OneWater Marine Inc.
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 31, 2026
ONEW$9.58-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001772921-26-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001772921-26-000044
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 178 previous paragraphs and 178 current paragraphs.
110 unchanged; 53 reworded; 15 added; 14 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
New boat sales decreased by $6.2 million, or 1.9%, to $320.0 million for the three months ended June 30, 2026 from $326.1 million for the three months ended June 30, 2025. The decrease was primarily driven by lower unit sales, partially offset by higher average price per unit. The decline in new boat sales was primarily attributable to the impact of strategic brand exits completed during the prior year; excluding those brands, new boat sales increased year over year.
Current report
Transaction costs remained flat at $0.2 million for the three months ended June 30, 2026 and the three months ended June 30, 2025. The stability was primarily attributable to consistent acquisition and disposal activity across both periods.
Current report
During the three months ended June 30, 2026 and June 30, 2025, we recognized charges of $0.3 million and $0.2 million, respectively, primarily related to headcount reductions.
Current report
Income from operations increased $5.3 million, or 17.3%, to $35.6 million for the three months ended June 30, 2026 compared to $30.4 million for the three months ended June 30, 2025. The increase was primarily attributable to the $4.9 million decrease in selling, general and administrative expenses and the $1.5 million decrease in depreciation and amortization, partially offset by the $1.2 million decrease in gross profit for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.
Current report
Other (Income) Expense, Net
Current report
Other (income) expense, net was flat at $0.2 million of income for each of the three months ended June 30, 2026 and June 30, 2025.
Current report
Income Tax Expense
Current report
Net Income
Current report
Net income increased by $1.0 million to $11.7 million for the three months ended June 30, 2026 compared to $10.7 million for the three months ended June 30, 2025. The increase was primarily attributable to the $5.3 million increase in income from operations and a $2.0 million decrease in interest expense - other, slightly offset by a $6.8 million increase in income tax expense for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Current report
New boat sales decreased by $58.4 million, or 6.6%, to $825.3 million for the nine months ended June 30, 2026 from $883.6 million for the nine months ended June 30, 2025. The decrease was primarily attributable to a decrease in unit sales, partially offset by an increase in average sales price. The decline in new boat sales was primarily attributable to the impact of strategic brand exits completed during the prior year; excluding those brands, new boat sales increased year over year.
Current report
Other (Income) Expense, Net
Current report
Income Tax Expense
Current report
Income tax expense changed by $4.3 million, or 228.2%, to $2.4 million income tax expense for the nine months ended June 30, 2026 compared to an income tax benefit of $1.9 million for the nine months ended June 30, 2025. The change was primarily attributable to the impact of the Ocean Bio-Chem disposition as well aslimitations on the deductibility of officer's compensation and the impact of other permanent and temporary tax differences.
Current report
Adjusted EBITDA was $37.8 million for the three months ended June 30, 2026 compared to $32.8 million for the three months ended June 30, 2025. The increase in Adjusted EBITDA resulted primarily from the decrease in selling, general and administrative expenses, partially offset by the decrease in gross profit for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Current report
Adjusted Net Income Attributable to OneWater Marine Inc. and Adjusted Diluted Earnings Per Share were $6.1 million and $0.36, respectively, for thenine months ended June 30, 2026 compared to Adjusted Net Income Attributable to OneWater Marine Inc. and Adjusted Diluted Earnings Per Share of $7.1 million and $0.45, respectively, for thenine months ended June 30, 2025. The decrease in Adjusted Net Income Attributable to OneWater Marine Inc. resulted from the decrease in gross profit and the increase in income tax expense, partially offset by the decrease in selling, general and administrative expenses for thenine months ended June 30, 2026, as compared to thenine months ended June 30, 2025. The decrease in Adjusted Diluted Earnings Per Share resulted from the decrease in Adjusted Net Income Attributable to OneWater Marine Inc.
Removed paragraphs (14)
Previous report
New boat sales decreased by $37.5 million, or 12.1%, to $272.0 million for the three months ended March 31, 2026 from $309.5 million for the three months ended March 31, 2025. The decrease was primarily attributable to a decrease in unit sales and the timing of this year's Palm Beach International Boat Show, partially offset by an increase in average sales price.
Previous report
During the three months ended March 31, 2026, we recognized a loss of $6.6 million, primarily related to an impairment charge related toidentifiable intangible assets, resulting from revised assumptions used in estimating the fair value of certain trade names. During the three months ended March 31, 2025, we recognized charges of $0.4 million related to restructuring activities.
Previous report
Income from operations decreased $8.6 million, or 53.1%, to $7.6 million for the three months ended March 31, 2026 compared to $16.3 million for the three months ended March 31, 2025. The decrease was primarily attributable to the $6.2 million increase in restructuring and impairment and the $4.9 million decrease in gross profit, partially offset by the $2.1 million decrease in selling, general and administrative expenses for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Previous report
Other Expense (Income), Net
Previous report
Other expense (income), net increased by $0.9 million, or 455.8%, to $1.1 million of expense for the three months ended March 31, 2026 compared to $0.2 million of expense for the three months ended March 31, 2025. The increase was primarily due to the recognized loss on disposal of Ocean Bio-Chem during the three months ended March 31, 2026.
Previous report
Income Tax Expense (Benefit)
Previous report
Net loss increased by $12.5 million to $12.9 million for the three months ended March 31, 2026 compared to $0.4 million for the three months ended March 31, 2025. The increase was primarily attributable to the $8.6 million decrease in income from operations and a $5.7 million increase in income tax expense, partially offset by the $1.8 million decrease in interest expense - other for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Previous report
New boat sales decreased by $52.2 million, or 9.4%, to $505.3 million for the six months ended March 31, 2026 from $557.5 million for the six months ended March 31, 2025. The decrease was primarily attributable to a decrease in unit sales and the timing of this year's Palm Beach International Boat Show, partially offset by an increase in average sales price.
Previous report
Other Expense (Income), Net
Previous report
Income Tax Benefit
Previous report
Income tax benefit increased by $2.4 million, or 45.2%, to $7.9 million for the six months ended March 31, 2026 compared to $5.4 million for the six months ended March 31, 2025. The increase was primarily attributable to the 46.8% increase in net loss before income tax benefit for the six months ended March 31, 2026 compared to the six months ended March 31, 2025.
Previous report
Net Loss
Previous report
Adjusted EBITDA remained flat at $19.9 million for the six months ended March 31, 2026 compared to $19.8 million for the six months ended March 31, 2025.
Previous report
Adjusted Net Loss Attributable to OneWater Marine Inc. and Adjusted Diluted Loss Per Share remained flat for thesix months ended March 31, 2026 as compared to thesix months ended March 31, 2025. Adjusted Net Loss Attributable to OneWater Marine Inc. and Adjusted Diluted Loss Per Share were $6.2 million and $0.38, respectively, for the six months ended March 31, 2026 compared to Adjusted Net Loss Attributable to OneWater Marine Inc. and Adjusted Diluted Loss Per Share of $5.9 million and $0.38, respectively, for the six months ended March 31, 2025.
Reworded paragraphs (53)
Previous wording
We believe that we are one of the largest and fastest-growing marine retailers in the United States with 94 dealerships,6 distribution centers/warehouses and multiple online marketplaces as of March 31, 2026. Our dealer groups are located within highly attractive markets throughout the Southeast, Gulf Coast, Mid-Atlantic and Northeast, many of which are in the top twenty states for marine retail expenditures. We believe that we are a market leader by volume in sales of premium boats in many of the markets in which we operate. In addition to boat sales, we also generate sales from related products including finance & insurance and service, parts & other sales. Our sales of marine parts and accessories expanded with the acquisitions of T-H Marine Supplies, LLC (“T-H Marine”) and, prior to the completed sale on February 2, 2026, Ocean Bio-Chem, LLC (f/k/a Ocean Bio-Chem, Inc. ("Ocean Bio-Chem")).
Current wording
We believe that we are one of the largest and fastest-growing marine retailers in the United States with 91 dealerships,6 distribution centers/warehouses and multiple online marketplaces as of June 30, 2026. Our dealer groups are located within highly attractive markets throughout the Southeast, Gulf Coast, Mid-Atlantic and Northeast, many of which are in the top twenty states for marine retail expenditures. We believe that we are a market leader by volume in sales of premium boats in many of the markets in which we operate. In addition to boat sales, we also generate sales from related products including finance & insurance and service, parts & other sales. Our sales of marine parts and accessories expanded with the acquisitions of T-H Marine Supplies, LLC (“T-H Marine”) and, prior to the completed sale on February 2, 2026, Ocean Bio-Chem, LLC (f/k/a Ocean Bio-Chem, Inc.) ("Ocean Bio-Chem").
Previous wording
We report our operations through two reportable segments: Dealerships and Distribution.
Current wording
We report our operations through two reportable segments: Dealership and Distribution.
Previous wording
As of March 31, 2026, the Dealerships segment includes operations of 94 dealerships in 17 states including Florida, Texas, Alabama and Georgia, among others, and represents 93% and 92% of revenues for the three and six months ended March 31, 2026, respectively. The Dealerships segment engages in the sale of new and pre-owned boats, arranges financing and insurance products, performs repairs and maintenance services, offers marine-related parts and accessories and offers slip and storage accommodations in certain locations. In fiscal year 2025, we sold over 9,500 new and pre-owned boats, many of which were sold to customers who had a trade-in or with whom we otherwise had established relationships. The combination of our significant scale, diverse inventory and revenue streams, access to premium boat brands and meaningful brand equity enables us to provide a consistently professional experience as reflected by the number of our repeat customers and Dealership same-store sales growth.
Current wording
As of June 30, 2026, the Dealership segment includes operations of 91 dealerships in 17 states including Florida, Texas, Alabama and Georgia, among others, and represents 94% and 93% of revenues for the three and nine months ended June 30, 2026, respectively. The Dealership segment engages in the sale of new and pre-owned boats, arranges financing and insurance products, performs repairs and maintenance services, offers marine-related parts and accessories and offers slip and storage accommodations in certain locations. In fiscal year 2025, we sold over 9,500 new and pre-owned boats, many of which were sold to customers who had a trade-in or with whom we otherwise had established relationships. The combination of our significant scale, diverse inventory and revenue streams, access to premium boat brands and meaningful brand equity enables us to provide a consistently professional experience as reflected by the number of our repeat customers and Dealership same-store sales growth.
Previous wording
As of March 31, 2026, the Distribution segment includes the activity of our fully-owned businesses, Central Assets & Operations, LLC d/b/a PartsVu and T-H Marine and its subsidiaries, which together operate 6 distribution centers/warehouses in Alabama, Florida, and Oklahoma and represents 7% and 8% of revenues for the three and six months ended March 31, 2026, respectively. Prior to completion of the sale on February 2, 2026, the Distribution segment also included the activity of Ocean Bio-Chem and its subsidiaries. The Distribution segment engages in the manufacturing, assembly and distribution of primarily marine-related products for sale to distributors, big box retailers, online retailers and direct to consumers. We offer a wide array of branded parts and accessories including jack plates, rigging parts, plumbing components, LED lighting, storage systems, and appearance, cleaning, and maintenance products for the marine and ancillary industries. All revenue for the Distribution segment is reported in service, parts & other in our consolidated statements of operations.
Current wording
As of June 30, 2026, the Distribution segment includes the activity of our fully-owned businesses, Central Assets & Operations, LLC d/b/a PartsVu and T-H Marine and its subsidiaries, which together operate 6 distribution centers/warehouses in Alabama, Florida, and Oklahoma and represents 6% and 7% of revenues for the three and nine months ended June 30, 2026, respectively. Prior to completion of the sale on February 2, 2026, the Distribution segment also included the activity of Ocean Bio-Chem and its subsidiaries. The Distribution segment engages in the manufacturing, assembly and distribution of primarily marine-related products for sale to distributors, big box retailers, online retailers and direct to consumers. We offer a wide array of branded parts and accessories including jack plates, rigging parts, plumbing components, LED lighting, storage systems, and appearance, cleaning, and maintenance products for the marine and ancillary industries. All revenue for the Distribution segment is reported in service, parts & other in our consolidated statements of operations.
Previous wording
We were formed in 2014 as OneWater LLC through the combination of Singleton Marine and Legendary Marine, which created a marine retail platform that collectively owned and operated 19 dealerships. Since the combination in 2014, we have acquired multiple additional dealerships, distribution centers/warehouses and online marketplaces through 35 acquisitions and, as of March 31, 2026, operate 94 dealerships and 6 distribution centers/warehouses. Our current portfolio as of March 31, 2026 consists of multiple brands which are recognized on a local, regional or national basis. Because of this, we believe we are one of the largest and fastest-growing marine retailers in the United States based on number of dealerships and total boats sold. While we have opportunistically opened new dealerships in select markets, or launched additional parts and accessory products, we believe that it is generally more effective economically and operationally to acquire existing businesses with experienced staff and established reputations.
Current wording
We were formed in 2014 as OneWater LLC through the combination of Singleton Marine and Legendary Marine, which created a marine retail platform that collectively owned and operated 19 dealerships. Since the combination in 2014, we have acquired multiple additional dealerships, distribution centers/warehouses and online marketplaces through 35 acquisitions and, as of June 30, 2026, operate 91 dealerships and 6 distribution centers/warehouses. Our current portfolio as of June 30, 2026 consists of multiple brands which are recognized on a local, regional or national basis. Because of this, we believe we are one of the largest and fastest-growing marine retailers in the United States based on number of dealerships and total boats sold. While we have opportunistically opened new dealerships in select markets, or launched additional parts and accessory products, we believe that it is generally more effective economically and operationally to acquire existing businesses with experienced staff and established reputations.
Previous wording
We have a diversified revenue profile that is comprised of new boat sales, pre-owned boat sales, finance & insurance products, repair and maintenance services, and parts and accessories sales. During different phases of the economic cycle, consumer behavior may shift away from new boats; however, we are well-positioned to generate revenue from pre-owned boats, repair and maintenance services, and parts and accessories, which have all historically increased during periods of economic uncertainty. We generate pre-owned sales from boats traded-in for new and pre-owned boats, boats purchased from customers, brokerage transactions, consignment sales and wholesale sales. We continue to focus on all aspects of our business including non-boat sales of finance & insurance products, repair and maintenance services, and parts and accessories. Although non-boat sales contributed approximately 17.2% and 17.4% to revenue in the three months ended March 31, 2026 and 2025, respectively, and 18.6% and 18.1% to revenue in the six months ended March 31, 2026 and 2025, respectively, due to the higher gross margin on these product and service lines, non-boat sales contributed 37.3% and 40.1% to gross profit in the three months ended March 31, 2026 and 2025, respectively, and 38.9% and 41.3% to gross profit in the six months ended March 31, 2026 and 2025, respectively. We have also diversified our business across geographies, dealership types (e.g., fresh water and salt water), and product offerings (e.g., focus on parts and accessories businesses through our Distribution segment) in order to reduce the effects of seasonality and cyclicality of our business. In addition to seasonality, revenue and operating results may be significantly affected by quarter-to-quarter changes in economic conditions, manufacturer incentive programs, adverse weather conditions and other developments outside of our control.
Current wording
We have a diversified revenue profile that is comprised of new boat sales, pre-owned boat sales, finance & insurance products, repair and maintenance services, and parts and accessories sales. During different phases of the economic cycle, consumer behavior may shift away from new boats; however, we are well-positioned to generate revenue from pre-owned boats, repair and maintenance services, and parts and accessories, which have all historically increased during periods of economic uncertainty. We generate pre-owned sales from boats traded-in for new and pre-owned boats, boats purchased from customers, brokerage transactions, consignment sales and wholesale sales. We continue to focus on all aspects of our business including non-boat sales of finance & insurance products, repair and maintenance services, and parts and accessories. Although non-boat sales contributed approximately 16.9% and 18.2% to revenue in the three months ended June 30, 2026 and 2025, respectively, and 17.9% and 18.1% to revenue in the nine months ended June 30, 2026 and 2025, respectively, due to the higher gross margin on these product and service lines, non-boat sales contributed 36.0% and 42.1% to gross profit in the three months ended June 30, 2026 and 2025, respectively, and 37.7% and 41.6% to gross profit in the nine months ended June 30, 2026 and 2025, respectively. We have also diversified our business across geographies, dealership types (e.g., fresh water and salt water), and product offerings (e.g., focus on parts and accessories businesses through our Distribution segment) in order to reduce the effects of seasonality and cyclicality of our business. In addition to seasonality, revenue and operating results may be significantly affected by quarter-to-quarter changes in economic conditions, manufacturer incentive programs, adverse weather conditions and other developments outside of our control.
Previous wording
This acquisition is partially reflected in our unaudited condensed consolidated statements of operations for the three and six months ended March 31, 2026.
Current wording
This acquisition is fully reflected in our unaudited condensed consolidated statements of operations for the three months ended June 30, 2025 and partially reflected in our unaudited condensed consolidated statements of operations for the nine months ended June 30, 2025.
Previous wording
The disposition is partially reflected in our unaudited condensed consolidated statements of operations for the three and six months ended March 31, 2026. There were no dispositions during the fiscal year ended September 30, 2025.
Current wording
The disposition is fully reflected in our unaudited condensed consolidated statements of operations for the three months ended June 30, 2026. For the nine months ended June 30, 2026, the disposed business contributed to results for the period prior to the disposition date and, accordingly, the effects of the disposition are only partially reflected. There were no dispositions during the fiscal year ended September 30, 2025.
Previous wording
Overall, revenue decreased by $41.2 million, or 8.5%, to $442.3 million for the three months ended March 31, 2026 from $483.5 million for the three months ended March 31, 2025. Revenue decreased primarily due to a decrease in unit sales for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Overall, the revenue decrease was attributable to a $37.5 million decrease innew boat sales and a $7.4 million decrease in service, parts & other sales, partially offset by a $4.6 million increase in pre-owned boat sales for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Current wording
Overall, revenue decreased by $22.2 million, or 4.0%, to $530.7 million for the three months ended June 30, 2026 from $552.9 million for the three months ended June 30, 2025. Revenue decreased primarily due to a decrease in unit sales for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Overall, the revenue decrease was primarily attributable to a $10.6 million decrease inservice, parts & other sales, a $6.2 million decrease in new boat sales, and a $4.9 million decrease in pre-owned boat sales for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Previous wording
Pre-owned boat sales increased by $18.3 million, or 12.5%, to $164.8 million for the six months ended March 31, 2026 from $146.5 million for the six months ended March 31, 2025. We sell a wide range of brands and sizes of pre-owned boats under different types of sales arrangements (e.g., trade-ins, brokerage, consigned and wholesale), which causes periodic and seasonal fluctuations in the average sales price. The increase in pre-owned boat sales was primarily attributable to an increase in both units sold and average unit price.
Current wording
Pre-owned boat sales decreased by $4.9 million, or 3.9%, to $121.1 million for the three months ended June 30, 2026 from $125.9 million for the three months ended June 30, 2025. We sell a wide range of brands and sizes of pre-owned boats under different types of sales arrangements (e.g., trade-ins, brokerage, consigned and wholesale), which causes periodic and seasonal fluctuations in the average sales price. The decrease in pre-owned boat sales was primarily attributable to lower unit sales, reflecting a challenging comparison to the prior year period, during which pre-owned boat sales increase of 18%.
Previous wording
We generate revenue from arranging finance & insurance products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies. Finance & insurance income decreased by $1.0 million, or 6.5%, to $14.0 million for the three months ended March 31, 2026 from $15.0 million for the three months ended March 31, 2025. The decrease was primarily due to the decrease in new boat sales. We remain very focused on improving sales of finance & insurance products throughout our dealer network and implementing best practices at acquired dealer groups and existing dealerships. Finance & insurance income is recorded net of related fees, including fees charged back due to any early cancellation of loan or insurance contracts by a customer. Since finance & insurance income is fee-based, we do not incur any related cost of sale.
Current wording
We generate revenue from arranging finance & insurance products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies. Finance & insurance income decreased by $0.5 million, or 2.7%, to $17.3 million for the three months ended June 30, 2026 from $17.8 million for the three months ended June 30, 2025. The decrease was primarily due to the decrease in new boat and pre-owned boat sales. We remain very focused on improving sales of finance & insurance products throughout our dealer network and implementing best practices at acquired dealer groups and existing dealerships. Finance & insurance income is recorded net of related fees, including fees charged back due to any early cancellation of loan or insurance contracts by a customer. Since finance & insurance income is fee-based, we do not incur any related cost of sale.
Previous wording
Service, parts & other sales decreased by $7.4 million, or 10.7%, to $61.9 million for the three months ended March 31, 2026 from $69.3 million for the three months ended March 31, 2025. The decrease in service, parts & other sales is primarily due to the sale of Ocean Bio-Chem, partially offset by an increase in revenues for the remaining business in the Distribution segment. Revenues for the Distribution segment are reported in service, parts & other sales and totaled$30.5 million and$37.2 million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
Service, parts & other sales decreased by $10.6 million, or 12.8%, to $72.4 million for the three months ended June 30, 2026 from $83.0 million for the three months ended June 30, 2025. The decrease in service, parts & other sales is attributable to the sale of Ocean Bio-Chem. Excluding the impact of the disposition, service, parts & other sales increased. Revenues for the Distribution segment are reported in service, parts & other sales and totaled$29.3 million and$40.1 million for the three months ended June 30, 2026 and 2025, respectively.
Previous wording
Gross profit decreased by $4.9 million, or 4.4%, to $105.5 million for the three months ended March 31, 2026 from $110.4 million for the three months ended March 31, 2025. This decrease was primarily due to the decrease in revenues for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, partially offset by the increase in gross margin. Gross margin increased 110 basis points to 23.9% for the three months ended March 31, 2026 from 22.8% for the three months ended March 31, 2025 due to the factors noted below.
Current wording
Gross profit decreased by $1.2 million, or 0.9%, to $127.5 million for the three months ended June 30, 2026 from $128.7 million for the three months ended June 30, 2025. This decrease was primarily due to the decrease in revenues for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, partially offset by the increase in gross margin. Gross margin increased 70 basis points to 24.0% for the three months ended June 30, 2026 from 23.3% for the three months ended June 30, 2025 due to the factors noted below.
Previous wording
New boat gross profit decreased by $1.8 million, or 3.6%, to $48.5 million for the three months ended March 31, 2026 from $50.3 million for the three months ended March 31, 2025. This decrease was driven by the decrease in new boat revenues. Gross profit margin increased to 17.8% for the three months ended March 31, 2026 as compared to 16.2% in the three months ended March 31, 2025. The increase was primarily attributable to new boat pricing and the impact of portfolio optimization actions taken in the previous fiscal year.
Current wording
New boat gross profit increased by $5.2 million, or 10.0%, to $57.1 million for the three months ended June 30, 2026 from $52.0 million for the three months ended June 30, 2025. Gross profit margin increased to 17.9% for the three months ended June 30, 2026 as compared to 15.9% in the three months ended June 30, 2025. The increase was primarily attributable to new boat pricing and the impact of portfolio optimization actions taken in the previous fiscal year.
Previous wording
Pre-owned boat gross profit increased by $1.9 million, or 11.8%, to $17.7 million for the three months ended March 31, 2026 from $15.9 million for the three months ended March 31, 2025. The increase in pre-owned gross profit was driven by the increase in both pre-owned boat revenues and pre-owned boat gross profit margin. Pre-owned boat gross profit margin was 18.8% and 17.7% for the three months ended March 31, 2026 and 2025, respectively. The increase in gross profit margin was primarily due to a favorable model mix of pre-owned boat sales and the continued strength of customer demand.
Current wording
Pre-owned boat gross profit increased by $2.0 million, or 8.7%, to $24.5 million for the three months ended June 30, 2026 from $22.5 million for the three months ended June 30, 2025. The increase in pre-owned gross profit was driven by margin expansion. Pre-owned boat gross profit margin was 20.2% and 17.9% for the three months ended June 30, 2026 and 2025, respectively. The increase in gross profit margin was primarily due to a favorable model mix of pre-owned boat sales and the continued strength of customer demand.
Previous wording
Finance & insurance gross profit decreased by $1.0 million, or 6.5%, to $14.0 million for the three months ended March 31, 2026 from $15.0 million for the three months ended March 31, 2025. Finance & insurance income is fee-based revenue for which we do not recognize incremental cost of sales.
Current wording
Finance & insurance gross profit decreased by $0.5 million, or 2.7%, to $17.3 million for the three months ended June 30, 2026 from $17.8 million for the three months ended June 30, 2025. Finance & insurance income is fee-based revenue for which we do not recognize incremental cost of sales.
Previous wording
Service, parts & other gross profit decreased by $3.9 million, or 13.5%, to $25.3 million for the three months ended March 31, 2026 from $29.3 million for the three months ended March 31, 2025. The decrease in gross profit was the result of a decrease in Distribution segment sales as a result of the disposition of Ocean Bio-Chem. Service, parts & other gross profit margin was 41.0% and 42.2% for the three months ended March 31, 2026 and 2025, respectively. The decrease in gross profit margin was primarily attributable to a change in sales mix reflecting higher sales to original equipment manufacturers, which have a lower margin profile.
Current wording
Service, parts & other gross profit decreased by $7.8 million, or 21.5%, to $28.6 million for the three months ended June 30, 2026 from $36.4 million for the three months ended June 30, 2025. The decrease in gross profit was the result of a decrease in Distribution segment sales as a result of the disposition of Ocean Bio-Chem. Service, parts & other gross profit margin was 39.4% and 43.8% for the three months ended June 30, 2026 and 2025, respectively. The decrease in gross profit margin was primarily driven by a shift in sales mix following the disposition of OBCI.
Previous wording
Selling, general and administrative expenses decreased by $2.1 million, or 2.4%, to $85.7 million for the three months ended March 31, 2026 from $87.8 million for the three months ended March 31, 2025. This decrease was primarily due to previously implemented cost saving actions and ongoing expense management, partially offset by an increase in variable personnel costs, primarily sales commissions. Selling, general and administrative expenses as a percentage of revenue increased to 19.4% from 18.2% for the three months ended March 31, 2026 and 2025, respectively, primarily due to lower revenues.
Current wording
Selling, general and administrative expenses decreased by $4.9 million, or 5.3%, to $87.2 million for the three months ended June 30, 2026 from $92.1 million for the three months ended June 30, 2025. This decrease was primarily due to previously implemented cost saving actions and ongoing expense management, partially offset by an increase in variable personnel costs, primarily sales commissions due to higher new and pre-owned gross profit. Selling, general and administrative expenses as a percentage of revenue decreased to 16.4% from 16.7% for the three months ended June 30, 2026 and 2025, respectively, primarily due to cost reduction actions.
Previous wording
Depreciation and amortization expense decreased $1.3 million, or 24.4%, to $4.2 million for the three months ended March 31, 2026 compared to $5.5 million for the three months ended March 31, 2025. The decrease in depreciation and amortization expense was primarily attributable to a reduction in amortization of intangible assets due to the prior year impairment charge as well as the impact of the Ocean Bio-Chem disposal.
Current wording
Depreciation and amortization expense decreased $1.5 million, or 27.1%, to $4.1 million for the three months ended June 30, 2026 compared to $5.6 million for the three months ended June 30, 2025. The decrease in depreciation and amortization expense was primarily attributable to a reduction in amortization of intangible assets due to the prior year impairment charge as well as the impact of the Ocean Bio-Chem disposition.
Previous wording
Interest expense – floor plan decreased $0.9 million, or 11.9%, to $6.6 million for the three months ended March 31, 2026 compared to $7.5 million for the three months ended March 31, 2025. Floor plan related interest expense decreased primarily due to the decrease in both the average floor plan borrowings and interest rates for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Current wording
Interest expense – floor plan decreased $0.6 million, or 7.9%, to $6.8 million for the three months ended June 30, 2026 compared to $7.3 million for the three months ended June 30, 2025. Floor plan related interest expense decreased primarily due to the decrease in both the average floor plan borrowings and interest rates for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Previous wording
Interest expense – other decreased$1.8 million, or 19.3%, to$7.3 million for the three months ended March 31, 2026 compared to$9.1 million for the three months ended March 31, 2025. The decrease in interest expense – otherwas primarily attributable to a lower average outstanding debt balance resulting from debt repayments, as well as lower interest rates.
Current wording
Interest expense – other decreased$2.0 million, or 21.8%, to$7.1 million for the three months ended June 30, 2026 compared to$9.0 million for the three months ended June 30, 2025. The decrease in interest expense – otherwas primarily attributable to a lower average outstanding debt balance resulting from debt repayments, as well as lower interest rates.
Previous wording
Income tax expense (benefit) changed by $5.7 million, or 3,833.8%, to $5.5 million of income tax expense for the three months ended March 31, 2026 compared to $0.1 million of income tax benefit for the three months ended March 31, 2025. The change was primarily attributable to the impact of the Ocean Bio-Chem disposal. Our effective tax rates of (74.9)% and 28.3% for the three months ended March 31, 2026 and 2025, respectively, differ from statutory rates primarily due to limitations on officer's compensation and the impact on income tax expense (benefit) from the sale of Ocean Bio-Chem.
Current wording
Income tax expense increased by $6.8 million, or 193.5%, to $10.3 million of income tax expense for the three months ended June 30, 2026 compared to $3.5 million of income tax expense for the three months ended June 30, 2025. Our effective tax rates were 46.9% and 24.7% for the three months ended June 30, 2026 and 2025, respectively. The effective tax rates differ from statutory rates primarily due to limitations on the deductibility of officer's compensation and the impact of other permanent and temporary tax differences.
Previous wording
Overall, revenue decreased by $36.5 million, or 4.2%, to $822.9 million for the six months ended March 31, 2026 from $859.3 million for the six months ended March 31, 2025. Revenue decreased due to a decrease in unit sales for the six months ended March 31, 2026 compared to the six months ended March 31, 2025. Overall the revenue decrease was attributable to a $52.2 million decrease in new boat sales, partially offset by a $18.3 million increase in pre-owned boat sales for the six months ended March 31, 2026 compared to the six months ended March 31, 2025.
Current wording
Overall, revenue decreased by $58.6 million, or 4.2%, to $1,353.6 million for the nine months ended June 30, 2026 from $1,412.2 million for the nine months ended June 30, 2025. Revenue decreased due to a decrease in new and pre-owned unit sales for the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025. Overall, the revenue decrease was primarily attributable to a $58.4 million decrease in new boat sales and a $11.7 million decrease in service, parts & other revenue, partially offset by a $13.4 million increase in pre-owned boat sales for the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025.
Previous wording
Pre-owned boat sales increased by $4.6 million, or 5.2%, to $94.4 million for the three months ended March 31, 2026 from $89.7 million for the three months ended March 31, 2025. We sell a wide range of brands and sizes of pre-owned boats under different types of sales arrangements (e.g., trade-ins, brokerage, consigned and wholesale), which causes periodic and seasonal fluctuations in the average sales price. The increase in pre-owned boat sales was primarily attributable to an increase in both average unit price and unit sales.
Current wording
Pre-owned boat sales increased by $13.4 million, or 4.9%, to $285.8 million for the nine months ended June 30, 2026 from $272.5 million for the nine months ended June 30, 2025. We sell a wide range of brands and sizes of pre-owned boats under different types of sales arrangements (e.g., trade-ins, brokerage, consigned and wholesale), which causes periodic and seasonal fluctuations in the average sales price. The increase in pre-owned boat sales was primarily attributable to an increase in average unit price.
Previous wording
We generate revenue from arranging finance & insurance products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies. Finance & insurance income decreased by $1.5 million, or 6.1%, to $22.9 million for the six months ended March 31, 2026 from $24.4 million for the six months ended March 31, 2025. The decrease was primarily due to a decrease in new boat sales. We remain very focused on improving sales of finance & insurance products throughout our dealer network and implementing best practices at acquired dealer groups and existing dealerships. Finance & insurance income is recorded net of related fees, including fees charged back due to any early cancellation of loan or insurance contracts by a customer. Since finance & insurance income is fee-based, we do not incur any related cost of sale.
Current wording
We generate revenue from arranging finance & insurance products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies. Finance & insurance income decreased by $2.0 million, or 4.7%, to $40.2 million for the nine months ended June 30, 2026 from $42.2 million for the nine months ended June 30, 2025. The decrease was primarily due to a decrease in new boat sales. We remain very focused on improving sales of finance & insurance products throughout our dealer network and implementing best practices at acquired dealer groups and existing dealerships. Finance & insurance income is recorded net of related fees, including fees charged back due to any early cancellation of loan or insurance contracts by a customer. Since finance & insurance income is fee-based, we do not incur any related cost of sale.
Previous wording
Service, parts & other sales decreased by $1.1 million, or 0.8%, to $129.9 million for the six months ended March 31, 2026 from $130.9 million for the six months ended March 31, 2025. Revenues for the Distribution segment are reported in service, parts & other sales and totaled $63.2 million and $65.4 million for the six months ended March 31, 2026 and 2025, respectively. The decrease in revenue in the Distribution segment was partially offset by an increase in revenue in our Dealership segment. The decrease in revenue in the Distribution segment is primarily due to the sale of Ocean Bio-Chem during the six months ended March 31, 2026.
Current wording
Service, parts & other sales decreased by $11.7 million, or 5.5%, to $202.3 million for the nine months ended June 30, 2026 from $213.9 million for the nine months ended June 30, 2025. Revenues for the Distribution segment are reported in service, parts & other sales and totaled $92.5 million and $105.5 million for the nine months ended June 30, 2026 and 2025, respectively. The decrease in revenue in the Distribution segment was partially offset by an increase in revenue in our Dealership segment. The decrease in revenue in the Distribution segment is primarily due to the sale of Ocean Bio-Chem during the nine months ended June 30, 2026.
Previous wording
Gross profit increased by $0.5 million, or 0.2%, to $194.9 million for the six months ended March 31, 2026 from $194.5 million for the six months ended March 31, 2025. This increase was primarily due to new and used boat pricing and execution of strategic priorities to increase boat gross profit. Gross margin increased 110 basis points to 23.7% for the six months ended March 31, 2026 from 22.6% for the six months ended March 31, 2025 due to the factors noted below.
Current wording
Gross profit decreased by $0.7 million, or 0.2%, to $322.4 million for the nine months ended June 30, 2026 from $323.1 million for the nine months ended June 30, 2025. Gross margin increased 90 basis points to 23.8% for the nine months ended June 30, 2026 from 22.9% for the nine months ended June 30, 2025 due to the factors noted below.
Previous wording
New boat gross profit decreased by $0.4 million, or 0.4%, to $86.8 million for the six months ended March 31, 2026 from $87.2 million for the six months ended March 31, 2025. This decrease was primarily due to the decrease in unit sales, partially offset by the increase in average sales price and new boat gross profit margin. New boat gross profit margin was 17.2% for the six months ended March 31, 2026 as compared to 15.6% in the six months ended March 31, 2025. The increase was primarily due to new boat pricing and the impact of portfolio optimization actions taken in the previous fiscal year.
Current wording
New boat gross profit increased by $4.8 million, or 3.4%, to $143.9 million for the nine months ended June 30, 2026 from $139.1 million for the nine months ended June 30, 2025, despite declining revenues. This increase was primarily due to improvements in new boat gross profit margin. New boat gross profit margin was 17.4% for the nine months ended June 30, 2026 as compared to 15.7% in the nine months ended June 30, 2025. The increase was primarily due to new boat pricing and the impact of portfolio optimization actions taken in the previous fiscal year.
Previous wording
Pre-owned boat gross profit increased by $5.3 million, or 19.4%, to $32.3 million for the six months ended March 31, 2026 from $27.1 million for the six months ended March 31, 2025. This increase was due to the increase in pre-owned boat gross profit margins and the increase in pre-owned boat sales. Pre-owned boat gross profit margin was 19.6% and 18.5% for the six months ended March 31, 2026 and 2025, respectively. The increase was primarily due to a favorable model mix of pre-owned boat sales.
Current wording
Pre-owned boat gross profit increased by $7.2 million, or 14.5%, to $56.8 million for the nine months ended June 30, 2026 from $49.6 million for the nine months ended June 30, 2025. This increase was due to the increase in pre-owned boat gross profit margins and the increase in pre-owned boat sales. Pre-owned boat gross profit margin was 19.9% and 18.2% for the nine months ended June 30, 2026 and 2025, respectively. The increase was primarily due to a favorable model mix of pre-owned boat sales.
Previous wording
Finance & insurance gross profit decreased by $1.5 million, or 6.1%, to $22.9 million for the six months ended March 31, 2026 from $24.4 million for the six months ended March 31, 2025. Finance & insurance income is fee-based revenue for which we do not recognize incremental cost of sales.
Current wording
Finance & insurance gross profit decreased by $2.0 million, or 4.7%, to $40.2 million for the nine months ended June 30, 2026 from $42.2 million for the nine months ended June 30, 2025. Finance & insurance income is fee-based revenue for which we do not recognize incremental cost of sales.
Previous wording
Service, parts & other gross profit decreased by $2.9 million, or 5.2%, to$52.9 million for the six months ended March 31, 2026 from$55.8 million for the six months ended March 31, 2025. Thedecrease was due to the decrease in service, parts & other sales, primarily attributable to the disposal of Ocean Bio-Chem, as well as the decrease in the service, parts & other gross profit margin. Service, parts & other gross profit margin was 40.8% and 42.7% for the six months ended March 31, 2026 and 2025, respectively. The decrease in gross profit margin was primarily attributable to a change in sales mix reflecting higher sales to original equipment manufacturers, which have a lower margin profile.
Current wording
Service, parts & other gross profit decreased by $10.8 million, or 11.7%, to$81.5 million for the nine months ended June 30, 2026 from$92.2 million for the nine months ended June 30, 2025. Thedecrease was due to the decrease in service, parts & other sales, primarily attributable to the disposition of Ocean Bio-Chem, as well as the decrease in the service, parts & other gross profit margin. Service, parts & other gross profit margin was 40.3% and 43.1% for the nine months ended June 30, 2026 and 2025, respectively. The decrease in gross profit margin was primarily driven by a shift in sales mix following the disposition which historically generated higher gross margins.
Previous wording
Selling, general and administrative expenses remained flat at $167.0 million for the six months ended March 31, 2026 compared to $166.9 million for the six months ended March 31, 2025. Selling, general and administrative expenses as a percentage of revenue increased to 20.3% from 19.4% for the six months ended March 31, 2026 and 2025. The increase in selling, general and administrative expenses as a percentage of revenue was driven by higher variable personnel costs, primarily sales commissions.
Current wording
Selling, general and administrative expenses decreased by $4.7 million, or 1.8%, to $254.3 million for the nine months ended June 30, 2026 compared to $259.0 million for the nine months ended June 30, 2025. This decrease was primarily due to previously implemented cost saving actions and ongoing expense management, partially offset by an increase in variable personnel costs. Selling, general and administrative expenses as a percentage of revenue increased to 18.8% from 18.3% for the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025. The increase in selling, general and administrative expenses as a percentage of revenue was driven by higher variable personnel costs, primarily sales commissions due to higher new and pre-owned gross profit.
Previous wording
Depreciation and amortization expense decreased by $2.2 million, or 20.8%, to $8.6 million for the six months ended March 31, 2026 compared to $10.8 million for the six months ended March 31, 2025. The decrease in depreciation and amortization expense for the six months ended March 31, 2026 compared to the six months ended March 31, 2025 was primarily attributable to a reduction in amortization of intangible assets due to the prior year impairment charge as well as the impact of the Ocean Bio-Chem disposal.
Current wording
Depreciation and amortization expense decreased by $3.8 million, or 22.9%, to $12.7 million for the nine months ended June 30, 2026 compared to $16.4 million for the nine months ended June 30, 2025. The decrease in depreciation and amortization expense for the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025 was primarily attributable to a reduction in amortization of intangible assets due to the prior year impairment charge as well as the impact of the Ocean Bio-Chem disposition.
Previous wording
Transaction costs increased by $1.1 million, or 288.3%, to $1.5 million for the three months ended March 31, 2026 compared to $0.4 million for the three months ended March 31, 2025. The increase in transaction costs was primarily attributable to costs associated with the sale of Ocean Bio-Chem during the three months ended March 31, 2026.
Current wording
Transaction costs increased by $1.7 million, or 156.2%, to $2.8 million for the nine months ended June 30, 2026 compared to $1.1 million for the nine months ended June 30, 2025. The increase in transaction costs was primarily attributable to costs associated with the sale of Ocean Bio-Chem during the nine months ended June 30, 2026.
Previous wording
During the six months ended March 31, 2026, we recognized expense of $0.2 million related to accretion of contingent consideration liabilities. During the six months ended March 31, 2025, we recognized expense of $0.3 million related to updated forecasts and accretion of contingent consideration liabilities.
Current wording
During the nine months ended June 30, 2026, we recognized expense of $0.2 million related to accretion of contingent consideration liabilities. During the nine months ended June 30, 2025, we recognized expense of $0.5 million related to updated forecasts and accretion of contingent consideration liabilities.
Previous wording
During the six months ended March 31, 2026, we recognized a loss of $14.0 million, primarily to adjust the carrying value of assets held for sale to their estimated fair value, less costs to sell, as well as impairment charges to reduce the carrying value of certain identifiable intangible assets to their estimated fair value. During the six months ended March 31, 2025, we recognized a loss of $2.3 million related to other various restructuring activities, of which $1.2 million was recorded in restructuring and impairment and $1.1 million was recorded in new boat cost of sales in the unaudited consolidated statement of operations.
Current wording
During the nine months ended June 30, 2026, we recognized a loss of $14.3 million, primarily to adjust the carrying value of assets held for sale to their estimated fair value, less costs to sell, as well as impairment charges to reduce the carrying value of certain identifiable intangible assets to their estimated fair value. During the nine months ended June 30, 2025, we recognized a loss of $3.0 million related to other various restructuring activities, of which $1.5 million was recorded in restructuring and impairment and $1.5 million was recorded in new boat cost of sales in the unaudited consolidated statement of operations.
Previous wording
Income from operations decreased by $11.8 million, or 82.8%, to $2.5 million for the six months ended March 31, 2026 compared to $14.3 million for the six months ended March 31, 2025. The decrease was primarily attributable to a $12.8 million increase in restructuring and impairment and a $1.7 million increase in transaction costs, partially offset by a $2.2 million decrease in depreciation and amortization for the six months ended March 31, 2026 as compared to the six months ended March 31, 2025.
Current wording
Income from operations decreased by $6.6 million, or 14.7%, to $38.1 million for the nine months ended June 30, 2026 compared to $44.7 million for the nine months ended June 30, 2025. The decrease was primarily attributable to a $12.9 million increase in restructuring and impairment and a $1.7 million increase in transaction costs, partially offset by a $4.7 million decrease in selling, general and administrative expenses and a $3.8 million decrease in depreciation and amortization for the nine months ended June 30, 2026 as compared to the nine months ended June 30, 2025.
Previous wording
Interest expense – floor plan decreased by $0.8 million, or 5.3%, to $13.8 million for the six months ended March 31, 2026 compared to $14.5 million for the six months ended March 31, 2025. Floor plan related interest expense decreased primarily due to an decrease in average floor plan borrowings for the six months ended March 31, 2026 compared to the six months ended March 31, 2025.
Current wording
Interest expense – floor plan decreased by $1.3 million, or 6.1%, to $20.5 million for the nine months ended June 30, 2026 compared to $21.9 million for the nine months ended June 30, 2025. Floor plan related interest expense decreased primarily due to a decrease in both the average floor plan borrowings and interest rates for the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025.
Previous wording
Interest expense – other decreased by$2.1 million, or 11.6%, to$16.0 million for thesix months ended March 31, 2026 compared to$18.1 million for thesix months ended March 31, 2025. The decrease in interest expense – otherwas primarily attributable to a lower average outstanding debt balance resulting from debt repayments, as well as lower interest rates.
Current wording
Interest expense – other decreased by$4.1 million, or 15.0%, to$23.1 million for thenine months ended June 30, 2026 compared to$27.1 million for thenine months ended June 30, 2025. The decrease in interest expense – otherwas primarily attributable to a lower average outstanding debt balance resulting from debt repayments, as well as lower interest rates.
Previous wording
Other expense (income), net remained flat at $1.2 million of expense for the six months ended March 31, 2026 compared to $1.1 million of expense for the six months ended March 31, 2025.
Current wording
Other (income) expense, net remained flat at $1.0 million of expense for the nine months ended June 30, 2026 compared to $0.9 million of expense for the nine months ended June 30, 2025.
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Previous report — wording carried elsewhere
Transaction costs increased by $1.7 million, or 181.6%, to $2.6 million for the six months ended March 31, 2026 compared to $0.9 million for the six months ended March 31, 2025. The increase in transaction costs was primarily attributable to costs associated with the sale of Ocean Bio-Chem during the six months ended March 31, 2026.