OneWater Marine (ONEW) Q2 2026 earnings summary

Executive summary

• Revenue for the quarter declined 8.5% year-over-year to $442.3 million, mainly due to lower new boat sales, event timing, and the sale of Ocean Bio-Chem.

• Net loss widened to $12.9 million from $0.4 million in the prior year, impacted by lower sales, restructuring and impairment charges, and tax effects from the Ocean Bio-Chem sale.

• Adjusted EBITDA was $16.3 million, down from $17.9 million year-over-year, reflecting lower gross profit and higher restructuring costs.

• Sale of Ocean Bio-Chem completed as part of portfolio optimization, with proceeds used to reduce debt.

• Inventory is in the best condition in years, with a healthy mix and age profile.

Financial highlights

• New boat revenue fell 12.1% year-over-year, while pre-owned boat revenue increased 5.2%.

• Service, parts, and other revenue declined 10.7%–11% due to the Ocean Bio-Chem divestiture.

• Gross profit margin improved by 110 basis points to 23.9%.

• Net loss per diluted share was $(0.78) for the quarter.

• Adjusted EBITDA was $16.3 million for the quarter.

Outlook and guidance

• Fiscal year 2026 guidance maintained: revenue expected between $1.78 billion and $1.88 billion.

• Adjusted EBITDA guidance is $60 million to $80 million; adjusted EPS expected between $0.20 and $0.70.

• Dealership same-store sales expected to be flat year-over-year.

• Focus remains on margin expansion, cost control, and reducing leverage.

• Management expects continued focus on inventory management and strategic acquisitions.