OneSpaWorld (OSW) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 results with revenue up 7% to $240.7 million, net income up 27% to $19.9 million, and adjusted EBITDA up 13% to $30.5 million, driven by strong operational execution, guest spend, and fleet expansion.

• Operated on 200 cruise ships and 51 destination resorts at period end, with average weekly revenue per ship up 6% year-over-year.

• Renewed partnership with Windstar Cruises and launched operations on Oceania Allura, expanding market leadership.

• Maintained strong consumer demand and onboard spending, with no deterioration observed in the first half of the year.

• Continued strong free cash flow generation and shareholder returns, including a $0.04 per share quarterly dividend and share repurchases.

Financial highlights

• Total Q2 2025 revenue rose 7% to $240.7 million, with service revenues at $193.4 million (up 7%) and product revenues at $47.4 million (up 8%).

• Net income for Q2 2025 was $19.9 million, up 27% year-over-year; adjusted net income was $25.8 million, or $0.25 per share.

• Adjusted EBITDA reached $30.5 million, up 13% year-over-year.

• Cash at June 30, 2025 was $36.2 million, with total liquidity of $86.2 million including a fully undrawn $50 million credit facility.

• For the six months ended June 30, 2025, revenues were $460.4 million, up 6% year-over-year.

Outlook and guidance

• Fiscal 2025 annual revenue guidance reaffirmed at $950–$970 million; adjusted EBITDA guidance raised to $117–$127 million.

• Q3 2025 revenue expected at $255–$260 million; adjusted EBITDA at $33–$35 million.

• Guidance assumes no significant decline in guest spending or cruising activity.

• Management expects sufficient liquidity to meet capital requirements and debt covenants over the next twelve months and beyond.

• Continued investment in technology, infrastructure, and medi-spa equipment to support growth.