OSW earnings analysis
What we found in OSW'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
OneSpaWorld (OSW) reported impressive Q1 2026 earnings, achieving revenues of $247.6 million, a 13% increase from Q1 2025, alongside an EPS of $0.27, surpassing estimates. The company attributes this growth to service expansion on newly built ships and enhanced operational efficiencies, although some challenges remain in destination resort revenue.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 13% YoY
- Total revenue increased to $247.6 million from $219.6 million, driven by service expansions and higher guest spending.
- EPS Beat with Strong Growth
- Q1 diluted EPS rose to $0.27, compared to $0.15 in the prior year, marking an 80% increase.
- Operational Efficiency Boosts Net Income
- Net income improved to $21.3 million, a 40% jump from $15.3 million in Q1 2025, reflecting effective cost management.
- Continued Ship Expansion
- Health and wellness services expanded with nine new ships contributing approximately $1.2 million to revenue.
- Solid Free Cash Flow
- Free cash flow remained positive at $4.3 million despite increased capital expenditures.
- Stringent Cost Management
- Administrative costs increased due to outsourcing, but overall cost of services remained manageable.
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.
- Operational Restructuring Costs
- Significant increase in administrative expenses to $6.2 million from $4.2 million due to outsourcing logistics management.
- Exit from Asian Operations
- Declining revenues from Asian destination resorts impacted total revenue growth.
- Increased Total Debt Level
- Interest expenses slightly increased to $1.2 million due to lower interest income as cash balances decreased.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.27
- Gross margin
- 17.4%
- Operating margin
- 10.4%
What they said about what is next.
Expect growth in revenues for Q2 2026 between $257 million and $262 million, reflecting a 10% increase from Q2 2025.
The filing reads better than the one before it.
What came before.
- 10-K · February 23, 2026
- OneSpaWorld (OSW) reports full-year 2025 revenue of $961.0 million with Net Income of $71.6 million and Adjusted EBITDA of $123.3 million, reflecting continued recovery and scale in the outsourced maritime health &…
- 10-Q · May 1, 2025
- OneSpaWorld reported Q1 revenue of $219.63M (up $8.404M or ~4.0% YoY) and diluted EPS of $0.15 (down $0.06 or ~28.6% YoY). Gross margin remained stable at ~16.5% while operating margin was ~7.7%. Cash declined…
- 10-K · February 21, 2025
- OneSpaWorld positions itself as the dominant global provider of outsourced maritime health and wellness services, emphasizing an asset-light, high-cash-flow model and long-term cruise-line partnerships. The company…
- 10-Q · October 31, 2024
- OneSpaWorld reported quarterly revenue of $241,696,000 (up $25,425,000 or ~11.8% vs. the prior-year quarter) with operating income of $25,013,000 and operating margin expansion to ~10.4%. The company materially…
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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