MarineMax reports Q2 2025 results
MarineMax has announced results for its fiscal 2025 second quarter ended March 31, 2025.
The company reports a record second quarter revenue of $631.5 million, a same-store sales increase of 11%, gross profit margin of 30.0%, net income of $3.3 million, and adjusted EBITDA of $30.9 million.
“Despite facing a weak retail market and an uncertain macroeconomic climate, we delivered a strong second-quarter performance,” said Brett McGill, CEO and president of MarineMax. “Our 11% same-store sales growth highlights the exceptional execution by our team. This growth was supported by the ongoing joint promotional initiatives with our industry-leading manufacturing partners.
“While challenging conditions are exerting significant retail margin pressure across the recreational marine industry, our year-to-date gross margin of 32.7% is a testament to the strength of our strategic diversification,” he continued. “By expanding into high-value segments such as marinas, superyacht services, and finance and insurance, together with our premium brand focus, we have built a more resilient business model that continues to deliver strong performance. During the second quarter, we expanded our marina portfolio with the acquisition of Shelter Bay Marine, a marina and storage facility in Marathon, Florida.
“Prudent expense management has been a priority for us in this uncertain environment and will remain a focus in the quarters ahead,” McGill said. “The second quarter shows the success of this focus. Despite a significant increase in revenue, our adjusted SG&A expenses are down, reflecting our efforts to enhance operating efficiency across the organization.”
Fiscal 2025 Q2 results
Revenue for the fiscal 2025 second quarter increased 8.3% to $631.5 million, a new record, from $582.9 million in the comparable period last year. The top-line growth was primarily driven by an increase in boat sales. On a comparable same-store basis, revenue increased 11%, reflecting additional contributions from products and services, including finance and insurance, the Superyachts Division, manufacturing and marinas.
Gross profit for the fiscal 2025 second quarter decreased 0.5% to $189.5 million from $190.4 million in the prior-year period. Gross profit margin of 30% decreased 270 basis points from 32.7% in the comparable period last year, primarily due to lower boat margins due to the challenging retail environment. The decrease in margin in the fiscal 2025 second quarter also reflected a higher proportion of boat sales during the period.
Selling, general, and administrative (SG&A) expenses for the fiscal 2025 second quarter totaled $166.8 million, or 26.4% of revenue, compared with SG&A expenses of $169 million, or 29.0% of revenue, for the comparable period last year. Excluding transaction costs, changes in contingent consideration, weather events and other non-recurring items in the 2025 period, Adjusted SG&A expenses in the second quarter of fiscal 2025 decreased $1.7 million, or 1%, to $163.8 million, or 25.9% of revenue, from Adjusted SG&A expenses of $165.5 million, or 28.4% of revenue, for the same period in fiscal 2024. This result reflected the implementation of the company’s cost-cutting initiatives in fiscal 2025.
Interest expense for the fiscal 2025 second quarter was $18.2 million, or 2.9% of revenue, compared with $19.4 million, or 3.3% of revenue, in the prior-year period. The 6.2% decrease reflected lower interest rates compared with the second quarter of fiscal 2024.
Net income was $3.3 million, or $0.14 per diluted share, for the fiscal 2025 second quarter, compared with net income of $1.6 million, or $0.07 per diluted share, in the same period last year. Adjusted net income for the fiscal 2025 second quarter was $5.4 million, or $0.23 per diluted share, compared with Adjusted net income of $4.1 million, or $0.18 per diluted share, in the prior-year period. Adjusted EBITDA for the quarter ended March 31, 2025, increased to $30.9 million, compared with Adjusted EBITDA of $29.6 million for the comparable period last year.
