OneWater Marine (ONEW) Q1 2026 earnings summary

Executive summary

• Revenue grew 1.3% year-over-year to $380.6 million in fiscal Q1 2026, driven by higher pre-owned boat and service, parts & other sales, offset by a decline in new boat sales and flat same-store sales.

• Gross profit margin improved to 23.5%, reflecting portfolio optimization, favorable model mix, and business model resilience.

• Net loss narrowed to $7.7 million from $13.6 million year-over-year, with adjusted diluted loss per share at $0.04 versus $0.54 last year, primarily due to a higher income tax benefit.

• Adjusted EBITDA rose to $3.6 million from $1.9 million, reflecting improved gross profit and operational execution.

• Strategic sale of certain distribution assets, including Ocean Bio-Chem, to focus on core business and reduce debt.

Financial highlights

• Gross profit increased to $89.4 million, with gross margin up 110 bps to 23.5%.

• New boat sales declined 5.9% to $233.3 million, while pre-owned boat sales rose 24% to $70.4 million.

• Service, parts & other revenue grew 10.3% to $68 million.

• SG&A expenses increased 2.9% to $81.4 million, mainly from higher personnel costs.

• Net loss was $7.7 million ($0.47 per diluted share), improved from $13.6 million loss ($0.81 per share) last year.

Outlook and guidance

• Fiscal 2026 guidance maintained: total sales expected at $1.83–$1.93 billion, adjusted EBITDA at $65–$85 million, and adjusted EPS at $0.25–$0.75.

• Industry expected to be flat to down low single digits year-over-year; company anticipates outperforming the industry.

• Same-store sales expected to be flat due to brand rationalization headwinds.

• New boat margins projected to improve by 100 basis points for the year.

• Company believes it has adequate liquidity and cash flow to fund operations, debt service, and acquisitions.