OneWater Marine Inc. (ONEW) Q4 2025 Earnings Call Transcript
Fiscal fourth quarter 2025 revenue $460 million, a 22% increase year-over-year, driven by higher new boat sales and recovery from hurricane-related disruptions in the prior year.
New boat sales (Q4 2025) $275 million, a 27% increase year-over-year, attributed to recovery from hurricane-related disruptions in the prior year.
Pre-owned sales (Q4 2025) $91 million, a 25% increase year-over-year, reflecting strong performance in pre-owned sales.
Same-store sales (Q4 2025) 23% increase year-over-year, driven by higher new boat volumes and recovery from prior year disruptions.
Revenue from service parts and other sales (Q4 2025) $81 million, a 7% increase year-over-year, supported by steady retail service activity and modest growth in the distribution segment.
Gross profit (Q4 2025) $104 million, up from $91 million in the prior year, primarily due to higher new boat volumes.
Selling, general and administrative expenses (Q4 2025) $84 million, a 6% increase year-over-year, but down 270 basis points as a percentage of sales due to higher revenues.
Operating loss (Q4 2025) $130 million, impacted by noncash goodwill and intangible asset impairments.
Adjusted EBITDA (Q4 2025) $18 million, reflecting operational performance.
Net loss (Q4 2025) $113 million or $6.90 per diluted share, compared to a net loss of $10 million or $0.63 per diluted share in the prior year, largely due to noncash impairments.
Total revenue (Fiscal Year 2025) $1.9 billion, a 6% increase year-over-year, driven by higher unit sales and increased average selling prices for new and pre-owned boats.
Same-store sales (Fiscal Year 2025) 6% increase year-over-year, outperforming the industry which saw a 13% decline in relevant categories.
Service parts and other revenue (Fiscal Year 2025) $295 million, a 2% increase year-over-year, driven by growth in the dealership segment.
Gross profit (Fiscal Year 2025) $427 million, a 2% decrease year-over-year, impacted by market dynamics and the exit of select brands.
Selling, general and administrative expenses (Fiscal Year 2025) $343 million, up from $333 million in the prior year, but down as a percentage of revenue due to higher revenues and targeted cost actions.
Net loss (Fiscal Year 2025) $116 million or $7.22 per diluted share, compared to a net loss of $6 million or $0.39 per diluted share in the prior year, driven by noncash impairments.
Adjusted EBITDA (Fiscal Year 2025) $70 million, reflecting operational performance.
Total inventory (as of September 30, 2025) $540 million, down from $591 million in the prior year, due to strategic inventory positioning and brand rationalizations.
Total long-term debt (as of September 30, 2025) $412 million, with a net leverage of 5.1x trailing 12-month adjusted EBITDA.
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OneWater Marine Inc. Reports Q1 2026 Earnings with Modest Growth
- Revenue Growth: OneWater Marine reported Q1 revenue of $381 million, a 1% increase year-over-year, despite a 6% decline in new boat sales, while pre-owned boat sales surged by 24%, indicating resilient market demand.
- Margin Improvement: The first quarter gross profit reached $89 million, with a gross margin of 23.5%, up 110 basis points from the prior year, reflecting the company's success in brand rationalization and product mix optimization.
- Strategic Asset Divestiture: The company announced plans to sell certain non-core distribution assets to strengthen its balance sheet and sharpen its long-term focus, with expectations to reduce leverage to below 4x by year-end.
- Outlook: Management maintains its fiscal 2026 sales guidance in the range of $1.83 billion to $1.93 billion, acknowledging pressures on same-store sales from brand rationalization while viewing the overall market environment as flat to slightly down.
OneWater Marine Q1 Earnings Beat Expectations
- Earnings Performance: OneWater Marine reported a Q1 non-GAAP EPS of -$0.04, beating expectations by $0.53, indicating an improvement in profitability despite ongoing challenges.
- Revenue Growth: The company achieved Q1 revenue of $380.6 million, reflecting a 1.2% year-over-year increase and surpassing market expectations by $570,000, demonstrating stability in sales performance.
- Gross Margin Improvement: With a gross profit margin of 23.5%, the company showcases the positive impact of its portfolio optimization efforts, enhancing overall profitability.
- 2026 Outlook: OneWater Marine anticipates total revenue between $1.83 billion and $1.93 billion for 2026, with adjusted EBITDA expected to range from $65 million to $85 million, reflecting cautious optimism for future growth.