OneSpaWorld Lifts Fiscal 2026 Revenue Floor After Record Quarter

The Tip Desk · November 8, 2026 · 3 min read

Third-quarter revenue reached a record $276.5 million as the cruise spa operator raised its full-year outlook and authorized a new $100 million buyback.

OneSpaWorld Holdings Limited (OSW), the global provider of health and wellness services on cruise ships and at destination resorts, reported record third-quarter fiscal 2026 results and lifted the floor of its full-year revenue outlook after a 22nd consecutive year-over-year increase in total revenues and adjusted EBITDA.

Total revenues rose 7% to $276.5 million from $258.5 million in the third quarter of 2025, after a 9% increase to $261.2 million in the second quarter of 2026. Adjusted EBITDA increased 12% to a record $39.2 million from $35.0 million a year earlier. Net income rose 16% to a record $28.2 million, or $0.28 a share, from $24.3 million, or $0.23 a share. Income from operations increased 14% to a record $30.0 million from $26.3 million.

The company said the revenue increase was driven by a 3.3% rise in average guest spend, fleet expansion from 2026 vessel newbuilds, and higher volumes, primarily from a 1.8% increase in revenue days net of 2026 fleet expansion and an increase in guest count, contributing $8.2 million, $7.0 million and $4.3 million, respectively. Pre-booked revenues at health and wellness centers in the September 30, 2026 ship count increased $6.9 million versus the year-ago quarter.

Service revenues rose 9% to $226.4 million from $208.0 million. Product revenues declined 1% to $50.2 million from $50.5 million, a $1.3 million decrease the company tied to a previously announced reorganization of operations in the United Kingdom and Italy. Destination-resort total revenues decreased $1.4 million, partially due to hotel closures. Average resort count fell to 23 from 50 a year earlier as the Asia resorts exit completed after quarter-end.

The company ended the quarter with health and wellness centers on 207 ships, an average ship count of 206, compared with 204 ships and an average of 199 in the third quarter of 2025. Cruise-ship personnel totaled 4,645. Average weekly revenue per ship was $99,965, compared with $95,675 a year earlier.

Cost of services increased $12.2 million, which the company attributed to the $18.3 million increase in service revenues. Administrative expenses were $7.0 million, up from $4.6 million, including $2.1 million in third-party fees after the United Kingdom and Italy reorganization. Salaries, benefits and payroll taxes were $8.7 million.

The board approved a new $100 million share-repurchase program and a 25% increase in the quarterly dividend to $0.0625 a share. In the third quarter the company returned $42.3 million to shareholders, including $37.2 million of buybacks of about 1.4 million shares and $5.1 million of dividends, completing the prior $75 million authorization. It also repaid $11.3 million of its term loan. Cash was $32.1 million, total liquidity $80.9 million, and total debt, net of deferred financing costs, $70.5 million.

Fiscal 2026 guidance was raised to $1.033 billion to $1.038 billion in total revenues and $138.0 million to $140.0 million in adjusted EBITDA, from the prior $1.018 billion to $1.038 billion and $130.0 million to $140.0 million ranges. The company said it now expects fiscal 2026 total revenues to increase 10% and adjusted EBITDA to increase 13% at the midpoints, compared with actual fiscal 2025 results excluding exited and reorganized operations. Fourth-quarter 2026 guidance is $248 million to $253 million in total revenues and $32 million to $34 million in adjusted EBITDA.

Chief Executive Officer Leonard Fluxman said the company entered new agreements with Azamara Cruises and Silversea Cruises that extend long-term partnerships and are intended to enhance spa facilities. He said the company begins the final quarter of the year positioned for a fourth consecutive year of record results in fiscal 2026.