Boat and marine products retailer MarineMax (NYSE: HZO) reported Q4 CY2025 results topping the market’s revenue expectations, with sales up 7.8% year on year to $505.2 million. Its non-GAAP loss of $0.21 per share was significantly below analysts’ consensus estimates.

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“As anticipated, retail margin pressure persisted across the recreational boating industry in the December quarter, reflecting continued uncertainty and competitive dynamics, including elevated promotional activity, as the industry continues to right-size inventory,” said Brett McGill, CEO and President of MarineMax.

Company Overview

Appropriately headquartered in Clearwater, Florida, MarineMax (NYSE: HZO) sells boats, yachts, and other marine products.

Revenue Growth

Examining a company’s long-term performance can provide clues about its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.

With $2.35 billion in revenue over the past 12 months, MarineMax is a small retailer, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with suppliers.

As you can see below, MarineMax struggled to increase demand as its $2.35 billion of sales for the trailing 12 months was close to its revenue three years ago. This was mainly because it closed stores.

This quarter, MarineMax reported year-on-year revenue growth of 7.8%, and its $505.2 million of revenue exceeded Wall Street’s estimates by 4.6%.

Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months. This projection doesn't excite us and suggests its newer products will not catalyze better top-line performance yet.

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Store Performance

Number of Stores

MarineMax listed 70 locations in the latest quarter and has generally closed its stores over the last two years, averaging 5.4% annual declines.

When a retailer shutters stores, it usually means that brick-and-mortar demand is less than supply, and it is responding by closing underperforming locations to improve profitability.

Same-Store Sales

A company's store base only paints one part of the picture. When demand is high, it makes sense to open more. But when demand is low, it’s prudent to close some locations and use the money in other ways. Same-store sales is an industry measure of whether revenue is growing at those existing stores and is driven by customer visits (often called traffic) and the average spending per customer (ticket).

MarineMax’s demand within its existing locations has barely increased over the last two years as its same-store sales were flat. This performance isn’t ideal, and MarineMax is attempting to boost same-store sales by closing stores (fewer locations sometimes lead to higher same-store sales).

In the latest quarter, MarineMax’s same-store sales rose 10% year on year. This growth was an acceleration from its historical levels, which is always an encouraging sign.

Key Takeaways from MarineMax’s Q4 Results

We were impressed by how significantly MarineMax blew past analysts’ revenue expectations this quarter. On the other hand, its EBITDA missed and its gross margin fell short of Wall Street’s estimates. Looking ahead, EBITDA guidance for the full year also missed. Overall, this was a weaker quarter. The stock remained flat at $26.84 immediately after reporting.

MarineMax may have had a tough quarter, but does that actually create an opportunity to invest right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).