MarineMax Reports Record Revenue in Q2 2025 Despite Market Challenges

MarineMax has released its fiscal 2025 second-quarter figures, reporting record revenue of $631.5 million, up 8.3 per cent year over year despite ongoing challenges in the marine retail market.

The firm’s latest figures, ending 31 March 2025, reflect strong boat sales, marina expansion, and its growing superyacht services business. Same-store sales rose 11 per cent during the quarter, while adjusted EBITDA climbed to $30.9 million. Net income more than doubled to $3.3 million, up from $1.6 million a year ago.

“Despite facing a weak retail market and an uncertain macroeconomic climate, we delivered a strong second-quarter performance,” says Brett McGill, chief executive officer and president of MarineMax.

McGill credited the positive growth and year-to-date 32.7 per cent gross margin to joint promotional initiatives, broadening its business scope, expansion into high-value segments, and a continued focus on their premium brands. Among the quarter’s highlights was the acquisition of the full-service Shelter Bay Marina and storage facility in Marathon, Florida.

While the company’s total revenue for the period has been impressive, gross profit dipped slightly to $189.5 million, with margins tightening from 32.7 per cent to 30 per cent. The company associated this with a higher boat inventory turnover in a retail environment, wrestling with cautious consumer spending and increased discounting.

McGill highlights: “Prudent expense management has been a priority for us in this uncertain environment and will remain a focus in the quarters ahead.” Its adjusted selling, general and administrative (SG&A) costs fell by $1.7 million compared to 2024, underlining efforts to streamline operations and protect margins.

“We continue to see strong consumer interest in the boating lifestyle,” affirms McGill. Despite encouraging second-quarter performance and continued consumer interest in boating, MarineMax revised its annual outlook in response to recently imposed tariffs and changing consumer trends.

The company now expects adjusted net income for fiscal 2025 in the range of $1.40 to $2.40 per diluted share, down from its previous forecast of $1.80 to $2.80. Similarly, adjusted EBITDA guidance has been scaled back to between $140 million and $170 million.

With over $200 million in cash reserves and largely untapped credit lines, MarineMax remains confident as market conditions develop, as McGill concludes: “We remain confident that as conditions improve, the strong underlying interest in our products will lead to higher demand and growth.”