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Jun 30
OneWater Marine Q3 2025 Earnings Report
OneWater Marine Inc. announced its fiscal third quarter results, highlighting increased revenue and same-store sales despite a competitive market.
Key Takeaways
OneWater Marine Inc. reported a 2% increase in revenue to $553 million and a 2% increase in same-store sales for the fiscal third quarter ended June 30, 2025. Despite these gains, the company experienced pressure on margins due to a highly competitive environment and promotional activity, leading to a decrease in GAAP net income and adjusted EBITDA compared to the prior year.
Revenue for fiscal third quarter 2025 increased by 1.9% to $552.9 million compared to $542.4 million in the prior year.
Same-store sales saw a 2% increase, indicating organic growth in the dealership segment.
GAAP net income was $10.7 million, or $0.65 per diluted share, a decrease from $16.7 million, or $0.99 per diluted share, in the same period last year.
Adjusted EBITDA decreased to $32.8 million from $39.2 million in fiscal third quarter 2024, reflecting margin pressure.
OneWater Marine
OneWater Marine
OneWater Marine Revenue by Segment
Revenue by Segment
New Boat Sales Revenue
CapyFin.comPre-Owned Boat Sales Revenue
CapyFin.comFinance & Insurance Income Revenue
CapyFin.comService, Parts & Other Sales Revenue
CapyFin.com Forward Guidance
For fiscal full year 2025, OneWater anticipates revenue to be in the range of $1.80 billion to $1.85 billion, with dealership same-store sales expected to be up low single digits. Adjusted EBITDA is projected to be between $65 million and $80 million, and Adjusted Diluted Earnings Per Share is expected to be in the range of $0.50 to $0.75.
Positive Outlook
- Anticipated revenue for fiscal full year 2025 is projected to be between $1.80 billion and $1.85 billion.
- Dealership same-store sales are expected to show low single-digit growth for the full fiscal year.
- Adjusted EBITDA is forecasted to be in the range of $65 million to $80 million.
- Adjusted Diluted Earnings Per Share is expected to be between $0.50 and $0.75.
- The company continues to focus on disciplined inventory management and strategic brand exits.
Challenges Ahead
- The company noted a highly competitive environment and significant promotional activity across the industry.
- Pressure on margins is expected to continue due to competitive pricing and new boat model mix.
- The impact of select brands the Company is exiting may affect future performance.
- Macroeconomic uncertainty continues to be a factor.
- Reconciliations of forward-looking non-GAAP measures are not available without unreasonable effort due to high variability and difficulty in forecasting certain items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income