OneWater posted total revenue of $552.9 million, an increase of 1.9% versus Q3 2024, supported by a 2% gain in same-store sales. However, adjusted diluted earnings per share declined sharply to $0.79, significantly underperforming the consensus estimate of $1.12 and down from $1.05 a year ago.
OneWater Marine operates a nationwide network of over 100 locations across the United States, including more than 95 retail dealerships and multiple service, storage, and marina facilities. It serves as the official U.S. dealer for several major global yacht brands, including Sunseeker Yachts (UK), for which it is the exclusive distributor, and Axopar Boats (Finland), expanding their reach through high traffic markets in Florida and Alabama.
The company also owns Denison Yachting, a leading superyacht brokerage representing brands such as Bertram, Filippetti Yachts, and Numarine. With a broad mix of premium products and full-service offerings, OneWater positions itself as a comprehensive marine lifestyle platform catering to a wide spectrum of boat buyers.
Financial Snapshot — Q3 2025
While total revenue grew from the prior year, OneWater reported a net loss for the quarter ended June 30, 2025. Rising financing costs, elevated inventory levels, and softer consumer demand in the sub-30-meter category all contributed to margin compression in its traditional boat sales division.
- Revenue: $552.9 million (+1.9% YoY)
- GAAP Net Income: $10.7 million, or $0.65 per diluted share
- Adjusted EPS: $0.79, down from $1.05 in Q3 2024
- Adjusted EBITDA: $32.8 million, down from $39.2 million in prior-year quarter
- Gross Profit Margin: 23.3% (down 110 bps YoY)
- Liquidity: $70.1 million in cash; $85M+ total liquidity available
Performance Drivers: Pre-Owned Strength, New Boat Weakness
OneWater reported a 2.1% decline in new boat revenue, attributed to lower unit volume partially offset by higher average pricing. By contrast, pre‑owned boat sales surged 17.8%, and finance & insurance income remained flat, supporting modest growth in overall revenue. However, cost pressure from promotional activity and selective brand exits compressed gross margins.
Despite macroeconomic uncertainty, we continue to outperform broader industry trends through disciplined inventory management and strategic positioning.
CEO
Strategic Context & Market Implications
OneWater’s performance reflects broader shifts in the marine retail sector:
- Pre-owned sales remain resilient and high-margin, helping offset softness in the new boat segment.
- New boat demand is under pressure, particularly in lower and mid-sized ranges, highlighting industry-wide sensitivity to economic uncertainty and credit availability.
- Inventory reduction is a key strategic lever: OneWater’s total inventory fell 13.6% year-over-year, easing working capital strains
Despite these pressures, the company’s premium and superyacht segments performed more steadily. Demand for larger, custom, and brokerage yachts remained strong, echoing trends seen in recent financial reports from European builders such as Sanlorenzo and Ferretti Group. These clients continue to demonstrate resilience and spending power despite rising interest rates and market volatility.
Forward Outlook
Management reaffirmed full-year guidance:
- Revenue: $1.80–$1.85 billion
- Adjusted EBITDA: $65 million to $80 million
- Adjusted EPS: $0.50 to $0.75 per share
Looking ahead, OneWater said it will continue to expand its presence in high-margin categories such as brokerage, charter, and aftermarket services. The group also flagged potential challenges stemming from new U.S. tariffs on imported yachts under 30 meters, a category that includes many of the European brands it represents.
Industry Takeaway
OneWater’s Q3 results align with those reported by MarineMax, Ferretti, and Sanlorenzo in 2025: the entry-level and mid-market segments remain under pressure, while pre-owned and service-related revenue streams provide critical support. Superyacht demand and ultra-high-net-worth-driven markets continue to outperform, reinforcing the importance of diversification and premium positioning in a challenging retail environment.
Buyers in this segment may benefit from increased leverage and deeper discounts, but limited financing options and possible import duties could reduce available choices. Industry analysts note that British brands may gain a competitive edge if Italian and European builders are subject to higher tariffs later this year.
As OneWater navigates these dynamics, it remains focused on strengthening its full-service platform and adapting to shifting consumer behavior across the marine market.
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