MarineMax reported fiscal 2025 fourth‑quarter revenue of $552.2 million, up 2.3% in same‑store sales, and a gross profit of $191.4 million that translates to a 34.7% gross margin. The company posted a net loss of $0.9 million, or $‑0.04 per share, largely due to a $69.1 million goodwill impairment in the product‑manufacturing segment and lower new‑boat margins. The quarter’s earnings beat analyst expectations for both revenue and earnings per share, with the loss narrower than the consensus estimate of a $‑0.15 loss per share.
The revenue beat was driven by robust performance in used‑boat sales, finance‑and‑insurance, parts, services, and marina operations. These higher‑margin segments offset softness in new‑boat sales, which suffered from inventory overhang and competitive pricing pressure. Gross‑margin expansion to 34.7% from 34.3% in the prior year reflects the company’s successful shift toward higher‑margin businesses and disciplined cost management in the face of a challenging retail environment.
The net loss was amplified by the one‑time goodwill impairment, but the company’s earnings per share still outperformed expectations because operating income was supported by the higher‑margin mix. Compared with the fourth quarter of fiscal 2024, which generated $563.1 million in revenue and a $4.0 million net income ($0.17 per share), the current quarter’s loss highlights the ongoing pressure on new‑boat margins while underscoring the resilience of the diversified business model.
For the full year ended September 30, 2025, MarineMax generated $2.309 billion in revenue and recorded a net loss of $31.6 million. The company guided for fiscal 2026 adjusted EBITDA of $110 million to $125 million and adjusted net income of $0.40 to $0.95 per diluted share. These guidance figures fall short of the analyst consensus of $1.89 per share and $154 million in EBITDA, explaining the muted market reaction despite the quarter’s earnings beat.
Strategic initiatives continued to expand the company’s high‑margin footprint. Two new board members, Odilon Almeida and Dan Schiappa, were appointed to strengthen governance. MarineMax celebrated record unit sales and revenue gains at the Fort Lauderdale International Boat Show, and it opened the IGY Savannah Harbor Marina while securing a management agreement for the Wynn Al Marjan Island Marina, further extending its global marina presence.
CEO Brett McGill emphasized that “our full‑year adjusted earnings and adjusted EBITDA were in line with our revised guidance, demonstrating the resilience of our diversified business model.” He added that “while new‑boat sales and pricing remained under pressure, our continued strategic expansion into higher‑margin businesses is driving long‑term value creation.” CFO Mike McLamb noted that “we typically outperform the industry,” underscoring confidence in the company’s competitive positioning.
Investors focused on the guidance miss as the primary driver of the market’s tempered reaction. Despite the quarter’s revenue and earnings beat, the forward‑looking guidance fell well below analyst expectations, highlighting concerns about the company’s near‑term outlook amid new‑boat margin pressure, elevated interest rates, and inflationary headwinds. The company’s diversified strategy and marina expansion, however, provide a tailwind that may support future growth as the marine industry recovers.
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