MarineMax Reports 8.3% Revenue Growth in Q2 Fiscal 2025, Net Income Increases

MarineMax, Inc. reported its financial results for the second quarter of fiscal 2025, revealing a revenue increase of 8.3% to $631.5 million compared to $582.9 million in the same period last year. The growth was primarily driven by a $63 million increase in comparable-store sales, which was partially offset by a $14.4 million decline from closed stores. Despite the revenue growth, gross profit slightly decreased by 0.5% to $189.5 million, resulting in a gross profit margin of 30.0%, down from 32.7% a year earlier, attributed to lower boat margins amid a challenging retail environment.

For the six months ending March 31, 2025, MarineMax reported a revenue decline of 0.9% to $1.1 billion, down from $1.11 billion in the prior year. This decrease was mainly due to a $16.3 million reduction from closed stores and manufacturing revenues not included in comparable sales, although comparable-store sales increased by 1%. Gross profit for the six-month period also fell by 1.8% to $359.2 million, with a gross profit margin of 32.7%, slightly lower than the previous year's 33.0%. Selling, general, and administrative expenses decreased significantly by 8.6% to $297.5 million, reflecting cost-saving measures implemented in prior fiscal years.

In terms of strategic developments, MarineMax has continued its acquisition strategy, completing several acquisitions in recent months, including the service and parts departments of Treasure Island Marina and Shelter Bay Marina in Florida. The company has also expanded its retail operations, which now include over 70 locations across 21 states, contributing to its position as a leading recreational boat and yacht services provider. The company’s operational footprint includes a network of luxury marinas and superyacht services through its subsidiaries, Fraser Yachts and Northrop & Johnson.

MarineMax's financial health remains stable, with total assets amounting to $2.67 billion as of March 31, 2025, and total liabilities of $1.67 billion. The company reported a net income of $3.3 million for the quarter, up from $1.6 million in the same quarter last year, and a net income of $21.4 million for the six-month period, compared to $2.5 million in the prior year. The company’s basic net income per share increased to $0.15 from $0.07 year-over-year.

Looking ahead, MarineMax anticipates continued growth through strategic acquisitions and operational efficiencies, despite potential challenges posed by economic conditions and consumer spending patterns. The company remains focused on leveraging its core strengths and expanding its market share in the recreational boating industry, while also navigating the impacts of interest rate fluctuations and tariffs on its operations.