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 &…
Earnings analysis · 10-Q
OSW earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.27
What stood out
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Revenue Growth of 13% YoY
Total revenue increased to $247.6 million from $219.6 million, driven by service expansions and higher guest spending.
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EPS Beat with Strong Growth
Q1 diluted EPS rose to $0.27, compared to $0.15 in the prior year, marking an 80% increase.
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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.
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Continued Ship Expansion
Health and wellness services expanded with nine new ships contributing approximately $1.2 million to revenue.
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Solid Free Cash Flow
Free cash flow remained positive at $4.3 million despite increased capital expenditures.
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Stringent Cost Management
Administrative costs increased due to outsourcing, but overall cost of services remained manageable.
What to watch
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Operational Restructuring Costs
Significant increase in administrative expenses to $6.2 million from $4.2 million due to outsourcing logistics management.
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Exit from Asian Operations
Declining revenues from Asian destination resorts impacted total revenue growth.
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Increased Total Debt Level
Interest expenses slightly increased to $1.2 million due to lower interest income as cash balances decreased.
Management's outlook
Expect growth in revenues for Q2 2026 between $257 million and $262 million, reflecting a 10% increase from Q2 2025.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.