Filing Flows › OneWater Marine (ONEW) › Q2 FY26 › vs Q2 FY25
OneWater Marine (ONEW) Q2 FY26 vs Q2 FY25 (year over year)
OneWater Marine's revenue fell $41.2M (-9%) from $484M in Q2 FY25 to $442M in Q2 FY26. The biggest changes: New boat −$37.5M (-12%); Service, parts & other −$7.4M (-11%); Pre-owned boat +$4.6M (+5%).
OneWater Marine, Q2 FY26: revenue $442M (-8% year over year), operating margin 1.7%, net loss $12.9M, operating cash flow $52.4M. The chart draws each line against Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Free cash flow margin | 11.3% | 4.9% | +6.4 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| New boat | $272M | $310M | −$37.5M | -12% |
| Pre-owned boat | $94.4M | $89.7M | $4.6M | +5% |
| Service, parts & other | $61.9M | $69.3M | −$7.4M | -11% |
| Finance & insurance income | $14.0M | $15.0M | −$982K | -7% |
| Revenue | $442M | $484M | −$41.2M | -9% |
| Net loss | $12.9M | $375K | $12.5M | 34× |
| Costs & expenses | $455M | $484M | −$28.9M | -6% |
| Operating costs | $435M | $467M | −$32.6M | -7% |
| Interest & other, net | $15.0M | $16.8M | −$1.8M | -11% |
| Income tax | $5.5M | −$148K | $5.7M | — |
| Cost of revenue | $337M | $373M | −$36.3M | -10% |
| SG&A | $85.7M | $87.8M | −$2.1M | -2% |
| Other operating costs | $12.2M | $6.3M | $5.9M | +93% |
| Operating cash sources | $65.3M | $28.8M | $36.5M | +127% |
| Depreciation & amortization | $4.5M | $6.2M | −$1.7M | -28% |
| Share-based compensation | $2.8M | $2.1M | $717K | +34% |
| Working capital & other | $58.1M | $20.6M | $37.5M | +182% |
| Net loss absorbed | $12.9M | $375K | $12.5M | 34× |
| Operating cash flow | $52.4M | $28.5M | $24.0M | +84% |
| Free cash flow (OCF − capex) | $50.2M | $23.7M | $26.5M | +112% |
| Capital expenditures | $2.3M | $4.8M | −$2.5M | -52% |
Questions
How much did OneWater Marine's revenue grow year over year in Q2 FY26?
OneWater Marine's revenue fell $41.2M (-9%) from $484M in Q2 FY25 to $442M in Q2 FY26.
What drove OneWater Marine's revenue change in Q2 FY26?
New boat −$37.5M (-12%); Service, parts & other −$7.4M (-11%); Pre-owned boat +$4.6M (+5%).