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Fourth Quarter Revenue: Over $552 million.

Same-Store Sales Growth: More than 2%.

Gross Margin: Expanded to 34.7%.

Gross Profit: Over $191 million.

Selling, General and Administrative Expenses: Over $177 million.

Net Loss: Just under $1 million or $0.04 per share.

Adjusted EBITDA (Q4): $17.3 million.

Full-Year Revenue: $2.31 billion.

Full-Year Same-Store Sales Decline: Just over 2%.

Full-Year Gross Margin: 32.5%.

Full-Year Net Loss Per Share: $1.43.

Adjusted Earnings Per Diluted Share: $0.61.

Adjusted EBITDA (Full Year): About $110 million.

Cash Position: More than $170 million.

Inventory Decrease: Nearly $40 million year over year.

Net Debt to Adjusted EBITDA Ratio: About 2 times.

Fiscal 2026 Adjusted EBITDA Guidance: $110 million to $125 million.

Fiscal 2026 Adjusted Net Income Guidance: $0.40 to $0.95 per diluted share.

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Release Date: November 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

MarineMax Inc (NYSE:HZO) achieved revenue of over $552 million for the fourth quarter with same-store sales growth of more than 2%.

Gross margins expanded to 34.7%, demonstrating the strength of their diversified business model.

The company continues to benefit from cross-selling opportunities between yacht sales, Superyacht Services, and Marina Operations.

MarineMax Inc (NYSE:HZO) is recognized as a technology leader in the industry, with platforms like Boatyard and Customer IQ enhancing customer experience and operational efficiency.

The company maintains a strong balance sheet with cash reserves of more than $170 million, providing financial flexibility.

Elevated interest rates and persistent inflation have led to many consumers deferring boat purchases.

The company reported a net loss of just under $1 million for the fourth quarter.

Boat margins are historically low, being 300 to 350 basis points below normal levels.

The industry is experiencing softness, with double-digit declines in core categories like fiberglass boat sales.

MarineMax Inc (NYSE:HZO) has closed 10 stores since December of fiscal '24 as part of their store rationalization efforts.

Q: Can you break down the same-store sales growth in Q4 and October in terms of units versus average selling prices (ASPs)? A: Michael Mclamb, CFO, explained that while the industry saw double-digit declines in units, MarineMax's units were down mid-single digits, outperforming the industry. The 2% growth in same-store sales was driven by an increase in average unit selling prices. In October, units were up, and there was a modest increase in ASPs, partly due to lapping the impact of a hurricane in Florida last year.

Q: How are interest rate cuts affecting consumer behavior and lender relief? A: William McGill, CEO, noted that while monthly payments aren't a primary driver for their high-end segment, lower rates positively impact small business owners, who are a significant customer base. This optimism can lead to increased boat purchases. The sentiment at the Fort Lauderdale Boat Show was positive, with consumers feeling better about potential rate decreases.

Q: Can you elaborate on the factors contributing to the strong gross margins despite a tough market? A: Michael Mclamb, CFO, highlighted that boat margins are currently low, but MarineMax's strategy of expanding higher-margin businesses like Marinas, Superyacht Services, and Finance and Insurance has helped maintain elevated gross margins. William McGill, CEO, added that these businesses have recurring revenue characteristics and benefit from cross-selling synergies.

Q: What are the expectations for promotional pressures and boat margins in fiscal 2026? A: Michael Mclamb, CFO, stated that promotional pressures due to elevated inventory levels are expected to persist through the winter. However, there is potential for margin improvement in the summer as inventories normalize. The guidance does not assume a significant lift in boat margins until later in the fiscal year.

Q: How does the fiscal 2026 guidance reflect MarineMax's performance relative to the industry? A: Michael Mclamb, CFO, indicated that the guidance assumes the industry will move from negative to flattish unit growth, with MarineMax typically outperforming the industry. The guidance is cautious, reflecting the need to see industry stabilization before expecting significant growth.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.