MARINEMAX INC, 10-K filed on 11/17/2025
Annual Report
v3.25.3
Document and Entity Information - USD ($)
 12 Months Ended
Sep. 30, 2025
Nov. 10, 2025
Mar. 31, 2025
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Sep. 30, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Trading Symbol HZO    
Entity Registrant Name MarineMax, Inc.    
Entity Central Index Key 0001057060    
Current Fiscal Year End Date --09-30    
Entity Well-known Seasoned Issuer No    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Security Exchange Name NYSE    
Title of 12(b) Security Common Stock, par value $.001 per share    
Entity Interactive Data Current Yes    
Entity File Number 1-14173    
Entity Incorporation, State or Country Code FL    
Entity Tax Identification Number 59-3496957    
Entity Address, Address Line One 501 Brooker Creek Boulevard    
Entity Address, City or Town Oldsmar    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 34677    
City Area Code 727    
Local Phone Number 531-1700    
Document Annual Report true    
Document Transition Report false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Common Stock, Shares Outstanding   21,869,518  
Entity Public Float     $ 462,344,170
Documents Incorporated by Reference

Documents Incorporated by Reference

Portions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.

    
Auditor Name KPMG LLP    
Auditor Firm ID 185    
Auditor Location Tampa, Florida    
v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 170,351 $ 224,326
Accounts receivable, net 108,288 106,409
Inventories 867,328 906,641
Prepaid expenses and other current assets 34,912 35,835
Total current assets 1,180,879 1,273,211
Property and equipment, net 552,546 532,766
Operating lease right-of-use assets, net 137,915 136,599
Goodwill 526,931 592,293
Other intangible assets, net 35,416 37,458
Other long-term assets 36,751 32,741
Total assets 2,470,438 2,605,068
CURRENT LIABILITIES:    
Accounts payable 56,378 54,481
Contract liabilities (customer deposits) 45,699 64,845
Accrued expenses 121,042 197,295
Short-term borrowings (Floor Plan) 715,679 708,994
Current maturities on long-term debt 35,593 33,766
Current operating lease liabilities 10,489 9,762
Total current liabilities 984,880 1,069,143
Long-term debt, net of current maturities 356,235 355,906
Noncurrent operating lease liabilities 127,969 124,525
Deferred tax liabilities, net 47,447 60,317
Other long-term liabilities 5,154 8,928
Total liabilities 1,521,685 1,618,819
COMMITMENTS AND CONTINGENCIES (Note 19)
SHAREHOLDERS’ EQUITY:    
Preferred stock, $.001 par value; 1,000,000 shares authorized, none issued or outstanding as of September 30, 2025 and 2024
Common stock, $.001 par value; 40,000,000 shares authorized, 30,543,794 and 29,898,545 shares issued and 21,868,739 and 22,544,308 shares outstanding as of September 30, 2025 and 2024, respectively 31 30
Additional paid-in capital 360,818 343,911
Accumulated other comprehensive income 8,234 4,636
Retained earnings 746,384 778,015
Treasury stock, at cost; 8,675,055 and 7,354,237 shares held as of September 30, 2025 and 2024, respectively (178,277) (150,797)
Total shareholders' equity attributable to MarineMax, Inc. 937,190 975,795
Non-controlling interests 11,563 10,454
Total shareholders' equity 948,753 986,249
Total liabilities and shareholders’ equity $ 2,470,438 $ 2,605,068
v3.25.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Sep. 30, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 40,000,000 40,000,000
Common stock, shares issued 30,543,794 29,898,545
Common stock, shares outstanding 21,868,739 22,544,308
Treasury stock, shares 8,675,055 7,354,237
v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]      
Revenue $ 2,309,288 $ 2,431,008 $ 2,394,706
Cost of sales 1,559,060 1,629,812 1,559,377
Gross profit 750,228 801,196 835,329
Selling, general and administrative expenses 647,156 672,970 634,527
Goodwill impairment 69,055    
Income (loss) from operations 34,017 128,226 200,802
Interest expense 71,158 73,895 53,367
(Loss) income before income tax provision (37,141) 54,331 147,435
Income tax (benefit) provision (6,375) 15,593 37,957
Net (loss) income (30,766) 38,738 109,478
Less: Net income attributable to non-controlling interests 865 672 196
Net (loss) income attributable to MarineMax, Inc. $ (31,631) $ 38,066 $ 109,282
Basic net (loss) income per common share $ (1.43) $ 1.71 $ 5
Diluted net (loss) income per common share $ (1.43) $ 1.65 $ 4.87
Weighted average number of common shares used in computing net (loss) income per common share:      
Basic 22,052,177 22,271,580 21,852,425
Diluted 22,052,177 23,014,208 22,429,381
v3.25.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]      
Net (loss) income $ (30,766) $ 38,738 $ 109,478
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustments 4,193 4,299 4,377
Interest rate swap contract (172) (518) (98)
Total other comprehensive income, net of tax 4,021 3,781 4,279
Comprehensive (loss) income (26,745) 42,519 113,757
Less: comprehensive income attributable to non-controlling interests 1,288 1,120 366
Comprehensive (loss) income attributable to MarineMax, Inc. $ (28,033) $ 41,399 $ 113,391
v3.25.3
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock Issued [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive (Loss) Income [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Non-controlling Interests [Member]
Beginning Balance at Sep. 30, 2022 $ 782,666 $ 29 $ 303,432 $ (2,806) $ 630,667 $ (148,656)  
Beginning Balance, Shares at Sep. 30, 2022   28,939,846          
Net (loss) income 109,478       109,282   $ 196
Non-controlling interests in subsidiaries from acquisitions 2,208           2,208
Shares issued pursuant to employee stock purchase plan 2,346   2,346        
Shares issued pursuant to employee stock purchase plan, Shares   92,900          
Shares issued upon vesting of equity awards, net of minimum tax withholding (4,224)   (4,224)        
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares   331,431          
Shares issued upon exercise of stock options, net of minimum tax withholding 7   7        
Shares issued upon exercise of stock options, net of minimum tax withholding, Shares   3,000          
Stock-based compensation 21,657   21,657        
Stock-based compensation, Shares   7,547          
Other comprehensive income (loss) 4,279     4,109     170
Ending Balance at Sep. 30, 2023 918,417 $ 29 323,218 1,303 739,949 (148,656) 2,574
Ending Balance, Shares at Sep. 30, 2023   29,374,724          
Net (loss) income 38,738       38,066   672
Purchase of treasury stock (2,141)         (2,141)  
Non-controlling interests in subsidiaries from acquisitions 6,784           6,784
Distributions to non-controlling interests (24)           (24)
Shares issued pursuant to employee stock purchase plan 2,513 $ 1 2,512        
Shares issued pursuant to employee stock purchase plan, Shares   96,929          
Shares issued upon vesting of equity awards, net of minimum tax withholding (5,908)   (5,908)        
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares   411,688          
Shares issued upon exercise of stock options, net of minimum tax withholding 128   128        
Shares issued upon exercise of stock options, net of minimum tax withholding, Shares   8,000          
Stock-based compensation 23,961   23,961        
Stock-based compensation, Shares   7,204          
Other comprehensive income (loss) 3,781     3,333     448
Ending Balance at Sep. 30, 2024 $ 986,249 $ 30 343,911 4,636 778,015 (150,797) 10,454
Ending Balance, Shares at Sep. 30, 2024 29,898,545 29,898,545          
Net (loss) income $ (30,766)       (31,631)   865
Purchase of treasury stock (27,480)         (27,480)  
Distributions to non-controlling interests (179)           (179)
Shares issued pursuant to employee stock purchase plan 2,482   2,482        
Shares issued pursuant to employee stock purchase plan, Shares   109,807          
Shares issued upon vesting of equity awards, net of minimum tax withholding (5,036) $ 1 (5,037)        
Shares issued upon vesting of equity awards, net of minimum tax withholding, Shares   523,848          
Shares issued upon exercise of stock options, net of minimum tax withholding 109   109        
Shares issued upon exercise of stock options, net of minimum tax withholding, Shares   5,750          
Stock-based compensation 19,353   19,353        
Stock-based compensation, Shares   5,844          
Other comprehensive income (loss) 4,021     3,598     423
Ending Balance at Sep. 30, 2025 $ 948,753 $ 31 $ 360,818 $ 8,234 $ 746,384 $ (178,277) $ 11,563
Ending Balance, Shares at Sep. 30, 2025 30,543,794 30,543,794          
v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (30,766) $ 38,738 $ 109,478
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation and amortization 49,320 44,487 41,032
Deferred income tax (benefit) provision, net of effects of acquisitions (12,870) 3,390 23,059
Goodwill impairment 69,055    
Loss (gain) from hurricane 4,433 4,850 (933)
Change in fair value of contingent consideration (28,126) (3,030) 2,372
Loss (gain) on sale of property and equipment and assets held for sale (205) 432 (354)
Gain on previously held equity investment upon acquisition of the entire business     (5,129)
Proceeds from insurance settlements 118    
Stock-based compensation expense 19,353 23,961 21,657
(Increase) decrease in, net of effects of acquisitions —      
Accounts receivable, net (3,646) (20,427) (30,977)
Inventories 35,489 (90,966) (351,753)
Prepaid expenses and other assets (3,554) (1,465) 254
(Decrease) increase in, net of effects of acquisitions —      
Accounts payable 1,714 (17,595) 24,043
Contract liabilities (customer deposits) (18,674) (16,885) (65,617)
Accrued expenses and other liabilities (8,835) 8,850 10,633
Net cash provided by (used in) operating activities 72,806 (25,660) (222,235)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (60,864) (60,423) (65,408)
Proceeds from insurance settlements 2,028 581 3,440
Issuance of notes receivable (2,811)    
Cash used in acquisition of businesses, net of cash acquired (10,482) (21,955) (516,794)
Proceeds from investments 0   2,143
Purchases of investments (493)   (2,486)
Proceeds from trade name and warranties assumed in asset exchange agreement 6,170    
Proceeds from sale of property and equipment and assets held for sale 10,828 450 2,740
Net cash used in investing activities (55,624) (81,347) (576,365)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net borrowings on short-term borrowings (Floor Plan) 6,685 170,000 404,708
Proceeds from long-term debt 36,540   400,000
Payments for long-term debt (34,223) (33,766) (25,272)
Net proceeds from issuance of common stock under incentive compensation, and employee purchase plans 2,591 2,641 2,353
Contingent acquisition consideration payments (51,510) (3,032) (8,340)
Payments on tax withholdings for equity awards (4,585) (5,193) (3,045)
Purchase of treasury stock (27,480) (2,141)  
Net cash (used in) provided by financing activities (71,982) 128,509 770,404
Effect of exchange rate changes on cash 825 1,368 1,378
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: (53,975) 22,870 (26,818)
CASH AND CASH EQUIVALENTS, beginning of year 224,326 201,456 228,274
CASH AND CASH EQUIVALENTS, end of year 170,351 224,326 201,456
Cash paid for:      
Interest 77,415 79,308 51,974
Income taxes 9,199 9,827 30,034
Non-cash items:      
Accrued tax withholdings upon vesting of equity awards $ 4,249 3,797 3,082
Contingent consideration liabilities from acquisitions   1,313 $ 77,380
Other current assets held for sale previously classified as property and equipment   $ 11,964  
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ (31,631) $ 38,066 $ 109,282
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Insider Trading Policies and Procedures
 12 Months Ended
Sep. 30, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.3
Cybersecurity Risk Management, Strategy, and Governance Disclosure
 12 Months Ended
Sep. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Management of material risks from cybersecurity threats is integrated into the Company’s overall risk management processes and is monitored as an enterprise risk. The Company’s Board of Directors (the “Board”), with the input of management, oversees the Company’s internal controls and processes, including internal controls designed to assess, identify, and manage material risks from cybersecurity threats.

Our comprehensive cybersecurity program includes, but is not limited to, standards and procedures for vulnerability management, user training, security assessments and testing, business continuity planning, encryption of sensitive data, physical security, user access controls, vendor risk management, teleworking, user device management and proactive systems, data and activity monitoring, and incident response. 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. Comprehensive contingency, recovery, and continuity plans are in place to ensure the ongoing provision of services to customers in the event of a cybersecurity incident.

Our Executive Vice President and Chief Digital Officer, (the “CDO”), Shawn C. Berg, is responsible for managing the Company’s cybersecurity risk and cybersecurity program. 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. Berg 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. The Technology Group also regularly reports to the CDO and other key executives, as identified in the incident response plan, on the status of material risks, mitigation measures, and incidents related to such risks.

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. 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.

Notwithstanding our vigilant cybersecurity measures, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. For further discussion of the risks associated with cybersecurity incidents, see the cybersecurity risk factor in Item 1A. Risk Factor in this report, titled “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”.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

Management of material risks from cybersecurity threats is integrated into the Company’s overall risk management processes and is monitored as an enterprise risk. The Company’s Board of Directors (the “Board”), with the input of management, oversees the Company’s internal controls and processes, including internal controls designed to assess, identify, and manage material risks from cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] 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.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Technology Group also regularly reports to the CDO and other key executives, as identified in the incident response plan, on the status of material risks, mitigation measures, and incidents related to such risks.
Cybersecurity Risk Role of Management [Text Block]

Our Executive Vice President and Chief Digital Officer, (the “CDO”), Shawn C. Berg, is responsible for managing the Company’s cybersecurity risk and cybersecurity program. 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. Berg has over 30 years of experience, including experience in multiple officer-level positions, in information technology and security.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] 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. Berg has over 30 years of experience, including experience in multiple officer-level positions, in information technology and security.
v3.25.3
Company Background and Basis of Presentation
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Company Background and Basis of Presentation

1. COMPANY BACKGROUND AND BASIS OF PRESENTATION:

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. 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. Cruisers Yachts, Aviara luxury dayboats, and Intrepid Powerboats all manufacture boats and yachts and recognize sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company, through a wholly owned subsidiary, New Wave Innovations, also owns Boatyard, an industry-leading customer experience digital product company, and Boatzon, a boat and marine digital retail platform. Through Newcoast Financial Services, we provide third-party financing and insurance products for boats and yachts primarily for transactions not associated with our dealership locations.

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. 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.

We have dealership agreements with Sea Ray, Boston Whaler, Harris, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group’s product line for Azimut and Benetti yachts and mega yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ names, trade symbols, and intellectual properties in our operations. The agreements for Sea Ray and Boston Whaler products, respectively, appoint us as the exclusive dealer of Sea Ray and Boston Whaler boats, respectively, in our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States. Sales of new Azimut yachts accounted for approximately 6% of our revenue in fiscal 2025. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands.

As is typical in the industry, we deal with most of our manufacturers, other than Sea Ray, Boston Whaler, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray, Boston Whaler, and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could affect operating results adversely.

General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which 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. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricanes Harvey and Irma in 2017, Hurricane Ian in 2022, and Hurricanes Milton and Helene in 2024, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico in 2010, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets.

In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable. 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 have negatively impacted, and may continue to negatively impact, our customers’ willingness or desire to purchase our products. As a result, an economic downturn or inflation could impact us more than certain of our competitors due to our strategic focus on the higher end of our market. Additionally, the current U.S. administration has imposed and may continue to impose, significant tariff actions on imports from a broad set of countries, including countries that produce certain of our products. In response to these tariffs, U.S. trading partners have imposed, or are likely to impose, their own tariffs. Further, U.S. and international tariff policies remain uncertain and difficult to predict. Due to the uncertainty in the retail environment caused by the tariffs, we have experienced decreased revenues and profits. Additional effects of these tariffs and reciprocal tariffs are uncertain, but the tariffs are likely to increase production and supply

v3.25.3
Significant Accounting Policies
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES:Cash and Cash Equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Vendor Consideration Received

We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales. Amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses. Our consideration received from our vendors contains uncertainties because the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including our ability to collect amounts due from vendors and the ability to meet certain criteria stipulated by our vendors. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our vendor considerations which would result in a material effect on our operating results.

Inventories

Inventories are stated at the lower of cost or net realizable value. The cost of inventories purchased from our vendors consist of the amount paid to acquire the inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, inventory deposits, and transportation costs relating to acquiring inventory for sale. Trade-in used boats are initially recorded at fair value and adjusted for reconditioning and other costs. The cost of inventories that are manufactured by the Company consist of material, labor, and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. New and used boats, motors, and trailers inventories are accounted for on a specific identification basis. Raw materials and parts, accessories, and other inventories are accounted for on an average cost basis. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate the lower of cost or net realizable value. If events occur and market conditions change, the net realizable value of our inventories could change.

Property and Equipment

We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method. We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset. Useful lives for purposes of computing depreciation are as follows:

 

 

Years

Buildings and improvements

 

5-40

Machinery and equipment

 

3-10

Furniture and fixtures

 

5-10

Vehicles

 

3-5

We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the accompanying Consolidated Statements of Operations. We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives.

Assets Held for Sale

We classify assets as held for sale when a plan for disposal is developed and approved, the asset is available for immediate sale, an active program to locate a buyer at a price reasonable in relation to current fair value is initiated, and transfer of the asset is expected to be completed within one year. We cease the depreciation and amortization of the assets when all of these criteria have been met and generally reflect balances within Prepaid expenses and other current assets on our Consolidated Balance Sheets. We had approximately $7.6 million and $12 million of assets classified as held for sale as of September 30, 2025 and 2024, respectively.

Goodwill

We account for acquisitions in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), and goodwill in accordance with ASC 350, “Intangibles — Goodwill and Other” (“ASC 350”). For business combinations, the excess of the purchase price over the estimated fair value of net assets acquired in a business combination is recorded as goodwill. 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. 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. 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. See Note 9 for the results of impairment testing performed in fiscal 2025.

Impairment of Long-Lived Assets

FASB ASC 360-10-40, “Property, Plant, and Equipment — Impairment or Disposal of Long-Lived Assets” (“ASC 360-10-40”), requires that long-lived assets, such as property and equipment and purchased intangibles subject to amortization, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset (or asset group) is measured by comparison of its carrying amount to undiscounted future net cash flows the asset (or asset group) is expected to generate over the remaining life of the asset (or asset group). If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset (or asset group) exceeds its fair market value. Estimates of expected future cash flows represent our best estimate based on currently available information and reasonable and supportable assumptions. Our impairment loss calculations contain uncertainties because they require us to make assumptions and to apply judgment in order to estimate expected future cash flows. Any impairment recognized in accordance with ASC 360-10-40 is permanent and may not be restored. Based upon our most recent analysis, we believe no impairment of long-lived assets existed as of September 30, 2025.

Insurance

We retain varying levels of risk relating to the insurance policies we maintain, most significantly, workers’ compensation insurance and employee medical benefits. We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits. Our third-party insurance carriers pay any losses above the pre-determined exposure limits. We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information.

Revenue Recognition

The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, and trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer.

We do not directly finance our customers’ boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated agreements with financial institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance contract before it is outstanding for a stipulated minimum period of time. 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 recognize variable consideration from commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at generally the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We also recognize marketing fees earned on insurance products sold on behalf of third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized.

We recognize revenue from parts and service operations (boat maintenance and repairs) over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a short period of time from contract inception. We satisfy our performance obligations, transfer control, and recognize revenue over time for parts and service operations because we are creating a contract asset with no alternative use and we have an enforceable right to payment for performance completed to date. 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. We use an input method to recognize revenue and measure progress based on labor hours expended to satisfy the performance obligation at average labor rates. We have determined labor hours expended to be the relevant measure of work performed to complete the maintenance and repair service for the customer. As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. 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.

We recognize revenue from the sale of our manufactured boats and yachts when control of the boat or yacht is transferred to the dealer or customer which is generally upon acceptance by the dealer or customer. At the time of acceptance, the dealer or customer is able to direct the use of, and obtain substantially all of the benefits of the boat or yacht. We have elected to record shipping and handling activities that occur after the dealer or customer has obtained control of the boat or yacht as a fulfillment activity.

We recognize lessor common area charges, utility sales, food and beverage sales and other ancillary goods and services. Performance obligations include performing common area maintenance and providing utilities, food and beverages, and other ancillary goods and services when goods are transferred or services are performed. Payment terms typically align with when the goods and services are provided.

Contract liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of acceptance and the transfer of control to the customers. Total contract liabilities of approximately $61.0 million recorded as of September 30, 2024 were recognized in revenue during the fiscal year ended September 30, 2025. Total contract liabilities of approximately $74.4 million recorded as of September 30, 2023 were recognized in revenue during the fiscal year ended September 30, 2024.

We recognize revenue from service operations and slip and storage rentals over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize revenue from the rentals of chartering power yachts over time on a straight-line basis over the term of the contract as our performance obligations are met.

The following table sets forth percentages on the timing of revenue recognition by reportable segment for the fiscal years ended September 30,

 

 

Retail Operations

 

 

Product Manufacturing

 

 

2025

 

 

2024

 

 

 

2023

 

 

2025

 

 

 

2024

 

 

 

2023

 

Goods and services transferred at a point in time

 

86.6

%

 

 

87.6

%

 

 

87.2

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

Goods and services transferred over time

 

13.4

%

 

 

12.4

%

 

 

12.8

%

 

 

—

 

 

 

—

 

 

 

—

 

Revenue

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors for the fiscal years ended September 30,

 

 

2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

60.4

%

 

 

98.6

%

 

 

60.9

%

Used boat sales

 

 

13.4

%

 

 

—

 

 

 

13.3

%

Maintenance and repair services

 

 

5.0

%

 

 

—

 

 

 

4.9

%

Storage and charter rentals

 

 

7.9

%

 

 

—

 

 

 

7.7

%

Finance and insurance products

 

 

3.6

%

 

 

—

 

 

 

3.5

%

Parts and accessories

 

 

4.7

%

 

 

1.4

%

 

 

4.7

%

Brokerage sales

 

 

5.0

%

 

 

—

 

 

 

5.0

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

2024

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

66.2

%

 

 

98.8

%

 

 

66.6

%

Used boat sales

 

 

9.8

%

 

—

 

 

 

9.7

%

Maintenance and repair services

 

 

4.5

%

 

—

 

 

 

4.5

%

Storage and charter rentals

 

 

7.2

%

 

—

 

 

 

6.9

%

Finance and insurance products

 

 

3.1

%

 

—

 

 

 

3.1

%

Parts and accessories

 

 

4.5

%

 

 

1.2

%

 

 

4.5

%

Brokerage sales

 

 

4.7

%

 

—

 

 

 

4.7

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

2023

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

67.3

%

 

 

95.8

%

 

 

68.7

%

Used boat sales

 

 

8.3

%

 

 

2.8

%

 

 

7.9

%

Maintenance and repair services

 

 

4.6

%

 

—

 

 

 

4.4

%

Storage and charter rentals

 

 

7.1

%

 

—

 

 

 

6.7

%

Finance and insurance products

 

 

2.9

%

 

—

 

 

 

2.8

%

Parts and accessories

 

 

4.9

%

 

 

0.8

%

 

 

4.7

%

Brokerage sales

 

 

4.9

%

 

 

0.6

%

 

 

4.8

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

The following table sets forth our maintenance, repair, storage, rental, charter services and parts and accessories revenue for our Retail Operations by location type.

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Marina/storage locations

 

$

273,078

 

 

$

267,296

 

 

$

265,847

 

Locations without marina/storage

 

 

131,645

 

 

 

117,156

 

 

 

114,353

 

Maintenance, repair, storage, rental, charter services, parts and accessories revenue

 

$

404,723

 

 

$

384,452

 

 

$

380,200

 

Cost of Sales

Cost of sales primarily includes cost of products sold, transportation costs from manufacturers to our retail stores, and vendor consideration. Cost of sales includes depreciation of property and equipment from our product manufacturing segment (manufacturing overhead).

Selling, General, and Administrative expenses

Selling, general, and administrative expenses primarily include salaries and incentive-based compensation, sales commissions, brokerage commissions, advertising, insurance, utilities, the majority of depreciation and amortization, and other customary operating expenses.

Stock-Based Compensation

We account for our stock-based compensation plans following the provisions of FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for estimating the fair value of stock option grants and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock on the grant date. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award.

Foreign Currency Transactions

For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the weighted average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income. No amounts were reclassified out of accumulated other comprehensive income in fiscal 2025.

Advertising and Promotional Cost

We expense advertising and promotional costs as incurred and include them in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. We net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses. Total advertising and promotional expenses approximated $38.6 million, $37.2 million and $36.0 million, net of related co-op assistance, which was not material to the consolidated financial statements, for the fiscal years ended September 30, 2025, 2024, and 2023, respectively.

Income Taxes

We account for income taxes in accordance with FASB ASC 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence.

Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions. Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions.

Use of Estimates and Assumptions

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of contingent consideration liabilities. Actual results could differ materially from those estimates.

Segment Reporting

We report our operations through two reportable segments: Retail Operations and Product Manufacturing. See Note 21.

v3.25.3
New Accounting Pronouncements
 12 Months Ended
Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
New Accounting Pronouncements

3. NEW ACCOUNTING PRONOUNCEMENTS:

New Accounting Pronouncements Issued And Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2023, which for the Company is the fiscal year ending September 30, 2025, with early adoption permitted. The Company adopted the guidance in ASU No. 2023-07 for the fiscal year ended September 30, 2025 (See Note 21). The adoption resulted in expanded disclosures about our segment operations, including significant segment expenses.

New Accounting Pronouncements Issued But Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending September 30, 2026. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending September 30, 2028. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. The ASU removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. The amendments in this ASU will be effective for annual periods beginning after December 15, 2027, which for the Company would be the fiscal year ending September 30, 2029. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's policy for capitalization of development costs for software intended for internal use.

 
v3.25.3
Fair Value Measurements
 12 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. FAIR VALUE MEASUREMENTS:

The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

Level 2 - Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 - Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Consolidated Balance Sheets as of September 30,

 

 

 

2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

—

 

 

$

481

 

 

$

—

 

 

$

481

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liabilities

 

$

—

 

 

$

—

 

 

$

1,675

 

 

$

1,675

 

 

 

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

—

 

 

$

716

 

 

$

—

 

 

$

716

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liabilities

 

$

—

 

 

$

—

 

 

$

81,311

 

 

$

81,311

 

 

There were no transfers between the valuation hierarchy Levels 1, 2, and 3 for the fiscal years ended September 30, 2025 and 2024.

The fair value of the Company’s interest rate swap contract is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. The inputs to the fair value measurements reflect Level 2 inputs. The interest rate swap contract balance is included in other long-term assets in the accompanying Consolidated Balance Sheets. The interest rate swap contract is designated as a cash flow hedge with changes in fair value reported in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income.

The fair value of the Company's contingent consideration liabilities is based on the present value of the expected future payments to be made to the sellers of the acquired entities in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, we estimated the acquired entity’s future performance using financial projections developed by management for the acquired entity and market participant assumptions that were derived for revenue growth and/or profitability. We estimated future payments using the earnout formula and performance targets specified in each purchase agreement and the financial projections just described. The risk associated with the financial projections was evaluated using a Monte Carlo simulation analysis, pursuant to which the projections were discounted to present value using a discount rate that takes into consideration market-based rates of return, and then simulated to reflect the ability of the acquired entity to achieve the earnout targets. Such calculated earnout payments were further discounted at our estimated cost of debt, to account for counterparty risk. Actual results, changes in financial projections, market participant assumptions for revenue growth and/or profitability, or market risk factors, result in a change in the fair value of recorded earnout obligations.

The contingent consideration liabilities balance is included in accrued expenses and other long-term liabilities in the accompanying Consolidated Balance Sheets. Contingent consideration liabilities, recorded in accrued expenses, totaled approximately $1.1 million and $77.4 million as of September 30, 2025 and September 30, 2024, respectively. Contingent consideration liabilities, recorded in other long-term liabilities, totaled approximately $0.6 million and $3.9 million as of September 30, 2025 and September 30, 2024, respectively. Changes in fair value and net present value of the contingent consideration liabilities are included in selling, general, and administrative expenses in the accompanying Consolidated Statements of Operations.

The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the fiscal the years ended September 30, 2025 and 2024:

 

 

 

Contingent Consideration Liabilities

 

 

 

(Amounts in thousands)

 

Balance as of September 30, 2023

 

$

86,059

 

Additions from business acquisitions

 

 

1,313

 

Settlement of contingent consideration liabilities

 

 

(3,032

)

Change in fair value and net present value of contingency

 

 

(3,029

)

Balance as of September 30, 2024

 

$

81,311

 

Additions from business acquisitions

 

 

—

 

Settlement of contingent consideration liabilities

 

 

(51,510

)

Change in fair value and net present value of contingency

 

 

(28,126

)

Balance as of September 30, 2025

 

$

1,675

 

 

We determined the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, short-term borrowings, and the revolving mortgage facility approximate their fair values because of the nature of their terms and current market rates of these instruments. The fair value of our mortgage facilities and term loan, which are not carried at fair value in the accompanying Consolidated Balance Sheets, was determined using Level 2 inputs based on the discounted cash flow method. We estimate the fair value of our mortgage facilities using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs. The following table summarizes the carrying value and fair value of our mortgage facilities and term loan as of September 30,

 

 

 

2025

 

 

2024

 

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

 

(Amounts in thousands)

 

Mortgage facility payable to Flagship Bank

 

$

4,964

 

 

$

4,915

 

 

$

5,501

 

 

$

5,411

 

Mortgage facility payable to Seacoast National Bank

 

 

14,074

 

 

 

14,020

 

 

 

15,467

 

 

 

15,378

 

Mortgage facility payable to Hancock Whitney Bank

 

 

19,651

 

 

 

19,452

 

 

 

21,781

 

 

 

21,366

 

Mortgage facility payable to M&T Bank

 

 

36,190

 

 

 

36,083

 

 

 

—

 

 

 

—

 

Term loan payable to M&T Bank

 

 

313,540

 

 

 

317,500

 

 

 

347,250

 

 

 

347,500

 
v3.25.3
Accounts Receivable
 12 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Accounts Receivable

5. ACCOUNTS RECEIVABLE:

Trade receivables consist primarily of receivables from financial institutions, which provide funding for customer boat financing and amounts due from financial institutions earned from arranging financing with our customers. We normally collect these receivables within 30 days of the sale. Trade receivables also include amounts due from customers on the sale of boats, parts, service, and storage. Amounts due from manufacturers represent receivables for various manufacturer programs and parts and service work performed pursuant to the manufacturers’ warranties.

Accounts receivable are presented net of an allowance for expected credit losses. The allowance for expected credit losses, which was not material to the consolidated financial statements as of September 30, 2025 or 2024, was based on our consideration of past collection experience, current information, and reasonable and supportable forecasts.

Accounts receivable, net consisted of the following as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Trade receivables, net

 

$

81,873

 

 

$

84,120

 

Amounts due from manufacturers

 

 

23,903

 

 

 

19,937

 

Other receivables

 

 

2,512

 

 

 

2,352

 

Accounts receivable, net

 

$

108,288

 

 

$

106,409

 
v3.25.3
Inventories
 12 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventories

6. INVENTORIES:

Inventories consisted of the following as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

New and used boats, motors, and trailers

 

$

786,920

 

 

$

784,152

 

In transit inventory and deposits

 

 

36,847

 

 

 

60,470

 

Parts, accessories, and other

 

 

13,554

 

 

 

14,569

 

Work-in-process

 

 

13,394

 

 

 

24,996

 

Raw materials

 

 

16,613

 

 

 

22,454

 

Inventories

 

$

867,328

 

 

$

906,641

 
v3.25.3
Property and Equipment
 12 Months Ended
Sep. 30, 2025
Property Plant And Equipment [Abstract]  
Property and Equipment

7. PROPERTY AND EQUIPMENT:

Property and equipment, net consisted of the following as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Land

 

$

125,765

 

 

$

124,975

 

Buildings and improvements

 

 

462,755

 

 

 

435,665

 

Machinery and equipment

 

 

124,823

 

 

 

105,070

 

Furniture and fixtures

 

 

8,158

 

 

 

7,378

 

Vehicles

 

 

27,619

 

 

 

26,930

 

Gross property and equipment

 

 

749,120

 

 

 

700,018

 

Less: accumulated depreciation and amortization

 

 

(196,574

)

 

 

(167,252

)

Property and equipment, net

 

$

552,546

 

 

$

532,766

 

Depreciation expense on property and equipment, which includes amounts allocated to cost of sales, totaled approximately $39.1 million, $35.7 million and $32.3 million, for the fiscal years ended September 30, 2025, 2024, and 2023, respectively.

v3.25.3
Leases
 12 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases

8. LEASES:

 

Lessee

Substantially all of the leases that we enter into are real estate leases. We lease numerous facilities relating to our operations, including showrooms, display lots, marinas, service facilities, slips, offices, equipment and our corporate headquarters. Leases for real property have terms, including renewal options, ranging from one to in excess of twenty-five years. In addition, we lease certain charter boats for our yacht charter business. As of September 30, 2025, the weighted-average remaining lease term for our leases was approximately 19 years. All of our leases are classified as operating leases, which are included as right-of-use ("ROU") assets and operating lease liabilities in the accompanying Consolidated Balance Sheets. For the fiscal years ended September 30, 2025, 2024, and 2023, operating lease expenses recorded in selling, general, and administrative expenses were approximately $34.3 million, $33.8 million, and $30.4 million, of which approximately $1.0 million, $0.7 million, and $0.7 million, related to variable lease expenses, respectively. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any significant leases that have not yet commenced but that create significant rights and obligations for us. We have elected the practical expedient under ASC Topic 842 to not separate lease and nonlease components.

Our real estate and equipment leases often require that we pay maintenance in addition to rent. Additionally, our real estate leases generally require payment of real estate taxes and insurance. Maintenance, real estate taxes, and insurance payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the ROU asset and lease liability, but are reflected as variable lease expenses.

Substantially all of our lease agreements include fixed rental payments. Certain of our lease agreements include fixed rental payments that are adjusted periodically by a fixed rate or changes in an index. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. Most of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. If it is reasonably certain that we will exercise

such options, the periods covered by such options are included in the lease term and are recognized as part of our right of use assets and lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised.

For our incremental borrowing rate, we generally use a portfolio approach to determine the discount rate for leases with similar characteristics. We determine discount rates based upon our hypothetical credit rating, taking into consideration our short-term borrowing rates, and then adjusting as necessary for the appropriate lease term. As of September 30, 2025, the weighted-average discount rate used was approximately 6.6%.

As of September 30, 2025, maturities of lease liabilities by fiscal year are summarized as follows:

 

 

 

(Amounts in thousands)

 

2026

 

$

17,199

 

2027

 

 

19,369

 

2028

 

 

17,491

 

2029

 

 

16,059

 

2030

 

 

14,517

 

Thereafter

 

 

245,313

 

Total lease payments

 

 

329,948

 

Less: interest

 

 

(191,490

)

Present value of lease liabilities

 

$

138,458

 

 

The following table sets forth supplemental cash flow information related to leases for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

 

(Amounts in thousands)

 

Cash paid for amounts included in the measurement of
   lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

$

18,065

 

 

$

18,358

 

 

$

17,474

 

Right-of-use assets obtained in exchange for lease
   obligations:

 

 

 

 

 

 

 

 

Operating leases

$

16,458

 

 

$

5,548

 

 

$

42,488

 

 

The Company reports the amortization of ROU assets and the change in operating lease liabilities on a net basis in accrued expenses and other liabilities in the accompanying Consolidated Statements of Cash Flows.

 

Lessor

The Company enters into certain agreements as a lessor under which it rents buildings to third parties. Initial terms of our real estate leases are generally three to five years, exclusive of options to renew, which are generally exercisable at our sole discretion for one term of five years. These leases meet all of the criteria of an operating lease and are accordingly recognized straight line over the lease term.

The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying consolidated statements of operations:

 

 

2025

 

 

2024

 

 

(Amounts in thousands)

 

Operating leases:

 

 

 

 

 

Operating lease income

$

10,998

 

 

$

10,065

 

Variable lease income

 

845

 

 

 

1,008

 

Total rental income

$

11,843

 

 

$

11,073

 

 

As of September 30, 2025, future minimum payments to be received during the next five years and thereafter are as follows:

 

 

 

(Amounts in thousands)

 

2026

 

$

7,666

 

2027

 

 

5,497

 

2028

 

 

3,446

 

2029

 

 

2,018

 

2030

 

 

1,258

 

Thereafter

 

 

—

 

Total lease payments

 

$

19,885

 
v3.25.3
Goodwill Other Intangible Assets and Other Long Term Assets
 12 Months Ended
Sep. 30, 2025
Goodwill Intangible Assets And Other Long Term Assets Disclosure [Abstract]  
Goodwill Other Intangible Assets and Other Long Term Assets

9. GOODWILL, OTHER INTANGIBLE ASSETS, AND OTHER LONG-TERM ASSETS:

In January 2025, we acquired the service and parts departments of Treasure Island Marina in the Florida Panhandle. In March 2025, we acquired Shelter Bay Marina in Marathon, Florida. In March 2024, we acquired Williams Tenders USA, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market. In March 2024, we also acquired Native Marine, a boat dealer based in Islamorada, Florida. In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece.

In total, goodwill and other intangible assets decreased, primarily due to impairments, by $67.4 million, for the fiscal year ended September 30, 2025. In total, goodwill and other intangible assets increased, primarily due to acquisitions by $30.2 million, for the fiscal year ended September 30, 2024. These acquisitions have resulted in the recording of goodwill deductible for tax purposes of $0.7 million, for the fiscal year ended September 30, 2024. Current and previous acquisitions less impairments have resulted in the recording of $526.9 million and $592.3 million in goodwill and $35.4 million and $37.5 million in other intangible assets as of September 30, 2025 and 2024, respectively.

As a result of a sustained decline in market capitalization, based on the Company’s publicly quoted share price and macroeconomic conditions including increases in worldwide tariffs and related uncertainty that existed during the three months ended June 30, 2025, the Company performed a quantitative impairment assessment of goodwill at each of our four reporting units. The Company utilized the income approach (discounted cash flow method) corroborated by the market approach (guideline public company method), which are Level 3 non-recurring fair value measurements. 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. As such, key estimates and factors used in this method include, but are not limited to, revenue, margin and operating expense growth rates, as well as a discount rate and a terminal growth rate.

Under the market approach, the Company uses the guideline company method to develop valuation multiples and compares the Company’s reporting units to similar publicly traded companies. 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.

As a result of the declining marine industry performance and the performance of the product manufacturing reporting unit and segment due to the challenging environment, the Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit, which was included in goodwill impairment in the Consolidated Statements of Operations. There was no remaining carrying value of the goodwill for the product manufacturing reporting unit and segment as a result of the goodwill impairment. 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. 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.

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.

The following table sets forth the changes in carrying amount of goodwill by reportable segment for the fiscal years ended September 30, 2025 and 2024:

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

 

 

(Amounts in thousands)

 

Balance as of September 30, 2023

 

$

490,765

 

 

$

69,055

 

 

$

559,820

 

Goodwill acquired

 

 

29,335

 

 

 

—

 

 

 

29,335

 

Foreign currency translation

 

 

3,138

 

 

 

—

 

 

 

3,138

 

Balance as of September 30, 2024

 

$

523,238

 

 

$

69,055

 

 

$

592,293

 

Goodwill acquired

 

 

680

 

 

 

—

 

 

 

680

 

Foreign currency translation

 

 

3,013

 

 

 

—

 

 

 

3,013

 

Goodwill impairment

 

 

—

 

 

 

(69,055

)

 

 

(69,055

)

Balance as of September 30, 2025

 

$

526,931

 

 

$

-

 

 

$

526,931

 

Other intangible assets, net, at September 30, consisted of the following:

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Trade names — indefinite-lived

 

$

20,404

 

 

$

18,270

 

Other intangible assets, primarily customer relationships

 

 

29,483

 

 

 

32,818

 

 

 

 

49,887

 

 

 

51,088

 

Less: accumulated amortization

 

 

(14,471

)

 

 

(13,630

)

Intangible assets, net

 

$

35,416

 

 

$

37,458

 

 

The weighted average amortization period for other intangible assets is 4.0 years and they have no expected residual value.

The following table sets forth the aggregate amortization expense for each of the five succeeding fiscal years:

 

 

 

(Amounts in thousands)

 

2026

 

$

7,769

 

2027

 

 

6,153

 

2028

 

 

1,090

 

2029

 

 

—

 

2030

 

 

—

 

Total

 

$

15,012

 
v3.25.3
Accrued Expenses
 12 Months Ended
Sep. 30, 2025
Accounts Payable And Accrued Liabilities Current [Abstract]  
Accrued Expenses

10. ACCRUED EXPENSES:

Accrued expenses consisted of the following as of September 30,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Payroll accruals

 

$

47,832

 

 

$

46,652

 

Customer and storage accruals

 

 

36,273

 

 

 

31,161

 

Sales and other taxes payable

 

 

7,488

 

 

 

8,297

 

Contingent consideration

 

 

1,060

 

 

 

77,379

 

Other accruals

 

 

28,389

 

 

 

33,806

 

Accrued expenses

 

$

121,042

 

 

$

197,295

 
v3.25.3
Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt

11. SHORT-TERM BORROWINGS AND LONG-TERM DEBT:

In July 2023, we executed the Amended Credit Facility with Manufacturers and Traders Trust Company ("M&T Bank") as Administrative Agent, Swingline Lender, and Issuing Bank, Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent, and the lenders party thereto (the “Amended Credit Facility”). The Amended Credit Facility provides the Company short-term borrowing in the form of a line of credit with asset-based borrowing availability ( the "Floor Plan") of up to $950 million and establishes a revolving credit facility in the maximum amount of $100 million (including a $20 million swingline facility and a $20 million letter of credit sublimit). The Amended Credit Facility also provides long-term debt in the form of 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

maturity of each of the facilities is August 2027. 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.

The interest rate is (a) for amounts outstanding under the Floor Plan, 3.45% above the one month secured term rate as administered by the CME Group Benchmark Administration Limited (CBA) (“SOFR”), (b) for amounts outstanding under the revolving credit facility or the term loan facility, a range of 1.50% to 2.0%, depending on the total net leverage ratio, above the one month, three month, or six month term SOFR rate, and (c) for amounts outstanding under the mortgage loan facility, 2.20% above the one month, three month, or six month term SOFR rate. The alternate base rate with a margin is available for amounts outstanding under the revolving credit, term, and mortgage loan facilities and the Euro Interbank Offered Rate plus a margin is available for borrowings in Euro or other currencies other than dollars under the revolving credit facility.

The Amended Credit Facility has certain financial covenants as specified in the agreement. The covenants include provisions that our leverage ratio must not exceed 3.35 to 1.0 and that our consolidated fixed charge coverage ratio must be greater than 1.10 to 1.0. As of September 30, 2025, we were in compliance with all covenants under the Amended Credit Facility. The Amended Credit Facility is secured by the Company’s personal property assets, including inventory and related accounts receivable. The mortgage loans will also be secured by the real estate pledged as collateral for such loans.

As of September 30, 2025, our outstanding short term borrowings under the Floor Plan associated with financing our inventory and working capital needs totaled approximately $715.7 million. As of September 30, 2025, our short-term borrowings, which solely consisted of the Floor Plan, included unamortized debt issuance costs of approximately $0.8 million. As of September 30, 2024, our short term borrowings under the Floor Plan totaled approximately $709.0 million, and included unamortized debt issuance costs of approximately $1.3 million.

As of September 30, 2025 and 2024, the interest rate on the outstanding short-term borrowings, which solely consisted of the Floor Plan, was approximately 7.7% and 8.7%, respectively. As of September 30, 2025, our additional Floor Plan available borrowings under our Amended Credit Facility were approximately $1.1 million based upon the outstanding borrowing base availability (Floor Plan). As of September 30, 2025, no amounts were withdrawn on the revolving credit facility and $36.1 million was outstanding on the delayed draw mortgage loan facility. As of September 30, 2025, we had approximately $14.7 million in letters of credit that reduced the available borrowings under the revolving credit facility.

As is common in our industry, we receive interest assistance directly from boat manufacturers, including Brunswick. The interest assistance programs vary by manufacturer, but generally include periods of free financing or reduced interest rate programs. The interest assistance may be paid directly to us or our lender depending on the arrangements the manufacturer has established. We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales.

The availability and costs of borrowed funds can adversely affect our ability to obtain adequate boat inventory and the holding costs of that inventory as well as the ability and willingness of our customers to finance boat purchases. However, we rely on our Amended Credit Facility to purchase our inventory of boats. The aging of our inventory limits our borrowing capacity as defined curtailments reduce the allowable advance rate as our inventory ages. Our access to funds under our Amended Credit Facility also depends upon the ability of our lenders to meet their funding commitments, particularly if they experience shortages of capital, experience excessive volumes of borrowing requests from others during a short period of time or otherwise experience liquidity issues of their own as other lending institutions have recently experienced. Unfavorable economic conditions, weak consumer spending, turmoil in the credit markets, and lender difficulties, among other potential reasons, could interfere with our ability to utilize our Amended Credit Facility to fund our operations. Any inability to utilize our Amended Credit Facility could require us to seek other sources of funding to repay amounts outstanding under the credit agreements or replace or supplement our credit agreements, which may not be possible at all or under commercially reasonable terms.

Similarly, decreases in the availability of credit and increases in the cost of credit adversely affect the ability of our customers to purchase boats from us and thereby adversely affect our ability to sell our products and impact the profitability of our finance and insurance activities.

Long-term Debt

The below table summarizes the Company’s long-term debt.

 

 

 

September 30, 2025

 

 

 

(Amounts in thousands)

 

Mortgage facility payable to Flagship Bank bearing interest at 6.25% (prime minus 100 basis points with a floor of 2.00%). Requires monthly principal and interest payments with a balloon payment of approximately $4.0 million due August 2027.

 

$

4,915

 

Mortgage facility payable to Seacoast National Bank bearing interest at 6.40% (SOFR plus 225 basis points). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $10.0 million due September 2031.

 

 

14,020

 

Mortgage facility payable to Hancock Whitney Bank bearing interest at 6.63% (prime minus 62.5 basis points with a floor of 2.25%). Requires monthly principal and interest payments with a balloon payment of approximately $15.5 million due November 2027. 50% of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20%.

 

 

19,452

 

Mortgage facility payable to M&T Bank bearing interest at 6.37% (SOFR plus 220 basis points). Requires quarterly principal and interest payments. Facility matures in August 2027.

 

 

36,083

 

Term loan payable to M&T Bank bearing interest at 6.0%. Requires quarterly principal and interest payments. Facility matures in August 2027.

 

 

317,500

 

Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest at 5.44%. Requires quarterly principal and interest payments. Facility matures in December 2030.

 

 

1,226

 

Total long-term debt

 

 

393,196

 

Less: current portion

 

 

(35,593

)

Less: unamortized portion of debt issuance costs

 

 

(1,368

)

Long-term debt, net current portion and unamortized debt issuance costs

 

$

356,235

 

 

 

 

September 30, 2024

 

 

 

(Amounts in thousands)

 

Mortgage facility payable to Flagship Bank bearing interest at 7.00% (prime minus 100 basis points with a floor of 2.00%). Requires monthly principal and interest payments with a balloon payment of approximately $4.0 million due August 2027.

 

$

5,411

 

Mortgage facility payable to Seacoast National Bank bearing interest at 7.09% (SOFR plus 220 basis points). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $10.0 million due September 2031.

 

 

15,378

 

Mortgage facility payable to Hancock Whitney Bank bearing interest at 7.38% (prime minus 62.5 basis points with a floor of 2.25%). Requires monthly principal and interest payments with a balloon payment of approximately $15.5 million due November 2027. 50% of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20%.

 

 

21,366

 

Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 7.75% (prime minus 25 basis points with a floor of 3.00%). Facility matures in October 2027. Current available borrowings under the facility were approximately $21.0 million at September 30, 2024.

 

 

—

 

Term loan payable to M&T Bank bearing interest at 6.67%. Requires quarterly principal and interest payments. Facility matures in August 2027.

 

 

347,500

 

Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest at 7.21%. Requires quarterly principal and interest payments. Facility matures in December 2030.

 

 

1,531

 

Total long-term debt

 

 

391,186

 

Less: current portion

 

 

(33,766

)

Less: unamortized portion of debt issuance costs

 

 

(1,514

)

Long-term debt, net current portion and unamortized debt issuance costs

 

$

355,906

 

 

As of September 30, 2025, the aggregate maturities of long-term debt by fiscal year are summarized as follows:

 

 

 

(Amounts in thousands)

 

2026

 

$

35,593

 

2027

 

 

329,445

 

2028

 

 

16,984

 

2029

 

 

1,357

 

2030

 

 

8,591

 

Thereafter

 

 

1,226

 

Total long-term debt

 

$

393,196

 
v3.25.3
Income Taxes
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

12. INCOME TAXES:

Income before income tax provision consisted of the following components for the fiscal years ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

(Loss) income before income tax provision:

 

 

 

 

 

 

 

 

 

United States

 

$

(52,357

)

 

$

42,218

 

 

$

130,535

 

Other

 

 

15,216

 

 

 

12,113

 

 

 

16,900

 

Total

 

$

(37,141

)

 

$

54,331

 

 

$

147,435

 

 

The components of our provision from income taxes consisted of the following for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Current provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

2,301

 

 

$

6,074

 

 

$

9,315

 

Foreign

 

 

2,777

 

 

 

2,888

 

 

 

3,204

 

State

 

 

1,638

 

 

 

2,644

 

 

 

2,307

 

Total current provision

 

$

6,716

 

 

$

11,606

 

 

$

14,826

 

Deferred (benefit) provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

(9,472

)

 

$

5,733

 

 

$

18,723

 

Foreign

 

 

367

 

 

 

(3,238

)

 

 

—

 

State

 

 

(3,986

)

 

 

1,492

 

 

 

4,408

 

Total deferred (benefit) provision

 

 

(13,091

)

 

 

3,987

 

 

 

23,131

 

Total income tax (benefit) provision

 

$

(6,375

)

 

$

15,593

 

 

$

37,957

 

 

Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

Federal tax provision

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal benefit

 

 

0.2

%

 

 

3.0

%

 

 

3.6

%

Stock-based compensation

 

 

(4.9

)%

 

 

4.2

%

 

 

(0.2

)%

Foreign rate differential

 

 

(2.6

)%

 

 

(2.0

)%

 

 

0.2

%

US tax on foreign earnings

 

 

4.1

%

 

 

1.5

%

 

 

1.4

%

Equity investment

 

 

—

 

 

 

—

 

 

 

(0.9

)%

Entity classification change

 

 

13.2

%

 

 

—

 

 

 

—

 

Goodwill impairment

 

 

(16.3

)%

 

 

—

 

 

 

—

 

R&D Credits

 

 

1.5

%

 

 

—

 

 

 

—

 

Other

 

 

1.0

%

 

 

1.0

%

 

 

0.6

%

Effective tax rate

 

 

17.2

%

 

 

28.7

%

 

 

25.7

%

 

The impact of stock-based compensation on the effective tax rate is driven by changes in our stock price from when equity awards are granted as compared to when the awards vest and non-deductible awards. We elected to change the tax status of certain

foreign subsidiaries which required approval from the taxing jurisdiction. The benefit of the tax status change was included in our financial statements upon the receipt of such approvals which occurred during fiscal year 2025. The impact of the goodwill impairment charge on the effective tax rate represents the portion of the goodwill impairment that does not have a corresponding tax basis.

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Inventories

 

$

2,233

 

 

$

2,994

 

Operating lease liabilities

 

 

32,741

 

 

 

31,280

 

Accrued expenses

 

 

1,140

 

 

 

2,214

 

Stock-based compensation

 

 

4,660

 

 

 

5,756

 

Interest deductions

 

 

8,490

 

 

 

520

 

US tax effect of foreign taxes

 

 

5,298

 

 

 

3,999

 

Tax loss carryforwards

 

 

4,135

 

 

 

3,315

 

Other

 

 

4,725

 

 

 

2,724

 

Valuation allowance

 

 

—

 

 

 

—

 

Total long-term deferred tax assets

 

$

63,422

 

 

$

52,802

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation and amortization

 

 

(73,348

)

 

 

(72,133

)

Operating lease right-of-use assets

 

 

(31,182

)

 

 

(33,225

)

Equity method investments

 

 

(3,159

)

 

 

(3,531

)

Other

 

 

(3,180

)

 

 

(4,230

)

Total long-term deferred tax liabilities

 

$

(110,869

)

 

$

(113,119

)

Net deferred tax liabilities

 

$

(47,447

)

 

$

(60,317

)

Pursuant to ASC 740, we must consider all positive and negative evidence regarding the realization of deferred tax assets. ASC 740 provides four possible sources of taxable income to realize deferred tax assets: 1) taxable income in prior carryback years, 2) reversals of existing deferred tax liabilities, 3) tax planning strategies and 4) projected future taxable income. As of September 30, 2025, we have no available taxable income in prior carryback years and have not identified prudent and feasible tax planning strategies. Therefore, the recoverability of our deferred tax assets is dependent upon the reversal of existing deferred tax liabilities and generating future taxable income. It is more likely than not that we will generate sufficient taxable income to realize the deferred tax asset not offset by reversing deferred tax liabilities.

As of September 30, 2025, the Company has NOL carryforwards of approximately $31.4 million and $12.0 million for state and foreign income tax purposes, respectively, which resulted in a deferred tax asset of $4.1 million, and expire at various dates beginning in 2025.

Significant judgment is required in evaluating our uncertain tax positions. Although we believe our tax return positions are sustainable, we recognize tax benefits from uncertain tax positions in the consolidated financial statements only when it is more likely than not that the positions will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority’s administrative practices and precedents. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest and penalties.

As of September 30, 2025 and 2024, we had approximately $3.1 million and $4.1 million, respectively of gross unrecognized tax benefits. The reconciliation of the total amount recorded for unrecognized tax benefits at the beginning and end of the fiscal years ended September 30, 2025 and 2024 is as follows:

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Unrecognized tax benefits at the beginning of the year

 

$

4,085

 

 

$

5,833

 

Increases in tax positions for prior years

 

 

—

 

 

 

—

 

Decreases in tax positions for prior years

 

 

(1,029

)

 

 

(1,748

)

Unrecognized tax benefits at the end of the year

 

$

3,056

 

 

$

4,085

 

 

 

Consistent with our prior practices, we recognize interest and penalties related to uncertain tax positions as a component of income tax expense. As of September 30, 2025 and 2024, interest and penalties represented approximately $1.2 million and $1.4 million, respectively, of the gross unrecognized tax benefits.

We are subject to tax by federal, state, and foreign taxing authorities. Until the respective statutes of limitations expire, we are subject to income tax audits in the jurisdictions in which we operate. We are no longer subject to U.S. federal tax assessments for fiscal years prior to 2022, we are not subject to assessments prior to the 2019 fiscal year for the majority of the State jurisdictions and we are not subject to assessments prior to the 2020 calendar year for the majority of the foreign jurisdictions.
v3.25.3
Shareholders' Equity
 12 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Shareholders' Equity

13. SHAREHOLDERS’ EQUITY:

The Company maintains a stock repurchase plan authorizing the Company to purchase up to $100 million of its common stock through March 2026. Under the plan, we may buy back common stock from time to time in the open market or in privately negotiated blocks, dependent upon various factors, including price and availability of the shares, and general market conditions. Through September 30, 2025 we had purchased an aggregate of 8,675,055 shares of common stock under the current and historical share repurchase plans for an aggregate purchase price of approximately $178.3 million. Based on our closing stock price of $25.33 as of September 30, 2025, approximately 2.8 million shares remained available for future purchases under the current share repurchase program.

v3.25.3
Stock-Based Compensation
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

14. STOCK-BASED COMPENSATION:

We account for our stock-based compensation plans following the provisions of FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all options granted (Note 15) and shares purchased under our Amended 2008 Employee Stock Purchase Plan (“Stock Purchase Plan”). We measure compensation for restricted stock awards and restricted stock units (Note 17) at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock. We recognize compensation cost for all awards in operations on a straight-line basis over the requisite service period for each separately vesting portion of the award.

Stock-based compensation expense recorded in selling, general, and administrative expenses was approximately $19.4 million, $24.0 million, and $21.7 million, for the fiscal years ended September 30, 2025, 2024, and 2023, respectively.

Cash received from option exercises under all share-based compensation arrangements for the fiscal years ended September 30, 2025, 2024, and 2023 was approximately $2.6 million, $2.6 million, and $2.4 million, respectively. We currently expect to satisfy share-based awards with registered shares available to be issued from the Stock Purchase Plan.
v3.25.3
The Incentive Stock Plans
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
The Incentive Stock Plans

15. THE INCENTIVE STOCK PLANS:

In February 2025, our shareholders approved a proposal to amend our 2021 Plan (as defined below), to increase the total number of available shares by 495,000. In February 2023, our shareholders approved a proposal to amend our 2021 Plan, to increase the total number of available shares by 1,300,000. In February 2022, our shareholders approved a proposal to authorize our 2021 Stock-Based Compensation Plan (“2021 Plan”), which replaced our 2011 Stock-Based Compensation Plan (“2011 Plan”). Our 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units, bonus stock, dividend equivalents, other stock related awards, and performance awards (collectively “awards”), that may be settled in cash, stock, or other property. Our 2021 Plan is designed to attract, motivate, retain, and reward our executives, employees, officers, directors, and independent contractors by providing such persons with annual and long-term performance incentives to expend their maximum efforts in the creation of shareholder value. The total number of shares of our common stock that may be subject to awards under the 2021 Plan is equal to 2,795,000 shares, plus: (i) any shares available for issuance and not subject to an award under our 2007 Stock-Based Compensation Plan (the "2007 Plan") or the 2011 Plan, which was 545,729 in aggregate at the time of the approval of the 2021 Plan; (ii) the number of shares with respect to which awards granted under the 2021 Plan, the 2011 Plan or the 2007 Plan terminate without the issuance of the shares or where the shares are forfeited or repurchased; (iii) with respect to awards granted under the 2021 Plan, the 2011 Plan and the 2007 Plan, the number of shares that are not issued as a result of the award being settled for cash or otherwise not issued in connection with the exercise or payment of the award; and (iv) the number of shares that are surrendered or withheld in payment of the exercise price of any award or any tax withholding requirements in connection with any award granted under the 2021 Plan, the 2011 Plan or the 2007 Plan. The 2021 Plan terminates in February 2032, and awards may be granted at any time during the life of the 2021 Plan. The dates on which awards vest are determined by the Board of Directors or the Plan Administrator. The Board of Directors has appointed the Compensation Committee as the Plan Administrator. The exercise prices of options are determined by the Board of Directors or the Plan Administrator and are at least equal to the fair market value of shares of common stock on the date of grant. The term of options under the 2021 Plan

may not exceed ten years. The options granted have varying vesting periods. To date, we have not settled or been under any obligation to settle any awards in cash.

The following table summarizes activity from our incentive stock plans from September 30, 2024 through September 30, 2025:

 

 

Shares
Available
for Grant

 

 

Options
Outstanding

 

 

Aggregate
Intrinsic
Value
(Amounts in thousands)

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life

 

Balance as of September 30, 2024

 

 

1,295,064

 

 

 

30,750

 

 

$

296

 

 

$

26.97

 

 

 

5.0

 

Shares authorized

 

 

495,000

 

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Options granted

 

 

(10,000

)

 

 

10,000

 

 

 

 

 

 

—

 

 

 

 

Options exercised

 

 

—

 

 

 

(5,750

)

 

 

 

 

 

19.02

 

 

 

 

Restricted stock awards granted

 

 

(574,132

)

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Restricted stock awards forfeited or unearned

 

 

187,725

 

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Additional shares of stock issued

 

 

(5,844

)

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Balance as of September 30, 2025

 

 

1,387,813

 

 

 

35,000

 

 

$

87

 

 

$

28.80

 

 

 

6.5

 

Exercisable as of September 30, 2025

 

 

 

 

 

26,665

 

 

$

82

 

 

$

29.26

 

 

 

5.5

 

During the fiscal year ended September 30, 2025 10,000 options were granted. During the fiscal year ended September 30, 2024, 5,000 options were granted.

We used the Black-Scholes model to estimate the fair value of options granted. The expected term of options granted is estimated based on historical experience. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant.
v3.25.3
Employee Stock Purchase Plan
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Stock Purchase Plan

16. EMPLOYEE STOCK PURCHASE PLAN:

Our shareholders approved proposals to amend our Stock Purchase Plan to increase the number of shares available under that plan by 500,000 shares in each of February 2019 and February 2025. The Stock Purchase Plan as amended provides for up to 2,000,000 shares of common stock to be available for purchase by our regular employees who have completed at least one year of continuous service. In addition, there were 52,837 shares of common stock available under our 1998 Employee Stock Purchase Plan, which have been made available for issuance under our Stock Purchase Plan. The Stock Purchase Plan provides for implementation of annual offerings beginning on the first day of October in each of the years 2008 through 2027, with each offering terminating on September 30 of the following year. Each annual offering may be divided into two six-month offerings. For each offering, the purchase price per share will be the lower of: (i) 85% of the closing price of the common stock on the first day of the offering or (ii) 85% of the closing price of the common stock on the last day of the offering. The purchase price is paid through periodic payroll deductions not to exceed 10% of the participant’s earnings during each offering period. However, no participant may purchase more than $25,000 worth of common stock annually.

We used the Black-Scholes model to estimate the fair value of options granted to purchase shares issued pursuant to the Stock Purchase Plan. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant.

The following are the weighted-average assumptions used for the fiscal years ended September 30,

 

 

2025

 

2024

 

2023

Dividend yield

 

0.0%

 

0.0%

 

0.0%

Risk-free interest rate

 

4.3%

 

5.4%

 

4.4%

Volatility

 

58.1%

 

45.3%

 

47.1%

Expected life

 

Six months

 

Six months

 

Six months

As of September 30, 2025, we had issued 1,490,588 shares of common stock under our Stock Purchase Plan.
v3.25.3
Restricted Stock Awards
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Awards

17. RESTRICTED STOCK AWARDS:

We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to employees, directors, and officers pursuant to the 2021 Plan, 2011 Plan, and the 2007 Plan. The restricted stock awards and RSUs have varying

vesting periods, but generally become fully vested between two and four years after the grant date, depending on the specific award, performance targets met for performance-based awards granted to officers, and vesting period for time-based awards. Officer performance-based awards are granted at the target amount of shares that may be earned and the actual amount of the award earned generally could range from 0% to 175% of the target number of shares based on the actual specified performance target met. We accounted for the restricted stock awards granted using the measurement and recognition provisions of ASC 718. Accordingly, the fair value of the restricted stock awards, including performance-based awards, is measured on the grant date and recognized in earnings over the requisite service period for each separately vesting portion of the award.

The following table summarizes restricted stock award activity from September 30, 2024 through September 30, 2025:

 

 

Shares/
Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Non-vested balance as of September 30, 2024

 

 

1,453,229

 

 

$

32.04

 

Changes during the period:

 

 

 

 

 

 

Awards granted

 

 

574,132

 

 

$

30.12

 

Awards vested

 

 

(668,780

)

 

$

31.06

 

Awards forfeited

 

 

(169,428

)

 

$

33.52

 

Non-vested balance as of September 30, 2025

 

 

1,189,153

 

 

$

31.45

 

As of September 30, 2025, we had approximately $17.3 million of total unrecognized compensation cost, assuming applicable performance conditions are met, related to non-vested restricted stock awards. We expect to recognize that cost over a weighted-average period of 1.9 years.
v3.25.3
Net Income Per Share
 12 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Share

18. NET INCOME PER SHARE:

The following table presents shares used in the calculation of basic and diluted net income per share for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

Weighted average common shares outstanding used in
   calculating basic net income per share

 

 

22,052,177

 

 

 

22,271,580

 

 

 

21,852,425

 

Effect of dilutive options and non-vested restricted
   stock awards

 

 

—

 

 

 

742,628

 

 

 

576,956

 

Weighted average common and common equivalent
   shares used in calculating diluted net income per share

 

 

22,052,177

 

 

 

23,014,208

 

 

 

22,429,381

 

For the fiscal years ended September 30, 2025, 2024, and 2023, there were 1.2 million, 0.01 million and 0.01 million weighted average shares of options outstanding and non-vested restricted stock outstanding, respectively, that were not included in the computation of diluted net income per share because the options’ exercise prices or non-vested restricted stock prices were greater than the average market price of our common stock, and therefore, their effect would be anti-dilutive.
v3.25.3
Commitments and Contingencies
 12 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

19. COMMITMENTS AND CONTINGENCIES:

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 believe that these matters should not have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

In connection with certain of our workers’ compensation insurance policies, we maintain standby letters of credit and surety bonds for our insurance carriers in the amount of $1.8 million relating primarily to retained risk on our workers compensation claims. In connection with our equity investment in Cannes, France, we maintain standby letters of credit of approximately $12.9 million.

v3.25.3
Employee 401(k) Profit Sharing Plans
 12 Months Ended
Sep. 30, 2025
Compensation And Retirement Disclosure [Abstract]  
Employee 401(k) Profit Sharing Plans

20. EMPLOYEE 401(k) PROFIT SHARING PLANS:

Employees are eligible to participate in our 401(k) Profit Sharing Plan (the “Plan”) following their 90-day introductory period starting either April 1 or October 1, provided that they are 18 years of age. Under the Plan, we matched 50% of participants’ contributions, up to a maximum of 6% of each participant’s compensation. We contributed, under the Plan, or pursuant to previous similar plans, approximately $8.1 million, $7.6 million, and $7.1 million for the fiscal years ended September 30, 2025, 2024, and 2023, respectively.
v3.25.3
Segment Information
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

21. SEGMENT INFORMATION:

Reportable Segments

The Company’s reportable segments are defined by management’s reporting structure and operating activities. Our chief operating decision maker (“CODM”) is our Chief Executive Officer. Our CODM reviews income from operations by segment for purposes of making operating decisions, assessing financial performance, and deciding how to allocate resources (including team members, property, and financial or capital resources). The CODM considers forecast-to-actual variances when making decisions about allocating resources to the segments. The CODM does not evaluate segments using asset or liability information, and therefore, such information is not presented. The Company’s reportable segments are the following:

Retail Operations. The Retail Operations segment includes the sale of new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment. We also sell related marine products, including engines, trailers, parts, and accessories. In addition, we provide repair, maintenance, and slip and storage rentals; we arrange related boat financing, insurance, and extended service contracts; we offer boat and yacht brokerage sales; and we offer yacht charter services. In the British Virgin Islands, we offer the charter of catamarans through MarineMax Vacations. Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries, are also included in this segment. We also maintain a network of strategically positioned luxury marinas situated in yachting and sport fishing destinations around the world through IGY Marinas, which is also included in this segment. The Retail Operations segment includes the majority of all corporate costs.

Product Manufacturing. The Product Manufacturing segment includes activity of Cruisers Yachts and Intrepid Powerboats. Cruisers Yachts, a wholly-owned MarineMax subsidiary, manufacturing sport yacht and yachts, including Aviara luxury dayboats, with sales through our select retail dealership locations and through independent dealers. 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 recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Intrepid Powerboats sells through our retail dealership locations and through independent dealers and has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.

Intersegment revenue represents boats and yachts that were manufactured in our Product Manufacturing segment and were sold to our Retail Operations segment. The Product Manufacturing segment supplies our Retail Operations segment along with various independent dealers. Intersegment adjustments represent eliminations of intersegment income from sales of boats from Product Manufacturing to Retail Operations and additional income recognized when manufactured boats are sold to the customer through the Retail Operations segment.

The following table sets forth revenue, income from operations, and significant expenses for each of the Company’s reportable segments for the fiscal years ended September 30,

 

 

2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

2,299,555

 

 

$

138,947

 

 

$

(129,214

)

 

$

2,309,288

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,567,829

 

 

 

129,046

 

 

 

(137,815

)

 

 

1,559,060

 

Selling, general and administrative expenses

 

 

627,217

 

 

 

19,939

 

 

 

-

 

 

 

647,156

 

Goodwill impairment (1)

 

 

-

 

 

 

69,055

 

 

 

 

 

 

69,055

 

Income (loss) from operations

 

$

104,509

 

 

$

(79,093

)

 

$

8,601

 

 

$

34,017

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

71,158

 

(Loss) before income tax provision

 

 

 

 

 

 

 

 

 

 

$

(37,141

)

(1) The Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment during fiscal 2025.

 

 

 

2024

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

2,417,941

 

 

$

154,753

 

 

$

(141,686

)

 

$

2,431,008

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,642,936

 

 

 

133,494

 

 

 

(146,618

)

 

 

1,629,812

 

Selling, general and administrative expenses

 

 

652,142

 

 

 

20,828

 

 

 

-

 

 

 

672,970

 

Income from operations

 

$

122,863

 

 

$

431

 

 

$

4,932

 

 

$

128,226

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

73,895

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

54,331

 

 

 

 

2023

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

2,294,362

 

 

$

222,289

 

 

$

(121,945

)

 

$

2,394,706

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,490,185

 

 

 

176,032

 

 

 

(106,840

)

 

 

1,559,377

 

Selling, general and administrative expenses

 

 

611,690

 

 

 

22,837

 

 

 

-

 

 

 

634,527

 

Income from operations

 

$

192,487

 

 

$

23,420

 

 

$

(15,105

)

 

$

200,802

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

53,367

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

147,435

 

See Note 2 for a description of expenses included in cost of sales and selling, general and administrative expenses.

The following table sets forth depreciation and amortization for each of the Company’s reportable segments for the fiscal years ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Depreciation:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

32,435

 

 

$

30,952

 

 

$

28,172

 

Product Manufacturing

 

 

6,678

 

 

 

4,748

 

 

 

4,138

 

Depreciation

 

$

39,113

 

 

$

35,700

 

 

$

32,310

 

Amortization:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

10,207

 

 

$

8,494

 

 

$

7,096

 

Product Manufacturing

 

 

-

 

 

 

293

 

 

 

1,626

 

Amortization

 

$

10,207

 

 

$

8,787

 

 

$

8,722

 

 

The following tables set forth revenue and long-lived assets by geographical location for the Company for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

 

United States

 

$

2,165,557

 

 

$

2,309,895

 

 

$

2,284,485

 

International

 

 

143,731

 

 

 

121,113

 

 

 

110,221

 

Total

 

$

2,309,288

 

 

$

2,431,008

 

 

$

2,394,706

 

 

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Long-lived assets, net:

 

 

 

 

 

 

United States

 

$

586,784

 

 

$

563,351

 

International

 

 

103,677

 

 

 

106,014

 

Total

 

$

690,461

 

 

$

669,365

 

 

Long-lived assets include Property and equipment, net and Operating lease right-of-use assets, net.

v3.25.3
Related Parties
 12 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Parties

22. RELATED PARTIES:

Through one of the subsidiaries that it acquired in the IGY Marinas acquisition, the Company has an investment in certain entities that own a marina asset in Cannes, France, which is accounted for under the equity method, as well as a series of notes receivable due from these entities, with a total notes receivable balance of approximately $11.1 million as of September 30, 2025.

In October 2020 we acquired Skipper Marine Holdings, Inc. and certain affiliates (collectively, "SkipperBud’s") and retained the previous management of SkipperBud’s. As a result of the acquisition, certain SkipperBud’s locations were leased by MarineMax from the SkipperBud’s sellers and management. Total lease payments to the management of SkipperBud’s were approximately $5.9 million for fiscal years 2025 and 2024.
v3.25.3
Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Cash and Cash Equivalents Cash and Cash Equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Vendor Consideration Received

Vendor Consideration Received

We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales. Amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses. Our consideration received from our vendors contains uncertainties because the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including our ability to collect amounts due from vendors and the ability to meet certain criteria stipulated by our vendors. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate our vendor considerations which would result in a material effect on our operating results.
Inventories

Inventories

Inventories are stated at the lower of cost or net realizable value. The cost of inventories purchased from our vendors consist of the amount paid to acquire the inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, inventory deposits, and transportation costs relating to acquiring inventory for sale. Trade-in used boats are initially recorded at fair value and adjusted for reconditioning and other costs. The cost of inventories that are manufactured by the Company consist of material, labor, and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. New and used boats, motors, and trailers inventories are accounted for on a specific identification basis. Raw materials and parts, accessories, and other inventories are accounted for on an average cost basis. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or net realizable value. We do not believe there is a reasonable likelihood that there will be a change in the future estimates or assumptions we use to calculate the lower of cost or net realizable value. If events occur and market conditions change, the net realizable value of our inventories could change.
Property and Equipment

Property and Equipment

We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method. We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset. Useful lives for purposes of computing depreciation are as follows:

 

 

Years

Buildings and improvements

 

5-40

Machinery and equipment

 

3-10

Furniture and fixtures

 

5-10

Vehicles

 

3-5

We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the accompanying Consolidated Statements of Operations. We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives.
Assets Held for Sale

Assets Held for Sale

We classify assets as held for sale when a plan for disposal is developed and approved, the asset is available for immediate sale, an active program to locate a buyer at a price reasonable in relation to current fair value is initiated, and transfer of the asset is expected to be completed within one year. We cease the depreciation and amortization of the assets when all of these criteria have been met and generally reflect balances within Prepaid expenses and other current assets on our Consolidated Balance Sheets. We had approximately $7.6 million and $12 million of assets classified as held for sale as of September 30, 2025 and 2024, respectively.

Goodwill

Goodwill

We account for acquisitions in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), and goodwill in accordance with ASC 350, “Intangibles — Goodwill and Other” (“ASC 350”). For business combinations, the excess of the purchase price over the estimated fair value of net assets acquired in a business combination is recorded as goodwill. 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. 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. 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. See Note 9 for the results of impairment testing performed in fiscal 2025.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

FASB ASC 360-10-40, “Property, Plant, and Equipment — Impairment or Disposal of Long-Lived Assets” (“ASC 360-10-40”), requires that long-lived assets, such as property and equipment and purchased intangibles subject to amortization, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset (or asset group) is measured by comparison of its carrying amount to undiscounted future net cash flows the asset (or asset group) is expected to generate over the remaining life of the asset (or asset group). If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset (or asset group) exceeds its fair market value. Estimates of expected future cash flows represent our best estimate based on currently available information and reasonable and supportable assumptions. Our impairment loss calculations contain uncertainties because they require us to make assumptions and to apply judgment in order to estimate expected future cash flows. Any impairment recognized in accordance with ASC 360-10-40 is permanent and may not be restored. Based upon our most recent analysis, we believe no impairment of long-lived assets existed as of September 30, 2025.
Insurance

Insurance

We retain varying levels of risk relating to the insurance policies we maintain, most significantly, workers’ compensation insurance and employee medical benefits. We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits. Our third-party insurance carriers pay any losses above the pre-determined exposure limits. We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information.
Revenue Recognition

Revenue Recognition

The majority of our revenue is from contracts with customers for the sale of boats, motors, and trailers. We recognize revenue from boat, motor, and trailer sales upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance of the boat, motor, and trailer by the customer and the satisfaction of our performance obligations. The transaction price is determined with the customer at the time of sale. Customers may trade in a used boat to apply toward the purchase of a new or used boat. The trade-in is a type of noncash consideration measured at fair value, based on external and internal observable and unobservable market data and applied as payment to the contract price for the purchased boat. At the time of acceptance, the customer is able to direct the use of, and obtain substantially all of the benefits of the boat, motor, or trailer. We recognize commissions earned from a brokerage sale when the related brokerage transaction closes upon transfer of control of the boat, motor, or trailer to the customer, which is generally upon acceptance by the customer.

We do not directly finance our customers’ boat, motor, or trailer purchases. In many cases, we assist with third-party financing for boat, motor, and trailer sales. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. Pursuant to negotiated agreements with financial institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance contract before it is outstanding for a stipulated minimum period of time. 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 recognize variable consideration from commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at generally the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We also recognize marketing fees earned on insurance products sold on behalf of third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized.

We recognize revenue from parts and service operations (boat maintenance and repairs) over time as services are performed. Each boat maintenance and repair service is a single performance obligation that includes both the parts and labor associated with the service. Payment for boat maintenance and repairs is typically due upon the completion of the service, which is generally completed within a short period of time from contract inception. We satisfy our performance obligations, transfer control, and recognize revenue over time for parts and service operations because we are creating a contract asset with no alternative use and we have an enforceable right to payment for performance completed to date. 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. We use an input method to recognize revenue and measure progress based on labor hours expended to satisfy the performance obligation at average labor rates. We have determined labor hours expended to be the relevant measure of work performed to complete the maintenance and repair service for the customer. As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue. 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.

We recognize revenue from the sale of our manufactured boats and yachts when control of the boat or yacht is transferred to the dealer or customer which is generally upon acceptance by the dealer or customer. At the time of acceptance, the dealer or customer is able to direct the use of, and obtain substantially all of the benefits of the boat or yacht. We have elected to record shipping and handling activities that occur after the dealer or customer has obtained control of the boat or yacht as a fulfillment activity.

We recognize lessor common area charges, utility sales, food and beverage sales and other ancillary goods and services. Performance obligations include performing common area maintenance and providing utilities, food and beverages, and other ancillary goods and services when goods are transferred or services are performed. Payment terms typically align with when the goods and services are provided.

Contract liabilities primarily consist of customer deposits. We recognize contract liabilities (customer deposits) as revenue at the time of acceptance and the transfer of control to the customers. Total contract liabilities of approximately $61.0 million recorded as of September 30, 2024 were recognized in revenue during the fiscal year ended September 30, 2025. Total contract liabilities of approximately $74.4 million recorded as of September 30, 2023 were recognized in revenue during the fiscal year ended September 30, 2024.

We recognize revenue from service operations and slip and storage rentals over time on a straight-line basis over the term of the contract as our performance obligations are met. We recognize revenue from the rentals of chartering power yachts over time on a straight-line basis over the term of the contract as our performance obligations are met.

The following table sets forth percentages on the timing of revenue recognition by reportable segment for the fiscal years ended September 30,

 

 

Retail Operations

 

 

Product Manufacturing

 

 

2025

 

 

2024

 

 

 

2023

 

 

2025

 

 

 

2024

 

 

 

2023

 

Goods and services transferred at a point in time

 

86.6

%

 

 

87.6

%

 

 

87.2

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

Goods and services transferred over time

 

13.4

%

 

 

12.4

%

 

 

12.8

%

 

 

—

 

 

 

—

 

 

 

—

 

Revenue

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors for the fiscal years ended September 30,

 

 

2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

60.4

%

 

 

98.6

%

 

 

60.9

%

Used boat sales

 

 

13.4

%

 

 

—

 

 

 

13.3

%

Maintenance and repair services

 

 

5.0

%

 

 

—

 

 

 

4.9

%

Storage and charter rentals

 

 

7.9

%

 

 

—

 

 

 

7.7

%

Finance and insurance products

 

 

3.6

%

 

 

—

 

 

 

3.5

%

Parts and accessories

 

 

4.7

%

 

 

1.4

%

 

 

4.7

%

Brokerage sales

 

 

5.0

%

 

 

—

 

 

 

5.0

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

2024

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

66.2

%

 

 

98.8

%

 

 

66.6

%

Used boat sales

 

 

9.8

%

 

—

 

 

 

9.7

%

Maintenance and repair services

 

 

4.5

%

 

—

 

 

 

4.5

%

Storage and charter rentals

 

 

7.2

%

 

—

 

 

 

6.9

%

Finance and insurance products

 

 

3.1

%

 

—

 

 

 

3.1

%

Parts and accessories

 

 

4.5

%

 

 

1.2

%

 

 

4.5

%

Brokerage sales

 

 

4.7

%

 

—

 

 

 

4.7

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

2023

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

67.3

%

 

 

95.8

%

 

 

68.7

%

Used boat sales

 

 

8.3

%

 

 

2.8

%

 

 

7.9

%

Maintenance and repair services

 

 

4.6

%

 

—

 

 

 

4.4

%

Storage and charter rentals

 

 

7.1

%

 

—

 

 

 

6.7

%

Finance and insurance products

 

 

2.9

%

 

—

 

 

 

2.8

%

Parts and accessories

 

 

4.9

%

 

 

0.8

%

 

 

4.7

%

Brokerage sales

 

 

4.9

%

 

 

0.6

%

 

 

4.8

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

The following table sets forth our maintenance, repair, storage, rental, charter services and parts and accessories revenue for our Retail Operations by location type.

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Marina/storage locations

 

$

273,078

 

 

$

267,296

 

 

$

265,847

 

Locations without marina/storage

 

 

131,645

 

 

 

117,156

 

 

 

114,353

 

Maintenance, repair, storage, rental, charter services, parts and accessories revenue

 

$

404,723

 

 

$

384,452

 

 

$

380,200

 
Cost of Sales

Cost of Sales

Cost of sales primarily includes cost of products sold, transportation costs from manufacturers to our retail stores, and vendor consideration. Cost of sales includes depreciation of property and equipment from our product manufacturing segment (manufacturing overhead).

Selling, General, and Administrative expenses

Selling, General, and Administrative expenses

Selling, general, and administrative expenses primarily include salaries and incentive-based compensation, sales commissions, brokerage commissions, advertising, insurance, utilities, the majority of depreciation and amortization, and other customary operating expenses.
Stock-Based Compensation

Stock-Based Compensation

We account for our stock-based compensation plans following the provisions of FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for estimating the fair value of stock option grants and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock on the grant date. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award.
Foreign Currency Transactions

Foreign Currency Transactions

For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the weighted average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income. No amounts were reclassified out of accumulated other comprehensive income in fiscal 2025.
Advertising and Promotional Costs

Advertising and Promotional Cost

We expense advertising and promotional costs as incurred and include them in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. We net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses. Total advertising and promotional expenses approximated $38.6 million, $37.2 million and $36.0 million, net of related co-op assistance, which was not material to the consolidated financial statements, for the fiscal years ended September 30, 2025, 2024, and 2023, respectively.
Income Taxes

Income Taxes

We account for income taxes in accordance with FASB ASC 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence.
Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions. Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions.
Use of Estimates and Assumptions

Use of Estimates and Assumptions

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of contingent consideration liabilities. Actual results could differ materially from those estimates.
Segment Reporting

Segment Reporting

We report our operations through two reportable segments: Retail Operations and Product Manufacturing. See Note 21.

New Accounting Pronouncements Issued And Adopted/ Issued But Not Yet Adopted

New Accounting Pronouncements Issued And Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2023, which for the Company is the fiscal year ending September 30, 2025, with early adoption permitted. The Company adopted the guidance in ASU No. 2023-07 for the fiscal year ended September 30, 2025 (See Note 21). The adoption resulted in expanded disclosures about our segment operations, including significant segment expenses.

New Accounting Pronouncements Issued But Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending September 30, 2026. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending September 30, 2028. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. The ASU removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. The amendments in this ASU will be effective for annual periods beginning after December 15, 2027, which for the Company would be the fiscal year ending September 30, 2029. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's policy for capitalization of development costs for software intended for internal use.
v3.25.3
Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 30, 2025
Estimated Life of Property and Equipment Useful lives for purposes of computing depreciation are as follows:

 

 

Years

Buildings and improvements

 

5-40

Machinery and equipment

 

3-10

Furniture and fixtures

 

5-10

Vehicles

 

3-5
Summary of Percentage on Timing of Revenue Recognition by Reportable Segment

The following table sets forth percentages on the timing of revenue recognition by reportable segment for the fiscal years ended September 30,

 

 

Retail Operations

 

 

Product Manufacturing

 

 

2025

 

 

2024

 

 

 

2023

 

 

2025

 

 

 

2024

 

 

 

2023

 

Goods and services transferred at a point in time

 

86.6

%

 

 

87.6

%

 

 

87.2

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

Goods and services transferred over time

 

13.4

%

 

 

12.4

%

 

 

12.8

%

 

 

—

 

 

 

—

 

 

 

—

 

Revenue

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 
Summary of Maintenance, Repair, Storage, Rental, Charter Services and Parts and Accessories Revenue for Retail Operations by Location Type

The following table sets forth our maintenance, repair, storage, rental, charter services and parts and accessories revenue for our Retail Operations by location type.

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Marina/storage locations

 

$

273,078

 

 

$

267,296

 

 

$

265,847

 

Locations without marina/storage

 

 

131,645

 

 

 

117,156

 

 

 

114,353

 

Maintenance, repair, storage, rental, charter services, parts and accessories revenue

 

$

404,723

 

 

$

384,452

 

 

$

380,200

 
Product Concentration Risk [Member]  
Summary of Revenue Disaggregated Into Categories Depict the Nature, Amount, Timing, and Uncertainty of Revenue and Cash Flows Affected by Economic Factor

The following tables set forth our revenue disaggregated into categories that depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors for the fiscal years ended September 30,

 

 

2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

60.4

%

 

 

98.6

%

 

 

60.9

%

Used boat sales

 

 

13.4

%

 

 

—

 

 

 

13.3

%

Maintenance and repair services

 

 

5.0

%

 

 

—

 

 

 

4.9

%

Storage and charter rentals

 

 

7.9

%

 

 

—

 

 

 

7.7

%

Finance and insurance products

 

 

3.6

%

 

 

—

 

 

 

3.5

%

Parts and accessories

 

 

4.7

%

 

 

1.4

%

 

 

4.7

%

Brokerage sales

 

 

5.0

%

 

 

—

 

 

 

5.0

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

2024

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

66.2

%

 

 

98.8

%

 

 

66.6

%

Used boat sales

 

 

9.8

%

 

—

 

 

 

9.7

%

Maintenance and repair services

 

 

4.5

%

 

—

 

 

 

4.5

%

Storage and charter rentals

 

 

7.2

%

 

—

 

 

 

6.9

%

Finance and insurance products

 

 

3.1

%

 

—

 

 

 

3.1

%

Parts and accessories

 

 

4.5

%

 

 

1.2

%

 

 

4.5

%

Brokerage sales

 

 

4.7

%

 

—

 

 

 

4.7

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

2023

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

New boat sales

 

 

67.3

%

 

 

95.8

%

 

 

68.7

%

Used boat sales

 

 

8.3

%

 

 

2.8

%

 

 

7.9

%

Maintenance and repair services

 

 

4.6

%

 

—

 

 

 

4.4

%

Storage and charter rentals

 

 

7.1

%

 

—

 

 

 

6.7

%

Finance and insurance products

 

 

2.9

%

 

—

 

 

 

2.8

%

Parts and accessories

 

 

4.9

%

 

 

0.8

%

 

 

4.7

%

Brokerage sales

 

 

4.9

%

 

 

0.6

%

 

 

4.8

%

Revenue

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%
v3.25.3
Fair Value Measurements (Tables)
 12 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Consolidated Balance Sheets as of September 30,

 

 

 

2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

—

 

 

$

481

 

 

$

—

 

 

$

481

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liabilities

 

$

—

 

 

$

—

 

 

$

1,675

 

 

$

1,675

 

 

 

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

—

 

 

$

716

 

 

$

—

 

 

$

716

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liabilities

 

$

—

 

 

$

—

 

 

$

81,311

 

 

$

81,311

 

 
Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs

The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the fiscal the years ended September 30, 2025 and 2024:

 

 

 

Contingent Consideration Liabilities

 

 

 

(Amounts in thousands)

 

Balance as of September 30, 2023

 

$

86,059

 

Additions from business acquisitions

 

 

1,313

 

Settlement of contingent consideration liabilities

 

 

(3,032

)

Change in fair value and net present value of contingency

 

 

(3,029

)

Balance as of September 30, 2024

 

$

81,311

 

Additions from business acquisitions

 

 

—

 

Settlement of contingent consideration liabilities

 

 

(51,510

)

Change in fair value and net present value of contingency

 

 

(28,126

)

Balance as of September 30, 2025

 

$

1,675

 
Summary of Carrying Value and Fair Value of Mortgage Facilities and Term Loan The following table summarizes the carrying value and fair value of our mortgage facilities and term loan as of September 30,

 

 

 

2025

 

 

2024

 

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

 

(Amounts in thousands)

 

Mortgage facility payable to Flagship Bank

 

$

4,964

 

 

$

4,915

 

 

$

5,501

 

 

$

5,411

 

Mortgage facility payable to Seacoast National Bank

 

 

14,074

 

 

 

14,020

 

 

 

15,467

 

 

 

15,378

 

Mortgage facility payable to Hancock Whitney Bank

 

 

19,651

 

 

 

19,452

 

 

 

21,781

 

 

 

21,366

 

Mortgage facility payable to M&T Bank

 

 

36,190

 

 

 

36,083

 

 

 

—

 

 

 

—

 

Term loan payable to M&T Bank

 

 

313,540

 

 

 

317,500

 

 

 

347,250

 

 

 

347,500

 
v3.25.3
Accounts Receivable (Tables)
 12 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Accounts Receivable, Net

Accounts receivable, net consisted of the following as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Trade receivables, net

 

$

81,873

 

 

$

84,120

 

Amounts due from manufacturers

 

 

23,903

 

 

 

19,937

 

Other receivables

 

 

2,512

 

 

 

2,352

 

Accounts receivable, net

 

$

108,288

 

 

$

106,409

 
v3.25.3
Inventories (Tables)
 12 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Summary of Inventories

Inventories consisted of the following as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

New and used boats, motors, and trailers

 

$

786,920

 

 

$

784,152

 

In transit inventory and deposits

 

 

36,847

 

 

 

60,470

 

Parts, accessories, and other

 

 

13,554

 

 

 

14,569

 

Work-in-process

 

 

13,394

 

 

 

24,996

 

Raw materials

 

 

16,613

 

 

 

22,454

 

Inventories

 

$

867,328

 

 

$

906,641

 
v3.25.3
Property and Equipment (Tables)
 12 Months Ended
Sep. 30, 2025
Property Plant And Equipment [Abstract]  
Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Land

 

$

125,765

 

 

$

124,975

 

Buildings and improvements

 

 

462,755

 

 

 

435,665

 

Machinery and equipment

 

 

124,823

 

 

 

105,070

 

Furniture and fixtures

 

 

8,158

 

 

 

7,378

 

Vehicles

 

 

27,619

 

 

 

26,930

 

Gross property and equipment

 

 

749,120

 

 

 

700,018

 

Less: accumulated depreciation and amortization

 

 

(196,574

)

 

 

(167,252

)

Property and equipment, net

 

$

552,546

 

 

$

532,766

 
v3.25.3
Leases (Tables)
 12 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Summary of Maturities of Lease Liabilities by Fiscal Year

As of September 30, 2025, maturities of lease liabilities by fiscal year are summarized as follows:

 

 

 

(Amounts in thousands)

 

2026

 

$

17,199

 

2027

 

 

19,369

 

2028

 

 

17,491

 

2029

 

 

16,059

 

2030

 

 

14,517

 

Thereafter

 

 

245,313

 

Total lease payments

 

 

329,948

 

Less: interest

 

 

(191,490

)

Present value of lease liabilities

 

$

138,458

 
Schedule of Supplemental Cash Flow Information Related to Leases

The following table sets forth supplemental cash flow information related to leases for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

 

(Amounts in thousands)

 

Cash paid for amounts included in the measurement of
   lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

$

18,065

 

 

$

18,358

 

 

$

17,474

 

Right-of-use assets obtained in exchange for lease
   obligations:

 

 

 

 

 

 

 

 

Operating leases

$

16,458

 

 

$

5,548

 

 

$

42,488

 
Summary of Operating Lease Income and Other Income

The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying consolidated statements of operations:

 

 

2025

 

 

2024

 

 

(Amounts in thousands)

 

Operating leases:

 

 

 

 

 

Operating lease income

$

10,998

 

 

$

10,065

 

Variable lease income

 

845

 

 

 

1,008

 

Total rental income

$

11,843

 

 

$

11,073

 
Summary of Future Minimum Payments Received

As of September 30, 2025, future minimum payments to be received during the next five years and thereafter are as follows:

 

 

 

(Amounts in thousands)

 

2026

 

$

7,666

 

2027

 

 

5,497

 

2028

 

 

3,446

 

2029

 

 

2,018

 

2030

 

 

1,258

 

Thereafter

 

 

—

 

Total lease payments

 

$

19,885

 
v3.25.3
Goodwill Other Intangible Assets and Other Long Term Assets (Tables)
 12 Months Ended
Sep. 30, 2025
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment

The following table sets forth the changes in carrying amount of goodwill by reportable segment for the fiscal years ended September 30, 2025 and 2024:

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Total

 

 

 

(Amounts in thousands)

 

Balance as of September 30, 2023

 

$

490,765

 

 

$

69,055

 

 

$

559,820

 

Goodwill acquired

 

 

29,335

 

 

 

—

 

 

 

29,335

 

Foreign currency translation

 

 

3,138

 

 

 

—

 

 

 

3,138

 

Balance as of September 30, 2024

 

$

523,238

 

 

$

69,055

 

 

$

592,293

 

Goodwill acquired

 

 

680

 

 

 

—

 

 

 

680

 

Foreign currency translation

 

 

3,013

 

 

 

—

 

 

 

3,013

 

Goodwill impairment

 

 

—

 

 

 

(69,055

)

 

 

(69,055

)

Balance as of September 30, 2025

 

$

526,931

 

 

$

-

 

 

$

526,931

 
Summary of Other Intangible Assets, Net

Other intangible assets, net, at September 30, consisted of the following:

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Trade names — indefinite-lived

 

$

20,404

 

 

$

18,270

 

Other intangible assets, primarily customer relationships

 

 

29,483

 

 

 

32,818

 

 

 

 

49,887

 

 

 

51,088

 

Less: accumulated amortization

 

 

(14,471

)

 

 

(13,630

)

Intangible assets, net

 

$

35,416

 

 

$

37,458

 
Schedule of Aggregate Amortization Expense

The following table sets forth the aggregate amortization expense for each of the five succeeding fiscal years:

 

 

 

(Amounts in thousands)

 

2026

 

$

7,769

 

2027

 

 

6,153

 

2028

 

 

1,090

 

2029

 

 

—

 

2030

 

 

—

 

Total

 

$

15,012

 
v3.25.3
Accrued Expenses (Table)
 12 Months Ended
Sep. 30, 2025
Accounts Payable And Accrued Liabilities Current [Abstract]  
Summary of Accrued Expenses

Accrued expenses consisted of the following as of September 30,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Payroll accruals

 

$

47,832

 

 

$

46,652

 

Customer and storage accruals

 

 

36,273

 

 

 

31,161

 

Sales and other taxes payable

 

 

7,488

 

 

 

8,297

 

Contingent consideration

 

 

1,060

 

 

 

77,379

 

Other accruals

 

 

28,389

 

 

 

33,806

 

Accrued expenses

 

$

121,042

 

 

$

197,295

 
v3.25.3
Short-Term Borrowings and Long-Term Debt (Tables)
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

The below table summarizes the Company’s long-term debt.

 

 

 

September 30, 2025

 

 

 

(Amounts in thousands)

 

Mortgage facility payable to Flagship Bank bearing interest at 6.25% (prime minus 100 basis points with a floor of 2.00%). Requires monthly principal and interest payments with a balloon payment of approximately $4.0 million due August 2027.

 

$

4,915

 

Mortgage facility payable to Seacoast National Bank bearing interest at 6.40% (SOFR plus 225 basis points). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $10.0 million due September 2031.

 

 

14,020

 

Mortgage facility payable to Hancock Whitney Bank bearing interest at 6.63% (prime minus 62.5 basis points with a floor of 2.25%). Requires monthly principal and interest payments with a balloon payment of approximately $15.5 million due November 2027. 50% of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20%.

 

 

19,452

 

Mortgage facility payable to M&T Bank bearing interest at 6.37% (SOFR plus 220 basis points). Requires quarterly principal and interest payments. Facility matures in August 2027.

 

 

36,083

 

Term loan payable to M&T Bank bearing interest at 6.0%. Requires quarterly principal and interest payments. Facility matures in August 2027.

 

 

317,500

 

Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest at 5.44%. Requires quarterly principal and interest payments. Facility matures in December 2030.

 

 

1,226

 

Total long-term debt

 

 

393,196

 

Less: current portion

 

 

(35,593

)

Less: unamortized portion of debt issuance costs

 

 

(1,368

)

Long-term debt, net current portion and unamortized debt issuance costs

 

$

356,235

 

 

 

September 30, 2024

 

 

 

(Amounts in thousands)

 

Mortgage facility payable to Flagship Bank bearing interest at 7.00% (prime minus 100 basis points with a floor of 2.00%). Requires monthly principal and interest payments with a balloon payment of approximately $4.0 million due August 2027.

 

$

5,411

 

Mortgage facility payable to Seacoast National Bank bearing interest at 7.09% (SOFR plus 220 basis points). Requires monthly interest payments for the first year and then monthly principal and interest payments with a balloon payment of approximately $10.0 million due September 2031.

 

 

15,378

 

Mortgage facility payable to Hancock Whitney Bank bearing interest at 7.38% (prime minus 62.5 basis points with a floor of 2.25%). Requires monthly principal and interest payments with a balloon payment of approximately $15.5 million due November 2027. 50% of the outstanding borrowings are hedged with an interest rate swap contract with a fixed rate of 3.20%.

 

 

21,366

 

Revolving mortgage facility with FineMark National Bank & Trust bearing interest at 7.75% (prime minus 25 basis points with a floor of 3.00%). Facility matures in October 2027. Current available borrowings under the facility were approximately $21.0 million at September 30, 2024.

 

 

—

 

Term loan payable to M&T Bank bearing interest at 6.67%. Requires quarterly principal and interest payments. Facility matures in August 2027.

 

 

347,500

 

Loan payable to TRANSPORT S.a.s di Taula Vittorio & C. bearing interest at 7.21%. Requires quarterly principal and interest payments. Facility matures in December 2030.

 

 

1,531

 

Total long-term debt

 

 

391,186

 

Less: current portion

 

 

(33,766

)

Less: unamortized portion of debt issuance costs

 

 

(1,514

)

Long-term debt, net current portion and unamortized debt issuance costs

 

$

355,906

 
Summary of Aggregate Maturities of Long Term Debt

As of September 30, 2025, the aggregate maturities of long-term debt by fiscal year are summarized as follows:

 

 

 

(Amounts in thousands)

 

2026

 

$

35,593

 

2027

 

 

329,445

 

2028

 

 

16,984

 

2029

 

 

1,357

 

2030

 

 

8,591

 

Thereafter

 

 

1,226

 

Total long-term debt

 

$

393,196

 
v3.25.3
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Tax Provision

Income before income tax provision consisted of the following components for the fiscal years ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

(Loss) income before income tax provision:

 

 

 

 

 

 

 

 

 

United States

 

$

(52,357

)

 

$

42,218

 

 

$

130,535

 

Other

 

 

15,216

 

 

 

12,113

 

 

 

16,900

 

Total

 

$

(37,141

)

 

$

54,331

 

 

$

147,435

 
Components of Income Taxes Provision

The components of our provision from income taxes consisted of the following for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Current provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

2,301

 

 

$

6,074

 

 

$

9,315

 

Foreign

 

 

2,777

 

 

 

2,888

 

 

 

3,204

 

State

 

 

1,638

 

 

 

2,644

 

 

 

2,307

 

Total current provision

 

$

6,716

 

 

$

11,606

 

 

$

14,826

 

Deferred (benefit) provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

(9,472

)

 

$

5,733

 

 

$

18,723

 

Foreign

 

 

367

 

 

 

(3,238

)

 

 

—

 

State

 

 

(3,986

)

 

 

1,492

 

 

 

4,408

 

Total deferred (benefit) provision

 

 

(13,091

)

 

 

3,987

 

 

 

23,131

 

Total income tax (benefit) provision

 

$

(6,375

)

 

$

15,593

 

 

$

37,957

 
Summary of Tax Rates

Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

Federal tax provision

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal benefit

 

 

0.2

%

 

 

3.0

%

 

 

3.6

%

Stock-based compensation

 

 

(4.9

)%

 

 

4.2

%

 

 

(0.2

)%

Foreign rate differential

 

 

(2.6

)%

 

 

(2.0

)%

 

 

0.2

%

US tax on foreign earnings

 

 

4.1

%

 

 

1.5

%

 

 

1.4

%

Equity investment

 

 

—

 

 

 

—

 

 

 

(0.9

)%

Entity classification change

 

 

13.2

%

 

 

—

 

 

 

—

 

Goodwill impairment

 

 

(16.3

)%

 

 

—

 

 

 

—

 

R&D Credits

 

 

1.5

%

 

 

—

 

 

 

—

 

Other

 

 

1.0

%

 

 

1.0

%

 

 

0.6

%

Effective tax rate

 

 

17.2

%

 

 

28.7

%

 

 

25.7

%

 

The impact of stock-based compensation on the effective tax rate is driven by changes in our stock price from when equity awards are granted as compared to when the awards vest and non-deductible awards. We elected to change the tax status of certain

foreign subsidiaries which required approval from the taxing jurisdiction. The benefit of the tax status change was included in our financial statements upon the receipt of such approvals which occurred during fiscal year 2025. The impact of the goodwill impairment charge on the effective tax rate represents the portion of the goodwill impairment that does not have a corresponding tax basis.

Components of Deferred Tax Assets

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets as of September 30,

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Inventories

 

$

2,233

 

 

$

2,994

 

Operating lease liabilities

 

 

32,741

 

 

 

31,280

 

Accrued expenses

 

 

1,140

 

 

 

2,214

 

Stock-based compensation

 

 

4,660

 

 

 

5,756

 

Interest deductions

 

 

8,490

 

 

 

520

 

US tax effect of foreign taxes

 

 

5,298

 

 

 

3,999

 

Tax loss carryforwards

 

 

4,135

 

 

 

3,315

 

Other

 

 

4,725

 

 

 

2,724

 

Valuation allowance

 

 

—

 

 

 

—

 

Total long-term deferred tax assets

 

$

63,422

 

 

$

52,802

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation and amortization

 

 

(73,348

)

 

 

(72,133

)

Operating lease right-of-use assets

 

 

(31,182

)

 

 

(33,225

)

Equity method investments

 

 

(3,159

)

 

 

(3,531

)

Other

 

 

(3,180

)

 

 

(4,230

)

Total long-term deferred tax liabilities

 

$

(110,869

)

 

$

(113,119

)

Net deferred tax liabilities

 

$

(47,447

)

 

$

(60,317

)
Summary of Reconciliation of Unrecognized Tax Benefits The reconciliation of the total amount recorded for unrecognized tax benefits at the beginning and end of the fiscal years ended September 30, 2025 and 2024 is as follows:

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Unrecognized tax benefits at the beginning of the year

 

$

4,085

 

 

$

5,833

 

Increases in tax positions for prior years

 

 

—

 

 

 

—

 

Decreases in tax positions for prior years

 

 

(1,029

)

 

 

(1,748

)

Unrecognized tax benefits at the end of the year

 

$

3,056

 

 

$

4,085

 

 
v3.25.3
The Incentive Stock Plans (Tables)
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Incentive Stock Plans Activity

The following table summarizes activity from our incentive stock plans from September 30, 2024 through September 30, 2025:

 

 

Shares
Available
for Grant

 

 

Options
Outstanding

 

 

Aggregate
Intrinsic
Value
(Amounts in thousands)

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life

 

Balance as of September 30, 2024

 

 

1,295,064

 

 

 

30,750

 

 

$

296

 

 

$

26.97

 

 

 

5.0

 

Shares authorized

 

 

495,000

 

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Options granted

 

 

(10,000

)

 

 

10,000

 

 

 

 

 

 

—

 

 

 

 

Options exercised

 

 

—

 

 

 

(5,750

)

 

 

 

 

 

19.02

 

 

 

 

Restricted stock awards granted

 

 

(574,132

)

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Restricted stock awards forfeited or unearned

 

 

187,725

 

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Additional shares of stock issued

 

 

(5,844

)

 

 

—

 

 

 

 

 

 

—

 

 

 

 

Balance as of September 30, 2025

 

 

1,387,813

 

 

 

35,000

 

 

$

87

 

 

$

28.80

 

 

 

6.5

 

Exercisable as of September 30, 2025

 

 

 

 

 

26,665

 

 

$

82

 

 

$

29.26

 

 

 

5.5

 
v3.25.3
Employee Stock Purchase Plan (Tables)
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Weighted Average Assumptions of Employee Stock Purchase Plan

The following are the weighted-average assumptions used for the fiscal years ended September 30,

 

 

2025

 

2024

 

2023

Dividend yield

 

0.0%

 

0.0%

 

0.0%

Risk-free interest rate

 

4.3%

 

5.4%

 

4.4%

Volatility

 

58.1%

 

45.3%

 

47.1%

Expected life

 

Six months

 

Six months

 

Six months
v3.25.3
Restricted Stock Awards (Tables)
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Award Activity

The following table summarizes restricted stock award activity from September 30, 2024 through September 30, 2025:

 

 

Shares/
Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Non-vested balance as of September 30, 2024

 

 

1,453,229

 

 

$

32.04

 

Changes during the period:

 

 

 

 

 

 

Awards granted

 

 

574,132

 

 

$

30.12

 

Awards vested

 

 

(668,780

)

 

$

31.06

 

Awards forfeited

 

 

(169,428

)

 

$

33.52

 

Non-vested balance as of September 30, 2025

 

 

1,189,153

 

 

$

31.45

 
v3.25.3
Net Income Per Share (Tables)
 12 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income Per Share

The following table presents shares used in the calculation of basic and diluted net income per share for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

Weighted average common shares outstanding used in
   calculating basic net income per share

 

 

22,052,177

 

 

 

22,271,580

 

 

 

21,852,425

 

Effect of dilutive options and non-vested restricted
   stock awards

 

 

—

 

 

 

742,628

 

 

 

576,956

 

Weighted average common and common equivalent
   shares used in calculating diluted net income per share

 

 

22,052,177

 

 

 

23,014,208

 

 

 

22,429,381

 
v3.25.3
Segment Information (Tables)
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Summary of Revenue, Income from Operations and Significant Expenses of Reportable Segments

The following table sets forth revenue, income from operations, and significant expenses for each of the Company’s reportable segments for the fiscal years ended September 30,

 

 

2025

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

2,299,555

 

 

$

138,947

 

 

$

(129,214

)

 

$

2,309,288

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,567,829

 

 

 

129,046

 

 

 

(137,815

)

 

 

1,559,060

 

Selling, general and administrative expenses

 

 

627,217

 

 

 

19,939

 

 

 

-

 

 

 

647,156

 

Goodwill impairment (1)

 

 

-

 

 

 

69,055

 

 

 

 

 

 

69,055

 

Income (loss) from operations

 

$

104,509

 

 

$

(79,093

)

 

$

8,601

 

 

$

34,017

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

71,158

 

(Loss) before income tax provision

 

 

 

 

 

 

 

 

 

 

$

(37,141

)

(1) The Company recognized a non-cash, pre-tax goodwill impairment charge of $69.1 million related to the product manufacturing reporting unit and segment during fiscal 2025.

 

 

 

2024

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

2,417,941

 

 

$

154,753

 

 

$

(141,686

)

 

$

2,431,008

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,642,936

 

 

 

133,494

 

 

 

(146,618

)

 

 

1,629,812

 

Selling, general and administrative expenses

 

 

652,142

 

 

 

20,828

 

 

 

-

 

 

 

672,970

 

Income from operations

 

$

122,863

 

 

$

431

 

 

$

4,932

 

 

$

128,226

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

73,895

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

54,331

 

 

 

 

2023

 

 

 

Retail Operations

 

 

Product Manufacturing

 

 

Intersegment Adjustments & Eliminations

 

 

Total

 

 

 

(Amounts in thousands)

 

Revenue

 

$

2,294,362

 

 

$

222,289

 

 

$

(121,945

)

 

$

2,394,706

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,490,185

 

 

 

176,032

 

 

 

(106,840

)

 

 

1,559,377

 

Selling, general and administrative expenses

 

 

611,690

 

 

 

22,837

 

 

 

-

 

 

 

634,527

 

Income from operations

 

$

192,487

 

 

$

23,420

 

 

$

(15,105

)

 

$

200,802

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

53,367

 

Income before income tax provision

 

 

 

 

 

 

 

 

 

 

$

147,435

 
Summary of Depreciation and Amortization of Reportable Segments

The following table sets forth depreciation and amortization for each of the Company’s reportable segments for the fiscal years ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Depreciation:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

32,435

 

 

$

30,952

 

 

$

28,172

 

Product Manufacturing

 

 

6,678

 

 

 

4,748

 

 

 

4,138

 

Depreciation

 

$

39,113

 

 

$

35,700

 

 

$

32,310

 

Amortization:

 

 

 

 

 

 

 

 

 

Retail Operations

 

$

10,207

 

 

$

8,494

 

 

$

7,096

 

Product Manufacturing

 

 

-

 

 

 

293

 

 

 

1,626

 

Amortization

 

$

10,207

 

 

$

8,787

 

 

$

8,722

 
Summary of Revenue and Long-lived Assets by Geographical Location

The following tables set forth revenue and long-lived assets by geographical location for the Company for the fiscal years ended September 30,

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

 

United States

 

$

2,165,557

 

 

$

2,309,895

 

 

$

2,284,485

 

International

 

 

143,731

 

 

 

121,113

 

 

 

110,221

 

Total

 

$

2,309,288

 

 

$

2,431,008

 

 

$

2,394,706

 

 

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Long-lived assets, net:

 

 

 

 

 

 

United States

 

$

586,784

 

 

$

563,351

 

International

 

 

103,677

 

 

 

106,014

 

Total

 

$

690,461

 

 

$

669,365

 
v3.25.3
Company Background and Basis of Presentation - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2025
Location
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2025
RetailDealership
Sep. 30, 2025
Marina
Concentration Risk [Line Items]          
Number of retail locations 120     70 65
Product Concentration Risk [Member] | Sales [Member]          
Concentration Risk [Line Items]          
Revenue percentage from sale of boats 100.00% 100.00% 100.00%    
Product Concentration Risk [Member] | Brunswick [Member] | Sales [Member]          
Concentration Risk [Line Items]          
Revenue percentage from sale of boats 18.00%        
Product Concentration Risk [Member] | Brunswick Sea Ray Boat [Member] | Brunswick [Member] | Sales [Member]          
Concentration Risk [Line Items]          
Revenue percentage from sale of boats 8.00%        
Product Concentration Risk [Member] | Brunswick Boston Whaler Boats [Member] | Brunswick [Member] | Sales [Member]          
Concentration Risk [Line Items]          
Revenue percentage from sale of boats 9.00%        
Product Concentration Risk [Member] | Azimut Benetti Groups and Yachts | Sales [Member]          
Concentration Risk [Line Items]          
Revenue percentage from sale of boats 6.00%        
Geographic Concentration Risk [Member] | Sales [Member] | Florida [Member]          
Concentration Risk [Line Items]          
Revenue percentage from sale of boats 54.00% 53.00% 53.00%    
v3.25.3
Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2025
USD ($)
Segment
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Accounting Policies [Abstract]      
Impairment charges $ 0    
Contract assets recorded in prepaid expenses and other current assets $ 5,000,000 $ 5,700,000  
Revenue remaining obligation description As a practical expedient, because repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue.    
Contract liabilities recognized in revenue   61,000,000 $ 74,400,000
Reclassified out of accumulated other comprehensive income $ 0    
Total advertising and promotional expenses $ 38,600,000 37,200,000 $ 36,000,000
Number of reporting segment | Segment 2    
Transfer of asset expected period of completion 1 year    
Assets classified as held for sale $ 7.6 $ 12,000,000  
v3.25.3
Significant Accounting Policies - Estimated Life of Property and Equipment (Detail)
Sep. 30, 2025
Buildings and Improvements [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 5 years
Buildings and Improvements [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 40 years
Machinery and Equipment [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 3 years
Machinery and Equipment [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 10 years
Furniture and Fixtures [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 5 years
Furniture and Fixtures [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 10 years
Vehicles [Member] | Minimum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 3 years
Vehicles [Member] | Maximum [Member]  
Property Plant And Equipment [Line Items]  
Property and equipment useful life 5 years
v3.25.3
Significant Accounting Policies - Summary of Percentage on Timing of Revenue Recognition by Reportable Segment (Details)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Retail Operations [Member]      
Disaggregation Of Revenue [Line Items]      
Revenue 100.00% 100.00% 100.00%
Product Manufacturing [Member]      
Disaggregation Of Revenue [Line Items]      
Revenue 100.00% 100.00% 100.00%
Goods and Services Transferred at a Point in Time [Member] | Retail Operations [Member]      
Disaggregation Of Revenue [Line Items]      
Revenue 86.60% 87.60% 87.20%
Goods and Services Transferred at a Point in Time [Member] | Product Manufacturing [Member]      
Disaggregation Of Revenue [Line Items]      
Revenue 100.00% 100.00% 100.00%
Goods and Services Transferred Over Time [Member] | Retail Operations [Member]      
Disaggregation Of Revenue [Line Items]      
Revenue 13.40% 12.40% 12.80%
v3.25.3
Significant Accounting Policies - Summary of Revenue Disaggregated Into Categories Depict the Nature, Amount, Timing, and Uncertainty of Revenue and Cash Flows Affected by Economic Factor (Detail) - Sales [Member] - Product Concentration Risk [Member]
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 100.00% 100.00% 100.00%
Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 100.00% 100.00% 100.00%
Product Manufacturing [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 100.00% 100.00% 100.00%
New Boat Sales [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 60.90% 66.60% 68.70%
New Boat Sales [Member] | Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 60.40% 66.20% 67.30%
New Boat Sales [Member] | Product Manufacturing [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 98.60% 98.80% 95.80%
Used Boat Sales [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 13.30% 9.70% 7.90%
Used Boat Sales [Member] | Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 13.40% 9.80% 8.30%
Used Boat Sales [Member] | Product Manufacturing [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage     2.80%
Maintenance and Repair Services [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 4.90% 4.50% 4.40%
Maintenance and Repair Services [Member] | Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 5.00% 4.50% 4.60%
Storage and Charter Rentals [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 7.70% 6.90% 6.70%
Storage and Charter Rentals [Member] | Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 7.90% 7.20% 7.10%
Finance and Insurance Products [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 3.50% 3.10% 2.80%
Finance and Insurance Products [Member] | Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 3.60% 3.10% 2.90%
Parts and Accessories [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 4.70% 4.50% 4.70%
Parts and Accessories [Member] | Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 4.70% 4.50% 4.90%
Parts and Accessories [Member] | Product Manufacturing [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 1.40% 1.20% 0.80%
Brokerage Sales [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 5.00% 4.70% 4.80%
Brokerage Sales [Member] | Retail Operations [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage 5.00% 4.70% 4.90%
Brokerage Sales [Member] | Product Manufacturing [Member]      
Product Information [Line Items]      
Sales Revenue Goods And Services Net Percentage     0.60%
v3.25.3
Significant Accounting Policies - Summary of Maintenance, Repair, Storage, Rental, Charter Services and Parts and Accessories Revenue for Retail Operations by Location Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 2,309,288 $ 2,431,008 $ 2,394,706
Retail Operations [Member] | Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member]      
Disaggregation of Revenue [Line Items]      
Revenue 404,723 384,452 380,200
Retail Operations [Member] | Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member] | Marina/Storage Locations [Member]      
Disaggregation of Revenue [Line Items]      
Revenue 273,078 267,296 265,847
Retail Operations [Member] | Maintenance, Repair, Storage, Rental, Charter Services, Parts and Accessories Revenue [Member] | Locations Without Marina/Storage [Member]      
Disaggregation of Revenue [Line Items]      
Revenue $ 131,645 $ 117,156 $ 114,353
v3.25.3
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Assets:    
Interest rate swap contract $ 481 $ 716
Liabilities:    
Contingent consideration liabilities 1,675 81,311
Level 2 [Member]    
Assets:    
Interest rate swap contract 481 716
Level 3 [Member]    
Liabilities:    
Contingent consideration liabilities $ 1,675 $ 81,311
v3.25.3
Fair Value Measurements - Additional Information (Details) - USD ($)
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value, assets, level 1 to level 2 transfers $ 0 $ 0
Fair value, assets, level 2 to level 1 transfers 0 0
Fair value, assets, level 2 to level 3 transfers 0 0
Fair value, assets, level 3 to level 2 transfers 0 0
Fair value, assets, level 1 to level 3 transfers 0  
Fair value, assets, level 3 to level 1 transfers 0 0
Fair value, liabilities, level 1 to level 2 transfers 0 0
Fair value, liabilities, level 2 to level 1 transfers 0 0
Fair value, liabilities, level 2 to level 3 transfers 0 0
Fair value, liabilities, level 3 to level 2 transfers 0 0
Fair value, liabilities, level 1 to level 3 transfers 0 0
Fair value, liabilities, level 3 to level 1 transfers 0 0
Accrued Liabilities [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Contingent consideration liabilities 1,100,000 77,400,000
Other Noncurrent Liabilities [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Contingent consideration liabilities $ 600,000 $ 3,900,000
v3.25.3
Fair Value Measurements - Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs (Details) - Contingent Consideration Liabilities [Member] - Level 3 [Member] - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]      
Beginning Balance $ 81,311 $ 86,059  
Additions from business acquisitions   1,313 $ 0
Settlement of contingent consideration liabilities (51,510) (3,032)  
Change in fair value and net present value of contingency (28,126) (3,029)  
Ending Balance $ 1,675 $ 81,311 $ 86,059
v3.25.3
Fair Value Measurements - Summary of Carrying Value and Fair Value of Mortgage Facilities and Term Loan (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Fair Value [Member] | Mortgage Facility Payable to Flagship Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable $ 4,964 $ 5,501
Fair Value [Member] | Mortgage Facility Payable to Seacoast National Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 14,074 15,467
Fair Value [Member] | Mortgage Facility Payable to Hancock Whitney Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 19,651 21,781
Fair Value [Member] | Mortgage Facility Payable to M & T Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 36,190  
Fair Value [Member] | Term Loan Payable to M&T Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 313,540 347,250
Carrying Value [Member] | Mortgage Facility Payable to Flagship Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 4,915 5,411
Carrying Value [Member] | Mortgage Facility Payable to Seacoast National Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 14,020 15,378
Carrying Value [Member] | Mortgage Facility Payable to Hancock Whitney Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 19,452 21,366
Carrying Value [Member] | Mortgage Facility Payable to M & T Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable 36,083  
Carrying Value [Member] | Term Loan Payable to M&T Bank [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Mortgage facility and term loan payable $ 317,500 $ 347,500
v3.25.3
Accounts Receivable - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Receivable Collection Period 30 days
v3.25.3
Accounts Receivable - Accounts Receivable, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Receivables [Abstract]    
Trade receivables, net $ 81,873 $ 84,120
Amounts due from manufacturers 23,903 19,937
Other receivables 2,512 2,352
Accounts receivable, net $ 108,288 $ 106,409
v3.25.3
Inventories - Summary of Inventories (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Inventory [Line Items]    
Inventories $ 867,328 $ 906,641
Work-in-process 13,394 24,996
Raw materials 16,613 22,454
New and Used Boats, Motors, and Trailers [Member]    
Inventory [Line Items]    
Inventories 786,920 784,152
In Transit Inventory and Deposits [Member]    
Inventory [Line Items]    
Inventories 36,847 60,470
Parts, Accessories, and Other [Member]    
Inventory [Line Items]    
Inventories $ 13,554 $ 14,569
v3.25.3
Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 749,120 $ 700,018
Less: accumulated depreciation and amortization (196,574) (167,252)
Property and equipment, net 552,546 532,766
Land [Member]    
Property Plant And Equipment [Line Items]    
Gross property and equipment 125,765 124,975
Buildings and Improvements [Member]    
Property Plant And Equipment [Line Items]    
Gross property and equipment 462,755 435,665
Machinery and Equipment [Member]    
Property Plant And Equipment [Line Items]    
Gross property and equipment 124,823 105,070
Furniture and Fixtures [Member]    
Property Plant And Equipment [Line Items]    
Gross property and equipment 8,158 7,378
Vehicles [Member]    
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 27,619 $ 26,930
v3.25.3
Property and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Property Plant And Equipment [Abstract]      
Depreciation $ 39.1 $ 35.7 $ 32.3
v3.25.3
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]      
Weighted average remaining lease term (years) 19 years    
Operating lease expense $ 34.3 $ 33.8 $ 30.4
Variable lease expense $ 1.0 $ 0.7 $ 0.7
Operating lease renewal term 25 years    
Weighted average discount rate 6.60%    
v3.25.3
Leases - Summary of Maturities of Lease Liabilities by Fiscal Year (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Operating Leases  
2026 $ 17,199
2027 19,369
2028 17,491
2029 16,059
2030 14,517
Thereafter 245,313
Total lease payments 329,948
Less: interest (191,490)
Present value of lease liabilities $ 138,458
v3.25.3
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 18,065 $ 18,358 $ 17,474
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases $ 16,458 $ 5,548 $ 42,488
v3.25.3
Leases - Summary of Operating Lease Income and Other Income (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating leases:    
Operating lease income $ 10,998 $ 10,065
Variable lease income 845 1,008
Total rental income $ 11,843 $ 11,073
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag true true
v3.25.3
Leases - Summary of Future Minimum Payments Received (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
2026 $ 7,666
2027 5,497
2028 3,446
2029 2,018
2030 1,258
Total lease payments $ 19,885
v3.25.3
Goodwill Other Intangible Assets and Other Long Term Assets - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2025
USD ($)
Segment
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Schedule Of Goodwill And Other Assets [Line Items]      
Accounts receivable, net $ 108,288,000 $ 106,409,000  
Inventories 867,328,000 906,641,000  
Short-term borrowings (Floor Plan) 715,679,000 708,994,000  
Accrued expenses 121,042,000 197,295,000  
Accounts payable $ 56,378,000 54,481,000  
Weighted average amortization period 4 years    
Contract liabilities $ 45,699,000 64,845,000  
Goodwill 526,931,000 592,293,000 $ 559,820,000
Other identifiable intangibles 35,416,000 37,458,000  
Revenue 2,309,288,000 2,431,008,000 2,394,706,000
Income (Loss) before taxes (37,141,000) 54,331,000 147,435,000
Other intangible assets, net 35,416,000 37,458,000  
Goodwill and other intangible assets decreased, due to impairments 67,400,000    
Goodwill and other intangible assets increased from acquisitions   30,200,000  
Goodwill expected to be deductible for tax purposes   700,000  
Non-cash, pre-tax goodwill impairment charge $ 69,055,000    
Number of reportable segments | Segment 2    
Other long-term assets $ 36,751,000 32,741,000  
Product Manufacturing [Member]      
Schedule Of Goodwill And Other Assets [Line Items]      
Goodwill 0 69,055,000 69,055,000
Non-cash, pre-tax goodwill impairment charge 69,055,000    
Product Manufacturing [Member] | Operating Segments [Member]      
Schedule Of Goodwill And Other Assets [Line Items]      
Goodwill 0    
Revenue 138,947,000 $ 154,753,000 $ 222,289,000
Non-cash, pre-tax goodwill impairment charge 69,055,000    
Retail Operations Reportable Segment [Member]      
Schedule Of Goodwill And Other Assets [Line Items]      
Non-cash, pre-tax goodwill impairment charge $ 0    
v3.25.3
Goodwill Other Intangible Assets and Other Long Term Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Goodwill [Line Items]    
Beginning balance $ 592,293 $ 559,820
Goodwill acquired 680 29,335
Foreign currency translation 3,013 3,138
Goodwill impairment (69,055)  
Ending balance 526,931 592,293
Retail Operations [Member]    
Goodwill [Line Items]    
Beginning balance 523,238 490,765
Goodwill acquired 680 29,335
Foreign currency translation 3,013 3,138
Ending balance 526,931 523,238
Product Manufacturing [Member]    
Goodwill [Line Items]    
Beginning balance 69,055 69,055
Goodwill impairment (69,055)  
Ending balance $ 0 $ 69,055
v3.25.3
Goodwill Other Intangible Assets and Other Long Term Assets - Summary of Other Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 49,887 $ 51,088
Less: accumulated amortization (14,471) (13,630)
Intangible assets, net 35,416 37,458
Trade names - Iindefinite-lived [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 20,404 18,270
Other Intangible Assets, Primarily Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 29,483 $ 32,818
v3.25.3
Goodwill Other Intangible Assets and Other Long Term Assets - Schedule of Aggregate Amortization Expense (Detail)
$ in Thousands
Sep. 30, 2025
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2026 $ 7,769
2027 6,153
2028 1,090
Total $ 15,012
v3.25.3
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Accounts Payable And Accrued Liabilities Current [Line Items]    
Accrued expenses $ 121,042 $ 197,295
Payroll Accruals [Member]    
Accounts Payable And Accrued Liabilities Current [Line Items]    
Accrued expenses 47,832 46,652
Customer and Storage Accruals [Member]    
Accounts Payable And Accrued Liabilities Current [Line Items]    
Accrued expenses 36,273 31,161
Sales and Other Taxes Payable [Member]    
Accounts Payable And Accrued Liabilities Current [Line Items]    
Accrued expenses 7,488 8,297
Contingent Consideration [Member]    
Accounts Payable And Accrued Liabilities Current [Line Items]    
Accrued expenses 1,060 77,379
Other Accruals [Member]    
Accounts Payable And Accrued Liabilities Current [Line Items]    
Accrued expenses $ 28,389 $ 33,806
v3.25.3
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 31, 2023
Sep. 30, 2025
Sep. 30, 2024
Line Of Credit Facility [Line Items]      
Unamortized debt issuance costs   $ 800,000 $ 1,300,000
Long-term debt, net of current maturities   $ 356,235,000 355,906,000
Interest rate on floor plan facility   3.45%  
Long-term debt   $ 393,196,000  
Letter of Credit [Member]      
Line Of Credit Facility [Line Items]      
Letters of credit for insurance carriers and equity investment   $ 14,700,000  
Mortgage Facility [Member]      
Line Of Credit Facility [Line Items]      
Debt instrument interest rate   2.20%  
Long-term debt   $ 393,196,000 391,186,000
Delayed Draw Mortgage Loan Facility [Member]      
Line Of Credit Facility [Line Items]      
Short term borrowings outstanding   36,100,000  
Borrowing Base Amount and Aging Inventory [Member]      
Line Of Credit Facility [Line Items]      
Inventory and working capital needs   $ 715,700,000 $ 709,000,000
Interest rate on short-term borrowings   7.70% 8.70%
Revolving Credit Facility [Member] | Minimum [Member]      
Line Of Credit Facility [Line Items]      
Debt instrument interest rate   1.50%  
Revolving Credit Facility [Member] | Maximum [Member]      
Line Of Credit Facility [Line Items]      
Debt instrument interest rate   2.00%  
Term Loan Facility | Minimum [Member]      
Line Of Credit Facility [Line Items]      
Debt instrument interest rate   1.50%  
Term Loan Facility | Maximum [Member]      
Line Of Credit Facility [Line Items]      
Debt instrument interest rate   2.00%  
Amended Credit Facility [Member]      
Line Of Credit Facility [Line Items]      
Amount of borrowing availability $ 950,000,000    
Leverage ratio   3.35%  
Debt instrument, covenant compliance   The covenants include provisions that our leverage ratio must not exceed 3.35 to 1.0 and that our consolidated fixed charge coverage ratio must be greater than 1.10 to 1.0. As of September 30, 2025, we were in compliance with all covenants under the Amended Credit Facility. The Amended Credit Facility is secured by the Company’s personal property assets, including inventory and related accounts receivable. The mortgage loans will also be secured by the real estate pledged as collateral for such loans.  
Additional borrowings   $ 1,100,000  
Credit facility interest rate description   The interest rate is (a) for amounts outstanding under the Floor Plan, 3.45% above the one month secured term rate as administered by the CME Group Benchmark Administration Limited (CBA) (“SOFR”), (b) for amounts outstanding under the revolving credit facility or the term loan facility, a range of 1.50% to 2.0%, depending on the total net leverage ratio, above the one month, three month, or six month term SOFR rate, and (c) for amounts outstanding under the mortgage loan facility, 2.20% above the one month, three month, or six month term SOFR rate. The alternate base rate with a margin is available for amounts outstanding under the revolving credit, term, and mortgage loan facilities and the Euro Interbank Offered Rate plus a margin is available for borrowings in Euro or other currencies other than dollars under the revolving credit facility.  
Amended Credit Facility [Member] | Delayed Draw Term Loan Facility      
Line Of Credit Facility [Line Items]      
Long term debt maturity 2027-08    
Amended Credit Facility [Member] | Delayed Draw Mortgage Loan Facility [Member]      
Line Of Credit Facility [Line Items]      
Amount of borrowing availability   $ 63,000,000  
Long term debt maturity 2027-08    
Long-term debt $ 100,000,000    
Amended Credit Facility [Member] | Maximum [Member]      
Line Of Credit Facility [Line Items]      
Fixed coverage ratio   110  
Amended Credit Facility [Member] | Maximum [Member] | Delayed Draw Term Loan Facility      
Line Of Credit Facility [Line Items]      
Long-term debt 400,000,000    
Amended Credit Facility [Member] | Revolving Credit Facility [Member]      
Line Of Credit Facility [Line Items]      
Amount of borrowing availability 100,000,000 $ 85,000,000  
Swingline facility 20,000,000    
Letter of credit sublimit amount $ 20,000,000    
v3.25.3
Short-Term Borrowings and Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]    
Long-term debt $ 393,196  
Less: current portion (35,593) $ (33,766)
Less: unamortized portion of debt issuance costs (1,368) (1,514)
Long-term debt, net current portion and unamortized debt issuance costs 356,235 355,906
Mortgage Facility [Member]    
Debt Instrument [Line Items]    
Long-term debt 393,196 391,186
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member]    
Debt Instrument [Line Items]    
Long-term debt 4,915 5,411
Mortgage Facility [Member] | Mortgage Facility Payable to Seacoast National Bank [Member]    
Debt Instrument [Line Items]    
Long-term debt 14,020 15,378
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member]    
Debt Instrument [Line Items]    
Long-term debt 19,452 21,366
Mortgage Facility [Member] | Mortgage Facility Payable To M&T Bank [Member]    
Debt Instrument [Line Items]    
Long-term debt 36,083  
Term Loan [Member] | Term loan payable to M&T Bank [Member]    
Debt Instrument [Line Items]    
Long-term debt 317,500 347,500
Term Loan [Member] | Loan payable to TRANSPORT S.a.s di Taula Vittorio and C. [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 1,226 $ 1,531
v3.25.3
Short-Term Borrowings and Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Mortgage Facility [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 2.20%    
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 6.25% 7.00%  
Debt instrument basis percentage 1.00% 1.00%  
Principal and interest payments with a balloon payment $ 4.0 $ 4.0  
Additional extension for two one-year periods Aug. 31, 2027 Aug. 31, 2027  
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member] | Interest Rate Prime [Member]      
Debt Instrument [Line Items]      
Debt instrument description of variable rate basis (prime minus 100 basis points with a floor of 2.00 (prime minus 100 basis points with a floor of 2.00  
Mortgage Facility [Member] | Mortgage Facility Payable to Flagship Bank [Member] | Interest Rate Floor [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 2.00% 2.00%  
Mortgage Facility [Member] | Mortgage Facility Payable to Seacoast National Bank [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 6.40% 7.09%  
Principal and interest payments with a balloon payment $ 10.0 $ 10.0  
Additional extension for two one-year periods Sep. 30, 2031 Sep. 30, 2031  
Mortgage Facility [Member] | Mortgage Facility Payable to Seacoast National Bank [Member] | SOFR [Member]      
Debt Instrument [Line Items]      
Debt instrument basis percentage 225.00%   220.00%
Debt instrument description of variable rate basis (SOFR plus 225 basis points (SOFR plus 220 basis points  
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 6.63% 7.38%  
Debt instrument basis percentage 0.625% 0.625%  
Principal and interest payments with a balloon payment $ 15.5 $ 15.5  
Additional extension for two one-year periods Nov. 30, 2027 Nov. 30, 2027  
Percentage of outstanding borrowings hedged 50.00% 50.00%  
Fixed interest rate 3.20% 3.20%  
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member] | Interest Rate Prime [Member]      
Debt Instrument [Line Items]      
Debt instrument description of variable rate basis (prime minus 62.5 basis points with a floor of 2.25 (prime minus 62.5 basis points with a floor of 2.25  
Mortgage Facility [Member] | Mortgage facility payable to Hancock Whitney Bank [Member] | Interest Rate Floor [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 2.25% 2.25%  
Mortgage Facility [Member] | Mortgage Facility Payable To M&T Bank [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 6.37%    
Additional extension for two one-year periods Aug. 31, 2027    
Mortgage Facility [Member] | Mortgage Facility Payable To M&T Bank [Member] | SOFR [Member]      
Debt Instrument [Line Items]      
Debt instrument basis percentage 2.20%    
Debt instrument description of variable rate basis (SOFR plus 220 basis points)    
Mortgage Facility [Member] | Revolving mortgage facility with FineMark National Bank & Trust [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate   7.75%  
Debt instrument basis percentage   0.25%  
Additional extension for two one-year periods   Oct. 31, 2027  
Current available borrowings   $ 21.0  
Mortgage Facility [Member] | Revolving mortgage facility with FineMark National Bank & Trust [Member] | Base Rate [Member]      
Debt Instrument [Line Items]      
Debt instrument description of variable rate basis   (prime minus 25 basis points with a floor of 3.00  
Mortgage Facility [Member] | Revolving mortgage facility with FineMark National Bank & Trust [Member] | Interest Rate Floor [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate   3.00%  
Term Loan [Member] | Term loan payable to M&T Bank [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 6.00% 6.67%  
Additional extension for two one-year periods Aug. 31, 2027 Aug. 31, 2027  
Term Loan [Member] | Loan payable to TRANSPORT S.a.s di Taula Vittorio and C. [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate 5.44% 7.21%  
Additional extension for two one-year periods Dec. 31, 2030 Aug. 31, 2027  
v3.25.3
Short-Term Borrowings and Long-Term Debt - Summary of Aggregate Maturities of Long Term Debt (Detail)
$ in Thousands
Sep. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 35,593
2027 329,445
2028 16,984
2029 1,357
2030 8,591
Thereafter 1,226
Total long-term debt $ 393,196
v3.25.3
Income Taxes - Summary of Income Before Income Tax Provision (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
(Loss) income before income tax provision:      
United States $ (52,357) $ 42,218 $ 130,535
Other 15,216 12,113 16,900
(Loss) income before income tax provision $ (37,141) $ 54,331 $ 147,435
v3.25.3
Income Taxes - Components of Income Taxes Provision (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Current provision:      
Federal $ 2,301 $ 6,074 $ 9,315
Foreign 2,777 2,888 3,204
State 1,638 2,644 2,307
Total current provision 6,716 11,606 14,826
Deferred (benefit) provision:      
Federal (9,472) 5,733 18,723
Foreign 367 (3,238)  
State (3,986) 1,492 4,408
Total deferred (benefit) provision (13,091) 3,987 23,131
Total income tax (benefit) provision $ (6,375) $ 15,593 $ 37,957
v3.25.3
Income Taxes - Summary of Tax Rates (Detail)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Federal tax provision 21.00% 21.00% 21.00%
State taxes, net of federal benefit 0.20% 3.00% 3.60%
Stock-based compensation (4.90%) 4.20% (0.20%)
Foreign rate differential (2.60%) (2.00%) 0.20%
US tax on foreign earnings 4.10% 1.50% 1.40%
Equity investment     (0.90%)
Entity classification change 13.20%    
Goodwill impairment (16.30%)    
R&D Credits 1.50%    
Other 1.00% 1.00% 0.60%
Effective tax rate 17.20% 28.70% 25.70%
v3.25.3
Income Taxes - Components of Deferred Tax Asset (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Deferred tax assets:    
Inventories $ 2,233 $ 2,994
Operating lease liabilities 32,741 31,280
Accrued expenses 1,140 2,214
Stock-based compensation 4,660 5,756
Interest deductions 8,490 520
US tax effect of foreign taxes 5,298 3,999
Tax loss carryforwards 4,135 3,315
Other 4,725 2,724
Valuation allowance 0  
Total long-term deferred tax assets 63,422 52,802
Deferred tax liabilities:    
Depreciation and amortization (73,348) (72,133)
Operating lease right-of-use assets (31,182) (33,225)
Equity method investments (3,159) (3,531)
Other (3,180) (4,230)
Total long-term deferred tax liabilities (110,869) (113,119)
Net deferred tax liabilities $ (47,447) $ (60,317)
v3.25.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Taxes [Line Items]      
Deferred tax asset $ 4,100    
Gross unrecognized tax benefits 3,056 $ 4,085 $ 5,833
Interest and penalties 1,200 $ 1,400  
Domestic Country      
Income Taxes [Line Items]      
Net operating loss (NOL) carryforwards 31,400    
Foreign Country      
Income Taxes [Line Items]      
Net operating loss (NOL) carryforwards $ 12,000    
Minimum [Member] | State And Local Jurisdiction      
Income Taxes [Line Items]      
Operating loss carry forwards expiration year 2025    
v3.25.3
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]    
Unrecognized tax benefits at the beginning of the year $ 4,085 $ 5,833
Increases in tax positions for prior years 0  
Decreases in tax positions for prior years (1,029) (1,748)
Unrecognized tax benefits at the end of the year $ 3,056 $ 4,085
v3.25.3
Shareholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
Sep. 30, 2025
Sep. 30, 2024
Equity [Abstract]    
Treasury stock, shares 8,675,055 7,354,237
Shares approved to repurchase 100,000,000  
Aggregate purchase price $ 178.3  
Closing stock price $ 25.33  
Remaining shares available for future purchases under share repurchase program 2,800,000  
v3.25.3
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans $ 2,591 $ 2,641 $ 2,353
Selling, General, and Administrative Expenses [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense, approximately $ 19,400 $ 24,000 $ 21,700
v3.25.3
The Incentive Stock Plans - Additional Information (Detail) - shares
 1 Months Ended 12 Months Ended
Feb. 28, 2025
Feb. 28, 2023
Sep. 30, 2025
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Options granted     10,000 5,000
Incentive Stock Plan 2021 [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Increase in total number of available shares 495,000 1,300,000    
Incentive Stock Plan 2021 [Member] | Subject To Award [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Common stock, shares authorized     2,795,000  
Incentive Stock Plan 2011 [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Number of Common stock shares available     545,729  
v3.25.3
The Incentive Stock Plans - Summary of Activity from Incentive Stock Plans (Detail) - USD ($)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options granted, Options Outstanding 10,000 5,000
Stock Options [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Shares Available for Grant, Beginning Balance 1,295,064  
Shares authorized, Shares Available for Grant 495,000  
Options granted, Shares Available for Grant (10,000)  
Restricted stock awards granted, Shares Available for Grant (574,132)  
Restricted stock awards forfeited, Shares Available for Grant 187,725  
Additional shares of stock issued, Shares Available for Grant (5,844)  
Shares Available for Grant, Ending Balance 1,387,813 1,295,064
Options Outstanding, Beginning Balance 35,000 30,750
Options granted, Options Outstanding 10,000  
Options exercised, Options Outstanding (5,750)  
Options Outstanding, Ending Balance 35,000 30,750
Exercisable as of September 30, 2025, Options Outstanding 26,665  
Aggregate Intrinsic Value $ 87,000 $ 296,000
Exercisable as of September 30 2025, Aggregate Intrinsic Value $ 82,000  
Weighted Average Exercise Price, Beginning Balance $ 28.8 $ 26.97
Options exercised, Weighted Average Exercise Price 19.02  
Weighted Average Exercise Price, Ending Balance 28.8 $ 26.97
Exercisable as of September 30 2025, Weighted Average Exercise Price $ 29.26  
Weighted Average Remaining Contractual Life 6 years 6 months 5 years
Exercisable as of September 30, 2025, Weighted Average Remaining Contractual Life 5 years 6 months  
v3.25.3
Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Feb. 28, 2025
Feb. 28, 2019
Sep. 30, 2025
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Common stock, shares issued     30,543,794 29,898,545
Stock Purchase Plan [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Additional common shares authorized 500,000 500,000    
Common stock available for issuance     2,000,000  
Stock Purchase Plan, requisite continuous service     1 year  
Annual offerings description     implementation of annual offerings beginning on the first day of October in each of the years 2008 through 2027, with each offering terminating on September 30 of the following year.  
Closing price of common stock on the first and last day of the offering     85.00%  
Percentage not exceeding to periodic payment of purchase price     10.00%  
Maximum common stock value purchased by participant annually     $ 25,000  
Common stock, shares issued     1,490,588  
1998 Employee Stock Purchase Plan [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Additional Common Shares Authorized     52,837  
v3.25.3
Employee Stock Purchase Plan - Weighted Average Assumptions of Employee Stock Purchase Plan (Detail) - Stock Purchase Plan [Member]
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate 4.30% 5.40% 4.40%
Volatility 58.10% 45.30% 47.10%
Expected life 6 months 6 months 6 months
v3.25.3
Restricted Stock Awards - Additional Information (Detail) - Restricted Stock Awards [Member]
$ in Millions
 12 Months Ended
Sep. 30, 2025
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized compensation cost related to non-vested restricted stock awards $ 17.3
Weighted average period unrecognized compensation costs related to non-vested restricted awards are expected to be recognized 1 year 10 months 24 days
Minimum [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Vesting periods of restricted stock award 2 years
Percentage of actual amount of award earned based on actual specified performance target met 0.00%
Maximum [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Vesting periods of restricted stock award 4 years
Percentage of actual amount of award earned based on actual specified performance target met 175.00%
v3.25.3
Restricted Stock Awards - Restricted Stock Award Activity (Detail) - Restricted Stock Awards [Member]
 12 Months Ended
Sep. 30, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/ Units, Non-vested beginning balance | shares 1,453,229
Shares/ Units, Awards granted | shares 574,132
Shares/ Units, Awards vested | shares (668,780)
Shares/ Units, Awards forfeited | shares (169,428)
Shares/ Units, Non-vested ending balance | shares 1,189,153
Weighted Average Grant Date Fair Value, Non-vested beginning balance | $ / shares $ 32.04
Weighted Average Grant Date Fair Value, Awards granted | $ / shares 30.12
Weighted Average Grant Date Fair Value, Awards vested | $ / shares 31.06
Weighted Average Grant Date Fair Value, Awards forfeited | $ / shares 33.52
Weighted Average Grant Date Fair Value, Non-vested ending balance | $ / shares $ 31.45
v3.25.3
Net Income Per Share - Basic and Diluted Net Income Per Share (Detail) - shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]      
Weighted average common shares outstanding used in calculating basic net income per share 22,052,177 22,271,580 21,852,425
Effect of dilutive options and non-vested restricted stock awards 0 742,628 576,956
Weighted average common and common equivalent shares used in calculating diluted net income per share 22,052,177 23,014,208 22,429,381
v3.25.3
Net Income Per Share - Additional Information (Detail) - shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Stock Options [Member]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from earnings per share calculation 1,200,000 10,000.00 10,000.00
v3.25.3
Commitments and Contingencies - Additional Information (Detail) - Letter of Credit [Member]
$ in Millions
Sep. 30, 2025
USD ($)
Loss Contingencies [Line Items]  
Letters of credit for insurance carriers and equity investment $ 14.7
Equity Investment in Cannes, France [Member]  
Loss Contingencies [Line Items]  
Letters of credit for insurance carriers and equity investment 12.9
Asset Pledged as Collateral without Right [Member]  
Loss Contingencies [Line Items]  
Letters of credit for insurance carriers and equity investment $ 1.8
v3.25.3
Employee 401(k) Profit Sharing Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Compensation And Retirement Disclosure [Abstract]      
Duration of profit sharing plan 90 days    
Introductory period of profit sharing April 1 or October 1    
Employees eligibility age for participating in profit sharing plan 18 years    
Total participants contributions in Profit sharing plan 50.00%    
Maximum of each participants compensation 6.00%    
Contribution under the Profit sharing plan $ 8.1 $ 7.6 $ 7.1
v3.25.3
Segment Information - Additional Information (Detail)
 12 Months Ended
Sep. 30, 2025
Feet
Segment
Segment Reporting Information [Line Items]  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Our CODM reviews income from operations by segment for purposes of making operating decisions, assessing financial performance, and deciding how to allocate resources (including team members, property, and financial or capital resources). The CODM considers forecast-to-actual variances when making decisions about allocating resources to the segments.
Segment Reporting, No Asset Information [true false] false
Number of reportable segments | Segment 2
Minimum [Member]  
Segment Reporting Information [Line Items]  
Number of models producing premium yachts 33
Maximum [Member]  
Segment Reporting Information [Line Items]  
Number of models producing premium yachts 60
v3.25.3
Segment Information - Summary of Revenue, Income from Operations and Significant Expenses of Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Revenue $ 2,309,288 $ 2,431,008 $ 2,394,706
Cost of sales 1,559,060 1,629,812 1,559,377
Selling, general and administrative expenses 647,156 672,970 634,527
Goodwill impairment 69,055    
Income (loss) from operations 34,017 128,226 200,802
Interest Expense 71,158 73,895 53,367
(Loss) income before income tax provision (37,141) 54,331 147,435
Product Manufacturing [Member]      
Segment Reporting Information [Line Items]      
Goodwill impairment 69,055    
Operating Segments [Member] | Retail Operations [Member]      
Segment Reporting Information [Line Items]      
Revenue 2,299,555 2,417,941 2,294,362
Cost of sales 1,567,829 1,642,936 1,490,185
Selling, general and administrative expenses 627,217 652,142 611,690
Goodwill impairment 0    
Income (loss) from operations 104,509 122,863 192,487
Operating Segments [Member] | Product Manufacturing [Member]      
Segment Reporting Information [Line Items]      
Revenue 138,947 154,753 222,289
Cost of sales 129,046 133,494 176,032
Selling, general and administrative expenses 19,939 20,828 22,837
Goodwill impairment 69,055    
Income (loss) from operations (79,093) 431 23,420
Intersegment Adjustments & Eliminations [Member]      
Segment Reporting Information [Line Items]      
Revenue (129,214) (141,686) (121,945)
Cost of sales (137,815) (146,618) (106,840)
Selling, general and administrative expenses 0 0 0
Income (loss) from operations $ 8,601 $ 4,932 $ (15,105)
v3.25.3
Segment Information - Summary of Revenue, Income from Operations and Significant Expenses of Reportable Segments (Parenthetical) (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
Segment Reporting Information [Line Items]  
Non-cash, pre-tax goodwill impairment charge $ 69,055
Product Manufacturing [Member]  
Segment Reporting Information [Line Items]  
Non-cash, pre-tax goodwill impairment charge 69,055
Operating Segments [Member] | Product Manufacturing [Member]  
Segment Reporting Information [Line Items]  
Non-cash, pre-tax goodwill impairment charge $ 69,055
v3.25.3
Segment Information - Summary of Depreciation and Amortization of Reportable Segments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Depreciation $ 39,100 $ 35,700 $ 32,300
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Depreciation 39,113 35,700 32,310
Amortization 10,207 8,787 8,722
Operating Segments [Member] | Retail Operations [Member]      
Segment Reporting Information [Line Items]      
Depreciation 32,435 30,952 28,172
Amortization 10,207 8,494 7,096
Operating Segments [Member] | Product Manufacturing [Member]      
Segment Reporting Information [Line Items]      
Depreciation 6,678 4,748 4,138
Amortization $ 0 $ 293 $ 1,626
v3.25.3
Segment Information - Summary of Revenue and Long-lived Assets by Geographical Location (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Revenue:      
Revenue, Total $ 2,309,288 $ 2,431,008 $ 2,394,706
Long-lived assets, net:      
Long-lived assets, net, Total 690,461 669,365  
United States [Member]      
Revenue:      
Revenue, Total 2,165,557 2,309,895 2,284,485
Long-lived assets, net:      
Long-lived assets, net, Total 586,784 563,351  
International [Member]      
Revenue:      
Revenue, Total 143,731 121,113 $ 110,221
Long-lived assets, net:      
Long-lived assets, net, Total $ 103,677 $ 106,014  
v3.25.3
Related Parties - (Additional Information) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Related Party Transaction [Line Items]    
Total lease payments $ 329,948  
IGY Marinas [Member] | Affiliated Entity [Member]    
Related Party Transaction [Line Items]    
Series of notes receivable 11,100  
SkipperBuds [Member] | Affiliated Entity [Member]    
Related Party Transaction [Line Items]    
Total lease payments $ 5,900 $ 5,900