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MarineMax (HZO) investor relations material
MarineMax Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Nov, 2025
Executive summary
Fiscal 2025 was marked by elevated interest rates, inflation, and geopolitical uncertainty, leading to deferred boat purchases and industry-wide inventory pressure.
Q4 FY 2025 revenue was $552.2 million, with same-store sales up 2.3% despite industry softness.
Net loss of $0.9 million in Q4 FY 2025 versus net income of $4.0 million in Q4 FY 2024; full-year net loss was $31.6 million compared to net income of $38.1 million in FY 2024.
Gross margin improved to 34.7% in Q4 and 32.5% for FY 2025, reflecting growth in higher-margin, diversified businesses.
Strategic focus on higher-margin businesses, technology innovation, and portfolio rationalization supported resilience and differentiation.
Financial highlights
Q4 FY 2025 revenue: $552.2 million (down from $563.1 million YoY); full-year revenue: $2.31 billion (down from $2.43 billion YoY).
Q4 gross profit was $191.4 million (34.7% margin); full-year gross profit was $750.2 million (32.5% margin).
Q4 FY 2025 adjusted EBITDA: $17.3 million (down from $33.5 million YoY); full-year adjusted EBITDA: $109.8 million (down from $160.2 million YoY).
Q4 FY 2025 adjusted diluted EPS: ($0.04) vs $0.24 YoY; full-year adjusted EPS: $0.61 vs $2.13 YoY.
FY 2025 included a $69.1 million non-cash, pre-tax goodwill impairment charge in product manufacturing.
Outlook and guidance
Fiscal 2026 adjusted EBITDA expected between $110 million and $125 million; adjusted net income per diluted share between $0.40 and $0.95.
Guidance assumes industry units will be flat to slightly up, with continued retail margin pressure through Q2 and healthier inventory in the second half.
Annual consolidated gross margins expected to remain in the low 30% range.
Guidance excludes material acquisitions, tariffs, or unforeseen global economic changes.
Q4 same-store sales: unit vs. ASP contribution?
Impact of diversified model on gross margins?
Why FY26 guidance implies industry-aligned growth?
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Q1 202622 Jan, 2026
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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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