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MarineMax (HZO) investor relations material

MarineMax Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary24 Jul, 2025

Executive summary

  • Q3 FY 2025 revenue declined to $657.2M, with same-store sales down 9% due to soft retail demand and economic uncertainty; higher-margin businesses partially offset the impact.

  • Net loss was $52.1M, driven by a $69.1M non-cash goodwill impairment in the manufacturing segment.

  • Gross margin decreased to 30.4% from 32.0% year-over-year, but remained above 30% due to contributions from finance, insurance, and marina operations.

  • Cost-cutting initiatives reduced adjusted SG&A by up to 5% for the quarter and nearly $11M year-to-date.

  • Management remains focused on digital investments, customer experience, and business diversification for long-term growth.

Financial highlights

  • Quarterly revenue was $657.2M, down from $757.7M year-over-year; adjusted EBITDA was $35.5M, down from $70.4M.

  • Net loss for the quarter was $52.1M; adjusted net income was $11M ($0.49 per diluted share), down from $34.8M ($1.51 per share) last year.

  • Gross profit for the quarter was $199.6M (30.4% margin); inventories increased by $26M year-over-year.

  • Cash and cash equivalents stood at $151M at quarter end, down from $242.4M last year.

  • Diluted EPS for the quarter was $(2.42) vs. $1.37 prior year.

Outlook and guidance

  • Full-year adjusted net income guidance revised to $0.45–$0.95 per diluted share; adjusted EBITDA expected at $105M–$120M.

  • September quarter expected to face similar challenges as June, with high inventory levels continuing to pressure margins.

  • Management expects continued headwinds from economic uncertainty, trade policies, and geopolitical tensions.

  • July is expected to finish ahead of last year, showing early signs of stabilization.

  • Liquidity is expected to be sufficient for at least the next 12 months, barring significant acquisitions.

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Frequently asked questions

MarineMax, Inc., a recreational boat and yacht retailer and superyacht services company. The company operates through two segments, Retail, and Services & Other. It sells new and used pleasure boats, including motor yachts, sport boats, fishing boats, pontoon boats, and personal watercraft; provides maintenance and repair, boat financing services, OEM parts inventory management programs, and yacht brokerage services; and offers boat rentals to its customers. MarineMax, Inc. was incorporated in 1998 and is based in Clearwater, Florida.

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