MarineMax Posts Record Revenue in Fiscal Q2 2025 Amid Industry Challenges, Highlights Strategic Diversification
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, marina operator, and superyacht services provider, has announced its financial results for the fiscal second quarter ended March 31, 2025. Despite ongoing macroeconomic uncertainty and pressure across the retail marine sector, the company delivered record quarterly revenue and solid operating performance—reinforcing the resilience of its diversified business model.
Key Highlights from the Fiscal Second Quarter 2025:
- Record revenue of $631.5 million, up 8.3% year-over-year
- Same-store sales increased by 11%
- Gross profit margin stood at 30.0%, slightly below the previous year’s 32.7%
- Net income totaled $3.3 million, or $0.14 per diluted share
- Adjusted diluted EPS came in at $0.23
- Adjusted EBITDA rose to $30.9 million
CEO Commentary: Strategic Execution Amid Market Headwinds
MarineMax President and CEO Brett McGill emphasized that the company’s second-quarter results reflect the effective execution of its long-term growth strategy and operational discipline in a turbulent market.
“While the retail marine market continues to face headwinds from macroeconomic uncertainty and evolving consumer behavior, MarineMax once again delivered strong results,” said McGill. “Our 11% same-store sales growth is a clear indication of our team’s disciplined focus and our effective collaboration with manufacturing partners on promotional campaigns.”
He added that the company’s ability to preserve profitability in a tightening margin environment showcases the strength of its strategic diversification into high-value segments—including marinas, superyacht services, and financial products.
“By expanding our service offerings and focusing on premium brands, we have successfully transformed MarineMax into a more stable and well-rounded enterprise,” McGill continued. “This diversification is helping us offset some of the margin pressure we’re seeing in traditional boat sales.”
Expansion and Operational Efficiency
During the quarter, MarineMax continued to expand its footprint with the acquisition of Shelter Bay Marine, a marina and storage facility located in Marathon, Florida. This addition strengthens the company’s presence in the Florida Keys and enhances its ability to provide premium service and storage options for its growing customer base in the region.
In parallel with growth initiatives, MarineMax prioritized cost discipline. Adjusted selling, general, and administrative (SG&A) expenses fell to $163.8 million—down from $165.5 million in the same quarter last year—despite increased revenue. This reduction, which lowered SG&A as a percentage of revenue from 28.4% to 25.9%, underscores the success of MarineMax’s cost optimization efforts.
“Operating efficiently and controlling costs remain top priorities as we navigate economic uncertainty,” said McGill. “At the same time, we continue to deliver on our customer experience promise. Our consistently rising net promoter scores affirm our commitment to service excellence, even as we tighten operational expenses.”
Financial Strength and Liquidity
MarineMax ended the quarter with a robust cash position, holding more than $200 million in cash and cash equivalents. The company also reported continued progress in reducing long-term debt, further strengthening its balance sheet and ensuring the flexibility needed to pursue future growth opportunities.
“In a cyclical business like ours, maintaining a healthy balance sheet is not optional—it’s essential,” noted McGill. “It allows us to remain agile and opportunistic in a dynamic environment, whether that’s through organic initiatives or strategic acquisitions.”
Fiscal Q2 2025 Financial Performance
Total revenue rose 8.3% year-over-year to a quarterly record of $631.5 million, compared to $582.9 million in Q2 of fiscal 2024. This growth was largely fueled by increased unit sales and higher contributions from ancillary services such as financing, insurance, and marine-related services.
Same-store sales growth of 11% reflected both a healthy product mix and the success of promotional efforts with OEM partners. However, the company experienced margin compression, primarily due to the heavier weighting of boat sales and competitive pricing pressure. Gross profit fell slightly to $189.5 million from $190.4 million, and gross margin declined to 30.0% from 32.7% in the prior-year quarter.
SG&A expenses decreased to $166.8 million, or 26.4% of revenue, versus $169.0 million, or 29.0% of revenue, in the prior-year period. Adjusted SG&A—which excludes transaction costs, contingent consideration changes, and non-recurring items—declined 1.0% year-over-year.
Interest expenses were also down, totaling $18.2 million, or 2.9% of revenue, compared to $19.4 million, or 3.3% of revenue, in Q2 fiscal 2024. This decline was attributed to a lower interest rate environment relative to the previous year.
Net income for the quarter came in at $3.3 million, or $0.14 per diluted share, compared with $1.6 million, or $0.07 per diluted share, in the same quarter last year. On an adjusted basis, net income increased to $5.4 million, or $0.23 per diluted share, up from $4.1 million, or $0.18 per share. Adjusted EBITDA also improved, rising to $30.9 million from $29.6 million.
Updated Full-Year Fiscal 2025 Guidance
Due to newly implemented tariffs and evolving retail market dynamics, MarineMax revised its full-year guidance. The company now expects:
- Adjusted net income in the range of $1.40 to $2.40 per diluted share, down from the prior forecast of $1.80 to $2.80
- Adjusted EBITDA between $140 million and $170 million, compared to the previous outlook of $150 million to $180 million
This outlook does not include the impact of any future acquisitions or significant external events.
“As we progressed into April, consumer interest in boating remains high, as evidenced by strong web traffic and online engagement,” McGill explained. “However, conversion rates have slowed somewhat, likely due to increased caution around tariffs and economic uncertainty. While this has prompted us to revise our short-term guidance, we remain optimistic about the long-term fundamentals of our business and the marine lifestyle.”
Looking Ahead
MarineMax remains committed to its strategic roadmap, which includes expanding high-margin segments, improving operational efficiency, and delivering a premium customer experience. The company believes these efforts will continue to differentiate its brand in an increasingly complex retail environment.
“Our diversified portfolio, strong balance sheet, and disciplined execution give us confidence as we look ahead,” concluded McGill. “We are well-positioned to adapt to changing conditions and seize opportunities as they arise—whether through organic growth or strategic M&A.”
About MarineMax
As the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime.