Short answer
ONESPAWORLD HOLDINGS Ltd (OSW) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $961M (+7.4% year over year) and net income of $72M.
FY2025 key financial metrics · XBRL
- Revenue
- $961M
- +7.4% YoY
- Net income
- $72M
- −1.7% YoY
- Operating margin
- 8.5%
- −0.2 pp YoY
- EPS (diluted)
- $0.69
- +0.0% YoY
- ROE
- 13.2%
- +0.1 pp YoY
- Operating cash flow
- $84M
- +6.0% YoY
Source: XBRL data from the ONESPAWORLD HOLDINGS Ltd (OSW) FY2025 10-K on SEC EDGAR. USD.
ONESPAWORLD HOLDINGS Ltd FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Market-leading global outsourced maritime health, wellness, aesthetics, and fitness services provider with over 90% market share
- New emphasis: Expansion of medi-spa offerings to 157 ships by end of 2026, with medi-spa guests spending up to 4x more than traditional services
- Strategic shift: Deployment of AI and advanced technology for dynamic pricing, pre-booking, and personalized marketing to enhance revenue and guest experience
- Quantitative highlight: Operated 206 centers serving 28 million guests, employing 6,600 staff across 88 nationalities, with 97% contract renewal rate over past 15 years
- Noteworthy fact: Achieved revenue $961 million, net income $71.6 million, adjusted EBITDA $123.3 million in 2025, while benefiting from a low 6% effective cash tax rate
Management Discussion & Analysis
- Revenue $961.0M in 2025, up 7% YoY from $895.0M in 2024; Service revenues $777.3M (+7%), Product revenues $183.7M (+7%)
- Operating margin 8.5% in 2025 vs 8.7% in 2024; Income from operations $81.6M in 2025 vs $78.1M in 2024; net income $71.6M vs $72.9M
- Best performing segment: Maritime (cruise ship operations) drove revenue growth; Worst performing: Destination resorts revenue down $4.8M, partly due to hotel closures
- Interest expense decreased 42% to $5.7M in 2025 from $10.0M in 2024; $15M debt repaid since 2024; Restructuring expenses $2.7M; Capex details not disclosed
- Management notes fleet expansion, higher guest spend, and increased pre-bookings as revenue drivers; risks include weather impact and operational reorganizations
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