Revenue growth reached 12.7% in 2026Q1, though structural margin volatility persists as evidenced by gross margins fluctuating between 10.0% and 17.4% over the last ten quarters.
| Sales/Revenue | 989M | 961M | 895.02M | 794.04M | 546.26M | 144.03M | 120.92M | 562.23M | 540.78M | 506.69M | 476.28M |
| Revenue Growth % | 9.47% | 7.37% | 12.72% | 45.36% | 279.26% | 19.11% | -78.49% | 3.97% | 6.73% | 6.38% | - |
| Cost of Goods Sold | 853.98M | 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 | 135.02M | 105.55M | 149.46M | 127.04M | 83.57M | 8.45M | -18.31M | 43.21M | 77.6M | 66.33M | 52.02M |
| Gross Margin % | 13.65% | 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 | 41.68M | 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 | 35.55M | 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 | -1000K | 0 | 16.95M | 18.95M | 16.82M | 16.83M | 207.6M | 47.7M | 171K | -217K | -178K |
| Operating Income | 93.33M | 87.48M | 78.06M | 54.17M | 15.14M | -52.06M | -265M | -13.82M | 48.52M | 38.3M | 23.62M |
| Operating Margin % | 9.44% | 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 | 112.49M | 112.82M | 102.34M | 76.21M | 37.49M | -29.59M | -240.55M | 7.78M | 58.58M | 48.13M | 36.5M |
| EBITDA Margin % | 11.37% | 11.74% | 11.43% | 9.6% | 6.86% | -20.55% | -198.93% | 1.38% | 10.83% | 9.5% | 7.66% |
| EBITDA Growth % | 10.1% | 10.24% | 34.28% | 103.28% | 226.69% | 87.7% | -3193.51% | -86.72% | 21.71% | 31.85% | - |
| D&A (Non-Cash Add-back) | 19.15M | 25.33M | 24.28M | 22.04M | 22.35M | 22.47M | 24.45M | 21.59M | 10.05M | 9.83M | 12.88M |
| EBIT | 94.06M | 81.29M | 86.9M | 16.89M | 69.54M | -54.6M | -271.07M | 19.96M | 48.52M | 38.49M | 23.78M |
| Net Interest Income | -11.94M | -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 | 11.94M | 5.18M | 10.05M | 21.39M | 15.76M | 13.46M | 16.09M | 19.51M | 34.1M | 0 | 0 |
| Other Income/Expense | -11.22M | -11.37M | -1.2M | -58.67M | 38.65M | -16.03M | -22.16M | -42.91M | -33.69M | 191K | 162K |
| Pretax Income | 82.12M | 76.11M | 76.86M | -4.5M | 53.78M | -68.09M | -287.16M | 56.73M | 14.83M | 38.49M | 23.78M |
| Pretax Margin % | 8.3% | 7.92% | 8.59% | -0.57% | 9.85% | -47.28% | -237.47% | 10.09% | 2.74% | 7.6% | 4.99% |
| Income Tax | 4.44M | 4.49M | 3.99M | -1.53M | 624K | 429K | 814K | 11K | 1.09M | 5.26M | 5.62M |
| Effective Tax Rate % | 5.41% | 5.9% | 5.19% | 33.91% | 1.16% | -0.63% | -0.28% | 0.02% | 7.34% | 13.67% | 23.61% |
| Net Income | 77.68M | 71.62M | 72.86M | -2.97M | 53.16M | -68.52M | -287.98M | -60.73M | 9.89M | 31.12M | 14.9M |
| Net Margin % | 7.85% | 7.45% | 8.14% | -0.37% | 9.73% | -47.57% | -238.15% | -10.8% | 1.83% | 6.14% | 3.13% |
| Net Income Growth % | 15.99% | -1.71% | 2550.03% | -105.59% | 177.58% | 76.21% | -374.21% | -714.28% | -68.23% | 108.8% | - |
| Net Income (Continuing) | 77.68M | 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) | 0.76 | 0.69 | 0.69 | -0.03 | 0.56 | -0.76 | -3.87 | -0.61 | 0.16 | 0.44 | 0.21 |
| EPS Growth % | 17.19% | 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 | 102.31M | 103.67M | 104.94M | 97.83M | 95.11M | 90.13M | 74.36M | 61.12M | 63.07M | 70.07M | 70.07M |
| Basic Shares Outstanding | 101.98M | 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% |
Maritime labor supply constraints
According to recent financial disclosures, OSW achieved a 12.7% year-over-year revenue growth in 2026Q1, reflecting a consistent upward trajectory that suggests the company is successfully capturing increased passenger volumes across its contracted cruise fleet while maintaining its core service-based revenue model despite broader macroeconomic uncertainties.
The revenue growth appears to be driven by a combination of higher ship occupancy and the successful deployment of premium service offerings. Investors should monitor whether this growth remains durable as the cruise industry approaches full capacity, as future expansion may increasingly rely on pricing power rather than volume increases.
As reported in quarterly filings, OSW's gross margin fluctuated between 10.0% and 17.4% over the last ten quarters, highlighting the inherent sensitivity of the company's revenue-sharing model to variable costs and the timing of ship-related expenses that periodically compress profitability across the maritime service portfolio.
The variability in gross margins suggests that the company's profitability is highly dependent on the specific mix of retail product sales versus service treatments. The reliance on cruise line partners for revenue-sharing arrangements creates a structural ceiling on margins that warrants further investigation into potential contract renegotiations.
Based on the provided income statement data, OSW's operating income has shown inconsistent scaling relative to gross profit, with operating margins oscillating between 6.5% and 10.3% as the company navigates fluctuating SG&A expenses and the operational complexities of managing a global, multi-vessel wellness workforce.
The lack of clear operating leverage suggests that the company's overhead costs are not yet fully optimized to scale with revenue growth. This may indicate that the business requires ongoing, significant investment in human capital and logistics to maintain its service standards across an expanding fleet.
Analysis of recent income statements reveals that stock-based compensation remains a recurring expense, with $2.6M recorded in 2026Q1, which may obscure the underlying cash-generating capability of the business and warrants careful scrutiny when evaluating the sustainability of reported net income and diluted earnings per share.
The presence of consistent stock-based compensation suggests that management is utilizing equity to align incentives, though this dilutive impact should be weighed against the company's operational performance. Investors should monitor whether these non-cash charges continue to represent a significant portion of operating expenses in future periods.
While the company demonstrates a strong recovery, the heavy reliance on a limited number of cruise line partners, as inferred from the business model, presents a significant risk that could lead to margin compression if contractual terms are adjusted or if partner ship-building plans decelerate.
The potential for revenue concentration to limit long-term pricing power is a critical concern that may be overlooked by those focusing solely on passenger volume growth. The company's dependence on the maritime labor market also introduces a persistent risk of wage inflation that could further erode the already thin operating margins.
Quick answers to the most common questions about buying OSW stock.
For fiscal year 2025, OneSpaWorld Holdings Limited (OSW) reported total revenue of $961.0M. This represents a 101.8% increase compared to $476.3M in 2016.
OneSpaWorld Holdings Limited (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 Limited (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 Limited (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.