OneWater Marine projects FY26 adjusted EPS between 25c and 75c, with consensus at 61c.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2025
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Fiscal Year 2026 Projections: OneWater anticipates adjusted EBITDA between $1.83 billion and $1.93 billion for FY26, with flat industry-wide unit sales year over year.
Sales Expectations: The company expects dealership same-store sales to remain flat, factoring in lost revenue from exited brands.
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Analyst Views on ONEW
About ONEW
OneWater Marine Inc. is a premium marine retailer in the United States. The Company operates a total of approximately 98 retail locations, nine distribution centers/warehouses and multiple online marketplaces in 19 different states. The Company's segments include Dealerships and Distribution. The Dealership segment is engaged in the sale of new and pre-owned boats (saltwater fishing boats, pontoon, runabout, wake/ski boats and yachts), arranges financing and insurance products, performs repairs and maintenance services, offers marine related parts and accessories and offers slip and storage accommodations in certain locations. The Distribution segment is engaged in the manufacturing, assembly and distribution primarily of marine-related products to distributors, big box retailers and online retailers through a network of warehouses and distribution centers. It offers a range of branded parts and accessories including jack plates, rigging parts, plumbing components and LED lighting.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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.
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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.
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