Revenue for OneWater Marine decreased 4% to $530.7 million for the quarter ending June 30 2026, compared to $552.9 million in fiscal third quarter 2025. Same-store sales were down 2%.
New boat revenue decreased 1.9%, driven by lower unit volumes, but partially offset by a higher average price per unit.
The decline in new boat revenue was primarily attributable to the impact of brand exits completed during the prior year. Excluding those brands, new boat sales increased year over year.
Pre-owned boat revenue decreased 3.9%, compared to 18% growth in the prior year.
Finance and insurance income decreased 2.7%, and service, parts and other sales were down 12.8% compared to the prior year quarter, primarily reflecting the impact of the OBCI divestiture.
Gross profit margin increase
Gross profit for the quarter was $127.5 million, down $1.2 million from $128.7 million for the prior year, however gross profit margin increased to 24%.
Net income for the quarter 2026 increased to $11.7 million, compared to $10.7 million in the same period in 2025.
Adjusted EBITDA was $37.8 million compared to $32.8 million for the prior year, and the total inventory as of June 30 2026, decreased to $485.5 million, compared to $517.1 million on June 30 2025.
For the full year 2026 OneWater anticipates the industry to be down high-single digits year over year based on recent industry trends, with adjusted EBITDA is expected to be in the range of $68 million to $78 million.
Disciplined inventory levels
However the company says it is cautiously optimistic for the next quarter despite continued macroeconomic uncertainty.
“Solid third quarter results reflected the benefits of the actions we have taken over the past year to strengthen the business,” said Austin Singleton, executive chairman of OneWater.
“Despite a measured retail environment, we expanded margins, reduced leverage, and continued to maintain disciplined inventory levels.”
He continued: “With structural improvements to the business and enhanced financial flexibility, we believe we are well positioned to deliver outsized growth as industry conditions improve.”
