OneWater Marine Inc. reported a net loss of $12.9 million for fiscal Q2 2026, a diluted loss per share of $0.78, and revenue of $442.3 million, a 9 % decline from the same period a year earlier. The company’s gross profit margin expanded to 23.9 %, up 110 basis points, while adjusted EBITDA fell to $16.3 million from $17.9 million a year earlier.
The diluted loss per share of $0.78 was a miss against analyst estimates of $0.08, and the adjusted diluted loss per share of $0.34 was $0.43 below the consensus estimate of $0.09. The revenue miss was driven by the timing of the Palm Beach International Boat Show and the divestiture of Ocean Bio‑Chem Holdings, which shifted a significant portion of new‑boat sales to the following quarter and reduced service and parts revenue.
Gross margin expansion was largely attributable to a favorable mix of new and pre‑owned boat sales and higher pricing power. The company also recorded a $4.9 million non‑cash trade‑name impairment and a $5.8 million impairment charge related to the divestiture of its distribution assets, which contributed to the lower adjusted EBITDA.
OneWater Marine reduced its debt by $56.6 million, largely funded by the $50 million proceeds from the sale of Ocean Bio‑Chem Holdings. The debt reduction brings the company closer to its goal of lowering leverage to below four times EBITDA by year‑end, a key metric for investors.
Management maintained its full‑year 2026 outlook of revenue $1.78–$1.88 billion, adjusted EBITDA $60–$80 million, and adjusted diluted EPS $0.20–$0.70. The company acknowledged a challenging retail environment and double‑digit declines in retail demand, but emphasized continued improvement in boat margins and portfolio optimization.
Executive Chairman Austin Singleton said, 'Our second quarter was highlighted by continued improvement in boat margins and a significant reduction in leverage.' He added, 'Margin expansion reflects the benefits of a more focused portfolio and the deliberate actions taken to reduce complexity, optimize inventory, and manage costs.' Chairman Philip Singleton noted, 'Our second quarter 2026 results reflect the challenging retail environment, a continued improvement in boat margins, portfolio optimization and a notable reduction in leverage.' President Anthony Aisquith said, 'Industry retail demand remains pressured, citing SSI data indicating double‑digit declines,' and added that the pre‑owned business remained a bright spot with revenues increasing 5 %. Chief Operating Officer Jack Ezzell said, 'The Palm Beach International Boat Show took place at the end of March, which shifted a meaningful amount of new boat sales into the June quarter,' and that additional cost actions taken in late March and early April are expected to deliver approximately $6 million in annual savings.
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