Malibu Boats (MBUU) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 net sales rose 12.4% year-over-year to $228.7 million, with unit volume up 12.8% to 1,431 units, driven by Malibu segment growth and favorable model mix.

• GAAP net income increased 119.4% to $13.2 million, reversing a prior-year loss due to impairment charges.

• Adjusted EBITDA grew 16.0% to $28.3 million, with margin improving to 12.4%.

• Premium brands, new product launches, and operational agility drove higher ASP and strong customer engagement.

• Management emphasized disciplined capital allocation, dealer inventory alignment, and resilience amid macroeconomic headwinds.

Financial highlights

• Q3 FY2025 net sales: $228.7M (+12.4% YoY); gross profit: $45.7M (+13.4% YoY); gross margin: 20.0% (up 20 bps YoY).

• Q3 FY2025 net income: $13.2M (vs. $−67.8M YoY); diluted EPS: $0.66 (up 120.1% YoY); adjusted fully distributed net income per share: $0.72 (up 14.3% YoY).

• Adjusted EBITDA: $28.3M (12.4% margin, up 40 bps YoY).

• Operating income reached $17.4M, reversing a prior-year loss of $74.9M.

• Cash at March 31, 2025: $38.7M; total debt: $28M; $320.3M available under revolving credit facility.

Outlook and guidance

• Full-year FY2025 net sales expected to decline 3–5% year-over-year; adjusted EBITDA margin guidance is 9–10%.

• Q4 sales and profitability expected to be above last year due to prior actions.

• CapEx guidance narrowed to $25–$30M; share repurchase pace to be modestly reduced.

• Tariffs and supply chain risks are being monitored, but no material impact expected for the remainder of FY2025.