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OneWater Marine (ONEW) investor relations material
OneWater Marine Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fiscal 2025 revenue grew 6% to $1.9 billion, with same-store sales up 6%, outperforming industry trends despite challenging conditions and hurricane disruptions.
Gross profit margin was 22.8%, reflecting a competitive and normalizing market.
A $146 million non-cash goodwill and intangible asset impairment led to a GAAP net loss of $116 million for the year.
Adjusted EBITDA for the year was $70.1 million, down 15% year-over-year.
Inventory management improved, with inventory levels declining to $539.8 million, providing a competitive advantage entering 2026.
Financial highlights
Q4 2025 revenue increased 22% to $460 million year-over-year, with new boat sales up 27% and pre-owned sales up 25%.
Q4 gross profit rose to $104 million from $91 million, but margin declined 140 basis points.
Q4 net loss was $113 million ($6.90 per diluted share), mainly due to $146 million in non-cash impairment charges.
Full-year gross profit was $427 million, with a margin decrease of 170 basis points to 22.8%.
Adjusted EBITDA for the year was $70 million; adjusted EPS was $0.44.
Outlook and guidance
2026 outlook expects flat industry unit sales and flat same-store sales, with total sales forecasted at $1.83–$1.93 billion.
Adjusted EBITDA guidance for 2026 is $65–$85 million; adjusted diluted EPS expected at $0.25–$0.75.
Anticipates modest inventory increase in 2026 due to price increases and brand mix.
Interest expense expected to be flat to slightly up for floor plan, but term interest should decline 5–10% as amortization continues.
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