Revenue grew from $219.6M to $276.5M across the ten quarters while operating margin rose from 7.7% to 10.8%, though quarterly gross margin volatility between roughly 10.5% and 17.4% warrants continued scrutiny.
OneSpaWorld Holdings Ltd (OSW) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 1.03B | 961M | 895.02M | 794.04M | 546.26M | 144.03M | 120.92M | 562.23M | 540.78M | 506.69M | 476.28M |
| Revenue Growth % | 9.77% | 7.37% | 12.72% | 45.36% | 279.26% | 19.11% | -78.49% | 3.97% | 6.73% | 6.38% | - |
| Cost of Goods Sold | 877.07M | 855.45M | 745.55M | 667M | 462.69M | 135.59M | 139.23M | 519.02M | 463.18M | 440.35M | 424.26M |
| COGS % of Revenue | - | 89.02% | 83.3% | 84% | 84.7% | 94.14% | 115.14% | 92.31% | 85.65% | 86.91% | 89.08% |
| Gross Profit | 150.47M | 105.55M | 149.46M | 127.04M | 83.57M | 8.45M | -18.31M | 43.21M | 77.6M | 66.33M | 52.02M |
| Gross Margin % | 14.64% | 10.98% | 16.7% | 16% | 15.3% | 5.86% | -15.14% | 7.69% | 14.35% | 13.09% | 10.92% |
| Gross Profit Growth % | - | -29.38% | 17.65% | 52.02% | 889.44% | 146.13% | -142.37% | -44.32% | 16.99% | 27.51% | - |
| Operating Expenses | 51.1M | 18.06M | 71.4M | 72.87M | 68.43M | 60.51M | 246.69M | 57.03M | 29.08M | 28.04M | 28.41M |
| OpEx % of Revenue | - | 1.88% | 7.98% | 9.18% | 12.53% | 42.01% | 204.01% | 10.14% | 5.38% | 5.53% | 5.96% |
| Selling, General & Admin | 4.87M | 18.06M | 54.46M | 53.92M | 51.61M | 43.68M | 39.09M | 9.32M | 25.56M | 24.52M | 24.89M |
| SG&A % of Revenue | - | 1.88% | 6.08% | 6.79% | 9.45% | 30.32% | 32.33% | 1.66% | 4.73% | 4.84% | 5.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 16.95M | 18.95M | 16.82M | 16.83M | 207.6M | 47.7M | 171K | -217K | -178K |
| Operating Income | 99.37M | 87.48M | 78.06M | 54.17M | 15.14M | -52.06M | -265M | -13.82M | 48.52M | 38.3M | 23.62M |
| Operating Margin % | 9.67% | 9.1% | 8.72% | 6.82% | 2.77% | -36.14% | -219.15% | -2.46% | 8.97% | 7.56% | 4.96% |
| Operating Income Growth % | - | 12.07% | 44.1% | 257.85% | 129.08% | 80.36% | -1817.68% | -128.48% | 26.69% | 62.16% | - |
| EBITDA | 126.75M | 112.82M | 102.34M | 76.21M | 37.49M | -29.59M | -240.55M | 7.78M | 58.58M | 48.13M | 36.5M |
| EBITDA Margin % | 12.33% | 11.74% | 11.43% | 9.6% | 6.86% | -20.55% | -198.93% | 1.38% | 10.83% | 9.5% | 7.66% |
| EBITDA Growth % | 17.88% | 10.24% | 34.28% | 103.28% | 226.69% | 87.7% | -3193.51% | -86.72% | 21.71% | 31.85% | - |
| D&A (Non-Cash Add-back) | 27.38M | 25.33M | 24.28M | 22.04M | 22.35M | 22.47M | 24.45M | 21.59M | 10.05M | 9.83M | 12.88M |
| EBIT | 95.47M | 81.29M | 86.9M | 16.89M | 69.54M | -54.6M | -271.07M | 19.96M | 48.52M | 38.49M | 23.78M |
| Net Interest Income | -2.31M | -5.18M | -8.88M | -21.11M | -15.76M | -13.43M | -16.06M | -19.47M | -33.86M | 408K | 340K |
| Interest Income | 0 | 0 | 1.17M | 280K | 0 | 55K | 30K | 43K | 238K | 408K | 340K |
| Interest Expense | 2.31M | 5.18M | 10.05M | 21.39M | 15.76M | 13.46M | 16.09M | 19.51M | 34.1M | 0 | 0 |
| Other Income/Expense | -10.69M | -11.37M | -1.2M | -58.67M | 38.65M | -16.03M | -22.16M | -42.91M | -33.69M | 191K | 162K |
| Pretax Income | 88.68M | 76.11M | 76.86M | -4.5M | 53.78M | -68.09M | -287.16M | 56.73M | 14.83M | 38.49M | 23.78M |
| Pretax Margin % | 8.63% | 7.92% | 8.59% | -0.57% | 9.85% | -47.28% | -237.47% | 10.09% | 2.74% | 7.6% | 4.99% |
| Income Tax | 3.83M | 4.49M | 3.99M | -1.53M | 624K | 429K | 814K | 11K | 1.09M | 5.26M | 5.62M |
| Effective Tax Rate % | 4.32% | 5.9% | 5.19% | 33.91% | 1.16% | -0.63% | -0.28% | 0.02% | 7.34% | 13.67% | 23.61% |
| Net Income | 84.85M | 71.62M | 72.86M | -2.97M | 53.16M | -68.52M | -287.98M | -60.73M | 9.89M | 31.12M | 14.9M |
| Net Margin % | 8.26% | 7.45% | 8.14% | -0.37% | 9.73% | -47.57% | -238.15% | -10.8% | 1.83% | 6.14% | 3.13% |
| Net Income Growth % | 14.75% | -1.71% | 2550.03% | -105.59% | 177.58% | 76.21% | -374.21% | -714.28% | -68.23% | 108.8% | - |
| Net Income (Continuing) | 84.85M | 71.62M | 72.86M | -2.97M | 53.16M | -68.52M | -287.98M | -56.72M | 13.74M | 33.23M | 18.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.12M | 3.59M | 4.6M | 7.09M |
| EPS (Diluted) | 0.83 | 0.69 | 0.69 | -0.03 | 0.56 | -0.76 | -3.87 | -0.61 | 0.16 | 0.44 | 0.21 |
| EPS Growth % | 18.31% | 0% | 2369.74% | -105.43% | 173.68% | 80.36% | -534.43% | -481.25% | -63.64% | 109.52% | - |
| EPS (Basic) | - | 0.69 | 0.70 | -0.03 | 0.57 | -0.76 | -3.87 | -0.61 | 0.16 | 0.49 | 0.24 |
| Diluted Shares Outstanding | 101.86M | 103.67M | 104.94M | 97.83M | 95.11M | 90.13M | 74.36M | 61.12M | 63.07M | 70.07M | 70.07M |
| Basic Shares Outstanding | 101.42M | 103.19M | 104.02M | 97.83M | 92.51M | 90.13M | 74.36M | 61.12M | 61.12M | 63.07M | 63.07M |
| Dividend Payout Ratio | - | 24.39% | 11.43% | - | - | - | - | - | 158.71% | 195.69% | 472.04% |
Quick answers to the most common questions about buying OSW stock.
For fiscal year 2025, OneSpaWorld Holdings Ltd (OSW) reported total revenue of $961.0M. This represents a 101.8% increase compared to $476.3M in 2016.
OneSpaWorld Holdings Ltd (OSW) is profitable, generating $71.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.5%.
OneSpaWorld Holdings Ltd (OSW) reported an operating income of $87.5M, resulting in an operating profit margin of 9.1%. This margin reflects the operational efficiency of the business before interest and taxes.
OneSpaWorld Holdings Ltd (OSW) generated $105.5M in gross profit for the year, representing a gross profit margin of 11.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cruise partner concentration dependency
Metrics are mathematically derived from official filings.
Revenue Growth Sustained Across Cycles
Based on reported figures, OSW's quarterly revenue climbed from $219.6M in 2025Q1 to $276.5M in 2026Q3, a sequential expansion that suggests durable demand from cruise passenger volumes and onboard spending.
The 7.0% year-over-year revenue growth in the latest quarter indicates the top line is still compounding, though the pace is moderate rather than accelerating. The sustained streak of growth points to a business whose volume is tied closely to cruise occupancy, so the durability of this trajectory depends on continued cruise capacity additions and bookings. Investors should monitor whether growth remains anchored to passenger volume rather than pricing or product mix, since the data does not isolate those drivers.
Gross Margin Anchored by Revenue-Share Structure
As reported in financial statements, OSW's gross margin has moved between roughly 10.5% and 17.4% over the period, with the latest quarter at 16.5%, reflecting the sensitivity of cost of services to cruise-partner economics.
The wide range in gross margin across quarters suggests that the revenue-share payments to cruise operators and labor costs do not scale linearly with revenue, leaving reported margins exposed to timing and mix effects. The recovery to 16.5% in the latest quarter after the 11.1% reading in 2025Q4 indicates some improvement, but the variability itself warrants caution about extrapolating any single quarter. Structurally, the business appears to retain a thin slice of each dollar of revenue, which limits cushion against cost inflation.
Operating Income Tracking Revenue Efficiency
According to recent SEC filings, OSW's operating margin improved to 10.8% in 2026Q3 from 7.7% in 2025Q1, suggesting operating income is scaling somewhat faster than revenue over the recent period.
Operating income of $29.9M against $276.5M of revenue implies that overhead absorbs a relatively modest share of the gross profit, consistent with an asset-light model. The margin expansion across 2026 implies some operating leverage, although the SG&A line is not populated in the latest quarters, so the efficiency of overhead cannot be fully verified. Analysts should treat the operating leverage conclusion as provisional until SG&A detail is available.
EPS Recovery Matches Operating Trend
Based on EDBL's reported figures, OSW's diluted EPS rose to $0.28 in 2026Q3 from $0.12 in 2025Q4, with net margin reaching 10.2%, though the path has been uneven across quarters.
Net income of $28.2M closely tracks operating income of $29.9M, implying a modest tax and non-operating drag that appears reasonable relative to the operating base. Stock-based compensation of roughly $2.5M per quarter is small relative to net income, so dilution from equity awards does not appear to materially distort reported earnings. The sharp swings in EPS growth across quarters suggest the bottom line remains sensitive to timing, which investors should monitor against the more stable revenue trend.
Concentration Risk Behind the Growth Narrative
The strongest challenge to the income statement is that OSW's 11% gross margin and quarter-to-quarter volatility may leave earnings exposed if cruise partner economics shift, a risk the reported figures alone cannot quantify.
A skeptic would argue that the thin gross margin reflects a structurally subordinate position relative to cruise operators, meaning any renegotiation of revenue-share terms could compress profitability quickly. The recent EPS miss in an earlier quarter, followed by a rebound, illustrates how fragile the bottom line can be even as revenue grows. This interpretation is inferential, and the data provided does not disclose contract terms, so the concentration thesis warrants further investigation rather than acceptance as established fact.