OneSpaWorld Holdings Ltd

onespaworld.com

What Do They Do?

Operates health and wellness centers aboard cruise ships and at destination resorts, offering guests spa, fitness and aesthetic services and related products.

How Do They Make Money?

Guests buy health and wellness treatments and products; services are billed when provided, retail purchases are billed at sale or shipment, and cruise or resort partners typically remit payments within 30 days.

revenue

Segment	Share	Revenue	How money arrives
Service Sold outright	81% FY2022: 82%		Sold outright
Product Sold outright	19% FY2022: 18%		Sold outright

Who Are Their Customers?

Cruise passengers and destination-resort guests buy services and products at onboard and resort centers; online shoppers can also buy products through timetospa.com. Cruise and resort partners typically remit payments for center sales.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

8% of revenue

▲ +5% vs FY2024 ($78.1M, 9%)

Net income, FY2025

7% of revenue

▼ −2% vs FY2024 ($72.9M, 8%)

Free cash flow, FY2025

7% of revenue

▼ −5% vs FY2024 ($72.1M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $240.7M in Q2 FY2025
Net income: ▲ +16%; vs $19.9M in Q2 FY2025

Service share of revenue vs 80.3% in Q2 FY2025

Jul 29, 2026 Introduces third-quarter and raises fiscal 2026 revenue guidance Introduced third-quarter revenue guidance of $268 to $273 million and raised FY2026 revenue guidance to $1.018 to $1.038 billion.

Growing. Revenue grew 6.7x in 4 years, from $144M in FY2021 to $961M in FY2025, about 61% a year.

Revenue over time

Service Product

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments