Revenue growth has turned negative with an 8.5% year-over-year decline in 2026Q2, while gross margins have compressed from 25.1% in 2024Q1 to 22.9% in 2026Q2.
| Sales/Revenue | 1.84B | 1.87B | 1.77B | 1.94B | 1.74B | 1.23B | 1.02B | 767.62M | 602.8M | 391.48M |
| Revenue Growth % | 3.16% | 5.62% | -8.45% | 10.97% | 42.06% | 20.06% | 33.26% | 27.34% | 53.98% | - |
| Cost of Goods Sold | 1.42B | 1.47B | 1.34B | 1.4B | 1.19B | 870.75M | 787.45M | 595.5M | 465.15M | 305.78M |
| COGS % of Revenue | - | 78.35% | 75.46% | 72.36% | 68.27% | 70.9% | 76.98% | 77.58% | 77.16% | 78.11% |
| Gross Profit | 413.69M | 405.39M | 435.06M | 535.13M | 553.65M | 357.45M | 235.52M | 172.13M | 137.65M | 85.7M |
| Gross Margin % | 22.53% | 21.65% | 24.54% | 27.64% | 31.73% | 29.1% | 23.02% | 22.42% | 22.84% | 21.89% |
| Gross Profit Growth % | - | -6.82% | -18.7% | -3.35% | 54.89% | 51.77% | 36.83% | 25.04% | 60.62% | - |
| Operating Expenses | 349.59M | 343.29M | 370.25M | 517.06M | 335.82M | 208.58M | 157.23M | 119.19M | 92.98M | 66.41M |
| OpEx % of Revenue | - | 18.33% | 20.89% | 26.7% | 19.25% | 16.98% | 15.37% | 15.53% | 15.42% | 16.96% |
| Selling, General & Admin | 251.31M | 343.29M | 332.68M | 345.52M | 302.11M | 199.05M | 143.57M | 116.5M | 91.3M | 65.35M |
| SG&A % of Revenue | - | 18.33% | 18.77% | 17.84% | 17.31% | 16.21% | 14.04% | 15.18% | 15.15% | 16.69% |
| Research & Development | 400K | 0 | 0 | 2.16M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.11% | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 37.56M | 169.38M | 33.71M | 9.53M | 13.66M | 2.68M | 269.19K | -217K |
| Operating Income | 64.1M | 62.1M | 64.82M | 18.07M | 217.83M | 148.88M | 78.29M | 54.62M | 44.67M | 19.29M |
| Operating Margin % | 3.49% | 3.32% | 3.66% | 0.93% | 12.48% | 12.12% | 7.65% | 7.11% | 7.41% | 4.93% |
| Operating Income Growth % | - | -4.19% | 258.76% | -91.71% | 46.32% | 90.16% | 43.35% | 22.26% | 131.53% | - |
| EBITDA | 84.6M | 83.74M | 87M | 44.86M | 234.03M | 154.29M | 81.54M | 57.3M | 46.36M | 20.35M |
| EBITDA Margin % | 4.61% | 4.47% | 4.91% | 2.32% | 13.41% | 12.56% | 7.97% | 7.46% | 7.69% | 5.2% |
| EBITDA Growth % | 3.81% | -3.76% | 93.97% | -80.83% | 51.68% | 89.22% | 42.31% | 23.6% | 127.81% | - |
| D&A (Non-Cash Add-back) | 20.5M | 21.63M | 22.19M | 26.79M | 16.2M | 5.41M | 3.25M | 2.68M | 1.68M | 1.06M |
| EBIT | -106.8M | -123.06M | 64.8M | 17.11M | 235.94M | 153M | 72.53M | 52.94M | 11.32M | 693.18K |
| Net Interest Income | -53.47M | -28.47M | -71.14M | -59.64M | -17.85M | -6.91M | -17.69M | -15.96M | -9.37M | -4.95M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 53.47M | 28.47M | 71.14M | 59.64M | 17.85M | 6.91M | 17.69M | 15.96M | 9.37M | 4.95M |
| Other Income/Expense | -224.7M | -213.63M | -71.15M | -60.59M | -22M | -6.66M | -23.45M | -16.03M | -42.29M | -23.55M |
| Pretax Income | -160.6M | -151.53M | -6.33M | -42.52M | 195.84M | 142.22M | 54.84M | 37.26M | 1.95M | -4.26M |
| Pretax Margin % | -8.75% | -8.09% | -0.36% | -2.2% | 11.22% | 11.58% | 5.36% | 4.85% | 0.32% | -1.09% |
| Income Tax | -37.74M | -35.3M | -157K | -3.41M | 43.23M | 25.8M | 6.33M | 16.17M | -33.36M | 0 |
| Effective Tax Rate % | 23.5% | 23.3% | 2.48% | 8.02% | 22.07% | 18.14% | 11.54% | 43.39% | -1713.68% | 0% |
| Net Income | -122.86M | -114.58M | -5.71M | -38.59M | 130.94M | 79.06M | 17.43M | 21.1M | 1.12M | -4.27M |
| Net Margin % | -6.69% | -6.12% | -0.32% | -1.99% | 7.5% | 6.44% | 1.7% | 2.75% | 0.19% | -1.09% |
| Net Income Growth % | -1679.22% | -1908.45% | 85.22% | -129.47% | 65.63% | 353.71% | -17.4% | 1789.45% | 126.14% | - |
| Net Income (Continuing) | -122.86M | -116.23M | -6.18M | -39.11M | 152.61M | 116.41M | 48.51M | 37.26M | 1.95M | -4.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 29.94M | 55.47M | 59.55M | 28.91M | 50.43M | 6.2M | 5.09M | 1.76M |
| EPS (Diluted) | -7.39 | -7.22 | -0.39 | -2.69 | 9.13 | 6.96 | 7.72 | 3.47 | 0.21 | -0.79 |
| EPS Growth % | -1485.62% | -1751.28% | 85.5% | -129.46% | 31.18% | -9.84% | 122.48% | 1552.38% | 126.58% | - |
| EPS (Basic) | - | -7.22 | -0.39 | -2.69 | 9.44 | 7.13 | 7.77 | 3.47 | 0.21 | -0.79 |
| Diluted Shares Outstanding | 16.61M | 15.87M | 14.59M | 14.33M | 14.34M | 11.36M | 6.29M | 6.08M | 5.4M | 5.4M |
| Basic Shares Outstanding | 16.61M | 15.87M | 14.59M | 14.33M | 13.88M | 11.09M | 6.24M | 6.08M | 5.4M | 5.4M |
| Dividend Payout Ratio | - | - | - | - | 7.24% | 40.58% | 108.44% | 52.55% | 291.62% | - |
High Interest Rate Sensitivity
As reported in recent financial filings, OneWater Marine's revenue growth has exhibited significant volatility, with a notable 8.5% year-over-year decline in 2026Q2, suggesting that the company's reliance on discretionary high-ticket sales remains highly susceptible to shifting consumer confidence and broader macroeconomic headwinds within the recreational marine sector.
The revenue trajectory appears inconsistent, oscillating between growth and contraction as the company navigates a challenging retail environment. Investors should monitor whether the recent decline reflects a structural softening in demand or merely the inherent seasonality of the marine dealership business model.
Based on the provided income statement data, OneWater's gross margin has trended downward from 25.1% in 2024Q1 to 22.9% in 2026Q2, indicating that the company may be forced to utilize aggressive promotional pricing to clear inventory in a market where demand is failing to keep pace with supply.
This margin erosion suggests that the company's pricing power is currently constrained by an oversupply of inventory. If this trend persists, it may imply that the company's reliance on new boat sales is becoming increasingly dilutive to overall profitability, necessitating a pivot toward higher-margin service and storage revenue.
According to the latest quarterly figures, OneWater's operating margin has struggled to maintain positive territory, falling to 3.5% in 2026Q2, which suggests that the company's fixed cost base is not scaling efficiently against the current revenue volume, thereby limiting the potential for meaningful operating leverage.
The inability to expand operating margins during periods of revenue recovery indicates that SG&A expenses remain stubbornly high. This lack of scalability warrants further investigation into whether the company's decentralized dealership model is creating excessive overhead that cannot be easily rationalized during cyclical downturns.
As evidenced by the reported financial statements, OneWater's net income has frequently dipped into negative territory, including a significant $113 million loss in 2025Q4, which suggests that non-operating items and interest obligations are significantly outweighing the company's core operational earnings power in the current high-rate environment.
The disparity between operating income and net income implies that the company's capital structure is placing a heavy burden on the bottom line. Investors should be cautious, as the recurring nature of these losses may indicate that the company's debt-funded acquisition strategy is no longer accretive to shareholders.
Based on the provided data, the company's aggressive acquisition-led growth strategy appears increasingly unsustainable, as evidenced by the persistent negative net margins and the potential for interest expense to overwhelm operational cash flows during periods of prolonged market weakness or restricted access to capital markets.
Short-sellers would likely focus on the company's high sensitivity to floorplan interest rates and the risk of inventory write-downs. The current financial profile suggests that the company may be over-leveraged, leaving little room for error if the recreational marine cycle enters a deeper or more protracted contraction.
Quick answers to the most common questions about buying ONEW stock.
For fiscal year 2025, OneWater Marine Inc. (ONEW) reported total revenue of $1.87B. This represents a 378.3% increase compared to $391.5M in 2017.
OneWater Marine Inc. (ONEW) reported a net loss of $114.6M for the fiscal year ending 2025.
OneWater Marine Inc. (ONEW) reported an operating income of $62.1M, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
OneWater Marine Inc. (ONEW) generated $405.4M in gross profit for the year, representing a gross profit margin of 21.7%. This demonstrates the company's core pricing power and production efficiency.