MarineMax reports Q4 and full year FY2025 results
MarineMax has announced results for its fiscal 2025 Q4 and full year ended September 30, 2025.
The company reports that 2025 Q4 revenue was $552.2 million, while same store sales increased 2.3% year over year. Full year revenue totaled $2.3 billion, with same store sales down 2.1%. Gross profit represented 34.7% of revenue in the fourth quarter and 32.5% for the full year. Adjusted EBITDA was $17.3 million in Q4 and $109.8 million for the full year.
“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 president and CEO of MarineMax. “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 and insurance, parts, services, our Superyachts Division, and marina operations, including IGY, supported our improved gross margin of 34.7%, during a period when many dealers in our industry faced margin compression,” McGill added.
He noted that recent initiatives, like the launch of the flagship Yacht Sales and Service Center in Fort Myers, Florida, highlight MarineMax’s commitment to innovation and world-class customer service.
“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,” he said. “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.
McGill said MarineMax had a strong showing at the recent Fort Lauderdale International Boat Show, generating more revenue than last year’s event and achieving a post-Covid record for unit sales.
Fiscal 2025 Q4 results
Fourth quarter revenue was $552.2 million, slightly down from $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 since the end of fiscal 2024.
Same-store sales increased 2.3%, 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 (34.7% of revenue), compared to $193.2 million (34.3%) in the prior-year period. The increase in gross margin percentage was achieved despite significantly lower boat margins due to the challenging retail environment.
Selling, general, and administrative (SG&A) expenses were $177.6 million (32.2% of revenue), compared to $166.4 million (29.5%) 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.
Interest expense was $17.3 million (3.1% of revenue) compared with $17.9 million (3.2%) in the prior-year period.
MarineMax reported a net loss of $0.9 million ($0.04 per share) in the fourth quarter, compared with net income of $4 million ($0.17 per diluted share) in the prior-year period. On an adjusted basis, the company reported a net loss of $0.9 million ($0.04 per share) versus adjusted net income of $5.5 million ($0.24 per diluted share) in the prior-year period.
Adjusted EBITDA was $17.3 million for the fourth quarter, compared with $33.5 million in the prior-year period.
Fiscal 2026 outlook
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 $0.40 to $0.95 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.
“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.”
