- OneWater Marine reported Q2 2025 revenue of $483.5 million, down 0.98% year over year, with a modest net loss of $0.37 million (-$0.02 per diluted share). Despite industry unit sales weakness, the company outperformed the broader market by sustaining positive operating metrics and driving ongoing inventory rationalization. Gross margin stood at 22.8% (vs. 23.0% prior year), while SG&A as a percentage of sales remained elevated at 18.0% due to higher fixed costs and boating-show expenses. EBITDA was $22.25 million, with operating income of $16.27 million.
- Management reiterated a disciplined, margin-conscious approach amid promotional intensity and tariff uncertainty, highlighting tangible progress on inventory reduction and brand rationalization. The quarter featured a 12% year-over-year and 5% sequential reduction in inventory, positioning the business for a more selective, higher-quality brand lineup going into the peak selling season. Management also highlighted growth in pre-owned turnover and financing/insurance penetration as meaningful revenue and engagement drivers.
- For 2025, OneWater updated guidance to reflect a potentially weaker demand environment driven by tariffs and macro uncertainty: expected total sales of $1.7â$1.8 billion; same-store sales flat to down low-single digits; adjusted EBITDA guidance of $65â$95 million; and adjusted diluted EPS guidance of $0.75â$1.25. The company expects inventory to end the year down 10â15% and remains focused on deleveraging toward a healthier capital structure as the year progresses. The earnings call underscored the balance between margin discipline, cost actions, and inventory optimization as the primary levers for improving profitability in a choppy environment.