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What changed in MARINEMAX INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of MARINEMAX INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+259 added−246 removedSource: 10-K (2025-11-17) vs 10-K (2024-11-14)

Top changes in MARINEMAX INC's 2025 10-K

259 paragraphs added · 246 removed · 217 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

98 edited+8 added−19 removed151 unchanged
Biggest changeProduct Line Fiscal Year Current Geographic Regions Boston Whaler 1998 West Central Florida, Stuart, Florida, and Dallas, Texas Grady-White 2002 Houston, Texas Boston Whaler 2004-2005 North and South Carolina (2004), Houston, Texas (2005) Azimut 2006 Northeast United States from Maryland to Maine Boston Whaler 2006 New York Grady-White 2006-2010 Pensacola, Florida (2006), Jacksonville, Florida (2010) Azimut 2008 Florida Boston Whaler 2009-2012 Southwest Florida (2009), Pompano Beach, Florida (2012) Harris 2010 Missouri, Minnesota, and New Jersey Nautique by Correct Craft 2010 West Central Florida and Minnesota Harris 2011-2012 West Central Florida (2011), Alabama (2012), North and Southwest Florida (2012), and Texas (2012) Azimut 2012 United States other than where previously held Scout 2012 Southeast Florida, Maryland, and New Jersey Sailfish 2013 New Jersey Ocean Alexander Yachts 2014 Eastern United States Scout 2014 Texas, New York Aquila 2014 North America, South America and Caribbean Galeon 2015 North America, Central America, and South America Grady-White 2016 Miami, Florida Boston Whaler 2016 Parts of Massachusetts, Connecticut, and Rhode Island Yamaha Jet Boats 2017 Georgia, North Carolina, and South Carolina Bennington 2017 South Carolina Mastercraft 2018-2021 South Carolina (2018), Wisconsin and Illinois (2021) MJM Yachts 2019 Florida, Missouri, Massachusetts, North Carolina, South Carolina and Georgia Bayliner 2019-2021 Texas (2019); Wisconsin, Illinois, Michigan and Ohio (2021) Barletta 2021 Wisconsin, Illinois, Detroit, and Michigan Four Winns 2021 Wisconsin, Illinois, Ohio and Detroit, Michigan Harris 2021 Wisconsin, Illinois, Grand Rapids, Michigan and Ohio Sea Ray 2021 Wisconsin, Illinois, Michigan, and Ohio Starcraft 2021 Wisconsin, Illinois & Michigan Sylvan 2021 Wisconsin, Illinois, & Eastern Michigan Tiara 2021 Wisconsin, Illinois, Michigan, California & Ohio Princess 2021 California and Seattle, Washington Yamaha Jet Boats 2021 Wisconsin Edgewater 2021 Newport Beach, California Gran Turismo 2021 Michigan and Ohio Antares 2021 Michigan and Ohio Beneteau Flyer 2021 Michigan and Ohio Cruisers Yachts (1) 2021 Worldwide Chris-Craft, Moomba, Supra 2021 Minnesota Saxdor 2021 North America Bertram 2021 United States and Canada with certain exceptions Premier 2021-2022 Minnesota (2021), Texas (2022) Mastercraft 2021-2022 Wisconsin and Illinois (2021), Minnesota (2021), North Texas (2022) Boston Whaler 2022 Minnesota Intrepid Powerboats (1) 2022 Worldwide Wider Yachts 2022 North America World Cat 2022 Wisconsin, Illinois, & Michigan Cobalt 2023 Minnesota Premier 2023 Georgia Boston Whaler 2023 North Carolina and South Carolina Aviara (1) 2019-2024 United States (2019), Worldwide (2024) (1) Product line owned by MarineMax We add brands with the intent to either offer a migration path for our existing customer base or fill a gap in our product offerings.
Biggest changeProduct Line Fiscal Year Current Geographic Regions Boston Whaler 1998 West Central Florida, Stuart, Florida, and Dallas, Texas Grady-White 2002 Houston, Texas Boston Whaler 2004-2005 North and South Carolina (2004), Houston, Texas (2005) Azimut 2006 Northeast United States from Maryland to Maine Boston Whaler 2006 New York Grady-White 2006-2010 Pensacola, Florida (2006), Jacksonville, Florida (2010) Azimut 2008 Florida Boston Whaler 2009-2012 Southwest Florida (2009), Pompano Beach, Florida (2012) Harris 2010 Missouri, Minnesota, and New Jersey Nautique by Correct Craft 2010 Minnesota Harris 2011-2012 West Central Florida (2011), Alabama (2012), North and Southwest Florida (2012), and Texas (2012) Azimut 2012 United States Scout 2012 Southeast Florida, Maryland, and New Jersey Ocean Alexander Yachts 2014 Eastern United States Scout 2014 New York Aquila 2014 North America, South America and Caribbean Galeon 2015 North America, Central America, and South America Grady-White 2016 Miami, Florida Boston Whaler 2016 Parts of Massachusetts, Connecticut, and Rhode Island Yamaha Jet Boats 2017 Georgia, North Carolina, and South Carolina Bennington 2017 South Carolina Mastercraft 2018-2021 South Carolina (2018), Wisconsin and Illinois (2021) MJM Yachts 2019 Florida, Missouri, Massachusetts, North Carolina, South Carolina and Georgia Bayliner 2019-2021 Wisconsin, Illinois, Michigan and Ohio (2021) Barletta 2021 Wisconsin, Illinois, Detroit, and Michigan Four Winns 2021 Wisconsin, Illinois, Ohio and Detroit, Michigan Harris 2021 Wisconsin, Illinois, Grand Rapids, Michigan and Ohio Sea Ray 2021 Wisconsin, Illinois, Michigan, and Ohio Starcraft 2021 Wisconsin, Illinois & Michigan Sylvan 2021 Wisconsin, Illinois, Eastern Michigan & Georgia (2025) Tiara 2021 Wisconsin, Illinois, Michigan, California & Ohio Princess 2021 California and Seattle, Washington Yamaha Jet Boats 2021 Wisconsin Edgewater 2021 Newport Beach, California Cruisers Yachts (1) 2021 Worldwide Moomba, Supra 2021 Minnesota Saxdor 2021 North America Bertram 2021 United States and Canada with certain exceptions Premier 2021-2022 Minnesota (2021) Mastercraft 2021-2022 Wisconsin and Illinois (2021), Minnesota (2021) Boston Whaler 2022 Minnesota Intrepid Powerboats (1) 2022 Worldwide Cobalt 2023 Minnesota Premier 2023 Georgia Boston Whaler 2023 North Carolina and South Carolina Aviara (1) 2019-2024 United States (2019), Worldwide (2024) (1) Product line owned by MarineMax We add brands with the intent to either offer a migration path for our existing customer base or fill a gap in our product offerings.
In addition, we plan to continue to expand our other traditional services, including conducting used boat sales at our retail locations, at offsite locations, and digitally; selling related marine products, including engines, trailers, parts, and accessories at our retail locations and at various offsite locations; providing maintenance, repair, and storage services at most of our retail locations; offering 4 our customers the ability to finance new or used boat purchases and to purchase extended service contracts and arrange insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, trailer tire and wheel protection, and casualty insurance coverage; offering boat and yacht brokerage sales at most of our retail locations and at various offsite locations; offering boat storage; conducting our yacht charter business; and manufacturing sport yacht and yachts.
In addition, we plan to continue to expand our other traditional services, including conducting used boat sales at our retail locations, at offsite locations, and digitally; selling related marine products, including engines, trailers, parts, and accessories at our retail locations and at various offsite locations; providing maintenance, repair, and storage services at most of our retail locations; offering our customers the ability to finance new or used boat purchases and to purchase extended service contracts and arrange insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, trailer tire and wheel protection, and casualty 4 insurance coverage; offering boat and yacht brokerage sales at most of our retail locations and at various offsite locations; offering boat storage; conducting our yacht charter business; and manufacturing sport yacht and yachts.
This participation is subject to repayment by us if the buyer prepays the contract or defaults within a designated time period, usually 0 to 180 days. To the extent required by applicable state law, our dealerships are licensed to originate and sell retail installment contracts financing the sale of boats and other marine products.
This participation is subject to repayment by us if the buyer prepays the contract or defaults within a designated time period, usually within 0 to 180 days. To the extent required by applicable state law, our dealerships are licensed to originate and sell retail installment contracts financing the sale of boats and other marine products.
Technology Platform We believe that our technology platform, which is utilized by our companies and dealerships and that is continually developed with the latest capabilities, strategically enhances our ability to successfully integrate the operations of our companies and future acquisitions, facilitates secure interchange of information, and enhances cross-selling opportunities throughout our company.
Technology Platform We believe that our technology platform, which is utilized by our companies and dealerships and continually developed with the latest capabilities, strategically enhances our ability to successfully integrate the operations of our companies and future acquisitions, facilitates secure interchange of information, and enhances cross-selling opportunities throughout our company.
Clair Cass Lake Spring Lake Lake Fenton Minnesota Lake Minnetonka Cross Lake Missouri Lake of the Ozarks New Jersey Barnegat Bay Manasquan River Little Egg Harbor Bay New York Huntington Harbor North Carolina Masonboro Inlet Ohio Lake Erie Oklahoma Grand Lake Rhode Island Newport Harbor South Carolina Lake Wylie Texas Clear Lake Lake Lewisville Washington Lake Union Wisconsin Sturgeon Bay Lake Mendota Kinnickinnic River Lake Butte Des Mortes Additionally, through IGY Marinas we own and manage luxury marinas situated around the world.
Clair Cass Lake Spring Lake Lake Fenton Minnesota Lake Minnetonka Cross Lake Missouri Lake of the Ozarks New Jersey Barnegat Bay Manasquan River Little Egg Harbor Bay New York Huntington Harbor North Carolina Masonboro Inlet Ohio Lake Erie Oklahoma Grand Lake Rhode Island Newport Harbor South Carolina Lake Wylie Texas Clear Lake Lake Lewisville Washington Lake Union Wisconsin Sturgeon Bay Lake Mendota Kinnickinnic River Lake Butte Des Mortes 11 Additionally, through IGY Marinas we own and manage luxury marinas situated around the world.
The fishing boats we offer, such as Boston Whaler, Bertram, Grady-White, Scout, and Sailfish, range from entry level models to advanced models designed for fishing and water sports in lakes, bays, and off-shore waters, with cabins with limited live-aboard capability. The fishing boats typically feature livewells, in-deck fishboxes, rodholders, rigging stations, cockpit coaming pads, and fresh and saltwater washdowns.
The fishing boats we offer, such as Boston Whaler, Bertram, Grady-White and Scout range from entry level models to advanced models designed for fishing and water sports in lakes, bays, and off-shore waters, with cabins with limited live-aboard capability. The fishing boats typically feature livewells, in-deck fishboxes, rodholders, rigging stations, cockpit coaming pads, and fresh and saltwater washdowns.
Sea Ray pleasure boats feature custom instrumentation that may include an electronics package; various hull, deck, and cockpit designs that can include a swim platform; bow pulpit and raised bridge; and various amenities, such as swivel bucket helm seats, lounge seats, sun pads, wet bars, built-in ice chests, and refreshment centers.
Sea Ray pleasure boats feature custom instrumentation that may include an electronics package; various hull, deck, and cockpit designs that can include a swim platform; bow pulpit and raised bridge; and various amenities, such as swivel bucket helm seats, lounge seats, sun pads, wet bars, built-in ice chests, 6 and refreshment centers.
Additionally, Azimut Yachts was awarded ISO 14001 certification, for its consistent and effective management system aimed at reducing the environmental impact of its operations. In addition, to maximize the eco-compatible standards of their yachts, Azimut Yachts adopted RINA (an organization specializing in classification, certification, testing, and inspection) principles to achieve RINA Green Plus notation.
Additionally, Azimut Yachts was awarded ISO 14001 certification, for its consistent and effective management system aimed at reducing the environmental impact of its operations. In addition, to maximize the eco-compatible standards of their yachts, Azimut Yachts adopted RINA (an organization specializing in classification, certification, testing, and inspection) principles to achieve RINA 16 Green Plus notation.
We also from time to time evaluate opportunities to expand our operations by potentially acquiring recreational boat dealers to expand our geographic scope, expanding our product lines, opening new retail locations within or outside our existing territories, and offering new products and services for our customers and by potentially acquiring companies to pursue contract manufacturing or vertical integration strategies.
We also from time to time evaluate opportunities to expand our operations by potentially acquiring recreational boat dealers to expand our geographic scope, expanding our product lines, opening new retail locations within or outside our existing territories, and 2 offering new products and services for our customers and by potentially acquiring companies to pursue contract manufacturing or vertical integration strategies.
Mercury Marine and Yamaha have introduced various new engine models that are designed to reduce engine emissions to comply with current United States Environmental Protection Agency (“EPA”) requirements. See “Business — Governmental Regulations, including Environmental Regulations.” Industry leaders, Mercury Marine and Yamaha, specialize in state-of-the-art marine propulsion systems and accessories.
Mercury 7 Marine and Yamaha have introduced various new engine models that are designed to reduce engine emissions to comply with current United States Environmental Protection Agency (“EPA”) requirements. See “Business — Governmental Regulations, including Environmental Regulations.” Industry leaders, Mercury Marine and Yamaha, specialize in state-of-the-art marine propulsion systems and accessories.
In addition, certain of our retail locations are located on waterways that are subject to federal or state laws regulating navigable waters (including oil pollution prevention), fish and wildlife, and other matters. 15 Three of the properties we own were historically used as gasoline service stations.
In addition, certain of our retail locations are located on waterways that are subject to federal or state laws regulating navigable waters (including oil pollution prevention), fish and wildlife, and other matters. Three of the properties we own were historically used as gasoline service stations.
Ocean Alexander Yachts are known for their excellent engineering, performance, and functionality combined with luxuries typically found on larger mega yachts. Princess yachts are a leading British luxury yacht manufacturer with attention to detail, design, and performance. 6 Yacht Tenders . Williams Jet Tenders is the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market.
Ocean Alexander Yachts are known for their excellent engineering, performance, and functionality combined with luxuries typically found on larger mega yachts. Princess is a leading British luxury yacht manufacturer with attention to detail, design, and performance. Yacht Tenders . Williams Jet Tenders is the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market.
Sales representatives use the platform to gain strategic competitive 13 insights, automatically generate follow-up activities, facilitate the availability of Company-wide products and services and monitor the maintenance and service needs of customers’ boats. Company representatives also utilize the platform to provide access to financing and insurance products, proactively schedule services and continually communicate with customers.
Sales representatives use the platform to gain strategic competitive insights, automatically generate follow-up activities, facilitate the availability of Company-wide products and services and monitor the maintenance and service needs of customers’ boats. Company representatives also utilize the platform to provide access to financing and insurance products, proactively schedule services and continually communicate with customers.
The yacht owners are able to utilize the yachts for personal use for a designated number of weeks during the terms of the management agreement and take possession of their yachts following the expiration of the yacht management agreements. In addition to the specific business we launched in the British Virgin Islands, we also offer yacht charter services.
The yacht owners are able to utilize the yachts for personal use for a designated number of weeks during the terms of the management agreement and take possession of their yachts following the expiration of the yacht management agreements. 9 In addition to the specific business we launched in the British Virgin Islands, we also offer yacht charter services.
Petersburg United States, Georgia IGY Savannah Harbor Marina United States, New York North Cove Marina at Brookfield Place United States Virgin Islands, Saint Thomas Yacht Haven Grande American Yacht Harbor 11 Operations Dealership Operations and Management We have adopted a generally decentralized approach to the operational management of our dealerships.
Petersburg United States, Georgia IGY Savannah Harbor Marina United States, New York North Cove Marina at Brookfield Place United States Virgin Islands, Saint Thomas Yacht Haven Grande American Yacht Harbor Operations Dealership Operations and Management We have adopted a generally decentralized approach to the operational management of our dealerships.
We have relationships with various national marine product lenders under which the lenders purchase retail installment contracts evidencing retail sales of boats and other marine products that are originated by us in accordance with existing pre-sale agreements between us and the lenders.
We have relationships with various national marine product lenders under which the lenders purchase retail installment contracts evidencing retail sales of boats and other marine products that are originated by us in accordance with existing 8 pre-sale agreements between us and the lenders.
Inventory Financing Marine manufacturers customarily provide interest assistance programs to retailers. The interest assistance varies by manufacturer and may include periods of free financing or reduced interest rate programs. The interest assistance may be paid directly to the retailer or the financial institution depending on the arrangements the manufacturer has established.
Inventory Financing Marine manufacturers customarily provide interest assistance programs to retailers. The interest assistance varies by manufacturer and may include periods of free financing or reduced interest rate programs. The interest assistance may be paid directly to the retailer 13 or the financial institution depending on the arrangements the manufacturer has established.
Additionally, we hold online experience events, including immersive boat tours, that allow participants to explore boats and yachts from multiple manufacturers, segments, and models from anywhere using their phone, tablet, or computer.
Additionally, we hold online experience 12 events, including immersive boat tours, that allow participants to explore boats and yachts from multiple manufacturers, segments, and models from anywhere using their phone, tablet, or computer.
Cash incentive bonuses are designed to reward individuals based on our Company’s financial results as well as the achievement of personal and corporate objectives designed to contribute to our long-term success in building shareholder value. Grants of stock-based awards under our 2021 Stock-Based Compensation Plan are intended to align compensation with the price performance of our common stock.
Incentive bonuses are designed to reward individuals based on our Company’s financial 14 results as well as the achievement of personal and corporate objectives designed to contribute to our long-term success in building shareholder value. Grants of stock-based awards under our 2021 Stock-Based Compensation Plan are intended to align compensation with the price performance of our common stock.
Retail Locations We sell our recreational boats and other marine products and offer our related boat services through over 75 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin.
Retail Locations We sell our recreational boats and other marine products and offer our related boat services through over 70 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin.
Performance metrics utilized by our cash compensation plans include pretax income performance bonus, aged inventory, district and regional financial performance targets, and net promoter score (customer satisfaction). Intellectual Property We have registered tradenames and trademarks, including among other marks, “MarineMax” and “United by Water” in over 20 countries and territories.
Performance metrics utilized by our incentive compensation plans include pretax income performance bonus, aged inventory, district and regional financial performance targets, and net promoter score (customer satisfaction). Intellectual Property We have registered tradenames and trademarks, including among other marks, “MarineMax” and “United by Water” in over 20 countries and territories.
While we remain committed to supporting sustainable manufacturing and a sustainable environment for all boaters, any increased costs of producing engines resulting from EPA standards, or the inability of our manufacturers to comply with EPA requirements, could have a material adverse effect on our business.
While we remain committed to supporting sustainable manufacturing and a sustainable environment for all boaters, any increased costs of producing engines resulting from the need to meet EPA standards, or the inability of our manufacturers to comply with EPA requirements, could have a material adverse effect on our business.
Our Human Rights Policy is reviewed by our Board of Directors on an annual basis or more frequently as needed. We strive to conduct our business in an ethical and socially responsible way, and are sensitive to the needs of the environment, our customers, our shareholders, our team members and our communities.
Our Human Rights Policy is reviewed by our Board of Directors on an annual basis or more frequently as needed. We strive to conduct our business in an ethical and socially responsible way, and are sensitive to the needs of the environment, our customers, our stakeholders, our team members and our communities.
The platform integrates each level of operations on a Company-wide basis, including but not limited to inventory, financial reporting, budgeting, marketing and sales management. We manage each company’s operations with the platform to execute at the highest level, continually grow, and deliver exceptional customers experiences.
The platform integrates each level of operations on a Company-wide basis, including but not limited to inventory, financial reporting, budgeting, marketing and sales management. We manage each company’s operations with the platform to execute at the highest level, continually grow, and deliver exceptional customer experiences.
Established in 1988 as a U.S.-based recreational boat and yacht dealership, more recently, starting in 2019, we have broadened our international footprint and diversified our asset portfolio through strategic acquisitions of higher-margin businesses within the marine industry.
Established in 1998 as a U.S.-based recreational boat and yacht dealership, more recently, starting in 2019, we have broadened our international footprint and diversified our asset portfolio through strategic acquisitions of higher-margin businesses within the marine industry.
In addition, we support humanitarian aid to locations in the United States and other countries through organizations such as the Red Cross. We also partner with the American Cancer Society to support Breast Cancer Awareness Month and cancer screenings across all of our retail operations.
In addition, we support humanitarian aid to locations in the United States and other countries through organizations such as the Red Cross. We also partner with the American Cancer Society to support Breast Cancer Awareness Month and cancer screenings across all of our locations.
As of September 30, 2024, the Product Manufacturing segment included activity of Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufacturing sport yacht and yachts with sales through our select retail dealership locations and through independent dealers, and Intrepid Powerboats.
As of September 30, 2025, the Product Manufacturing segment included activity of Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufacturing sport yacht and yachts with sales through our select retail dealership locations and through independent dealers, and Intrepid Powerboats.
Alvare 48 General Counsel William Brett McGill has served as Chief Executive Officer since October 2018, as President since October 2017, and as a Director since February 21, 2019. Mr. McGill served as President and Chief Operating Officer of MarineMax from October 2017 to October 2018. Mr.
Alvare 49 General Counsel William Brett McGill has served as Chief Executive Officer since October 2018, as President since October 2017, and as a Director since February 21, 2019. Mr. McGill served as President and Chief Operating Officer of MarineMax from October 2017 to October 2018. Mr.
As of September 30, 2024, the Retail Operations segment included the activity of over 75 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment.
As of September 30, 2025, the Retail Operations segment included the activity of over 70 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment.
Over the three-year period ended September 30, 2024, the average revenue for the quarters ended December 31, March 31, June 30 and September 30 represented approximately 21%, 25%, 30%, and 24%, respectively, of our average annual revenues.
Over the three-year period ended September 30, 2025, the average revenue for the quarters ended December 31, March 31, June 30 and September 30 represented approximately 21%, 25%, 30%, and 24%, respectively, of our average annual revenues.
MarineMax commenced operations as a result of the March 1, 1998 acquisition of five previously independent recreational boat dealers. Since that time, we have acquired 35 additional previously independent recreational boat dealers, multiple marinas, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations, and two boat and yacht manufacturers.
MarineMax commenced operations as a result of the March 1, 1998 acquisition of five previously independent recreational boat dealers. Since that time, we have acquired 37 additional previously independent recreational boat dealers, multiple marinas, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations, and three boat and yacht manufacturers.
The following table sets forth information regarding the businesses and assets that we have acquired and their geographic regions from fiscal year 2011 through September 30, 2024.
The following table sets forth information regarding the businesses and assets that we have acquired and their geographic regions from fiscal year 2011 through September 30, 2025.
Product Liability The products we sell or service may expose us to potential liabilities for personal injury or property damage claims relating to the use of those products. Historically, the resolution of product liability claims has not materially affected our business. Manufacturers of the products we sell generally maintain product liability insurance.
Product Liability The products we sell or services we provide may expose us to potential liabilities for personal injury or property damage claims relating to the use of those products. Historically, the resolution of product liability claims has not materially affected our business. Manufacturers of the products we sell generally maintain product liability insurance.
Various foreign, federal, state, and local regulatory agencies, including the Occupational Safety and Health Administration (“OSHA”), the EPA, and similar foreign, federal, state, and local agencies, have jurisdiction over the operation of our dealerships, repair facilities, and other operations with respect to matters such as consumer protection and privacy, workers’ safety, and laws regarding protection of the environment, including air, water, and soil.
Various foreign, federal, state, and local regulatory agencies, including the Occupational Safety and Health Administration (“OSHA”), the Environmental Protection Agency (“EPA”), and similar foreign, federal, state, and local agencies, have jurisdiction over the operation of our dealerships, repair facilities, and other operations with respect to matters such as consumer protection and privacy, workers’ safety, and laws regarding protection of the environment, including air, water, and soil.
Cruisers Yachts is recognized as one of the world’s premier manufacturers of premium sport yacht and yachts, producing models from 33’ to 60’ feet. Intrepid Powerboats, also a wholly-owned MarineMax subsidiary, is a producer of customized boats, which incorporate the desires of each individual owner.
Cruisers Yachts is recognized as one of the world’s premier manufacturers of premium sport yacht and yachts, including Aviara luxury dayboats, producing models from 33’ to 60’ feet. Intrepid Powerboats, also a wholly-owned MarineMax subsidiary, is a producer of customized boats, which incorporate the desires of each individual owner.
Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 9% and 9%, respectively, of our revenue in fiscal 2024. Brunswick is a world leading manufacturer of marine products and marine engines.
Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 8% and 9%, respectively, of our revenue in fiscal 2025. Brunswick is a world leading manufacturer of marine products and marine engines.
Based on these factors and previous depressed economic conditions, we have closed 82 retail locations since March 1998 which includes the 2008 financial crisis, excluding those opened on a temporary basis for a specific purpose and including 7 during the last three fiscal years.
Based on these factors and previous depressed economic conditions, we have closed 87 retail locations since March 1998 which includes the 2008 financial crisis, excluding those opened on a temporary basis for a specific purpose and including 11 during the last three fiscal years.
We offer recreational boats in most market segments, but have a particular focus on premium quality pleasure boats and yachts as reflected by our fiscal 2024 average new boat sales price of approximately $327,000, an increase from approximately $306,000 in fiscal 2023, compared with an estimated industry average selling price for calendar 2023 of approximately $90,000 based on industry data published by the National Marine Manufacturers Association.
We offer recreational boats in most market segments, but have a particular focus on premium quality pleasure boats and yachts as reflected by our fiscal 2025 average new boat sales price of approximately $339,000, an increase from approximately $327,000 in fiscal 2024, compared with an estimated industry average selling price for calendar 2024 of approximately $93,000 based on industry data published by the National Marine Manufacturers Association.
April 2022 France Endeavour Marina August 2022 Texas IGY Marinas October 2022 Worldwide Midcoast Marine Group December 2022 Florida Boatzon January 2023 Worldwide C&C Boat Works June 2023 Minnesota Atalanta Global Yachts October 2023 Worldwide Williams Tenders USA January 2024 Worldwide Native Marine March 2024 Florida Keys Aviara October 2024 Worldwide 3 In addition to acquiring recreational boat dealers, superyacht service companies, boat manufacturers, marinas, and opening new retail locations, we also add new product lines to expand our operations.
April 2022 France Endeavour Marina August 2022 Texas IGY Marinas October 2022 Worldwide Midcoast Marine Group December 2022 Florida Boatzon January 2023 Worldwide C&C Boat Works June 2023 Minnesota Atalanta Global Yachts October 2023 Worldwide Williams Tenders USA January 2024 Worldwide Native Marine March 2024 Florida Keys Aviara October 2024 Worldwide Treasure Island Marina, LLC January 2025 Florida Panhandle Shelter Bay Marina March 2025 Florida Keys 3 In addition to acquiring recreational boat dealers, superyacht service companies, boat manufacturers, marinas, and opening new retail locations, we also add new product lines to expand our operations.
The EPA has various air emissions regulations for outboard marine engines that impose more strict emissions standards for two-cycle, gasoline outboard marine engines. The majority of the outboard marine engines we sell are manufactured by Mercury Marine.
The EPA has various air emissions regulations for outboard marine engines that impose stricter emissions standards for two-cycle, gasoline outboard marine engines. The majority of the outboard marine engines we sell are manufactured by Mercury Marine.
Acquired dealers operate under the MarineMax name. We continually attempt to enhance our business by providing a full range of services, offering extensive and high-quality product lines, maintaining prime retail locations, pursuing the MarineMax One Price hassle-free sales approach, and emphasizing a high level of customer service and satisfaction.
We continually attempt to enhance our business by providing a full range of services, offering extensive and high-quality product lines, maintaining prime retail locations, pursuing the MarineMax One Price hassle-free sales approach, and emphasizing a high level of customer service and satisfaction.
We also are the exclusive dealer for Italy-based Azimut-Benetti Group, or Azimut, for Azimut and Benetti mega-yachts, yachts, and other recreational boats for the United States. Sales of new Azimut boats and yachts accounted for approximately 1 8% of our revenue in fiscal 2024.
We also are the exclusive dealer for Italy-based Azimut-Benetti Group, or Azimut, for Azimut and Benetti mega-yachts, yachts, and other recreational boats for the United States. Sales of new Azimut boats and yachts accounted for approximately 1 6% of our revenue in fiscal 2025.
In October 2022, we completed the acquisition of IGY Marinas. IGY Marinas maintains a network of luxury marinas situated in yachting and sport fishing destinations around the world. IGY Marinas has high standards for service and quality in nautical tourism. It offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia, delivering year-round accommodations.
IGY Marinas maintains a network of luxury marinas situated in yachting and sport fishing destinations around the world. IGY Marinas has high standards for service and quality in nautical tourism. It offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia, delivering year-round accommodations.
The sale of marine engines, related marine equipment, and boating parts and accessories, which are all tangible products, accounted for approximately 4.5% or $109.0 million of our fiscal 2024 revenue. Maintenance, Repair, and Storage Services Providing customers with professional, prompt maintenance and repair services is critical to our sales efforts and contributes to our success.
The sale of marine engines, related marine equipment, and boating parts and accessories, which are all tangible products, accounted for approximately 4.7% or $107.5 million of our fiscal 2025 revenue. Maintenance, Repair, and Storage Services Providing customers with professional, prompt maintenance and repair services is critical to our sales efforts and contributes to our success.
We consider our relations with our employees to be excellent, and we earned certification as a Great Place To Work TM in 2024. In managing the business, we devote substantial efforts to recruit employees that we believe to be exceptionally well qualified for their position.
We consider our relations with our employees to be excellent, and we earned certification as a Great Place To Work TM in 2025, for the second year in a row. In managing the business, we devote substantial efforts to recruit employees that we believe to be exceptionally well qualified for their position.
As a result of our emphasis on premium brand boats, our average selling price for a new boat in fiscal 2024 was approximately $327,000, an increase from approximately $306,000 in fiscal 2023, compared with the industry average selling price for calendar 2023 of approximately $90,000 based on industry data published by the National Marine Manufacturers Association.
As a result of our emphasis on premium brand boats, our average selling price for a new boat in fiscal 2025 was approximately $339,000, an increase from approximately $327,000 in fiscal 2024, compared with the industry average selling price for calendar 2024 of approximately $93,000 based on industry data published by the National Marine Manufacturers Association.
Product Line and Trade Name Overall Length Manufacturer Suggested Retail Price Range E-Power Yachts Wider Yachts 92' to 230' 10,000,000+ Motor Yachts Azimut 42' to 120'+ 1,600,000 to 26,000,000+ Ocean Alexander Yachts 88’ to 120’+ 10,00,000 to 25,000,000+ Princess 35' to 95'+ 700,000 to 10,000,000+ Yacht Tenders Williams Jet Tenders 9’ to 20’ 30,000 to 250,000+ Pleasure Boats Sea Ray 19’ to 40’ 58,000 to 1,200,000+ Bayliner 15' to 24' 20,000 to 110,000 Cobalt 23' to 35' 110,000 to 500,000 Chris-Craft 24' to 28' 220,000 to 330,000 Aquila 28’ to 72’ 300,000 to 7,000,000+ Galeon 32’ to 80’ 750,000 to 8,500,000+ Saxdor 20' to 40' 50,000 to 600,000 MJM Yachts 35’ to 50’+ 700,000 to 2,000,000+ Aviara (1) 28’ to 40’ 250,000 to 1,300,000+ Cruisers Yachts (1) 34' to 60' 700,000 to 3,800,000+ Tiara 34' to 60' 600,000 to 3,500,000+ Four Winns 20' to 38' 60,000 to 600,000+ Intrepid Powerboats (1) 30' to 51' 330,000 to 2,000,000+ Pontoon Boats Harris 19’ to 30’ 50,000 to 250,000+ Crest 20’ to 27’ 50,000 to 250,000+ Bennington 17’ to 30’ 30,000 to 350,000 Barletta 20' to 28' 60,000 to 250,000 Premier 21' to 33' 50,000 to 375,000 Starcraft 18' to 25' 25,000 to 100,000 Sylvan 18' to 25' 25,000 to 100,000 Fishing Boats Boston Whaler 13’ to 42’ 25,000 to 2,000,000+ Bertram 28' to 39' 350,000 to 1,300,000 Grady White 18’ to 45’ 80,000 to 1,900,000 Scout 17’ to 53’ 50,000 to 3,500,000+ Sailfish 19’ to 36’ 120,000 to 700,000+ Ski Boats Nautique by Correct Craft 20’ to 25’ 170,000 to 525,000+ Mastercraft 20’ to 26’ 140,000 to 430,000 Jet Boats Yamaha Jet Boats 19’ to 27’ 40,000 to 160,000 (1) Product line owned by MarineMax E-Power Yachts .
Product Line and Trade Name Overall Length Manufacturer Suggested Retail Price Range Motor Yachts Azimut 42' to 120'+ 1,600,000 to 26,000,000+ Ocean Alexander Yachts 88’ to 120’+ 10,00,000 to 25,000,000+ Princess 35' to 95'+ 700,000 to 10,000,000+ Yacht Tenders Williams Jet Tenders 9’ to 20’ 30,000 to 250,000+ Pleasure Boats Sea Ray 19’ to 40’ 65,000 to 1,200,000+ Bayliner 15' to 24' 20,000 to 110,000 Cobalt 23' to 35' 110,000 to 500,000 Aquila 28’ to 72’ 300,000 to 7,000,000+ Galeon 32’ to 80’ 750,000 to 8,500,000+ Saxdor 32' to 40' 330,000 to 750,000 MJM Yachts 35' to 50' 700,000 to 2,000,000+ Aviara (1) 28’ to 40’ 250,000 to 1,300,000+ Cruisers Yachts (1) 34' to 60' 700,000 to 3,800,000+ Tiara 34' to 60' 600,000 to 3,500,000+ Four Winns 20' to 38' 60,000 to 600,000+ Intrepid Powerboats (1) 34' to 51' 560,000 to 2,000,000+ Pontoon Boats Harris 19’ to 30’ 50,000 to 250,000+ Bennington 17’ to 30’ 30,000 to 350,000 Barletta 20' to 28' 60,000 to 250,000 Premier 21' to 33' 50,000 to 375,000 Starcraft 16' to 25' 35,000 to 115,000 Sylvan 20' to 27' 40,000 to 160,000 Fishing Boats Boston Whaler 13’ to 42’ 25,000 to 2,000,000+ Bertram 28' to 39' 350,000 to 1,300,000 Grady White 18’ to 45’ 80,000 to 1,900,000 Scout 17’ to 67’ 50,000 to 7,500,000+ Ski Boats Nautique by Correct Craft 20’ to 25’ 170,000 to 525,000+ Mastercraft 20’ to 26’ 140,000 to 430,000 Jet Boats Yamaha Jet Boats 19’ to 27’ 40,000 to 160,000 (1) Product line owned by MarineMax Motor Yachts .
The motor yacht product lines typically include state-of-the-art designs with live-aboard luxuries. Azimut yachts are known for their Americanized open layout with Italian design and powerful performance. The luxurious interiors of Azimut yachts are accented by windows and multiple accommodations that have been designed for comfort.
Ocean Alexander Yachts, Azimut and Princess are three of the world’s premier yacht builders. The motor yacht product lines typically include state-of-the-art designs with live-aboard luxuries. Azimut yachts are known for their Americanized open layout with Italian design and powerful performance. The luxurious interiors of Azimut yachts are accented by windows and multiple accommodations that have been designed for comfort.
Sales of new Brunswick boats accounted for approximately 20% of our revenue in fiscal 2024. Sales of new Sea Ray and Boston Whaler boats accounted for approximately 9% and 9%, respectively, of our revenue in fiscal 2024. Certain of our dealerships also sell luxury yachts, fishing boats, and pontoon boats provided by other manufacturers, including Italy-based Azimut.
Sales of new Sea Ray and Boston Whaler boats accounted for approximately 8% and 9%, respectively, of our revenue in fiscal 2025. Certain of our dealerships also sell luxury yachts, fishing boats, and pontoon boats provided by other manufacturers, including Italy-based Azimut. Sales of new Azimut boats and yachts accounted for approximately 6% of our revenue in fiscal 2025.
During fiscal 2024, the income from rentals of chartering power yachts, yacht charter fees, and other charter services accounted for approximately 1.7% or $41.2 million of our revenue. Offsite Sales We sell used boats, offer F&I products, and sell parts and accessories at various third-party offsite locations, including marinas.
During fiscal 2025, the income from rentals of chartering power yachts, yacht charter fees, and other charter services accounted for approximately 2.0% or $44.4 million of our revenue. Offsite Sales We sell used boats, offer F&I products, and sell parts and accessories at various third-party offsite locations, including marinas.
Item 1. B usiness Introduction Our Company We believe we are the world’s largest recreational boat, yacht and superyacht services company. As of September 30, 2024, we have over 120 locations worldwide, including over 75 retail dealership locations, some of which include marinas.
Item 1. B usiness Introduction Our Company We believe we are the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company. As of September 30, 2025, we have over 120 locations worldwide, including over 70 retail dealership locations, some of which include marinas.
Also, through Fraser Yachts Group and Northrop & Johnson, we offer yacht and superyacht brokerage. During fiscal 2024, brokerage sales commissions accounted for approximately 4.7% or $114.0 million of our revenue. 9 Our brokerage customers generally receive the same high level of customer service as our new and used boat customers.
Also, through Fraser Yachts Group and Northrop & Johnson, we offer yacht and superyacht brokerage. During fiscal 2025, brokerage sales commissions accounted for approximately 5.0% or $116.0 million of our revenue. Our brokerage customers generally receive the same high level of customer service as our new and used boat customers.
During fiscal 2024, used boat sales accounted for 9.7% or approximately $236.1 million of our revenue. 7 Our used boat sales depend on our ability to source a supply of high-quality used boats at attractive prices. We acquire substantially all of our used boat inventory through customer trade-ins.
During fiscal 2025, used boat sales accounted for 13.3% or approximately $307.7 million of our revenue. Our used boat sales depend on our ability to source a supply of high-quality used boats at attractive prices. We acquire substantially all of our used boat inventory through customer trade-ins.
The onset of the public boat and recreation shows in January generally stimulates boat sales and typically allows us to reduce our inventory levels and related short-term borrowings throughout the remainder of the fiscal year.
The onset of the public boat and recreation shows in January generally stimulates boat sales and typically allows us to reduce our inventory levels and related short-term borrowings throughout the remainder of the fiscal year. Our expansion into boat storage may act to reduce our seasonality and cyclicality.
The Clean Marina Program recognizes facilities engaging in environmental best practices and exceeding regulatory requirements in and around waterways. 16 Corporate Social Responsibility Our commitment to social responsibility is outlined in our “Human Rights Policy.” Our Human Rights Policy can be found on the Investor Relations section of our website at www.MarineMax.com under Governance Documents (for the avoidance of doubt, our Human Rights Policy and other information contained on or accessible through our website is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC).
Corporate Social Responsibility Our commitment to social responsibility is outlined in our “Human Rights Policy.” Our Human Rights Policy can be found on the Investor Relations section of our website at www.MarineMax.com under Governance Documents (for the avoidance of doubt, our Human Rights Policy and other information contained on or accessible through our website is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC).
The Fraser Yachts Group has become the first yacht company to sign the Pact for Energy Transition with the Monaco Government.
The Fraser Yachts Group was the first yacht company to sign the Pact for Energy Transition with the Monaco Government in 2020.
Maarten Yacht Club Isle de Sol Simpson Bay Marina St. Lucia Rodney Bay Marina United States, Florida Yacht Haven Grande Miami at Island Gardens Maximo Marina, St.
Maarten Yacht Club Isle de Sol Simpson Bay Marina St. Lucia Rodney Bay Marina United Arab Emirates, Ras Al Khaimah Wynn Al Marjan Island Marina United States, Florida Yacht Haven Grande Miami at Island Gardens Maximo Marina, St.
Our expansion plans will depend, in large part, upon economic and industry conditions. U.S. Recreational Boating Industry The U.S. recreational boating industry generated approximately $57.7 billion in retail sales in calendar 2023, which is below the former peak of $59.3 billion in calendar 2022.
Our expansion plans will depend, in large part, upon economic and industry conditions. U.S. Recreational Boating Industry The U.S. recreational boating industry generated approximately $55.6 billion in retail sales in calendar 2024, which is slightly below the $57.7 billion generated in calendar 2023.
For example, we seek out, to the extent feasible, manufacturers committed to the highest levels of sustainability, environmental stewardship, and low-emissions as demonstrated by Mercury Marine. Mercury Marine’s commitment to sustainability and successes are detailed in its 2021 Sustainability Report.
For example, we seek out, to the extent feasible, manufacturers committed to the highest levels of sustainability, environmental stewardship and low-emissions, as demonstrated by Mercury Marine.
Additionally, Cruisers Yachts has assumed the rights to MasterCraft’s Aviara brand of luxury day boats. Intrepid Powerboats, also a wholly-owned MarineMax subsidiary, is recognized as a world class producer of customized boats, reflecting the unique desires of each individual owner. Intrepid Powerboats follows a direct-to-consumer distribution model.
Additionally, Cruisers Yachts has assumed the rights to MasterCraft’s Aviara brand of luxury day boats. Intrepid Powerboats, also a wholly-owned MarineMax subsidiary, is recognized as a world class producer of customized boats, reflecting the unique desires of each individual owner. Intrepid Powerboats sells through our retail dealership locations as well as independent dealers.
Collectively, with the IGY acquisition, as of September 30, 2024, we own or operate 65 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers.
Collectively, with the IGY acquisition, as of September 30, 2025, we own or operate over 65 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe.
During fiscal 2024, new boat sales, including sales of Cruisers Yachts and Intrepid Powerboats, accounted for approximately 66.6% or $1.6198 billion of our revenue.
During fiscal 2025, new boat sales, including sales of Cruisers Yachts and Intrepid Powerboats, accounted for approximately 60.9% or $1.407 billion of our revenue.
New Boat Sales We primarily sell recreational boats, including pleasure boats and fishing boats. A number of the products we offer are manufactured by Brunswick, a leading worldwide manufacturer of recreational boats and yachts, including Sea Ray pleasure boats, Boston Whaler fishing boats, and Harris aluminum boats.
A number of the products we offer are manufactured by Brunswick, a leading worldwide manufacturer of recreational boats and yachts, including Sea Ray pleasure boats, Boston Whaler fishing boats, and Harris aluminum boats. Sales of new Brunswick boats accounted for approximately 18% of our revenue in fiscal 2025.
Cassella, Jr 55 Executive Vice President Finance and Chief Accounting Officer Shawn Berg 54 Executive Vice President and Chief Digital Officer Kyle G. Langbehn 50 Executive Vice President and President of Retail Operations Manuel A.
McLamb 60 Executive Vice President, Chief Financial Officer, and Secretary Anthony E. Cassella, Jr 56 Executive Vice President Finance and Chief Accounting Officer Shawn Berg 55 Executive Vice President and Chief Digital Officer Kyle G. Langbehn 51 Executive Vice President and President of Retail Operations Manuel A.
While we sell a broad range of new and used boats, we focus on premium brand products. In addition, we assist in arranging related boat financing, insurance, and extended service contracts; provide boat maintenance and repair services; offer slip and storage accommodations; provide boat and yacht brokerage sales; and conduct a yacht charter business.
In addition, we assist in arranging related boat financing, insurance, and extended service contracts; provide boat maintenance and repair services; offer slip and storage accommodations; provide boat and yacht brokerage sales; and conduct a yacht charter business. New Boat Sales We primarily sell recreational boats, including pleasure boats and fishing boats.
In charging for our mechanics’ labor, many of our dealerships use a variable rate structure designed to reflect the difficulty and sophistication of different types of repairs.
In charging for our mechanics’ labor, many of our dealerships use a variable rate structure designed to reflect the difficulty and sophistication of different types of repairs. The percentage markups on parts are similarly based on manufacturer suggested prices and market conditions for different parts.
As with boat dealerships generally, and parts and service operations in particular, our business involves the use, handling, storage, and contracting for recycling or disposal of hazardous or toxic substances or wastes, including environmentally sensitive materials, such as motor oil, waste motor oil and filters, transmission fluid, antifreeze, freon, waste paint and lacquer thinner, batteries, solvents, lubricants, degreasing agents, gasoline, and diesel fuels.
Based on historical experience, we believe that our liabilities associated with tank testing, upgrades, and remediation are unlikely to have a material adverse effect on our financial condition or operating results. 15 As with boat dealerships generally, and parts and service operations in particular, our business involves the use, handling, storage, and contracting for recycling or disposal of hazardous or toxic substances or wastes, including environmentally sensitive materials, such as motor oil, waste motor oil and filters, transmission fluid, antifreeze, freon, waste paint and lacquer thinner, batteries, solvents, lubricants, degreasing agents, gasoline, and diesel fuels.
Human Capital Resources As of September 30, 2024, we had 4,050 employees, 2,942 (73%) of whom were in store-level operations, 738 (18%) of whom were in manufacturing operations, and 370 (9%) of whom were in corporate administration and operational management. We are not a party to any collective bargaining agreements.
Human Capital Resources As of September 30, 2025, we had 3,385 employees, 2,457 (approximately 73%) of whom were in store-level operations, 565 (approximately 17%) of whom were in manufacturing operations, and 363 (approximately 10%) of whom were in corporate administration and operational management. We are not a party to any significant collective bargaining agreements.
Intrepid Powerboats follows a direct-to-consumer distribution model and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. In October 2022, we completed the acquisition of IGY Marinas.
Intrepid Powerboats sells through our retail dealership locations as well as independent dealers and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. In October 2022, we completed the acquisition of IGY Marinas.
Maintenance, repair, rent, and storage services accounted for approximately 9.7% or $236.5 million of our revenue during fiscal 2024 of which, approximately 3.0% or $72.3 million related to repair services, approximately 1.3% or $31.9 million related to parts and accessories for repairs, and approximately 5.4% or $132.3 million related to income from rent and storage service rentals.
Maintenance, repair, rent, and storage services accounted for approximately 10.6% or $244.8 million of our revenue during fiscal 2025 of which, approximately 3.2% or $73.4 million related to repair services, approximately 1.4% or $33.1 million related to parts and accessories for repairs, and approximately 6.0% or $138.3 million related to income from rent and storage service rentals.
In October 2024, our Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats. We are the largest retailer of Sea Ray and Boston Whaler recreational boats which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 20% of our revenue in fiscal 2024.
We are the largest retailer of Sea Ray and Boston Whaler recreational boats which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 18% of our revenue in fiscal 2025.
The retail sales include sales of new and used recreational boats; marine products, such as engines, trailers, parts, and accessories; and related boating expenditures, such as fuel, insurance, docking, storage, and repairs. Retail sales of new and used boats, engines, trailers, equipment, and accessories accounted for approximately $45.4 billion of such sales in calendar 2023.
The retail sales include sales of new and used boats;marine products, such as engines, trailers, equipment, and accessories; and related expenditures, such as fuel, insurance, docking, storage, and repairs. Retail sales of new and used boats, engines, trailers and accessories accounted for approximately $43.2 billion of these sales in 2024 based on industry data from the National Marine Manufacturers Association.
The percentage markups on parts are similarly based on manufacturer suggested prices and market conditions for different parts. 8 At many of our locations, we offer boat storage services, including in-water slip storage and inside and outside land storage. These storage services are offered at competitive market rates and include both in-season and out-of-season storage.
At many of our locations, we offer boat storage services, including in-water slip storage and inside and outside land storage. These storage services are offered at competitive market rates and include both in-season and out-of-season storage. In October 2022, we completed the acquisition of IGY Marinas.
For the 11 th consecutive year, the Wisconsin Sustainable Business Council awarded Mercury Marine a “Green Masters” designation, a program measuring a broad range of sustainability issues including energy and water conservation, waste management, community outreach, and education.
Mercury Marine’s recent accomplishments include winning the Wisconsin Business Friend of the Environment Award for Environmental Innovation in 2024 for its efforts in energy conservation and reduction in hazardous waste, carbon emissions and water consumption and, for the 14th consecutive year, the Wisconsin Sustainable Business Council awarded Mercury Marine a “Green Masters” designation, a program measuring a broad range of sustainability issues including energy and water conservation, waste management, community outreach, and education.
The dealer agreements do not restrict our right to sell any product lines or competing products provided that we are in compliance with the material obligations of our dealer agreements.
We typically deal with each of our manufacturers, other than Brunswick and Azimut-Benetti Group, under an annually renewable, non-exclusive dealer agreement. The dealer agreements do not restrict our right to sell any product lines or competing products provided that we are in compliance with the material obligations of our dealer agreements.
Part of our marketing capabilities include our customer relationships and data platforms that automatically manage customer engagements, evaluate a customer’s propensity to buy, manage sales activities, and facilitate Company-wide availability of a particular boat or other marine products and services desired by a customer. 12 Suppliers and Inventory Management We purchase a substantial portion of our new boat inventory directly from manufacturers, which allocate new boats to dealerships based on the amount of boats sold by the dealership and their market share.
Part of our marketing capabilities include our customer relationships and data platforms that automatically manage customer engagements, evaluate a customer’s propensity to buy, manage sales activities, and facilitate Company-wide availability of a particular boat or other marine products and services desired by a customer.
McLamb, a certified public accountant, was employed by Arthur Andersen LLP from December 1987 to December 1997, serving most recently as a Senior Manager. Charles A. Cashman has served as Executive Vice President and Chief Revenue Officer of MarineMax since October 2016. Mr.
McLamb served as Vice President and Treasurer of the Company from January 23, 1998 until October 22, 2002. Mr. McLamb, a certified public accountant, was employed by Arthur Andersen LLP from December 1987 to December 1997, serving most recently as a Senior Manager. Anthony E.
For example, prolonged winter conditions, drought conditions (or merely reduced rainfall levels) or excessive rain, may limit access to area boating locations or render boating dangerous or inconvenient, thereby curtailing customer demand for our products. In addition, unseasonably cool weather and prolonged winter conditions may lead to a shorter selling season in certain locations.
Our business is also subject to weather patterns, which may adversely affect our results of operations. For example, prolonged winter conditions, drought conditions (or merely reduced rainfall levels) or excessive rain, may limit access to area boating locations or render boating dangerous or inconvenient, thereby curtailing customer demand for our products.
Harris is known for exceptional performance combined with a stable and safe platform. Crest provides a variety of pontoon models that are designed to provide high levels of quality, safety, style and comfort to meet family recreational needs. Bennington offers what we believe to be industry leading design, craftsmanship, and a quiet, smooth, ride.
Harris is a pontoon industry leader and offers a variety of some of the most innovative, luxurious, and premium pontoon models to fit boaters’ needs. Harris is known for exceptional performance combined with a stable and safe platform. Bennington offers what we believe to be industry leading design, craftsmanship, and a quiet, smooth, ride.
For the avoidance of doubt, information contained on, or accessible through, our website is not incorporated into, and does not form a part of, this Form 10-K or any other report or document we file with the SEC.
For the avoidance of doubt, information contained on, or accessible through, our website is not incorporated into, and does not form a part of, this Form 10-K or any other report or document we file with the SEC. 17 Executive Officers The following table sets forth information concerning each of our executive officers as of November 17, 2025: Name Age Position William Brett McGill 57 Chief Executive Officer, President and Director Michael H.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeFurthermore, if we fail to realize the intended benefits of the IGY Marinas acquisition, the market price of our common stock could decline to the extent that the market price reflects those benefits. The Ukraine and Middle East conflicts could have a significant adverse effect on our business, results of operations, financial condition, and cash flow in the future.
Biggest changeThe Ukraine and Middle East conflicts could have a significant adverse effect on our business, results of operations, financial condition, and cash flow in the future. The Ukraine and Middle East conflicts raise a host of potential threats and risk factors to our business.
Accomplishing these goals for expansion will depend upon a number of factors, including the following: • our ability to identify new markets in which we can obtain distribution rights to sell our existing or additional product lines; • our ability to lease or construct suitable facilities at a reasonable cost in existing or new markets; • our ability to hire, train, and retain qualified personnel; • the timely and effective integration of new retail locations into existing operations; 23 • our ability to achieve adequate market penetration at favorable operating margins without the acquisition of existing dealers; and • our financial resources.
Accomplishing these goals for expansion will depend upon a number of factors, including the following: • our ability to identify new markets in which we can obtain distribution rights to sell our existing or additional product lines; • our ability to lease or construct suitable facilities at a reasonable cost in existing or new markets; • our ability to hire, train, and retain qualified personnel; 23 • the timely and effective integration of new retail locations into existing operations; • our ability to achieve adequate market penetration at favorable operating margins without the acquisition of existing dealers; and • our financial resources.
The economic, political and other risks we face resulting from these operations include the following: • compliance with U.S. and local laws and regulatory requirements, including labor, tax, and environmental, health and safety, as well as changes in those laws and requirements; • transportation delays or interruptions and other effects of less developed infrastructures; • effects from the voter-approved exit of the United Kingdom from the European Union (often referred to as Brexit), including any resulting deterioration in economic conditions, volatility in currency exchange rates, or adverse regulatory changes; • limitations on imports and exports; • adverse foreign exchange rate fluctuations; • imposition of restrictions on currency conversion or the transfer of funds; • withdrawal from or revision to international trade agreements; • national and international conflicts, including the Israel-Hamas War and the Russia/Ukraine conflict, foreign policy changes, political or economic instability, or terrorist acts; • the effects of issued or threatened government sanctions, tariffs and duties, trade barriers or economic restrictions; • maintenance of quality standards; and/or • possible employee turnover or labor unrest.
The economic, political and other risks we face resulting from these operations include the following: • compliance with U.S. and local laws and regulatory requirements, including labor, tax, and environmental, health and safety, as well as changes in those laws and requirements; • transportation delays or interruptions and other effects of less developed infrastructures; • effects from the voter-approved exit of the United Kingdom from the European Union (often referred to as Brexit), including any resulting deterioration in economic conditions, volatility in currency exchange rates, or adverse regulatory changes; • limitations on imports and exports; • adverse foreign exchange rate fluctuations; • imposition of restrictions on currency conversion or the transfer of funds; • imposition of tariffs; • withdrawal from or revision to international trade agreements; • national and international conflicts, including the Israel-Hamas War and the Russia/Ukraine conflict, foreign policy changes, political or economic instability, or terrorist acts; • the effects of issued or threatened government sanctions, tariffs and duties, trade barriers or economic restrictions; • maintenance of quality standards; and/or • possible employee turnover or labor unrest.
Despite our efforts to protect sensitive, confidential or personal data or information, we and our third-party service providers may be vulnerable to security breaches, theft, misplaced or lost data, programming errors, employee errors and/or malfeasance that could potentially lead to the compromising of sensitive, confidential or personal data or information, improper use of our systems, unauthorized access, use, disclosure, modification or destruction of information, and operational disruptions.
Despite our efforts to protect sensitive, confidential or personal data or information, we and our third-party service providers may be vulnerable to security breaches, theft, misplaced or lost data, programming errors, employee errors and/or malfeasance that 32 could potentially lead to the compromising of sensitive, confidential or personal data or information, improper use of our systems, unauthorized access, use, disclosure, modification or destruction of information, and operational disruptions.
While credit availability is currently adequate to support demand, if credit conditions worsen and adversely affect the ability of customers to finance potential purchases at acceptable terms and interest rates, it could result in a decrease in sales and materially impact our financial condition and results of operations. Inflation could adversely affect our financial results.
While credit availability is currently adequate to support demand, if credit conditions worsen and adversely affect the ability of customers to finance potential purchases at acceptable terms and interest rates, it could result in a decrease in sales and materially impact our financial condition and results of operations.
The Amended Credit Agreement provides the Company a line of credit with asset based borrowing availability of up to $950 million and establishes a revolving credit facility in the maximum amount of $100 million, a delayed draw term loan facility to finance the acquisition of IGY Marinas in the maximum amount of $400 million, and a $100 million delayed draw mortgage loan facility.
The Amended Credit Facility provides the Company a line of credit with asset based borrowing availability of up to $950 million and establishes a revolving credit facility in the maximum amount of $100 million, a delayed draw term loan facility to finance the acquisition of IGY Marinas in the maximum amount of $400 million, and a $100 million delayed draw mortgage loan facility.
In addition, new boat buyers often finance their purchases. Inflation, along 21 with a rise in interest rates, could translate into an increased cost of boat ownership.
In addition, new boat buyers often finance their purchases. Inflation, along with a rise in interest rates, could translate into an increased cost of boat ownership.
Any inability to utilize the Amended Credit Agreement or the acceleration of amounts owed, resulting from a covenant violation, insufficient collateral, or lender difficulties, could require us to seek other sources of funding to repay amounts outstanding under the Amended Credit Agreement or replace or supplement the Amended Credit Agreement, which may not be possible at all or under commercially reasonable terms.
Any inability to utilize the Amended Credit Facility or the acceleration of amounts owed, resulting from a covenant violation, insufficient collateral, or lender difficulties, could require us to seek other sources of funding to repay amounts outstanding under the Amended Credit Facility or replace or supplement the Amended Credit Facility, which may not be possible at all or under commercially reasonable terms.
The variable interest rate under our Amended Credit Agreement will fluctuate with changing market conditions and, accordingly, our interest expense will increase as interest rates rise. Although the Federal Reserve recently cut interest rates, a significant increase in interest rates could have a material adverse effect on our operating results.
The variable interest rate under our Amended Credit Facility will fluctuate with changing market conditions and, accordingly, our interest expense will increase as interest rates rise. Although the Federal Reserve recently cut interest rates, a significant increase in interest rates could have a material adverse effect on our operating results.
The availability and costs of borrowed funds can adversely affect our ability to obtain and maintain adequate boat inventory and the holding costs of that inventory as well as the ability and willingness of our customers to finance boat purchases. We rely on the Amended Credit Agreement to purchase and maintain our inventory of boats.
The availability and costs of borrowed funds can adversely affect our ability to obtain and maintain adequate boat inventory and the holding costs of that inventory as well as the ability and willingness of our customers to finance boat purchases. We rely on the Amended Credit Facility to purchase and maintain our inventory of boats.
Depressed economic conditions, weak consumer spending, turmoil in the credit markets, and lender difficulties, among other potential reasons, could interfere with our ability to maintain compliance with our debt covenants and to utilize the Amended Credit Agreement to fund our operations.
Depressed economic conditions, weak consumer spending, turmoil in the credit markets, and lender difficulties, among other potential reasons, could interfere with our ability to maintain compliance with our debt covenants and to utilize the Amended Credit Facility to fund our operations.
Over the three-year period ended September 30, 2024, the average revenue for the quarterly periods ended December 31, March 31, June 30 and September 30 represented approximately 21%, 25%, 30%, and 24%, respectively, of our average annual revenue.
Over the three-year period ended September 30, 2025, the average revenue for the quarterly periods ended December 31, March 31, June 30 and September 30 represented approximately 21%, 25%, 30%, and 24%, respectively, of our average annual revenue.
Since March 1, 1998, we have acquired 35 additional previously independent recreational boat dealers, multiple marinas, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations, and two boat and yacht manufacturers. Each acquired dealer and entity operated independently prior to its acquisition by us.
Since March 1, 1998, we have acquired 37 additional previously independent recreational boat dealers, multiple marinas, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations, and three boat and yacht manufacturers. Each acquired dealer and entity operated independently prior to its acquisition by us.
Risks Related to Cybersecurity Increased cybersecurity requirements, threats and more sophisticated and targeted computer crime could pose a risk to our systems, networks, data and our third-party service providers. Our business operations could be negatively impacted by an outage or breach of our informational technology systems or a cybersecurity event.
Risks Related to Cybersecurity Increased cybersecurity requirements, use of artificial intelligence, cybersecurity threats and more sophisticated and targeted computer crime could pose a risk to our systems, networks, data and our third-party service providers. Our business operations could be negatively impacted by an outage or breach of our informational technology systems or a cybersecurity event.
The remainder of our fiscal 2024 revenue from new boat sales resulted from sales of products from a limited number of other manufacturers, none of which accounted for more than 10% of our revenue.
The remainder of our fiscal 2025 revenue from new boat sales resulted from sales of products from a limited number of other manufacturers, none of which accounted for more than 10% of our revenue.
Our ability to borrow under the Amended Credit Agreement depends on our ability to continue to satisfy our covenants and other obligations under the Amended Credit Agreement and the ability for our manufacturers to be approved vendors under our Amended Credit Agreement.
Our ability to borrow under the Amended Credit Facility depends on our ability to continue to satisfy our covenants and other obligations under the Amended Credit Facility and the ability for our manufacturers to be approved vendors under our Amended Credit Facility.
A significant amount of our boat sales are from the State of Florida. Economic conditions, weather and environmental conditions, competition, market conditions, and any other adverse conditions impacting the State of Florida in which we generated approximately 51%, 53% and 53% of our dealership revenue during fiscal 2022, 2023, and 2024, respectively, could have a major impact on our operations.
A significant amount of our boat sales are from the State of Florida. Economic conditions, weather and environmental conditions, competition, market conditions, and any other adverse conditions impacting the State of Florida in which we generated approximately 54%, 53% and 53% of our dealership revenue during fiscal 2025, 2024, and 2023, respectively, could have a major impact on our operations.
The aging of our inventory limits our borrowing capacity as defined provisions in the Amended Credit Agreement reduce the allowable advance rate as our inventory ages.
The aging of our inventory limits our borrowing capacity as defined provisions in the Amended Credit Facility reduce the allowable advance rate as our inventory ages.
As of September 30, 2024, we have approximately $533 million of property and equipment, net of accumulated depreciation, recorded on our consolidated balance sheet. Recoverability of an asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate.
As of September 30, 2025, we have approximately $552.5 million of property and equipment, net of accumulated depreciation, recorded on our consolidated balance sheet. Recoverability of an asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate.
Unauthorized parties may also attempt to gain access to our systems or facilities, or those of third parties with whom we do business, through fraud, social engineering or other forms of deceiving our team members, contractors, vendors, and temporary staff.
Unauthorized parties have and may in the future attempt to gain access to our systems or facilities, or those of third parties with whom we do business, through fraud, social engineering or other forms of deceiving our team members, contractors, vendors, and temporary staff.
Changes by the Federal Reserve to raise its benchmark interest rate beginning in 2022 have resulted in significantly higher long-term interest rates, which has negatively impacted, and may further negatively impact, our customers’ willingness or desire to purchase our products. However, the Federal Reserve recently cut interest rates in September 2024 and more interest rate cuts are expected.
Changes by the Federal Reserve to raise its benchmark interest rate beginning in 2022 have resulted in significantly higher long-term interest rates, which has negatively impacted, and may further negatively impact, our customers’ willingness or desire to purchase our products. However, the Federal Reserve recently cut interest rates in September 2025 and October 2025 but further cuts are uncertain.
The IGY Marinas acquisition poses risks for our ongoing operations, including, among others: • the possibility that we will incur unexpected costs and liabilities; • the possibility that expected synergies and value creation will not be realized or will not be realized within the expected time period; • difficulties recruiting and retaining team members; • the financing for the acquisition of IGY Marinas may limit our ability to finance future acquisitions or obtain favorable terms on future credit agreements; • IGY Marinas may not perform as well as anticipated; and • unforeseen difficulties may arise in integrating operations in various countries into our company. 25 As a result of the foregoing, we cannot assure that the IGY Marinas acquisition will be accretive to us in the near term or at all.
The IGY Marinas acquisition poses risks for our ongoing operations, including, among others: • the possibility that we will incur unexpected costs, liabilities, or impairments; • the possibility that expected synergies and value creation will not be realized or will not be realized within the expected time period; • difficulties recruiting and retaining team members; • the financing for the acquisition of IGY Marinas may limit our ability to finance future acquisitions or obtain favorable terms on future credit agreements; 25 • IGY Marinas may not perform as well as anticipated; and • unforeseen difficulties may arise in integrating operations in various countries into our company.
For example, certain of our suppliers are dependent on products sourced from Taiwan. Greater restrictions and/or disruptions of our suppliers’ ability to operate facilities and/or do business in and with Taiwan may increase the cost of certain materials and/or limit the supply of products sourced from Taiwan.
Greater restrictions and/or disruptions of our suppliers’ ability to operate facilities and/or do business in and with Taiwan may increase the cost of certain materials and/or limit the supply of products sourced from Taiwan.
Our operations involve certain international activities, including our sales of yachts produced by the Azimut-Benetti Group in Italy, yachts produced by Galeon in Poland, yachts produced by Ocean Alexander in Taiwan, and power catamarans produced by Sino Eagle in China, as well as our Fraser Yachts Group and Northrop & Johnson operations in various countries.
Our operations involve certain international activities, including our sales of yachts produced by the Azimut-Benetti Group in Italy, boats produced by Saxdor and yachts produced by Galeon in Poland, yachts produced by Ocean Alexander in Taiwan, yacht tenders produced by Williams Jet Tenders in the United Kingdom, and power catamarans produced by Sino Eagle in China, as well as our Fraser Yachts Group and Northrop & Johnson operations in various countries.
Approximately 20% of our revenue in fiscal 2024 resulted from sales of new boats manufactured by Brunswick, including approximately 9% from Brunswick’s Sea Ray division, 9% from Brunswick’s Boston Whaler division, and approximately 2% from Brunswick’s other divisions. Additionally, approximately 8% of our revenue in fiscal 2024 resulted from sales of new boats manufactured by Azimut-Benetti Group.
Approximately 18% of our revenue in fiscal 2025 resulted from sales of new boats manufactured by Brunswick, including approximately 8% from Brunswick’s Sea Ray division, 9% from Brunswick’s Boston Whaler division, and approximately 1% from Brunswick’s other divisions. Additionally, approximately 6% of our revenue in fiscal 2025 resulted from sales of new boats manufactured by Azimut-Benetti Group.
Risks Related to the Environment and Geography Weather and environmental conditions may adversely impact our business. Weather and environmental conditions may adversely impact our operating results. For example, drought conditions, reduced rainfall levels, excessive rain and environmental conditions, and hurricanes may force boating areas to close or render boating dangerous or inconvenient, thereby curtailing customer demand for our products.
Risks Related to the Environment and Geography Weather and environmental conditions may adversely impact our business. Weather and environmental conditions may adversely impact our operating results. For example, drought conditions, reduced rainfall levels, excessive rain and environmental conditions, and hurricanes have forced, and may in the future force boating areas to close or render boating dangerous or inconvenient.
In evaluating the potential for impairment of goodwill, we make assumptions regarding industry conditions, our future financial performance, and other factors. Uncertainties are inherent in evaluating and applying these factors to the assessment of goodwill.
In evaluating the potential for impairment of goodwill, we make assumptions regarding industry conditions, our future financial performance, and other factors.
The market prices of certain materials and components used by us and our suppliers in manufacturing our products can be volatile.
Inflation could adversely affect our financial results. 21 The market prices of certain materials and components used by us and our suppliers in manufacturing our products can be volatile.
Unforeseen expenses, difficulties and delays frequently encountered in connection with expansion through acquisitions could inhibit our growth and negatively impact our profitability. We may be unable to identify suitable acquisition candidates or to complete the acquisitions of candidates that we identify.
This strategy entails reviewing and potentially reorganizing acquired business operations, corporate infrastructure and systems, and financial controls. Unforeseen expenses, difficulties and delays frequently encountered in connection with expansion through acquisitions could inhibit our growth and negatively impact our profitability. We may be unable to identify suitable acquisition candidates or to complete the acquisitions of candidates that we identify.
While we are unaware of any failure to comply with these laws or any contamination at our facilities, the costs of compliance, including remediations of any discovered issues and any changes to our operations mandated by new or amended laws, may be significant, and any failures to comply could result in material expenses, delays or fines. 31 We also are subject to laws, ordinances, and regulations governing investigation and remediation of contamination at facilities we operate or to which we send hazardous or toxic substances or wastes for treatment, recycling or disposal.
While we are unaware of any failure to comply with these laws or any contamination 31 at our facilities, the costs of compliance, including remediations of any discovered issues and any changes to our operations mandated by new or amended laws, may be significant, and any failures to comply could result in material expenses, delays or fines.
Our failure to pursue successfully our acquisition strategies in new lines of business, operate effectively the combined entity, and/or mitigate any potential new risks, could have a material adverse effect on our rate of growth and operating performance. 22 Unforeseen expenses, difficulties, and delays frequently encountered in connection with expansion through acquisitions could inhibit our growth and negatively impact our profitability.
Our failure to pursue 22 successfully our acquisition strategies in new lines of business, operate effectively the combined entity, and/or mitigate any potential new risks, could have a material adverse effect on our rate of growth and operating performance.
Although our geographic diversity and any future geographic expansion should reduce the overall impact on us of adverse weather and environmental conditions in any one market area, weather and environmental conditions will continue to represent potential material adverse risks to us and our future operating performance. 30 Demand for wet slip storage increases during the summer months in our northern markets as customers contract for the summer boating season.
Although our geographic diversity and any future geographic expansion should reduce the overall impact on us of adverse weather and environmental conditions in any one market area, 30 weather and environmental conditions will continue to represent potential material adverse risks to us and our future operating performance.
Boat manufacturers, including Cruisers Yachts and Intrepid Powerboats, rely on third parties to supply raw materials used in the manufacturing process, including oil, aluminum, copper, steel, and resins, as well as product parts and components. The prices for these raw materials, parts, and components fluctuate depending on market conditions and, in some instances, commodity prices or trade policies, including tariffs.
Boat manufacturers, including Cruisers Yachts, Aviara, and Intrepid Powerboats, rely on third parties to supply raw materials used in the manufacturing process, including oil, aluminum, copper, steel, and resins, as well as product parts and components.
Various operations in multiple countries around the world expose us to international political, economic, foreign currency, and other risks.
Various operations in multiple countries around the world expose us to international political, economic, foreign currency, and other risks, including potential heightened impacts from recent tariff actions by the United States and other countries.
The ongoing conflict between Russia and Ukraine has impacted global energy markets, particularly in Europe, leading to high volatility and increasing prices for crude oil, natural gas and other energy supplies.
Geopolitical issues around the world can impact macroeconomic conditions and could have a material adverse impact on our financial results. The ongoing conflict between Russia and Ukraine has impacted global energy markets, particularly in Europe, leading to high volatility and increasing prices for crude oil, natural gas and other energy supplies.
Demand for dry storage increases during the winter season as seasonal weather patterns in certain geographies require boat owners to store their vessels on dry docks and within covered racks. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality.
Demand for wet slip storage increases during the summer months in our northern markets as customers contract for the summer boating season. Demand for dry storage increases during the winter season as seasonal weather patterns in certain geographies require boat owners to store their vessels on dry docks and within covered racks.
We may hedge certain foreign currency exposures to lessen and delay, but not to completely eliminate, the effects of foreign currency fluctuations on our financial results.
We may hedge certain foreign currency exposures to lessen and delay, but not to completely eliminate, the effects of foreign currency fluctuations on our financial results. Our future financial results could be affected by the value of the U.S. dollar in relation to the foreign currencies in which we conduct business.
To the extent such inflation continues, increases, or both, it may reduce our margins and have a material adverse effect on our financial performance. Our sales have been, and may further be, adversely impacted by recent increases in interest rates and adverse changes in fiscal policy or credit market conditions.
Our sales have been, and may further be, adversely impacted by recent increases in interest rates and adverse changes in fiscal policy or credit market conditions.
None of our real estate has been pledged for collateral for the Amended Credit Agreement. As of September 30, 2024, we were in compliance with all of the covenants under the Amended Credit Agreement and our additional available borrowings under the Amended Credit Agreement was approximately $1.5 million based upon the outstanding borrowing base availability.
None of our real estate has been pledged for collateral for the Amended Credit Facility. As of September 30, 2025, we were in compliance with all of the covenants under the Amended Credit Facility.
Any of these restrictions could prevent or make it difficult or more costly for us to import yachts from foreign suppliers under economically favorable terms and conditions. Increased tariffs could require us to increase our prices which likely could decrease demand for our products.
These tariffs may adversely affect our ability to import yachts and other products from our foreign suppliers under economically favorable terms and conditions and may require us to increase our prices which would likely decrease demand and gross margins for our products.
Many of our dealerships sell boats to customers for use on reservoirs, thereby subjecting our business to the continued viability of these reservoirs for boating use.
In addition, unseasonably cool weather and prolonged winter conditions may lead to shorter selling seasons in certain locations. Many of our dealerships sell boats to customers for use on reservoirs, thereby subjecting our business to the continued viability of these reservoirs for boating use.
This has had, will likely continue to have, a negative impact on the global economy and has affected, and will likely continue to affect, economic and capital markets. A downturn in the economy could adversely affect our financial performance. Geopolitical issues around the world can impact macroeconomic conditions and could have a material adverse impact on our financial results.
Many companies have ceased all operations in Russia with significant expected short-term and long-term losses. This has had, will likely continue to have, a negative impact on the global economy and has affected, and will likely continue to affect, economic and capital markets. A downturn in the economy could adversely affect our financial performance.
While we traditionally maintain a full range of insurance coverage for any such events, there can be no assurance that such insurance coverage is adequate to cover losses that we sustain as a result of such disasters. In addition, unseasonably cool weather and prolonged winter conditions may lead to shorter selling seasons in certain locations.
While we traditionally maintain a full range of insurance coverage for any such events, there can be no assurance that such insurance coverage is adequate to cover losses that we sustain as a result of such disasters or that we will be able to procure coverage on commercially reasonable terms for such events in the future.
There have been recent changes, and additional changes may occur in the future, to United States and foreign trade and tax policies, including heightened import restrictions, import and export licenses, new tariffs, trade embargoes, government sanctions, and trade barriers.
Additional changes to United States and foreign trade and tax policies, including heightened import restrictions, import and export licenses, new tariffs, trade embargoes, government sanctions, and trade barriers may occur in the future, which could prevent or make it difficult or more costly for us to import yachts from foreign suppliers under economically favorable terms and conditions.
This may result in deterioration of our profit margins, a potential need to increase our pricing and, in so doing, may decrease demand for our products and thereby adversely impact our financial performance.
This may result in deterioration of our profit margins, a potential need to increase our pricing and, in so doing, may decrease demand for our products and thereby adversely impact our financial performance. The current U.S. administration has introduced significant tariff actions on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China.
While such tariffs may be delayed or cancelled before coming into effect and we believe we have taken steps to mitigate their potential effects, such tariffs would likely increase our costs for our Chinese suppliers. Our international operations create a number of logistical and communications challenges.
Many of these challenges, particularly tariffs, are present in commerce with China, a market from which we purchase products. While such tariffs may be delayed or cancelled in the near future, and we believe we have taken or are taking steps to mitigate their potential effects, such tariffs would likely increase our costs for our Chinese suppliers.
Our future financial results could be significantly affected by the value of the U.S. dollar in relation to the foreign currencies in which we conduct business. 24 Furthermore, the geopolitical and economic uncertainty and/or instability that may result from changes in the relationship among the United States, Taiwan and China, may, directly or indirectly, materially harm our business, financial condition and financial performance.
Furthermore, the geopolitical and economic uncertainty and/or instability that may result from changes in the relationship among the United States, Taiwan and China, as well as other countries may, directly or indirectly, materially harm our business, financial 24 condition and financial performance. For example, certain of our suppliers are dependent on products sourced from Taiwan.
Sanctions brought against Russia will impact the import, export, sale, and supply of goods and services with companies located in the U.S. and other regions. Many companies have ceased all operations in Russia with significant expected short-term and long-term losses.
Even though we do not conduct significant business directly in Ukraine or Russia, IGY manages a marina in the Middle East (Asia). Sanctions brought against Russia will impact the import, export, sale, and supply of goods and services with companies located in the U.S. and other regions.
The acquisition of additional recreational boat dealers, boat storage facilities, yacht brokerage operations, and marinas, which is one of our growth strategies, and vertical integration strategies, all involve significant risks. This strategy entails reviewing and potentially reorganizing acquired business operations, corporate infrastructure and systems, and financial controls.
Unforeseen expenses, difficulties, and delays frequently encountered in connection with expansion through acquisitions could inhibit our growth and negatively impact our profitability. The acquisition of additional recreational boat dealers, boat storage facilities, yacht brokerage operations, and marinas, which is one of our growth strategies, and vertical integration strategies, all involve significant risks.
In addition, other countries may limit their trade with the United States or retaliate through their own restrictions and/or increased tariffs which would affect our ability to export products and therefore adversely affect our sales. Many of these challenges, particularly tariffs, are present in commerce with China, a market from which we purchase products.
In response to these tariffs, other countries have limited their trade with the United States and have retaliated through their own restrictions and/or increased tariffs, among other actions.
Removed
Additionally, protectionist trade legislation in the United States, the European Union, Poland, or China, such as a change in current tariff structures, export or import compliance laws, or other trade policies could adversely affect our ability to import yachts from these foreign suppliers under economically favorable terms and conditions.
Added
To the extent such inflation continues, increases, or both, it may reduce our margins and have a material adverse effect on our financial performance. In addition, a prolonged government shutdown may cause delays in U.S. customs and imports of our products and could generally have an adverse impact on the economy.
Removed
The Ukraine and Middle East conflicts raise a host of potential threats and risk factors to our business. Even though we do not conduct significant business directly in Ukraine or Russia, IGY manages a marina in the Middle East (Asia).
Added
The recent US government shutdown has not directly impacted our operations, but there is no assurance that it will not adversely affect our business in the future, especially if the shutdown continues for an extended period of time.
Removed
As previously disclosed in a Current Report on Form 8-K filed with the SEC on March 12, 2024 and a Current Report on Form 8-K/A filed with the SEC on April 1, 2024, we experienced a cybersecurity incident (the “Incident”) whereby a cybercrime organization accessed a limited portion of our information environment that included some personally identifiable information.
Added
In addition, many economists and other market experts have indicated an increased likelihood of global recession as a result of the potential disruption to international trade.
Removed
Although as of the date of this Annual Report on Form 10-K, the incident has not resulted in material impacts to the Company’s operations, financial conditions or results of operations, the 32 Company remains subject to risks and uncertainties as a result of the incident and any future instances of unauthorized access to our information environment could have material adverse effects on our business.
Added
An economic downturn may disproportionately affect the sale of luxury goods as a result of decreased consumer spending, which could impact our sales and operations more than our competitors given our focus on the higher end of our market.
Added
Our international operations create a number of logistical and communications challenges.
Added
As a result of the foregoing, we cannot assure that the IGY Marinas acquisition will be accretive to us in the near term or at all. Furthermore, if we fail to realize the intended benefits of the IGY Marinas acquisition, the market price of our common stock could decline to the extent that the market price reflects those benefits.
Added
As of September 30, 2025, our available borrowings under the delayed draw mortgage loan facility were approximately $63 million, and our available borrowings under the revolving credit facility were approximately $85 million.
Added
The prices for these raw materials, parts, and components fluctuate depending on market conditions and, in some instances, commodity prices or trade policies, including tariffs.
Added
As a result of the declining performance of the product manufacturing reporting unit and segment the Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment in fiscal year 2025, which is included in goodwill impairment in the Consolidated Statements of Operations.
Added
Uncertainties are inherent in evaluating and applying these factors to the assessment of goodwill.
Added
This has resulted in and, in the future could result in, reduced customer demand for our products.
Added
Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality.
Added
We also are subject to laws, ordinances, and regulations governing investigation and remediation of contamination at facilities we operate or to which we send hazardous or toxic substances or wastes for treatment, recycling or disposal.
Added
Additionally, the growing global use of artificial intelligence technologies could expose us to increased privacy and cybersecurity threats, such as data breaches and unauthorized access leading to financial losses, legal liabilities, and reputational damage. We also face competitive risks if we fail in our initiatives to adopt artificial intelligence or other machine-learning technologies in a timely manner.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

5 edited+0 added−1 removed6 unchanged
Biggest changeBerg has over 30 years of experience, including multiple officer-level positions, of invaluable experience in information technology and security. Our Technology Group monitors material risks over time and updates the Company’s mitigation measures as appropriate.
Biggest changeBerg has over 30 years of experience, including experience in multiple officer-level positions, in information technology and security. Our Technology Group, in collaboration with the leading cybersecurity providers, monitors material cybersecurity and overall technology platform risks over time and updates the Company’s mitigation measures as appropriate.
A limited scope of third-party service providers are involved in supporting our business and, where appropriate, we have established standards and procedures to ensure commercial best practices, audit, risk management, and strict contractual controls are in place and followed.
A limited scope of third-party service providers are involved in supporting our business and, where appropriate, we have established standards and procedures to ensure commercial best practices, audit, risk management, and strict contractual controls are in place and followed by such providers.
In addition, as of the date of this report, the Company is not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.
As of the date of this report, the Company is not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.
Shawn Berg has served as Chief Digital Officer since April 2019 overseeing the Company’s Technology, Marketing, and Digital Business operations. Mr. Berg was appointed as an executive officer of MarineMax by our Board in October 2022. Previously he served as Vice President of Technology after joining MarineMax in 2017. Mr.
Shawn Berg has served as CDO since April 2019 overseeing the Company’s Technology, Marketing, and Digital Business operations. Mr. Berg was appointed as an executive officer of MarineMax by our Board in October 2022. He previously served as Vice President of Technology upon joining MarineMax in 2017. Mr.
The CDO provides the Board with ongoing security updates, which include notable changes to program plans, changes to the risk environment, information regarding material incidents that may have occurred, reports on recent assessments of our security controls, and details regarding forward-looking plans and strategies to mitigate cyber risk.
The CDO provides the Board with ongoing security updates, which include notable changes to program plans, changes to the risk environment, information regarding material incidents that may have occurred, reports on recent assessments of our security controls, and details regarding forward-looking plans and strategies to mitigate cyber risk. The Company has been subject to cybersecurity threats in the past.
Removed
The Company has been subject to cybersecurity threats in the past, including the Incident. We believe the impacts of the Incident were not material to MarineMax’s financial condition or results of operations.

Item 2. Properties

Properties — owned and leased real estate

11 edited+0 added−2 removed5 unchanged
Biggest changeLocation Location Type Square Footage(1) Facilities at Property Operated Since(2) Waterfront Alabama Gulf Shores Company owned 4,000 Retail and service 1998 — California Newport Beach Third-party lease 1,000 Retail only, 4 wet slips 2020 Newport Bay San Diego Third-party lease 1,400 Retail only, 12 wet slips 2020 San Diego Bay Sausalito Third-party lease 2,000 Retail and service; 6 wet slips 2020 Richardson Bay Connecticut Norwalk Third-party lease 9,000 Retail and service; 42 wet slips 1994 Norwalk Harbor Westbrook Third-party lease 4,200 Retail and service 1998 Westbrook Harbor Florida Cape Haze (3) Company owned 18,000 Retail and Service, 12 wet slips — Intracoastal Waterway Clearwater Company owned 42,000 Retail and service; 18 wet slips 1973 Tampa Bay Cocoa Company owned 15,000 Retail and service 1968 — Dania Company owned 32,000 Repair and service; 10 wet slips 1991 Port Everglades Fort Walton Beach Company owned 4,500 Retail and service; 14 wet slips 2019 Choctawhatchee Bay Fort Myers Company owned 60,000 Retail, service, marina and storage; 124 wet slips 1983 Caloosahatchee River Islamorada Third-party lease 500 Retail, service 2023 Florida Keys Jacksonville Third-party lease 9,000 Retail and service 2016 Intracoastal Waterway Jupiter Third-party lease 2,187 Retail and service 2023 Loxahatchee River Key Largo Third-party lease 8,900 Retail and service; 24 wet slips 2002 Card Sound Miami Company owned 7,200 Retail and service; 17 wet slips 1980 Little River Miami Company owned 5,000 Service only; 12 wet slips 2005 Little River Naples Company owned 19,600 Retail and service; 17 wet slips 1997 Naples Bay North Palm Beach Third-party lease 1,000 Retail only 2016 Intracoastal Waterway Orlando Third-party lease 18,400 Retail and service 1984 — Panama City Third-party lease 10,500 Retail only; 8 wet slips 2011 Saint Andrews Bay Pensacola Company owned 52,800 Retail, service, marina, and storage; 60 wet slips 2016 Pensacola Bay Pompano Beach Company owned 23,000 Retail and service; 17 wet slips 1990 Intracoastal Waterway Pompano Beach Company owned 5,400 Retail and service; 24 wet slips 2005 Intracoastal Waterway Sarasota Third-party lease 26,500 Retail, service, and storage; 14 wet slips 1972 Sarasota Bay St.
Biggest changeThe following table reflects the status, approximate size, and facilities of the various retail locations in the United States and British Virgin Islands we operate as of October 31, 2025. 34 Location Location Type Square Footage(1) Facilities at Property Operated Since(2) Waterfront Alabama Gulf Shores Company owned 4,000 Retail and service 1998 — California Newport Beach Third-party lease 1,000 Retail only, 4 wet slips 2020 Newport Bay San Diego Third-party lease 1,400 Retail only, 12 wet slips 2020 San Diego Bay Sausalito Third-party lease 2,000 Retail and service; 6 wet slips 2020 Richardson Bay Connecticut Norwalk Third-party lease 9,000 Retail and service; 42 wet slips 1994 Norwalk Harbor Westbrook Third-party lease 4,200 Retail and service 1998 Westbrook Harbor Florida Cape Haze (3) Company owned 18,000 Retail and Service, 12 wet slips — Intracoastal Waterway Clearwater Company owned 42,000 Retail and service; 18 wet slips 1973 Tampa Bay Cocoa Company owned 15,000 Retail and service 1968 — Dania Company owned 32,000 Repair and service; 10 wet slips 1991 Port Everglades Fort Walton Beach Company owned 4,500 Retail and service; 14 wet slips 2019 Choctawhatchee Bay Fort Myers Company owned 60,000 Retail, service, marina and storage; 124 wet slips 1983 Caloosahatchee River Islamorada Third-party lease 500 Retail, service 2023 Florida Keys Jacksonville Third-party lease 9,000 Retail and service 2016 Intracoastal Waterway Jupiter Third-party lease 2,187 Retail and service 2023 Loxahatchee River Key Largo Third-party lease 8,900 Retail and service; 24 wet slips 2002 Card Sound Marathon Company owned 4,467 Retail and Service, and storage; 23 wet slips 2025 Florida Keys Miami Company owned 7,200 Retail and service; 17 wet slips 1980 Little River Miami Company owned 5,000 Service only; 12 wet slips 2005 Little River Naples Company owned 19,600 Retail and service; 17 wet slips 1997 Naples Bay Panama City Third-party lease 10,500 Retail only; 8 wet slips 2011 Saint Andrews Bay Pensacola Company owned 52,800 Retail, service, marina, and storage; 60 wet slips 2016 Pensacola Bay Pompano Beach Company owned 23,000 Retail and service; 17 wet slips 1990 Intracoastal Waterway Pompano Beach Company owned 5,400 Retail and service; 24 wet slips 2005 Intracoastal Waterway Sarasota Third-party lease 26,500 Retail, service, and storage; 14 wet slips 1972 Sarasota Bay St.
We also own a manufacturing property in Swansboro, North Carolina that is currently being leased to third-parties. Additionally, we have one leased office in Dania, Florida. We believe that our properties are suitable and adequate for our current needs. We believe that our manufacturing facilities have adequate capacity to meet our current and anticipated demand.
We also own a manufacturing property in Swansboro, North Carolina that is currently being leased to third-parties. Additionally, we have one leased office in Dania, Florida. 38 We believe that our properties are suitable and adequate for our current needs. We believe that our manufacturing facilities have adequate capacity to meet our current and anticipated demand.
Croix River Crosslake Company owned 68,040 Retail, marina, service and storage; 56 wet slips 2023 Whitefish Chain of Lakes Excelsior Third-party lease 2,500 Retail only; 14 wet slips 2013 Lake Minnetonka Rogers Company owned 69,512 Retail, service, and storage 1991 — Nisswa Company owned 108,400 Retail, service, and storage 2021 Nisswa Lake Missouri Lake Ozark Company owned 60,300 Retail, marina, service, and storage; 218 wet slips 1987 Lake of the Ozarks Laurie (3) Company owned 700 Retail — — Osage Beach Company owned 2,000 Retail and service 1987 — New Jersey Brant Beach Company owned 3,800 Retail, service, and storage; 36 wet slips 1965 Barnegat Bay Brick Company owned 20,000 Retail, service, and storage; 225 wet slips 1977 Manasquan River Lake Hopatcong Company owned 4,600 Retail and service; 80 wet slips 1998 Lake Hopatcong Ship Bottom (3) Company owned 19,300 Retail and service 1972 — Somers Point Company owned 35,000 Retail, service, and storage; 33 wet slips 1987 Little Egg Harbor Bay Ocean View Company owned 13,800 Retail, service, and storage 2018 — New York Huntington Third-party lease 1,200 Retail and service 1995 Huntington Harbor and Long Island Sound North Carolina Lake Norman Third-party lease 10,300 Retail only 2017 — Wrightsville Beach Third-party lease 34,500 Retail, service, and storage; 42 wet slips 1996 Masonboro Inlet 36 Ohio Marina Del Isle Company owned 163,153 Retail, marina, service and storage; 189 wet slips 2020 Lake Erie Port Clinton Company owned 80,000 Retail, service and storage 1997 Lake Erie Oklahoma Grand Lake Company owned 3,500 Retail and service; 23 wet slips 2019 Grand Lake Rhode Island Newport Third-party lease 700 Retail only 2011 Newport Harbor South Carolina Charleston Third-party lease 14,800 Retail, service, and storage 2017 — Greenville Third-party lease 24,500 Retail, service, and storage 2017 — Lake Wylie Third-party lease 76,400 Retail, marina, service and storage; 82 wet slips 2017 Lake Wylie Texas Austin Third-party lease 26,000 Retail and service 2019 — Lewisville (Dallas) Company owned 22,000 Retail and service 2002 — Seabrook Company owned 127,740 Retail, service, marina, and storage; 34 wet slips 2002 Clear Lake Fort Worth (3) Company owned 40,162 Retail and service 2021 — Washington Seattle Third-party lease 400 Retail only, 6 wet slips 2020 Lake Union Wisconsin Harbor Club Marina Third-party lease 1,000 Marina, 140 wet slips 2020 Sturgeon Bay Lake Geneva Third-party lease 114,900 Retail, service and storage; 2 wet slips 2020 — Madison Third-party lease 138,300 Retail, marina, service and storage; 135 wet slips 2020 Lake Mendota Milwaukee Third-party lease 68,100 Retail, service and storage; 11 wet slips 2020 Kinnickinnic River Oshkosh Third-party lease 98,300 Retail, marina, service and storage; 98 wet slips 2020 Lake Butte Des Mortes Pewaukee Third-party lease 157,200 Retail, service and storage; 2020 — Sturgeon Bay Third-party lease 222,200 Retail, marina, service and storage; 260 wet slips 2020 Sturgeon Bay British Virgin Islands Tortola Third-party lease 2,600 Vacation charters; 45 wet slips 2011 Caribbean Sea (1) Square footage is approximate and does not include outside sales space or dock or marina facilities.
Clair Minnesota Crosslake Company owned 68,040 Retail, marina, service and storage; 56 wet slips 2023 Whitefish Chain of Lakes Excelsior Third-party lease 2,500 Retail only; 14 wet slips 2013 Lake Minnetonka Rogers Company owned 69,512 Retail, service, and storage 1991 — Nisswa Company owned 108,400 Retail, service, and storage 2021 Nisswa Lake Missouri Lake Ozark Company owned 60,300 Retail, marina, service, and storage; 218 wet slips 1987 Lake of the Ozarks Osage Beach Company owned 2,000 Retail and service 1987 — New Jersey Brant Beach Company owned 3,800 Retail, service, and storage; 36 wet slips 1965 Barnegat Bay Brick Company owned 20,000 Retail, service, and storage; 225 wet slips 1977 Manasquan River Lake Hopatcong Company owned 4,600 Retail and service; 80 wet slips 1998 Lake Hopatcong Somers Point Company owned 35,000 Retail, service, and storage; 33 wet slips 1987 Little Egg Harbor Bay Ocean View Company owned 13,800 Retail, service, and storage 2018 — New York Huntington Third-party lease 1,200 Retail and service 1995 Huntington Harbor and Long Island Sound North Carolina Lake Norman Third-party lease 10,300 Retail only 2017 — Wrightsville Beach Third-party lease 34,500 Retail, service, and storage; 42 wet slips 1996 Masonboro Inlet Ohio Marina Del Isle Company owned 163,153 Retail, marina, service and storage; 189 wet slips 2020 Lake Erie Port Clinton Company owned 80,000 Retail, service and storage 1997 Lake Erie Oklahoma 36 Grand Lake Company owned 3,500 Retail and service; 23 wet slips 2019 Grand Lake Rhode Island Newport Third-party lease 700 Retail only 2011 Newport Harbor South Carolina Charleston Third-party lease 14,800 Retail, service, and storage 2017 — Greenville Third-party lease 24,500 Retail, service, and storage 2017 — Lake Wylie Third-party lease 76,400 Retail, marina, service and storage; 82 wet slips 2017 Lake Wylie Texas Lewisville (Dallas) Company owned 22,000 Retail and service 2002 — Seabrook Company owned 127,740 Retail, service, marina, and storage; 34 wet slips 2002 Clear Lake Fort Worth (3) Company owned 40,162 Retail and service 2021 — Washington Seattle Third-party lease 400 Retail only, 6 wet slips 2020 Lake Union Wisconsin Harbor Club Marina Third-party lease 1,000 Marina, 140 wet slips 2020 Sturgeon Bay Lake Geneva Third-party lease 114,900 Retail, service and storage; 2 wet slips 2020 — Madison Third-party lease 138,300 Retail, marina, service and storage; 135 wet slips 2020 Lake Mendota Milwaukee Third-party lease 68,100 Retail, service and storage; 11 wet slips 2020 Kinnickinnic River Oshkosh Third-party lease 98,300 Retail, marina, service and storage; 98 wet slips 2020 Lake Butte Des Mortes Pewaukee Third-party lease 157,200 Retail, service and storage; 2020 — Sturgeon Bay Third-party lease 222,200 Retail, marina, service and storage; 260 wet slips 2020 Sturgeon Bay British Virgin Islands Tortola Third-party lease 2,600 Vacation charters; 45 wet slips 2011 Caribbean Sea (1) Square footage is approximate and does not include outside sales space or dock or marina facilities.
Petersburg Company owned 12,000 Retail and service; 96 wet slips 2006 Boca Ciega Bay Stuart Company owned 22,400 Retail, marina and service; 57 wet slips 2002 Intracoastal Waterway Tarpon Springs (3) Company owned 5,740 Service only; 18 wet slips 2022 Anclote River Venice Company owned 62,000 Retail, marina, service, and storage; 73 wet slips 1972 Intracoastal Waterway West Palm Beach Third-party lease 1,678 Retail only 2023 — Georgia Buford (Atlanta) (3) Company owned 13,500 Retail and service 2001 — 35 Cumming (Atlanta) Third-party lease 13,500 Retail and service; 50 wet slips 1981 Lake Lanier Savannah Third-party lease 50,600 Retail, marina, service and storage; 36 wet slips 2017 Wilmington River Illinois Prairie Harbor Third-party lease 3,500 Marina, 140 wet slips 2020 Lake Michigan Sequoit Harbor Antioch Third-party lease 85,300 Retail, marina, service and storage; 208 wet slips 2020 Lake Marie Winthrop Harbor Third-party lease 319,100 Retail, marina, service and storage; 53 wet slips 2020 Lake Michigan Maryland Kent Island Third-party lease 30,500 Retail, service, and storage 2021 Kent Narrows Joppa (3) Company owned 28,400 Retail, service, and storage; 294 wet slips 1966 Gunpowder River Massachusetts Danvers Third-party lease 32,000 Retail and service 2016 — Quincy Company owned 14,700 Retail, service, and storage; 247 wet slips 2018 Town River Michigan Bay City Third-party lease 195,800 Retail, marina, service and storage; 59 wet slips 2020 Saginaw River Bele Mear Harbor Third-party lease 8,500 Retail and service, 4 wet slips 2020 Lake St.
Petersburg Company owned 12,000 Retail and service; 96 wet slips 2006 Boca Ciega Bay Stuart Company owned 22,400 Retail, marina and service; 57 wet slips 2002 Intracoastal Waterway Tarpon Springs (3) Company owned 5,740 Service only; 18 wet slips 2022 Anclote River Venice Company owned 62,000 Retail, marina, service, and storage; 73 wet slips 1972 Intracoastal Waterway West Palm Beach Third-party lease 1,678 Retail only 2023 — Georgia Buford (Atlanta) (3) Company owned 13,500 Retail and service 2001 — Cumming (Atlanta) Third-party lease 13,500 Retail and service; 50 wet slips 1981 Lake Lanier 35 Savannah Third-party lease 50,600 Retail, marina, service and storage; 36 wet slips 2017 Wilmington River Illinois Praire Harbor Third-party lease 3,500 Marina, 140 wet slips 2020 Lake Michigan Sequoit Harbor Antioch Third-party lease 85,300 Retail, marina, service and storage; 208 wet slips 2020 Lake Marie Winthrop Harbor Third-party lease 319,100 Retail, marina, service and storage; 53 wet slips 2020 Lake Michigan Maryland Kent Island Third-party lease 30,500 Retail, service, and storage 2021 Kent Narrows Massachusetts Danvers Third-party lease 32,000 Retail and service 2016 — Quincy Company owned 14,700 Retail, service, and storage; 247 wet slips 2018 Town River Michigan Bay City Third-party lease 195,800 Retail, marina, service and storage; 59 wet slips 2020 Saginaw River Bele Mear Harbor Third-party lease 8,500 Retail and service, 4 wet slips 2020 Lake St.
We believe that our properties are well maintained and in good operating condition. 38
We believe that our properties are well maintained and in good operating condition.
Item 2. P roperties The Retail Operations segment includes our leased corporate offices in Clearwater, Florida. We also lease 46 properties under leases in the United States and British Virgin Islands, many of which contain multi-year renewal options and some of which grant us right of first refusal to purchase the property at fair value.
Item 2. P roperties The Retail Operations segment includes our leased corporate offices in Oldsmar, Florida. We also lease 42 properties under leases in the United States and British Virgin Islands, many of which contain multi-year renewal options and some of which grant us right of first refusal to purchase the property at fair value.
In most cases, we pay a fixed rent at negotiated rates. In substantially all of the leased locations, we are responsible for taxes, utilities, insurance, and routine repairs and maintenance. We own 38 properties associated with the retail locations we operate. Additionally, we have six retail locations that are currently leased to a third-party or are held for sale.
In most cases, we pay a fixed rent at negotiated rates. In substantially all of the leased locations, we are responsible for taxes, utilities, insurance, and routine repairs and maintenance. We own 36 properties associated with the retail locations we operate. Additionally, we have four retail locations that are currently leased to a third-party or are held for sale.
(2) Operated since date is the date the facility was opened by us or opened prior to its acquisition by us. (3) Owned location that is leased to a third-party or held for sale. 37 IGY Marinas offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia.
(2) "Operated Since" date is the date the facility was opened by us or opened prior to its acquisition by us. (3) Owned location that is held for sale or closed. 37 IGY Marinas offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia.
The following table reflects the location and status of the various IGY Marinas. Location Location Type Colombia Marina Santa Marta Marketed (1) Costa Rica Marina Bahia Golfito Marketed (1) England St.
The following table reflects the location and status of the various IGY Marinas as of October 31, 2025. Location Location Type Colombia Marina Santa Marta Marketed (1) Costa Rica Marina Bahia Golfito Marketed (1) England St.
Maarten Simpson Bay Marina Third-party lease Yacht Club Isle de Sol Third-party lease St. Lucia Rodney Bay Marina Company owned United States, Florida Yacht Haven Grande Miami at Island Gardens Third-party lease Maximo Marina, St.
Maarten Simpson Bay Marina Third-party lease Yacht Club Isle de Sol Third-party lease St. Lucia Rodney Bay Marina Company owned United Arab Emirates, Ras Al Khaimah Wynn Al Marjan Island Marina Managed (2) United States, Florida Yacht Haven Grande Miami at Island Gardens Third-party lease Maximo Marina, St.
A store is considered one or more retail locations that are adjacent or operate as one entity.
A store is considered one or more retail locations that are adjacent or operate as one entity. Fraser Yachts Group and Northrop & Johnson lease offices in the United States and Europe.
Removed
Fraser Yachts Group and Northrop & Johnson lease offices in the United States and Europe. 34 The following table reflects the status, approximate size, and facilities of the various retail locations in the United States and British Virgin Islands we operate as of the date of this report.
Removed
Clair Minnesota Bayport Third-party lease 500 Retail only; 10 wet slips 1996 St.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings We are party to various legal actions arising in the ordinary course of business. While it is not feasible to determine the actual outcome of these actions as of September 30, 2024, we do not believe that these matters will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.
Biggest changeItem 3. Legal Proceedings We are party to various legal actions arising in the ordinary course of business. While it is not feasible to determine the actual outcome of these actions as of September 30, 2025, we do not believe that these matters will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe maximum number of shares that may be purchased is calculated based on the share price at the end of the period. (2) 107,653 shares reported in September 2024 are attributable to shares tendered by employees for the payment of applicable withholding taxes in connection with the vesting of restricted stock or restricted stock unit awards.
Biggest change(2) 167,762 shares reported in September 2025 are attributable to shares tendered by employees for the payment of applicable withholding taxes in connection with the vesting of restricted stock or restricted stock unit awards. (3) The maximum number of shares that may be purchased is calculated based on the share price at the end of period.
The calculations of cumulative shareholder return on the Russell 2000 Index and the Dow Jones US Retail Total Stock Market Index include reinvestment of dividends. The calculation of cumulative shareholder return on our common stock does not 40 include reinvestment of dividends because we did not pay any dividends during the measurement period.
The calculations of cumulative shareholder return on the Russell 2000 Index and the Dow Jones US Retail Total Stock Market Index include reinvestment of dividends. The calculation of cumulative shareholder return on our 40 common stock does not include reinvestment of dividends because we did not pay any dividends during the measurement period.
Payments of any cash dividends in the future will depend on our financial condition, results of operations, statutory restrictions, loan covenants and capital requirements as well as other factors deemed relevant by our Board of Directors (such as market expectations). 39 Purchases of Equity Securities by the Issuer The following table presents information with respect to our repurchases of our common stock during the three months ended September 30, 2024.
Payments of any cash dividends in the future will depend on our financial condition, results of operations, statutory restrictions, loan covenants and capital requirements as well as other factors deemed relevant by our Board of Directors (such as market expectations). 39 Purchases of Equity Securities by the Issuer The following table presents information with respect to our repurchases of our common stock during the three months ended September 30, 2025.
On November 12, 2024, there were approximately 50 record holders and approximately 18,500 beneficial owners of our common stock. Dividends We have never declared or paid cash dividends on our common stock. We currently plan to retain any earnings to finance the growth of our business rather than to pay cash dividends.
On November 10, 2025, there were approximately 50 record holders and approximately 20,000 beneficial owners of our common stock. Dividends We have never declared or paid cash dividends on our common stock. We currently plan to retain any earnings to finance the growth of our business rather than to pay cash dividends.
Performance Graph The following line graph compares cumulative total shareholder returns for the five years ended September 30, 2024 for (i) our common stock, (ii) the Russell 2000 Index, and (iii) the Nasdaq Retail Trade Index. The graph assumes an investment of $100 on September 30, 2019.
Performance Graph The following line graph compares cumulative total shareholder returns for the five years ended September 30, 2025 for (i) our common stock, (ii) the Russell 2000 Index, and (iii) the Dow Jones US Retail Total Stock Market Index. The graph assumes an investment of $100 on September 30, 2019.
Period Total Number of Shares Purchased (1)(2) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that may be Purchased Under the Plans or Programs July 1, 2024 to July 31, 2024 — $ — — 2,806,398 August 1, 2024 to August 31, 2024 — — — 3,085,092 September 1, 2024 to September 30, 2024 107,653 35.27 — 2,774,571 Total 107,653 $ 35.27 — 2,774,571 (1) Under the terms of the share repurchase program announced on March 11, 2024, the Company is authorized to purchase up to $100 million of its common stock through March 31, 2026.
Period Total Number of Shares Purchased (1)(2) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that may be Purchased Under the Plans or Programs (3) July 1, 2025 to July 31, 2025 — $ — — 3,103,119 August 1, 2025 to August 31, 2025 — — — 2,670,920 September 1, 2025 to September 30, 2025 167,762 25.33 — 2,778,474 Total 167,762 $ 25.33 — 2,778,474 (1) Under the terms of the share repurchase program announced on March 11, 2024, the Company is authorized to purchase up to $100 million of its common stock through March 31, 2026.
High Low 2022 Fourth quarter $ 43.80 $ 29.14 2023 First quarter $ 34.62 $ 27.78 Second quarter $ 35.26 $ 26.71 Third quarter $ 34.26 $ 26.53 Fourth quarter $ 40.71 $ 31.33 2024 First quarter $ 39.21 $ 27.12 Second quarter $ 38.82 $ 27.95 Third quarter $ 36.21 $ 24.51 Fourth quarter (through November 12, 2024) $ 33.61 $ 28.69 On November 12, 2024, the closing sale price of our common stock was $30.83 per share.
High Low 2023 Fourth quarter $ 40.71 $ 31.33 2024 First quarter $ 39.21 $ 27.12 Second quarter $ 38.82 $ 27.95 Third quarter $ 36.21 $ 24.51 Fourth quarter $ 37.71 $ 27.87 2025 First quarter $ 34.32 $ 27.29 Second quarter $ 32.37 $ 21.50 Third quarter $ 26.12 $ 17.66 Fourth quarter (through November 10, 2025) $ 28.14 $ 23.39 On November 10, 2025, the closing sale price of our common stock was $23.62 per share.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeResults of Operations The following table sets forth certain financial data as a percentage of revenue for the periods indicated: Fiscal Year Ended September 30, 2022 2023 2024 (Amounts in thousands) Revenue $ 2,308,098 100.0 % $ 2,394,706 100.0 % $ 2,431,008 100.0 % Cost of sales 1,502,344 65.1 % 1,559,377 65.1 % 1,629,812 67.0 % Gross profit 805,754 34.9 % 835,329 34.9 % 801,196 33.0 % Selling, general and administrative expenses 540,550 23.4 % 634,527 26.5 % 672,970 27.7 % Income from operations 265,204 11.5 % 200,802 8.4 % 128,226 5.3 % Interest expense 3,283 0.2 % 53,367 2.2 % 73,895 3.1 % Income before income taxes 261,921 11.3 % 147,435 6.2 % 54,331 2.2 % Income tax provision 63,932 2.7 % 37,957 1.6 % 15,593 0.6 % Net income 197,989 8.6 % 109,478 4.6 % 38,738 1.6 % Less: Net income attributable to non-controlling interests - 0.0 % 196 0.0 % 672 0.0 % Net income attributable to MarineMax, Inc. $ 197,989 8.6 % $ 109,282 4.6 % $ 38,066 1.6 % Fiscal Year Ended September 30, 2024, Compared with Fiscal Year Ended September 30, 2023 Revenue .
Biggest changeRecent Accounting Pronouncements See Note 3 of the Notes to Consolidated Financial Statements. 45 Results of Operations The following table sets forth certain financial data as a percentage of revenue for the periods indicated: Fiscal Year Ended September 30, 2025 2024 2023 (Amounts in thousands) Revenue $ 2,309,288 100.0 % $ 2,431,008 100.0 % $ 2,394,706 100.0 % Cost of sales 1,559,060 67.5 % 1,629,812 67.0 % 1,559,377 65.1 % Gross profit 750,228 32.5 % 801,196 33.0 % 835,329 34.9 % Selling, general and administrative expenses 647,156 28.0 % 672,970 27.7 % 634,527 26.5 % Goodwill impairment 69,055 3.0 % — 0.0 % — 0.0 % Income from operations 34,017 1.5 % 128,226 5.3 % 200,802 8.4 % Interest expense 71,158 3.1 % 73,895 3.1 % 53,367 2.2 % (Loss) income before income taxes (37,141 ) -1.6 % 54,331 2.2 % 147,435 6.2 % Income tax (benefit) provision (6,375 ) -0.3 % 15,593 0.6 % 37,957 1.6 % Net (loss) income (30,766 ) -1.3 % 38,738 1.6 % 109,478 4.6 % Less: Net income attributable to non-controlling interests 865 0.1 % 672 0.0 % 196 0.0 % Net (loss) income attributable to MarineMax, Inc. $ (31,631 ) -1.4 % $ 38,066 1.6 % $ 109,282 4.6 % Fiscal Year Ended September 30, 2025, Compared with Fiscal Year Ended September 30, 2024 Revenue .
Although we have expanded our operations during periods of stagnant or modestly declining industry trends, 42 the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations.
Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational 42 boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations.
For the fiscal year ended September 30, 2023, cash provided by financing activities was primarily attributable 46 to proceeds from long-term debt, increased short term borrowings, which solely consisted of the Floor Plan, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on tax withholdings for equity awards, payments for long-term debt, and contingent acquisition consideration payments.
For the fiscal year ended September 30, 2023, cash provided by financing activities was primarily attributable to proceeds from long-term debt, increased short term borrowings, which solely consisted of the Floor Plan, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on tax withholdings for equity awards, payments for long-term debt, and contingent acquisition consideration payments.
Discussions of fiscal 2022 items and year-to-year comparisons between fiscal 2023 and 2022 that are not included in this Form 10-K can be found in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.
Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and 2023 that are not included in this Form 10-K can be found in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024.
For the fiscal year ended September 30, 2024, cash provided by financing activities was primarily attributable to increased short term borrowings, which solely consisted of the Floor Plan (as defined below), and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on tax withholdings for equity awards, payments for long-term debt, purchases of treasury stock, and contingent acquisition consideration payments.
For the fiscal year ended September 30, 2024, cash provided by financing activities was primarily attributable to increased short term borrowings, which solely consisted of the Floor Plan, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by payments on tax withholdings for equity awards, payments for long-term debt, purchases of treasury stock, and contingent acquisition consideration payments.
Any turmoil in the credit markets and weakness in the retail markets may interfere with our ability to remain in compliance with the covenants of the Amended Credit Facility and therefore affect our ability to utilize the Amended Credit Facility to fund operations. As of September 30, 2024, we were in compliance with all covenants under the Amended Credit Facility.
Any turmoil in the credit markets and weakness in the retail markets may interfere with our ability to remain in compliance with the covenants of the Amended Credit Facility and therefore affect our ability to utilize the Amended Credit Facility to fund operations. As of September 30, 2025, we were in compliance with all covenants under the Amended Credit Facility.
We base the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2023 and 2024, on our experience with repayments or defaults on the related finance contracts.
We base the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2025 and 2024, on our experience with repayments or defaults on the related finance contracts.
We also own Fraser Yachts Group, a leading superyacht brokerage and luxury yacht services company with operations in multiple countries, Northrop & Johnson, another leading superyacht brokerage and services company with operations in multiple countries, SkipperBud’s, one of the largest boat sales, brokerage, service and marina/storage groups in the United States, and Cruisers Yachts, a manufacturer of sport yacht and yachts with sales through our select retail dealership locations and through independent dealers.
We also own Fraser Yachts Group, a leading superyacht brokerage and luxury yacht services company with operations in multiple countries, Northrop & Johnson, another leading superyacht brokerage and services company with operations in multiple countries, SkipperBud’s, one of the largest boat sales, brokerage, service and marina/storage groups in the United States, and Cruisers Yachts, a manufacturer of sport yacht and yachts, including Aviara luxury dayboats, with sales through our select retail dealership locations and through independent dealers.
The onset of the public boat and recreation shows in January generally stimulates boat sales and typically allows us to reduce our inventory levels and related short-term borrowings 45 throughout the remainder of the fiscal year.
The onset of the public boat and recreation shows in January generally stimulates boat sales and typically allows us to reduce our inventory levels and related short-term borrowings 46 throughout the remainder of the fiscal year.
We completed four acquisitions in the fiscal year ended September 30, 2022, four acquisitions in the fiscal year ended September 30, 2023, and three acquisitions in the fiscal year ending September 30, 2024. General economic conditions and consumer spending patterns can negatively impact our operating results.
We completed four acquisitions in the fiscal year ended September 30, 2023, three acquisitions in the fiscal year ended September 30, 2024, and three acquisitions in the fiscal year ending September 30, 2025. General economic conditions and consumer spending patterns can negatively impact our operating results.
As of September 30, 2024, the Retail Operations segment includes the activity of over 75 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment.
As of September 30, 2025, the Retail Operations segment includes the activity of over 70 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment.
Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with maintenance and repair services. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $5.3 million and $5.7 million as of September 30, 2023 and September 30, 2024, respectively.
Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with maintenance and repair services. Contract assets, recorded in prepaid expenses and other current assets, totaled approximately $5.0 million and $5.7 million as of September 30, 2025 and September 30, 2024, respectively.
This section of this Form 10-K generally discusses fiscal 2024 and 2023 items and year-to-year comparisons between fiscal 2024 and 2023.
This section of this Form 10-K generally discusses fiscal 2025 and 2024 items and year-to-year comparisons between fiscal 2025 and 2024.
The collateral for the Amended Credit Agreement is primarily the Company’s inventory that is financed through the Amended Credit Agreement and related accounts receivable.
The collateral for the Amended Credit Facility is primarily the Company’s inventory that is financed through the Amended Credit Facility and related accounts receivable.
IGY Marinas maintains a network of luxury marinas situated in yachting and sport fishing destinations around the world. IGY Marinas has created standards for service and quality in nautical tourism. It offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia, delivering year-round accommodations.
In October 2022, we completed the acquisition of IGY Marinas. IGY Marinas maintains a network of luxury marinas situated in yachting and sport fishing destinations around the world. IGY Marinas has created standards for service and quality in nautical tourism. It offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia, delivering year-round accommodations.
The Retail Operations segment includes the majority of all corporate costs. As of September 30, 2024, the Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats. Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufactures sport yacht and yachts with sales through our select retail dealership locations and through independent dealers.
The Retail Operations segment includes the majority of all corporate costs. As of September 30, 2025, the Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats. Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufactures sport yacht and yachts, including Aviara luxury dayboats, with sales through our select retail dealership locations and through independent dealers.
Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 51%, 53%, and 53% of our dealership revenue during fiscal 2022, 2023, and 2024, respectively, can have a major impact on our operations.
Economic conditions in areas in which we operate dealerships, particularly Florida where we generated approximately 54%, 53%, and 53% of our dealership revenue during fiscal 2025, 2024, and 2023, respectively, can have a major impact on our operations.
Overview We believe we are the largest recreational boat and yacht retailer and superyacht services company in the world. Through our over 75 retail locations in 21 states, we sell new and used recreational boats and related marine products, including engines, trailers, parts, and accessories.
Overview We believe we are the world's largest recreational boat and yacht retailer, marina operator and superyacht services company. Through our over 70 retail locations in 21 states, we sell new and used recreational boats and related marine products, including engines, trailers, parts, and accessories.
Since the initial acquisitions in March 1998, we have, as of the filing of this Annual Report on Form 10-K, acquired 35 recreational boat dealers, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations and two boat and yacht manufacturers.
We commenced operations with the acquisition of five independent recreational boat dealers on March 1, 1998. Since the initial acquisitions in March 1998, we have, as of the filing of this Annual Report on Form 10-K, acquired 37 recreational boat dealers, five boat brokerage operations, six superyacht service companies, two full-service yacht repair operations and three boat and yacht manufacturers.
As of September 30, 2024, short-term borrowings, which solely consisted of the Floor Plan, and long-term debt recorded on the Consolidated Balance Sheets included unamortized debt issuance costs of approximately $1.3 million and $1.5 million, respectively.
As of September 30, 2025, short-term borrowings, which solely consisted of the Floor Plan, and long-term debt recorded on the Consolidated Balance Sheets included unamortized debt issuance costs of approximately $0.8 million and $1.4 million, respectively.
For the fiscal year ended September 30, 2022, cash provided by financing activities was primarily attributable to increased short-term borrowings, which solely consisted of the Floor Plan, and net proceeds from issuance of common stock under incentive compensation and employee purchase plans, partially offset by purchase of treasury stock, payments on tax withholdings for equity awards, payments for long-term debt, payments for debt issuance costs, and contingent acquisition consideration payments.
For the fiscal year ended September 30, 2025, cash used in financing activities was primarily attributable to payments for long-term debt, contingent consideration payments from acquisitions, payments on tax withholdings for equity awards and purchases of 47 treasury stock, partially offset by increased short term borrowings, which solely consisted of the Floor Plan (as defined below), proceeds from long-term debt and net proceeds from issuance of common stock under incentive compensation and employee purchase plans.
For the fiscal years ended September 30, 2024, 2023, and 2022, cash used in investing activities was approximately $81.3, $576.4 million and $140.5 million, respectively.
For the fiscal years ended September 30, 2025, 2024, and 2023, cash used in investing activities was approximately $55.6 million, $81.3 million and $576.4 million, respectively.
In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our annual impairment test is performed during the third fiscal quarter.
In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
For the fiscal year ended September 30, 2024 and 2023, cash used in operating activities was approximately $25.7 million and $222.2 million. For the fiscal year ended September 30, 2022, cash provided by operating activities was approximately $76.6 million.
For the fiscal year ended September 30, 2025, cash provided by operating activities was approximately $72.8 million. For the fiscal years ended September 30, 2024 and 2023 cash used in operating activities was approximately $25.7 million and $222.2 million.
Additionally, the Federal Reserve's prior increases of its benchmark interest rate have resulted in significantly higher long-term interest rates, which may continue to negatively impact our customers’ willingness or desire to purchase our products.
Additionally, although the Federal Reserve has recently cut interest rates, its prior increases of its benchmark interest rate resulted in significantly higher long-term interest rates, which negatively impacted, and may continue to negatively impact, our customers’ willingness or desire to purchase our products.
For the fiscal year ended September 30, 2022, cash provided by operating activities was primarily related to increases in contract liabilities (customer deposits), accounts payable, accrued expenses and other liabilities, and our net income adjusted for non-cash expenses and gains such as depreciation and amortization expense, deferred income tax provision, and stock-based compensation expense, partially offset by increases in inventory.
For the fiscal year ended September 30, 2025, cash provided by operating activities was primarily related to decreases in inventory, increases in accounts payable, and our net loss adjusted for non-cash expenses such as depreciation and amortization expense, goodwill impairment expense, and stock-based compensation expense, partially offset by decreases in contract liabilities (customer deposits), decreases in accrued expenses and other liabilities, and increases in accounts receivable, prepaid expenses and other current assets.
None of our real estate has been pledged for collateral for the Amended Credit Agreement As of September 30, 2024, our indebtedness associated with our short-term borrowings, which solely consisted of the Floor Plan, and our long-term debt totaled approximately $709.0 million and $355.9 million, respectively.
None of our real estate has been pledged for collateral for the Amended Credit Facility As of September 30, 2025, our indebtedness associated with our short-term borrowings, which solely consisted of the Floor Plan, and our long-term debt totaled approximately $715.7 million and $356.2 million, respectively.
Intrepid Powerboats follows a direct-to-consumer distribution model and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. Critical Accounting Estimates We have identified the policies below as critical to our business operations and the understanding of our results of operations.
Intrepid Powerboats sells through our retail dealership locations as well as independent dealers and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories. Critical Accounting Estimates We have identified the policies below as critical to our business operations and the understanding of our results of operations.
For the fiscal years ended September 30, 2024, 2023, and 2022, cash provided by financing activities was approximately $128.5 million, $770.4 million and $73.1 million, respectively.
For the fiscal year ended September 30, 2025, cash used in financing activities was approximately $72.0 million. For the fiscal years ended September 30 2024, and 2023, cash provided by financing activities was approximately $128.5 million and $770.4 million, respectively.
For the fiscal year ended September 30, 2022, cash used in investing activities was primarily used for acquisitions, to purchase property and equipment associated with improving existing retail facilities, and to purchase investments, partially offset by proceeds from the sale of investments and property and equipment.
For the fiscal year ended September 30, 2025, cash used in investing activities was primarily used to purchase property and equipment associated with improving existing retail facilities, acquisitions, and issuance of notes receivable, partially offset by proceeds from the sale of property and equipment and other assets, proceeds from the acquisition of a trade name, and proceeds from insurance settlements.
As a result, an economic downturn or inflation could impact us more than certain of our competitors due to our strategic focus on a higher end of our market. However, the Federal Reserve has recently cut interest rates and is expected to further cut interest rates.
As a result, an economic downturn or inflation could impact us more than certain of our competitors due to our strategic focus on a higher end of our market..
Revenue increased $36.0 million, or 1.5%, to approximately $2.431 billion for the fiscal year ended September 30, 2024 from $2.395 billion for the fiscal year ended September 30, 2023.
Revenue decreased $121.7 million, or 5.0%, to approximately $2.309 billion for the fiscal year ended September 30, 2025 from $2.431 billion for the fiscal year ended September 30, 2024.
Based on the information currently available to us (including the impacts on consumer demand of the current supply chain and inventory challenges, inflation, interest rates, and potential recession, all of which are uncertain), we believe that the cash generated from sales and our existing capital resources will be adequate to meet our liquidity and capital requirements for at least the next 12 months, except in the case of possible significant acquisitions. 47 Commitments and Commercial Commitments The following table sets forth a summary of our material contractual obligations and commercial commitments as of September 30, 2024: Payments Due by Period Ending September 30, Total Less Than 1 Year (2025) 1-3 Years (2026 and 2027) 3-5 Years (2028 and 2029) More Than 5 Years (2030 and thereafter) (Amounts in thousands) Short-term borrowings (Floor Plan) (1) $ 710,285 $ 710,285 $ — $ — $ — Long-term debt (2) $ 391,186 33,766 328,957 18,340 10,123 Other liabilities (3) $ 85,847 80,435 3,412 2,000 — Operating leases (4) $ 335,476 16,134 32,460 28,369 258,513 Total $ 1,522,794 $ 840,620 $ 364,829 $ 48,709 $ 268,636 (1) Estimates of future interest payments for short-term borrowings have been excluded in the tabular presentation.
Based on the information currently available to us (including the impacts on consumer demand of the current supply chain and inventory challenges, inflation, interest rates, and potential recession, all of which are uncertain), we believe that the cash generated from sales and our existing capital resources will be adequate to meet our liquidity and capital requirements for at least the next 12 months, except in the case of possible significant acquisitions. 48 Commitments and Commercial Commitments The following table sets forth a summary of our material contractual obligations and commercial commitments as of September 30, 2025: Payments Due by Period Ending September 30, Total Less Than 1 Year (2026) 1-3 Years (2027 and 2028) 3-5 Years (2029 and 2030) More Than 5 Years (2031 and thereafter) (Amounts in thousands) Short-term borrowings (Floor Plan) (1) $ 716,514 $ 716,514 $ — $ — $ — Long-term debt (2) $ 393,196 35,593 346,429 9,948 1,226 Other liabilities (3) $ 2,248 1,915 333 — — Operating leases (4) $ 329,948 17,199 36,860 30,576 245,313 Total $ 1,441,906 $ 771,221 $ 383,622 $ 40,524 $ 246,539 (1) Estimates of future interest payments for short-term borrowings have been excluded in the tabular presentation.
The increase is due to a $29.4 million or 1% increase in comparable-store sales, in addition to a $6.6 million net increase from acquisitions and new locations that are not eligible for inclusion in the comparable-store base, partially offset by a decrease in manufacturing revenue which is not included in comparable store sales.
The decrease is due to a $48.6 million or 2% decrease in comparable-store sales, in addition to a $73.1 million net decrease from closed stores and manufacturing revenue that are not eligible for inclusion in comparable-store sales.
We do not believe there is a reasonable likelihood that there will be a change in the judgments and assumptions used in our qualitative assessment which would result in a material effect on our operating results. 44 Recent Accounting Pronouncements See Note 3 of the Notes to Consolidated Financial Statements.
The qualitative assessment requires us to make judgments and assumptions regarding macroeconomic and industry conditions, our financial performance, and other factors. We do not believe there is a reasonable likelihood that there will be a change in the judgments and assumptions used in our qualitative assessment which would result in a material effect on our operating results.
The increase in the effective income tax rate was primarily a result of increased expenses from equity compensation from vested awards. Quarterly Data and Seasonality Our business, as well as the entire recreational boating industry, is highly seasonal, with seasonality varying in different geographic markets.
Our effective income tax rate decreased to 17.2% for the fiscal year ended September 30, 2025, from 28.7% for fiscal year ended September 30, 2024, primarily as a result of the goodwill impairment. Quarterly Data and Seasonality Our business, as well as the entire recreational boating industry, is highly seasonal, with seasonality varying in different geographic markets.
Gross profit as a percentage of revenue decreased to 33.0% for the twelve months ended September 30, 2024 from 34.9 % for the twelve months ended September 30, 2023. The decrease in gross profit was primarily the result of lower new and used boat margins, as we aggressively drove sales during a softer retail environment. Selling, General and Administrative Expenses.
The decrease in gross profit as a percentage of revenue was primarily a result of lower new boat margins due to the challenging retail environment. Selling, General and Administrative Expenses.
In October 2024, our Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats. MarineMax was incorporated in January 1998 (and reincorporated in Florida in March 2015). We commenced operations with the acquisition of five independent recreational boat dealers on March 1, 1998.
In October 2024, our Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats. In January 2025, we acquired the service and parts departments at our retail location in Panama City Beach, Florida. In March 2025, we acquired Shelter Bay Marina in Marathon, Florida. MarineMax was incorporated in January 1998 (and reincorporated in Florida in March 2015).
Interest expense increased $20.5 million to $73.9 million for the fiscal year ended September 30, 2024, from $53.4 million for the fiscal year ended September 30, 2023 as a result of increased inventory. The increase in interest expense was primarily the result of increased borrowings due primarily to higher inventory levels. Income Taxes .
Interest expense decreased $2.7 million to $71.2 million for the fiscal year ended September 30, 2025, from $73.9 million for the fiscal year ended September 30, 2024 . The decrease in interest expense was primarily the result of lower interest rates. Income Taxes .
If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350. Based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values.
During the three months ended September 30, 2025, the Company determined through a qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values. As a result, we did not perform a quantitative goodwill impairment test in the fourth quarter of fiscal 2025.
Selling, general and administrative expenses increased $38.5 million, or 6.1%, to $673.0 million for the fiscal year ended September 30, 2024 from $634.5 million for the fiscal year ended September 30, 2023. The increase in selling, general, and administrative expenses was primarily the result of inflation and recent acquisitions. Interest Expense .
Selling, general and administrative expenses decreased $25.8 million, or 3.8%, to $647.2 million for the fiscal year ended September 30, 2025 from $673.0 million for the fiscal year ended September 30, 2024.
Income tax expense decreased $22.4 million, or 58.9%, to $15.6 million for the fiscal year ended September 30, 2024 from $38.0 million for the fiscal year ended September 30, 2023. Our effective income tax rate increased to 28.7% for the fiscal year ended September 30, 2024, from 25.7% for fiscal year ended September 30, 2023.
Income taxes decreased $22.0 million to a benefit of $6.4 million for the fiscal year ended September 30, 2025 from a provision of $15.6 million for the fiscal year ended September 30, 2024, primarily as a result of the goodwill impairment.
Removed
In April 2022, through Northrop & Johnson, we acquired Superyacht Management, S.A.R.L., better known as SYM, a superyacht management company based in Golfe-Juan, France. In August 2022, we expanded our presence in Texas by acquiring Endeavour Marina in Seabrook. In October 2022, we completed the acquisition of IGY Marinas.
Added
In fiscal year 2025, impairment tests were performed during the third and fourth fiscal quarters to facilitate changing our annual impairment test to the fourth fiscal quarter from the third fiscal quarter. In previous fiscal years, our annual impairment test was performed during the third fiscal quarter.
Removed
As a result, we did not perform a quantitative goodwill impairment test. The qualitative assessment requires us to make judgments and assumptions regarding macroeconomic and industry conditions, our financial performance, and other factors.
Added
Beginning in fiscal year 2026 and thereafter, our annual impairment test will be performed during the fourth fiscal quarter. If the carrying amount of a reporting unit’s goodwill exceeds its fair value we recognize an impairment loss in accordance with ASC 350.
Removed
The comparable-store increase came primarily from increases in new and used boat revenue along with contributions from our other higher margin businesses. Gross Profit . Gross profit decreased $34.1 million, or 4.1%, to $801.2 million for the fiscal year ended September 30, 2024 from $835.3 million for the fiscal year ended September 30, 2023.
Added
When required to be performed, a quantitative goodwill impairment test compares the carrying value of a reporting unit to its fair value, and a goodwill impairment charge results when the reporting unit’s carrying value exceeds its fair value.
Added
The performance of a quantitative goodwill impairment test requires management to apply significant estimates and judgment – particularly to estimate the 44 fair value of the Company and each of our reporting units.
Added
The Company has three reporting units: Retail Dealerships, Superyacht Services, and IGY Marinas, which are included in the Retail Operations reportable segment, and one reporting unit, Product Manufacturing, which is its own reportable segment. When performing a quantitative goodwill impairment test, the Company utilizes the income approach (discounted cash flow method) corroborated by the market approach (guideline public company method).
Added
Under the income approach, the Company projects its future cash flows and discounts these cash flows to reflect their relative risk. The cash flows used are consistent with those the Company uses in its internal planning, which reflects actual business trends experienced and its long-term business strategy.
Added
Under the market approach, the Company uses the guideline company method to develop valuation multiples and compare the Company’s reporting unit to similar publicly traded companies.
Added
In order to further validate the reasonableness of fair value as determined by the income and market approaches described above, a reconciliation to market capitalization is then performed by estimating a reasonable control premium and other market factors.
Added
Impairment testing requires the assessment of both qualitative and quantitative factors, including, but not limited to whether there has been a significant or adverse change in the business climate that could affect the value of an asset and/or significant or adverse changes in cash flow projections or earnings forecasts.
Added
These assessments require management to make judgements, assumptions and estimates regarding the macroeconomic and industry conditions, our financial performance, and other factors and are often interdependent; therefore, they do not change in isolation.
Added
Factors and assumptions that management must estimate include, among others, revenue, margin, operating expense growth rates; discount rates, terminal growth rates, comparable public companies and historical transactions, market multiples, tax rates, capital spending, and customers’ financial condition. The estimates and assumptions used in these tests are evaluated and updated as appropriate.
Added
The variability of these factors depends on a number of conditions, including uncertainty about future events, and thus our accounting estimates may change from period to period. If other assumptions and estimates had been used when these tests were performed, impairment charges could have changed.
Added
During the three months ended June 30, 2025, the Company performed a quantitative impairment assessment of goodwill at each of our four reporting units. As a result of the declining performance of the product manufacturing reporting unit and segment the Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit.
Added
There was no remaining carrying value of the goodwill for the product manufacturing reporting unit and segment as of June 30, 2025 as a result of the goodwill impairment.
Added
No impairments were recorded for the reporting units: Retail Dealerships, Superyacht Services, or IGY Marinas, which are included in the Retail Operations reportable segment, as these reporting units all had fair values greater than their carrying values. The excess of fair values as compared to carrying values for the Retail Operations reportable segment reporting units ranged from 4% to 15%.
Added
Changes in the judgments, assumptions and estimates, including but not limited to: revenue, margin, operating expense growth rates, discount rates, terminal growth rates, and other assumptions, that are used in the impairment testing for goodwill, could result in significantly different estimates of fair value for our reporting units and potentially result in additional material non-cash impairment charges.
Added
The comparable-store decreases were primarily driven by decreases in new boat revenue as a result of the challenging retail environment and ongoing economic uncertainty, including uncertainty relating to evolving trade policies and geopolitical tensions. Gross Profit .
Added
Gross profit decreased $51.0 million, or 6.4%, to $750.2 million for the fiscal year ended September 30, 2025 from $801.2 million for the fiscal year ended September 30, 2024. Gross profit as a percentage of revenue decreased to 32.5% for the twelve months ended September 30, 2025 from 33.0% for the twelve months ended September 30, 2024.
Added
The decrease in selling, general, and administrative expenses was primarily the result of changes in the fair value of contingent consideration liabilities and cost-saving initiatives implemented in fiscal 2024 and fiscal 2025. Goodwill impairment.
Added
Goodwill impairment increased $69.1 million for the fiscal year ended September 30, 2025 as compared to the fiscal year ended September 30, 2024, as a result of recording the non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment. Interest Expense .

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

3 edited+0 added−0 removed6 unchanged
Biggest changeFor example, a hypothetical 100 basis point, 200 basis point, or 300 basis point increase in the interest rate would result in an increase of approximately $10.6 million, $21.1 million, or $31.7 million, respectively, in annual pre-tax interest expense.
Biggest changeFor example, a hypothetical 100 basis point, 200 basis point, or 300 basis point increase in the interest rate would result in an increase of approximately $10.6 million, $21.3 million, or $31.9 million, respectively, in annual pre-tax interest expense.
These estimated increases are based upon the outstanding balance of our short-term borrowings and long-term debt as of September 30, 2024 and assume no mitigating changes by us to reduce the outstanding balances and no additional interest assistance that could be received from vendors due to the interest rate increase.
These estimated increases are based upon the outstanding balance of our short-term borrowings and long-term debt as of September 30, 2025 and assume no mitigating changes by us to reduce the outstanding balances and no additional interest assistance that could be received from vendors due to the interest rate increase.
Most of the transactions not denominated in U.S. dollars are denominated in euros. Net revenues recognized whose functional currency was not the U.S. dollar were approximately 4% of our total revenues in fiscal 2024.
Most of the transactions not denominated in U.S. dollars are denominated in euros. Net revenues recognized whose functional currency was not the U.S. dollar were approximately 5% of our total revenues in fiscal 2025.

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