Marine Products (MPX) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 rose 35% year-over-year to $64.6 million, driven by a 12% price/mix increase and a 22% rise in boats sold.

• Q4 2025 net income fell 45% year-over-year to $2.4 million, with diluted EPS at $0.07; adjusted net income was $3.4 million and adjusted EPS $0.10, reflecting tax impacts from life insurance policy liquidation.

• Full year 2025 net sales increased 3% to $244.4 million, while net income dropped 36% to $11.4 million; adjusted net income was $12.4 million.

Financial highlights

• Q4 2025 gross profit was $12.7 million, up 39% year-over-year; gross margin improved by 40 basis points to 19.6%.

• Selling, general, and administrative expenses rose 61% to $8.9 million, representing 13.9% of net sales.

• EBITDA for Q4 2025 was $4.5 million, up 3% year-over-year, but EBITDA margin declined 220 basis points to 7.0%.

• Full year EBITDA was $17.2 million, down 18% year-over-year; EBITDA margin decreased 190 basis points to 7.0%.

• Cash and cash equivalents at year-end were $43.5 million, with no debt.

Outlook and guidance

• Forward-looking statements highlight risks related to the pending combination with MasterCraft, including regulatory approvals, market reactions, and potential litigation.

• Management notes risks from economic conditions, supply chain disruptions, inflation, and changing consumer demand.