MarineMax reveals FY2025 Q3 results

MarineMax has released its fiscal 2025 third-quarter financial results, which ended June 30, 2025.

Revenue declined 13.3% to $657.2 million from $757.7 million year-over-year, 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%.

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

Selling, general, and administrative (SG&A) expenses totaled $172.1 million, 26.2% of revenue, in the third quarter, compared with $181.1 million, 23.9% of revenue, year-over-year.

For the comparable period of fiscal 2024, MarineMax reported net income of $31.6 million, or $1.37 per diluted share. Adjusted net income 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 EBITDA was $35.5 million, compared with $70.4 million for the comparable period last year.

Revised fiscal 2025 outlook

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 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 is expected to be in the range of $105 million to $120 million, compared with a prior range of $140 million to $170 million.

“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,” he continued. “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.

“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. 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.”