Marinemax (HZO) FY2025 results: revenue $2.3 billion, down 5.0% on the year
Marinemax Inc. (HZO) reported revenue of $2.3 billion for fiscal 2025, the year ended 30 September 2025, down 5.0% on the year before. Net income was -$32 million, and diluted earnings per share $-1.43. The figures are the company's own, from the 10-K it filed with the SEC on 17 November 2025.
Revenue
$2.3 billion
-5.0% on the year
FY2018FY2025
Operating margin
1.5%
5.3% a year earlier
FY2018FY2025
Net income
-$32 million
FY2018FY2025
Diluted EPS
-$1.43
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
Quarterly revenue declined on boat sales: Revenue fell from the prior-year period. Management attributed the decline to lower new boat sales and portfolio rationalization, including store closures since the end of fiscal 2024.
Same-store sales rose on used and services: Same-store sales growth came from used boat revenue, finance and insurance, parts and service income, and Superyacht services and marina operations including IGY.
Adjusted EBITDA fell in the quarter: Quarterly Adjusted EBITDA was $17.3 million, compared with $33.5 million a year earlier.
SG&A rose to 32.2% of revenue: SG&A expenses were $177.6 million, or 32.2% of revenue, compared with $166.4 million, or 29.5% of revenue, in the prior-year period.
Gross margin rose to 34.7%: Gross profit was $191.4 million, or 34.7% of revenue, against 34.3% in the prior-year quarter.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
72.8
-25.7
-222
Capital expenditure
60.9
60.4
65.4
+0.7%
Free cash flow
11.9
-86.1
-288
Free cash flow margin
0.5%
-3.5%
-12.0%
Cash from investing
-55.6
-81.3
-576
Cash from financing
-72.0
129
770
Depreciation and amortisation
49.3
44.5
41.0
+10.9%
Share-based compensation
19.4
24.0
21.7
-19.2%
Diluted shares, weighted
22m
23m
22m
-4.2%
Shares outstanding at period end
22m
23m
22m
-3.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
937
976
916
-4.0%
Non-controlling interest
11.6
10.5
2.6
+10.6%
Debt
1,108
1,099
960
+0.8%
Operating lease liabilities
128
125
124
+2.8%
Other liabilities
286
396
419
-27.7%
Total liabilities and equity
2,470
2,605
2,421
-5.2%
Fixed assets
553
533
528
+3.7%
Goodwill
527
592
560
-11.0%
Intangible assets
15.0
19.2
23.8
-21.8%
Cash and equivalents
170
224
201
-24.1%
Receivables
108
106
85.8
+1.8%
Inventory
867
907
813
-4.3%
Other assets
230
223
210
+2.9%
Total assets
2,470
2,605
2,421
-5.2%
10-K for the year ended 30 September 2025, filed 17 November 2025: the filing.