adjusted net income^1,3 is now expected to be in the range of $0.45 to $0.95 per diluted share, compared with a prior range of $1.40 to $2.40 per diluted share. Adjusted EBITDA^1,3 is expected to be in the range of $105 million to $120 million, compared with a prior range of $140 million to $170 million. These expectations do not consider or give effect for, among other things, material acquisitions that may be completed by the Company during fiscal 2025 or other unforeseen events, including changes in global economic conditions.

“While our near-term outlook is cautious due to the ongoing economic uncertainty, we are confident that our overarching strategy will drive operational resilience. Our solid balance sheet positions us well to navigate the current market volatility,” McGill said. “This management team has successfully guided the Company through many challenging economic cycles. As the recovery takes hold, we believe our long-term earnings power will be significantly enhanced by our growing presence in higher-margin businesses and by the resilient consumer demand for the boating lifestyle.”

Conference Call Information

MarineMax will discuss its fiscal 2025 third quarter financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the “Investors” section of the Company's website www.marinemax.com, or by dialing 877-407-0789 (U.S. and Canada) or 201-689-8562 (International). An online replay will be available within one hour of the conclusion of the call and will be archived on the website for one year.

About MarineMax

As the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements, including those related to expected improvement in sales, the gradual rebalancing forecasted to begin in the back half of calendar 2025, the potential reduction in uncertainty that has been weighing on consumer confidence, our revised fiscal 2025 guidance, our cautious near-term outlook, our overarching strategy, the expansion of our higher-margin businesses, operational resilience, our positioning to navigate the current market volatility, the strategic expansion of our higher-margin businesses, and the resilient consumer demand for the boating lifestyle, are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the return to normal operations of the Company’s locations, the timing of and potential outcome of the Company’s long-term improvement plan, the estimated impact resulting from the Company’s cost-reduction initiatives, the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2024 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release, along with the above Supplemental Financial Information table, contains “Adjusted net income,” “Adjusted diluted EPS,” “Adjusted Earnings Before Interest, Taxes Depreciation and Amortization,” (“Adjusted EBITDA”) and “Adjusted SG&A,” which are non-GAAP financial measures as defined under applicable securities legislation. In determining these measures, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company’s results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliation and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

In addition, we have not reconciled our fiscal year 2025 Adjusted net income and Adjusted EBITDA guidance to net income (the corresponding GAAP measure for each), which is not accessible on a forward-looking basis due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration, acquisition costs, and other costs. Acquisition contingent consideration and transaction costs, which are likely to be significant to the calculation of net income, are affected by the integration and post-acquisition performance of our acquirees, which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted net income and Adjusted EBITDA are not available without unreasonable effort.