ONEW earnings analysis
What we found in ONEW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
OneWater Marine's Q2 2026 report showed a significant decline in revenue and earnings, with actual EPS of -$0.34 compared to estimates of $0.07 and a prior year loss of just -$0.02. Revenue fell to $442.3 million, an 8.5% decrease year-over-year, driven primarily by a drop in new boat sales. Despite a decline in overall performance, gross margin improved slightly, reflecting ongoing adjustments in product mix and pricing strategies.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Revenue decreased to $442.3 million, down 8.5% year-over-year from $483.5 million.
- Worsening EPS
- EPS reported at -$0.34, missing estimates by 857% from an expected $0.07.
- Gross Margin Improvement
- Gross margin increased to 23.9%, up 110 basis points from 22.8% in the prior year.
- Pre-owned Boat Sales Growth
- Pre-owned boat sales were up 5.2% to $94.4 million, helping offset some declines.
- Restructuring Charges
- Restructuring and impairment charges soared to $6.6 million, impacting net income.
- Transaction Cost Increase
- Transaction costs increased by 288.3% to $1.5 million largely due to the sale of Ocean Bio-Chem.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Net loss widened to $12.9 million from $0.4 million year-over-year.
- Declining New Boat Sales
- New boat sales fell by $37.5 million, or 12.1%, contributing to reduced revenue.
- Impact of Ocean Bio-Chem Sale
- The sale resulted in decreased revenue from service and parts, affecting overall earnings.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.34
- Gross margin
- 23.9%
- Operating margin
- 1.7%
- Segment
- Dealerships: 93%, Distribution: 7% revenue breakdown
What they said about what is next.
Management expects challenges due to consumer spending patterns and industry dynamics.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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