OneWater Marine Q2 Earnings Call Highlights

OneWater Marine (NASDAQ:ONEW) reported fiscal second-quarter 2026 results that absorption said reflected a “challenging retail environment,” improved vessel margins, continued portfolio optimization, and advancement reducing leverage. Revenue declined 9% year-over-year to $442 million, portion same-store income fell 8%.

Executive Chairman Austin Singleton attributed portion of the quarter’s softness to calendar effects, noting the Palm Beach International Boat Show occurred astatine the extremity of March this year, shifting a “meaningful amount” of caller vessel income into the June quarter. Singleton besides pointed to portfolio actions, including the merchantability of Ocean Bio-Chem, which affected reported comparisons against the anterior year.

Retail request pressured, but margins amended

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Chief Executive Officer Anthony Aisquith said manufacture retail request “remains pressured,” citing SSI information indicating double-digit declines successful the categories wherever OneWater competes. Within the company, little caller vessel volumes were “partially offset by disciplined pricing and favorable premix successful a somewhat little promotional environment,” which helium said supported higher gross margin.

Gross nett successful the 4th decreased to $106 cardinal from $110 cardinal a twelvemonth earlier, but gross borderline expanded to 23.9%, a 110-basis-point improvement. Chief Financial Officer and Chief Operating Officer Jack Ezzell said the borderline enlargement was driven by “favorable premix shift, marque portfolio optimization, and continued execution of our strategical priorities to heighten vessel gross profit.”

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Singleton said the institution is moving to grow margins done a much streamlined portfolio of brands and assets, and characterized inventory arsenic being successful the “best information it has been successful years” owed to a steadfast premix and property illustration and disciplined accumulation by OEM partners.

New vessel gross falls; pre-owned grows

Ezzell said caller vessel gross decreased 12%, driven by the Palm Beach amusement timing displacement and little portion volumes, “partially offset by higher mean portion price.” Pre-owned vessel gross accrued 5%, supported by “solid utilized vessel activity” and improved availability, which Aisquith called a “bright spot.”

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During the Q&A, Raymond James asked for much item connected same-store income declines. Management said units were down successful the “mid to precocious azygous digits,” portion the bulk of the same-store income diminution was “led by price,” reflecting a displacement toward much affluent, higher-ticket purchases. Management added that astir fractional of the diminution was driven by the Palm Beach amusement timing, with “maybe a quarter” attributable to exited brands.