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OneWater Marine (ONEW) earnings and revenue breakdown
Latest: Q3 FY26 · 10-Q filed Jul 31, 2026 · OneWater Marine (ONEW) Q3 FY26 earnings results →
Q3 FY26 Revenue down 4% year over year to $531M · 2¢ of every $1 of revenue kept as net profit · operating margin 6.7%
OneWater Marine made $531M in Q3 FY26 (-4% Y/Y): New boat $320M, Pre-owned boat $121M, Service, parts & other $72.4M. Operating margin 6.7%, net earnings $11.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 31, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $530.7M in Q3 FY26, down 4% year over year and up 20% from the previous quarter. New boat was the largest line at 60% of revenue. Service, parts & other lost $10.6M year over year (down 13%), 48% of the total change.
Operating profit was $35.6M, a 6.7% margin (up 1.2 points year over year). Total costs fell 5% while revenue fell 4%. Net earnings were $11.7M, up 9% year over year. The effective tax rate was 46.9%.
Operating cash flow was $80.4M (down 12% year over year), 688% of net earnings. Non-cash charges added back $4.4M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $60.3M. Capital expenditures of $2.8M left free cash flow of $77.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 FY26 | 10-Q | Jul 31, 2026 | $531M | -4% | 6.7% | $11.7M | $80.4M |
| Q2 FY26 | 10-Q | May 4, 2026 | $442M | -8% | 1.7% | −$12.9M | $52.4M |
| Q1 FY26 | 10-Q | Feb 9, 2026 | $381M | +1% | -1.4% | −$7.7M | −$76.3M |
| Q4 FY25 | 10-K | Dec 15, 2025 | $460M | +22% | -28.3% | −$113M | $9.9M |
| Q3 FY25 | 10-Q | Aug 1, 2025 | $553M | +2% | 5.5% | $10.7M | $90.8M |
| Q2 FY25 | 10-Q | May 2, 2025 | $484M | -1% | 3.4% | −$375K | $28.5M |
| Q4 FY24 | 10-K | Dec 10, 2024 | $378M | -16% | 1.2% | −$10.4M | $27.3M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About OneWater Marine
OneWater Marine Inc. (“OneWater Inc.”) is a holding company and the sole managing member of One Water Marine Holdings, LLC (“OneWater LLC”), which became the principal operating subsidiary of OneWater Inc. on February 11, 2020 in the corporate reorganization (the “Reorganization”) completed in connection with OneWater Inc.’s initial public offering (the “IPO”), which closed on February 11, 2020. Except as otherwise indicated or required by the context, all references in this Annual Report on Form 10-K to the “Company,” “OneWater,” “we,” “us” or “our” relate to OneWater Inc. and its consolidated subsidiaries.
In its own words, from its 10-K, filed Dec 15, 2025.
OneWater Marine against its Retail-Auto & Home Supply Stores peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median -1%. Operating margin: 6.7% against the peers' median 6.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ONEW OneWater Marine | Q3 FY26 | $531M | -4% | 6.7% |
| AZO AutoZone | Q4 FY26 | $6.6B | +6% | 20.0% |
| ORLY O'Reilly Automotive | Q3 2026 | $5.1B | +9% | 21.4% |
| AAP Advance Auto Parts | Q3 2026 | $2.0B | -1% | 2.3% |
| HZO Marinemax | Q3 FY26 | $611M | -7% | 6.1% |
| PRTS CarParts.com | Q3 2026 | $129M | +1% | -2.9% |
| ALDS APPlife Digital Solutions | Q4 FY26 | $222K | -27% | n/m |
| FFLO Free Flow USA | Q2 2026 | $4K | — | -457.3% |
Source: OneWater Marine 10-Q on SEC EDGAR · CIK 1772921 · Retail-Auto & Home Supply Stores
13F: who owns ONEW and who is buying
More on ONEW
History
Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results