OneWater Marine Inc. (NASDAQ:ONEW) delivered stronger-than-anticipated fourth-quarter revenue on Thursday, although earnings lagged forecasts as the retailer contended with another difficult year for the boating sector.
The company reported adjusted earnings per share of less than $0.01, missing Wall Street’s expectation of $0.21. Still, revenue surged to $460.1 million, well above the $407.6 million consensus estimate and marking a 21.8% year-over-year increase.
Growth was fueled by a 23% jump in same-store sales, including a 26.7% rise in new boat revenue and a 24.6% increase in pre-owned boat revenue. However, the quarter was weighed down by a $145.8 million non-cash impairment charge tied to goodwill and intangible assets, pushing OneWater to a net loss of $113 million.
“We delivered a solid finish to what was a challenging fiscal 2025 for our industry, outperforming the market and continuing to advance our strategic priorities,” commented Austin Singleton, Executive Chairman at OneWater. “Amid heightened competition and elevated promotional activity, our teams executed with discipline, managing inventory to the cleanest levels we have seen in years.”
For fiscal 2025, OneWater generated $1.87 billion in revenue, up 5.6% from the prior year, with 6% same-store sales growth. Gross margin came in at 22.8%, down 170 basis points year over year as pricing pressure and promotional activity persisted.
Looking ahead to fiscal 2026, management expects flat industry unit volumes, with company revenue projected between $1.83 billion and $1.93 billion. OneWater forecast adjusted EBITDA of $65 million to $85 million and adjusted earnings per share between $0.25 and $0.75.