OneSpaWorld: Record Streak
OneSpaWorld Posts Record Q2 Revenue and EBITDA, Continues Strong Financial Performance
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Key Points
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In Q2 and the first six months of fiscal 2026, OneSpaWorld posted stronger results, with Q2 revenue of $261.25 million and net income of $23.22 million; six-month revenue reached $508.88 million and net income $44.55 million, with basic and diluted earnings per share from continuing operations of $0.23 for the quarter and $0.44 for the six months.
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The Board approved a quarterly dividend of $0.05 per common share, payable on Sept 2, 2026 (record date Aug 19, 2026). The company used about $5.1 million of free cash flow for dividends and repurchased 16,134 shares for $0.4 million, with about $37.1 million remaining under its $75 million buyback program.
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Ship count and growth drivers: The health and wellness center network ended the quarter with 208 ships, averaging 202 ships during the quarter (up from 191), as revenue days rose 4%, health and wellness center expansions on new ship builds, and a 1.2% rise in average guest spend contributed $14.5 million, $4.8 million, and $2.7 million respectively to revenue.
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Profitability and costs: Income from operations rose 11% to $24.5 million, and adjusted EBITDA advanced 13% to $34.4 million. Administrative expenses rose to $7.2 million (up from $4.4 million) largely due to about $2.0 million in third-party fees tied to reorganizations in the United Kingdom and Italy; salaries and payroll taxes were flat at $8.8 million, and interest expense fell by about $0.3 million.
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Market reaction and near-term expectations showed some mix: Investing.com reported Q2 EPS of $0.29 beating estimates of $0.28 and revenue of $261.2 million slightly below the consensus of roughly $263.5 million; Zacks noted the quarter’s EPS was in line with its consensus. The stock traded around $27.73, with notable 3‑month and 12‑month momentum.
OneSpaWorld posted its 21st consecutive quarter of record revenue and adjusted EBITDA in Q2 fiscal 2026, with sales climbing to $261.2 million — a 9% jump year over year — and net income reaching $23.2 million, according to Yahoo Finance. Earnings per share came in at $0.29, edging past analyst estimates of $0.28.
The cruise ship spa operator now runs health and wellness centers on 208 ships. It raised its full-year 2026 revenue guidance to a range of $1.018 billion to $1.038 billion, per Seeking Alpha.
Three Drivers Pushed Revenue to a New Record
Three things lifted Q2 revenue higher. More days at sea added $14.5 million. New health and wellness centers on newly built ships contributed $4.8 million. And guests spent more — average guest spending rose 1.2%, adding another $2.7 million, according to Yahoo Finance.
The ship count averaged 202 during the quarter, up from 191 a year earlier. Revenue days rose 4%. The network ended the quarter with 208 ships. That steady expansion of the fleet footprint is the engine behind the company's streak of record quarters.
Profit Margins Grew Even as Some Costs Climbed
Income from operations rose 11% to $24.5 million. Adjusted EBITDA — a measure of core operating profit — grew 13% to $34.4 million, per Yahoo Finance. Interest expense fell by about $0.3 million, helping the bottom line.
Administrative expenses jumped to $7.2 million from $4.4 million. About $2.0 million of that increase came from one-time fees tied to business reorganizations in the United Kingdom and Italy. Salaries and payroll taxes held flat at $8.8 million, showing cost discipline elsewhere in the business.
Company Returns Cash to Shareholders While Guiding Higher
The board approved a quarterly dividend of $0.05 per share, payable September 2, 2026, to shareholders of record as of August 19. The company spent about $5.1 million on dividends during the period and bought back 16,134 shares for $0.4 million, according to Yahoo Finance.
About $37.1 million remains under the company's $75 million share repurchase program. Full-year guidance was raised to $1.018 billion to $1.038 billion in revenue, per MarketScreener. The company is also rolling out AI initiatives across 188 vessels, per Seeking Alpha, signaling a push beyond its traditional spa model.
Stock Gains Momentum but Revenue Missed the Consensus
The Q2 earnings beat on the bottom line, but revenue of $261.2 million came in slightly below the analyst consensus of roughly $263.5 million. The EPS figure of $0.29 was in line with some estimates and above others, depending on the forecaster, per Yahoo Finance.
The stock traded around $27.73 and showed strong momentum over both three-month and twelve-month windows. For the first six months of fiscal 2026, revenue totaled $508.88 million and net income hit $44.55 million — both up solidly from the same period a year earlier, per Yahoo Finance.
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