Revenue of $530.7M in 2026Q3 came with a 24.0% gross margin and 6.7% operating margin, but year-over-year revenue growth of -4.0% and volatile net income (from a -$113.0M loss in 2025Q4 to $11.7M in 2026Q3) suggest earnings quality warrants further scrutiny.
OneWater Marine Inc. (ONEW) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 |
|---|
| Sales/Revenue | 1.81B | 1.87B | 1.77B | 1.94B | 1.74B | 1.23B | 1.02B | 767.62M | 602.8M | 391.48M |
| Revenue Growth % | 1.32% | 5.62% | -8.45% | 10.97% | 42.06% | 20.06% | 33.26% | 27.34% | 53.98% | - |
| Cost of Goods Sold | 1.4B | 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 | 412.51M | 405.39M | 435.06M | 535.13M | 553.65M | 357.45M | 235.52M | 172.13M | 137.65M | 85.7M |
| Gross Margin % | 22.74% | 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 | 343.14M | 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 | 338.55M | 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 | 0 | 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 | 69.37M | 62.1M | 64.82M | 18.07M | 217.83M | 148.88M | 78.29M | 54.62M | 44.67M | 19.29M |
| Operating Margin % | 3.82% | 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 | 89.09M | 86.54M | 87M | 44.86M | 234.13M | 154.29M | 81.54M | 57.3M | 46.36M | 20.35M |
| EBITDA Margin % | 4.91% | 4.62% | 4.91% | 2.32% | 13.42% | 12.56% | 7.97% | 7.46% | 7.69% | 5.2% |
| EBITDA Growth % | 21.03% | -0.53% | 93.97% | -80.84% | 51.75% | 89.22% | 42.31% | 23.6% | 127.81% | - |
| D&A (Non-Cash Add-back) | 19.73M | 24.44M | 22.19M | 26.79M | 16.3M | 5.41M | 3.25M | 2.68M | 1.68M | 1.05M |
| EBIT | -109M | -123.06M | 64.8M | 17.11M | 235.94M | 153M | 72.53M | 52.94M | 11.32M | 693.18K |
| Net Interest Income | -43.85M | -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 | 43.85M | 28.47M | 71.14M | 59.64M | 17.85M | 6.91M | 17.69M | 15.96M | 9.37M | 4.95M |
| Other Income/Expense | -222.22M | -213.63M | -71.15M | -60.59M | -22M | -6.66M | -23.45M | -16.03M | -42.29M | -23.55M |
| Pretax Income | -152.86M | -151.53M | -6.33M | -42.52M | 195.84M | 142.22M | 54.84M | 37.26M | 1.95M | -4.26M |
| Pretax Margin % | -8.43% | -8.09% | -0.36% | -2.2% | 11.22% | 11.58% | 5.36% | 4.85% | 0.32% | -1.09% |
| Income Tax | -30.96M | -35.3M | -157K | -3.41M | 43.23M | 25.8M | 6.33M | 16.17M | -33.36M | 0 |
| Effective Tax Rate % | 20.25% | 23.3% | 2.48% | 8.02% | 22.07% | 18.14% | 11.54% | 43.39% | -1713.68% | 0% |
| Net Income | -121.9M | -114.58M | -5.71M | -38.59M | 130.94M | 79.06M | 17.43M | 21.1M | 1.12M | -4.27M |
| Net Margin % | -6.72% | -6.12% | -0.32% | -1.99% | 7.5% | 6.44% | 1.7% | 2.75% | 0.19% | -1.09% |
| Net Income Growth % | -1021.1% | -1908.45% | 85.22% | -129.47% | 65.63% | 353.71% | -17.4% | 1789.45% | 126.14% | - |
| Net Income (Continuing) | -121.9M | -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) | -7.19 | -7.22 | -0.39 | -2.69 | 9.13 | 6.96 | 7.72 | 3.47 | 0.21 | -0.79 |
| EPS Growth % | -817.59% | -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 | 16.95M | 15.87M | 14.59M | 14.33M | 14.34M | 11.36M | 6.29M | 6.08M | 5.4M | 5.4M |
| Basic Shares Outstanding | 16.62M | 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% | - |
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.
Key Metrics
Top Statement Risk
Thin margins amid volatile demand
Metrics are mathematically derived from official filings.
Revenue Recovering Unevenly Across Quarters
Based on ONEW's reported quarterly figures, revenue reached $530.7M in 2026Q3, yet year-over-year growth turned negative at -4.0%, signaling that the recovery remains uneven and not yet durable.
The 2026Q3 revenue print of $530.7M sits below the $552.9M reported in 2025Q3, suggesting that top-line softness persists despite sequential improvement from the $380.6M trough in 2026Q1. Quarterly growth has oscillated between positive and negative readings, which may indicate sensitivity to discretionary boat purchasing cycles rather than a structural acceleration. Investors should monitor whether order trends stabilize before extrapolating the sequential rebound.
Gross Margin Holding Within a Narrow Band
As reported in ONEW's income statements, gross margin moved between 21.4% and 24.6% over the ten quarters, a range that appears modest but leaves limited cushion against volume shocks.
The gross margin has stayed within roughly three percentage points across a full cycle, and the 24.0% reading in 2026Q3 remains below the 24.6% achieved in 2024Q2. Compared with MarineMax's 32.5% gross margin, ONEW's structure appears to reflect a more commoditized, volume-dependent mix. Gross profit dollars are therefore highly sensitive to unit volume and pricing discipline.
Operating Leverage Remains Limited
Based on ONEW's reported figures, SG&A of $87.2M in 2026Q3 consumed roughly 68% of gross profit, leaving operating margin at just 6.7% and constraining earnings sensitivity to recovery.
SG&A has stayed in a tight $79.5M to $87.1M band regardless of revenue swings, which indicates a largely fixed overhead base. This absorption pattern means operating income compresses sharply when revenue dips, as seen in 2025Q1 when operating income turned negative at -$2.0M. The fixed-cost structure may therefore amplify both upside and downside, warranting further investigation of cost flexibility.
Net Income Volatile Versus Operating Trend
According to reported figures, net income swung from a -$113.0M loss in 2025Q4 to a $11.7M profit in 2026Q3, a magnitude far exceeding movements in operating income and warranting scrutiny.
The 2025Q4 loss of $113.0M against operating income of $14.4M suggests large non-operating or one-time charges, though the data provided does not itemize their nature, so conclusions remain inferential. Stock-based compensation of roughly $2M to $5M per quarter is modest relative to these swings. Investors should examine below-the-line items before assuming the 2026Q3 profit reflects sustainable earnings power.
Margin Compression Could Erase Recovery Gains
The strongest bear case rests on ONEW's net margin of 2.2% in 2026Q3 and its peer-trailing operating margin, suggesting a thin buffer if volumes soften again.
With operating margin at 6.7% in the latest quarter but net margin only 2.2%, a modest demand decline could push profitability back toward the negative readings seen in 2025Q1 and 2024Q4. Peer Marine Products reports a 5.7% operating margin and MasterCraft a 4.0% margin, so ONEW's recent profitability is not clearly superior. Short-sellers would likely argue that the recent improvement reflects cyclical timing rather than durable structural gains.