OneSpaWorld reported record third-quarter revenue and profit, with growth across its cruise operations and higher guest spending and service activity. The cruise-ship spa operator also raised its 2026 outlook and announced a new $100 million share-repurchase authorization and a 25% increase in its quarterly dividend.
The company said it had now recorded 22 straight quarters of year-over-year growth in revenue and adjusted EBITDA. It also completed the exit of its Asia resorts business after the quarter ended.
Key details
- Third-quarter results set records: Revenue rose 7% to $276.5 million from $258.5 million a year earlier. Operating income increased 14% to $30.0 million, net income rose 16% to $28.2 million, and adjusted EBITDA climbed 12% to $39.2 million.
- The prior-year comparison includes the Asia resorts business: That operation contributed $1.5 million of third-quarter 2025 revenue and $0.9 million in the latest quarter.
- The company raised its full-year outlook: OneSpaWorld now expects 2026 revenue of $1.033 billion to $1.038 billion and adjusted EBITDA of $138 million to $140 million. At the midpoint, those ranges represent increases of 10% and 13%, respectively, over 2025 results excluding exited and reorganized operations.
- Shareholder returns are expanding: The board approved a new $100 million share-repurchase program and raised the quarterly dividend by 25% to $0.0625 per share. The company said it returned $42.3 million to shareholders during the third quarter: $37.2 million through repurchases of about 1.4 million shares and $5.1 million in dividends. It has completed its previous $75 million repurchase authorization, buying back about 3.2 million shares since that program began in April 2025.
- Debt declined during the quarter: OneSpaWorld repaid $11.3 million of its term loan. At September 30, it had $32.1 million in cash, $80.9 million in total liquidity, including borrowing availability, and $70.5 million in debt net of deferred financing costs.
- Cruise operations expanded: The company ended the quarter with wellness centers on 207 ships, compared with 204 a year earlier; average ship count rose to 206 from 199. Cruise-ship personnel increased to 4,645 from 4,466.
- The resort network is smaller following the Asia exit: OneSpaWorld ended the quarter with 23 destination-resort centers, compared with 49 a year earlier. The Asia business accounted for 11 of the current centers and 34 of the prior-year count; its exit was completed after quarter-end.
- New cruise-line agreements support expansion: OneSpaWorld entered into new agreements with Azamara Cruises and Silversea Cruises, extending its partnerships with both brands. The agreements provide for enhancements to spa facilities and the range of services, products and experiences offered to guests; financial terms were not specified.
- Management also cited continued use of AI technology to improve operating efficiency and support growth.
What changes for investors: The new repurchase authorization replaces a completed $75 million program with a larger one, while the higher dividend increases the company’s regular cash distribution. The expanded shareholder returns come alongside a term-loan repayment and reported liquidity of $80.9 million.