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- **Resilient Growth**: 2% same-store sales growth in Q4 vs. industry decline, driven by higher-margin adjacencies.
- **Gross Margin Strength**: 34.7% gross margin defies industry boat margin lows, reflecting strategic diversification.
- **Digital Innovation**: Boatyard platformsubscriber growth validates tech leadership in boating services.
- **Cautious Outlook**: FY2026 guidance reflects industry inventory challenges, but long-term optimism on normalization.
- **Balance Sheet Flexibility**: Strong cash position ($170M) supports strategic investments amid macro uncertainty.

**【CEO Summary Section】**
- **Revenue Performance**: Q4 2025 revenue of $552 million with 2% same-store sales growth, driven by used boats, F&I, parts/service, and IGY contributions.
- **Gross Margin Expansion**: 34.7% gross margin (up from 32.5% FY2025), supported by higher-margin businesses like marinas, superyacht services, and digital platforms.
- **Strategic Initiatives**: Launch of Fort Myers flagship store, Boatyard platform (160% subscriber growth), and Customer IQ AI tool for cross-selling.
- **Industry Outlook**: Optimistic on inventory normalization and rate cuts, positioning for post-COVID recovery.

**【CFO Financial Commentary】**
- **FY2025 Results**: $2.31B revenue, $110M adj. EBITDA, $0.61 adj. EPS, despite 5% revenue decline due to 10 store closures.
- **Balance Sheet Strength**: $170M cash, 2x net debt/EBITDA, with $170M inventory reduction.
- **FY2026 Guidance**: Adj. EBITDA $110M-$125M, flat to +5% same-store sales, cautious on boat margins until inventory normalizes.

**【Q&A Highlights】**
- **Sales Mix**: Q4 units down mid-single digits vs. industry 25% decline, ASP up 7%.
- **Rate Impact**: Consumer optimism from rate cuts, but payment sensitivity limited in premium segment.
- **Promotional Drag**: Elevated dealer discounts expected until H2 FY2026 inventory normalization.
- **Cost Management**: No major cost cuts in FY2026 guidance, focusing on marketing and inventory efficiency.
- **Segment Resilience**: Marinas, F&I, and service businesses showing recurring revenue strength despite retail softness.

MarineMax, Inc. (HZO) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HZO

HZO fundamentals

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