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Bessemer Group Inc. lifted its position in OneSpaWorld Holdings Limited (NASDAQ:OSW – Free Report) by 30.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,468,100 shares of the company’s stock after acquiring an additional 341,632 shares during the period. Bessemer Group Inc. owned about 1.45% of OneSpaWorld worth $33,692,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in OSW. First Trust Advisors LP grew its position in OneSpaWorld by 2.9% during the 4th quarter. First Trust Advisors LP now owns 3,179,211 shares of the company’s stock worth $65,937,000 after purchasing an additional 90,381 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of OneSpaWorld by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 3,017,136 shares of the company’s stock valued at $62,575,000 after purchasing an additional 89,191 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in OneSpaWorld by 0.4% in the second quarter. Raymond James Financial Inc. now owns 2,525,357 shares of the company’s stock worth $51,492,000 after purchasing an additional 10,807 shares in the last quarter. Geode Capital Management LLC increased its position in OneSpaWorld by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 2,505,052 shares of the company’s stock worth $51,964,000 after buying an additional 122,681 shares during the last quarter. Finally, State Street Corp raised its holdings in OneSpaWorld by 1.2% during the fourth quarter. State Street Corp now owns 2,253,071 shares of the company’s stock valued at $46,729,000 after buying an additional 26,533 shares in the last quarter. Hedge funds and other institutional investors own 95.98% of the company’s stock.

Insider Activity In other OneSpaWorld news, Director Walter Field Mclallen sold 10,500 shares of OneSpaWorld stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $24.67, for a total transaction of $259,035.00. Following the sale, the director directly owned 137,382 shares of the company’s stock, valued at approximately $3,389,213.94. The trade was a 7.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew R. Heyer sold 20,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.04, for a total value of $520,800.00. Following the completion of the transaction, the director directly owned 489,817 shares of the company’s stock, valued at approximately $12,754,834.68. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.60% of the company’s stock.

Analyst Upgrades and Downgrades A number of equities research analysts have issued reports on OSW shares. Wall Street Zen cut OneSpaWorld from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. Truist Financial boosted their price objective on shares of OneSpaWorld from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Jefferies Financial Group raised their target price on shares of OneSpaWorld from $31.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. TD Cowen boosted their target price on shares of OneSpaWorld from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of OneSpaWorld from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $29.20.

Get Our Latest Analysis on OSW

OneSpaWorld Stock Down 0.8% Shares of OSW opened at $26.41 on Friday. OneSpaWorld Holdings Limited has a 52 week low of $19.06 and a 52 week high of $29.25. The firm has a market capitalization of $2.68 billion, a P/E ratio of 35.21 and a beta of 0.90. The company has a 50-day simple moving average of $25.61 and a 200-day simple moving average of $23.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.40 and a current ratio of 2.52.

OneSpaWorld (NASDAQ:OSW – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. The company had revenue of $247.63 million during the quarter, compared to the consensus estimate of $244.51 million. OneSpaWorld had a return on equity of 18.00% and a net margin of 7.85%.The company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS. On average, equities research analysts expect that OneSpaWorld Holdings Limited will post 1.07 earnings per share for the current year.

OneSpaWorld Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.20 dividend on an annualized basis and a yield of 0.8%. OneSpaWorld’s payout ratio is presently 26.67%.

About OneSpaWorld (Free Report)

OneSpaWorld Holdings Ltd is a global provider of spa and wellness services, catering primarily to the cruise line, hospitality and venue-based leisure industries. The company designs and operates on-board spa facilities, salon services and retail boutiques, offering treatments such as massage, facial and body therapies, nail care, hair styling and aesthetic enhancements. Additionally, OneSpaWorld provides program consulting, management, training and product distribution services to its partners, enabling tailored spa experiences across diverse passenger and guest demographics.

OneSpaWorld’s core operations span major cruise lines—such as Carnival Corporation, Royal Caribbean Group, MSC Cruises and Virgin Voyages—as well as luxury resort and hotel brands.

Recommended Stories Five stocks we like better than OneSpaWorld Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs? The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story Why Intuitive Surgical’s Strong Quarter Still Spooked Investors Want to see what other hedge funds are holding OSW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OneSpaWorld Holdings Limited (NASDAQ:OSW – Free Report).

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Walter Field McLallen, a director of OneSpaWorld Holdings Limited (OSW +3.38%), reported the sale of 10,500 shares of Common Stock in an open-market transaction on June 11, 2026, according to a SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)10,500Transaction value$259,035Post-transaction shares (direct)137,382Post-transaction value (direct ownership)~$3.41 millionTransaction value based on SEC Form 4 weighted average purchase price ($24.67).

Key questionsHow does this transaction compare to McLallen's historical sale patterns?
Since July 2023, McLallen has executed sell transactions averaging approximately 13,524 shares each.What is the impact of this sale on McLallen's ownership position in OneSpaWorld?
The sale reduced McLallen's direct Common Stock holdings by 7%, leaving a post-transaction balance of 137,382 shares.Were any shares disposed of through indirect entities or derivatives in this filing?
No; all 10,500 shares were sold from direct holdings, with no indirect transactions (such as those involving trusts or LLCs) or derivative exercises involved in this event.Company overviewMetricValuePrice (as of market close 6/11/26)$24.67Revenue (TTM)$989.00 millionNet income (TTM)$77.68 million1-year price change37.14%* 1-year performance calculated using June 11th, 2026 as the reference date.

Company snapshotOneSpaWorld offers a comprehensive suite of spa, wellness, fitness, and beauty services, including traditional therapies, medi-spa treatments, and branded retail products, primarily on cruise ships and at premium destination resorts.The firm operates under a service-based business model, generating revenue through direct provision of health and wellness services, product sales, and exclusive brand partnerships within its facilities.It targets cruise line passengers and resort guests seeking premium wellness experiences, with a focus on high-value leisure travelers and vacationers.OneSpaWorld Holdings Limited is a leading global provider of health and wellness services, operating an extensive network across cruise ships and destination resorts. The company leverages exclusive brand partnerships and a broad service portfolio to address the growing demand for premium wellness experiences among leisure travelers. Its scale and integrated offering underpin a strong competitive position within the leisure and hospitality sector.

What this transaction means for investorsMcLallen has been a consistent seller over the past several years, and this transaction falls below his average sale size while leaving him with a sizable stake in the company.

More importantly for long-term investors, OneSpaWorld reported record first-quarter revenue of $247.6 million, up 13% year over year, while net income climbed 40% to $21.3 million and adjusted EBITDA increased 21% to a record $32.2 million. CEO Leonard Fluxman said the company has now delivered 20 consecutive quarters of record revenue and adjusted EBITDA, citing strong execution and continued demand across its cruise ship and resort network. Management also raised its full-year outlook, now expecting as much as $1.034 billion in revenue and up to $139 million in adjusted EBITDA, while highlighting plans to launch operations on six new cruise ships this year.

With shares up 37% over the past year, it's not surprising to see some insiders lock in gains. Still, McLallen retained more than 137,000 shares after the sale, suggesting his interests remain aligned with shareholders. Investors should focus less on this relatively modest disposition and more on whether the hospitality provider can continue translating strong cruise demand into higher earnings, cash flow, and shareholder returns.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Investors in OneSpaWorld Holdings Limited (OSW - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $50.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for OneSpaWorld share, but what is the fundamental picture for the company? Currently, OneSpaWorld is a Zacks Rank #2 (Buy) in the Leisure and Recreation Services Industry that ranks in the Bottom 24% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased his estimate for the current quarter, while none have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from 28 cents per share to 29 cents per share in the same time period.

Given the way analysts feel about OneSpaWorld right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

LOS ANGELES--(BUSINESS WIRE)---- $NAGE #Biotech--Niagen Bioscience, Inc. (NASDAQ: NAGE), the global authority on NAD+ (nicotinamide adenine dinucleotide) with a focus on the science of healthy aging, today announced OneSpaWorld (NASDAQ: OSW) as the newest Niagen Plus™ provider, engaged to offer pharmaceutical grade Niagen IV at over 80 Medi-Spa clinics onboard high-end cruise ships. Marking Niagen Bioscience's first cruise ship clinic partnership, this collaboration brings Niagen IV to guests at sea. Rob Fried, C.

Posted by Defense World Staff on Apr 5th, 2026

Lindblad Expeditions (NASDAQ:LIND – Get Free Report) and OneSpaWorld (NASDAQ:OSW – Get Free Report) are both consumer discretionary companies, but which is the better business? We will contrast the two businesses based on the strength of their institutional ownership, dividends, analyst recommendations, profitability, earnings, valuation and risk.

Volatility & Risk Lindblad Expeditions has a beta of 2.25, suggesting that its share price is 125% more volatile than the S&P 500. Comparatively, OneSpaWorld has a beta of 0.95, suggesting that its share price is 5% less volatile than the S&P 500.

Earnings and Valuation This table compares Lindblad Expeditions and OneSpaWorld”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Lindblad Expeditions $771.02 million 1.44 -$29.72 million ($0.63) -27.08 OneSpaWorld $961.00 million 2.48 $71.62 million $0.69 34.03 OneSpaWorld has higher revenue and earnings than Lindblad Expeditions. Lindblad Expeditions is trading at a lower price-to-earnings ratio than OneSpaWorld, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a summary of current ratings for Lindblad Expeditions and OneSpaWorld, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Lindblad Expeditions 1 1 5 0 2.57 OneSpaWorld 0 1 7 1 3.00 Lindblad Expeditions presently has a consensus target price of $22.25, suggesting a potential upside of 30.42%. OneSpaWorld has a consensus target price of $26.33, suggesting a potential upside of 12.15%. Given Lindblad Expeditions’ higher possible upside, equities analysts clearly believe Lindblad Expeditions is more favorable than OneSpaWorld.

Institutional & Insider Ownership 75.9% of Lindblad Expeditions shares are held by institutional investors. Comparatively, 96.0% of OneSpaWorld shares are held by institutional investors. 34.0% of Lindblad Expeditions shares are held by company insiders. Comparatively, 3.9% of OneSpaWorld shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company is poised for long-term growth.

Profitability This table compares Lindblad Expeditions and OneSpaWorld’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Lindblad Expeditions -3.65% N/A -1.01% OneSpaWorld 7.45% 17.08% 12.90% Summary OneSpaWorld beats Lindblad Expeditions on 12 of the 15 factors compared between the two stocks.

About Lindblad Expeditions (Get Free Report)

Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide. It operates through Lindblad and Land Experiences segment. Lindblad segment provides ship-based expeditions aboard customized, nimble, and intimately-scaled vessels, which offers up-close experiences in the planet's wild and remote places, and capitals of culture; and offers expedition ship which is equipped with state-of-the-art tools for in-depth exploration with infrastructure and ports, such as Antarctica and the Arctic, and places that accessed by a ship comprising Galápagos Islands, Alaska, Baja California's Sea of Cortez and Panama, and foster engagement activities. The Land Experiences segment comprises natural habitats, which provides over 100 different expedition itineraries in more than 45 countries across seven continents, with eco-conscious expeditions and nature-focused, and small-group tours including polar bear tours and bear adventure; and DuVine provides intimate group cycling and adventure tours around the world with local cycling experts as guides in local cultural, cuisine, and accommodations. This segment also offers off the beaten path including small group travel, led by local, and experienced guides with focus on wildlife, hiking national parks, and culture; and classical journey, a curated active small-group and private custom journeys centered around cinematic walks led by expert local guides over 50 countries across the world. In addition, it has an alliance with National Geographic Partners, LLC, which provides lecturers and National Geographic experts including photographers, marine biologists, writers, naturalists, field researchers, and film crews; and partnered with World Wildlife Fund to offer conservation travel. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.

About OneSpaWorld (Get Free Report)

OneSpaWorld Holdings Limited operates health and wellness centers onboard cruise ships and at destination resorts worldwide. Its health and wellness centers offer services, such as traditional body, salon, and skin care services and products; self-service fitness facilities, specialized fitness classes, and personal fitness training; pain management, detoxifying programs, and body composition analyses; weight management programs and products; and medi-spa services. The company also provides its guests access to beauty and wellness brands, including ELEMIS, Grown Alchemist, Kérastase, Dysport, Restylane, Thermage, CoolSculpting, truSculpt 3D, truSculpt iD, Good Feet, and Hyperice with various brands offered in the cruise market. The company is based in Nassau, Bahamas.

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What happenedAccording to an SEC filing dated April 13, 2026, Reinhart Partners, LLC increased its position in OneSpaWorld (OSW +1.30%) by 1,697,822 shares during the first quarter. The estimated transaction value, based on the average quarterly closing price, was $36.11 million. The quarter-end value of the position rose by $43.80 million, reflecting both new share purchases and price movements.

What else to knowThe fund was a buyer of OSW, with the stake now representing 2.56% of its 13F assets under management.

Top holdings after the filing:Axcelis Technologies: $154.30 million (4.4% of AUM)First Citizens BancShares, Class A: $147.60 million (4.2% of AUM)Silicon Motion Technology: $147.56 million (4.2% of AUM)Modine Manufacturing: $130.29 million (3.7% of AUM)InterDigital: $127.54 million (3.7% of AUM)As of April 13, 2026, OneSpaWorld shares were trading at $24.94, up 47.32% over the past year and outperforming the S&P 500 by 17 percentage points.

Company overviewMetricValuePrice (as of market close April 13, 2026)$24.94Market capitalization$2.56 billionRevenue (TTM)$961.00 millionNet income (TTM)$71.62 millionCompany snapshotOneSpaWorld:

Offers health, wellness, fitness, beauty, and medi-spa services onboard cruise ships and at destination resorts, including body and skin care, salon treatments, fitness classes, and branded wellness products.Generates revenue through direct service provision, product sales, and exclusive brand partnerships primarily within the cruise and hospitality sectors.Targets cruise line passengers and resort guests seeking premium wellness and beauty experiences, with a global footprint across major cruise lines and select destination resorts.OneSpaWorld leverages exclusive partnerships with well-known beauty and wellness brands to deliver differentiated offerings and drive customer loyalty. Its scale, brand portfolio, and integration with major cruise operators underpin its competitive position in the global leisure market.

What this transaction means for investorsReinhart Partners’ purchase of OneSpaWorld is worth noting, as the firm typically seeks out high-quality, smaller equities to hold for the long term. Not only did Reinhart double down on its OSW holding, but it added to the stock after its price rose roughly 10% from the fourth quarter of 2025. This is a strong vote of confidence for OneSpaWorld, and the stock has already become the 20th-largest position among Reinhart’s 77 holdings.

OneSpaWorld estimates it holds a 90% market share in spa-at-sea services, giving it a near-monopoly in its unique niche. While its growth story may not be overwhelming, it grew sales by 7% in 2025 and expects revenue to grow by at least 6% in 2026. Boasting a 97% contract renewal rate with the major cruise ship corporations like Carnival Cruise Lines, OSW’s dominant position in its niche isn’t likely to disappear anytime soon, barring mismanagement.

Having rebounded from the pandemic, OneSpaWorld has resumed paying a growing dividend and begun repurchasing shares, making it a very shareholder-friendly investment. I’ll be keeping the stock on my radar thanks to its robust leadership in its niche -- and I certainly see why Reinhart likes the stock -- but I’ll be curious to see if it can develop a stronger growth story over the longer term and keep its share price trending higher.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Modine Manufacturing. The Motley Fool has a disclosure policy.

NEW YORK--(BUSINESS WIRE)--OneSpaWorld Holdings Limited, (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, announced today that it will release its First Quarter Fiscal 2026 earnings on Wednesday, April 29th before market open. The Company will conduct a conference call the same day at 10:00 am ET to discuss its quarterly results. What: OneSpaWorld First Quarter Fiscal 2026 financial res.

Total Revenues of $247.6 Million, Net Income of $21.3 Million and Adjusted EBITDA of $32.2 Million

Introduces Second Quarter 2026 Guidance of $257 to $262 Million in Total Revenues and $32.5 to $34.5 Million in Adjusted EBITDA

Expects FY 2026 Guidance of $1.014 to $1.034 Billion in Total Revenues and $129 to $139 Million in Adjusted EBITDA

Board Declares Quarterly Dividend of $0.05 Per Share

NASSAU, Bahamas--(BUSINESS WIRE)--OneSpaWorld Holdings Limited (NASDAQ: OSW) (“OneSpaWorld,” or the “Company”), the pre-eminent global provider of health and wellness services and products onboard cruise ships and in destination resorts around the world, today announced financial results for the first quarter ended March 31, 2026.

Leonard Fluxman, Executive Chairman and Chief Executive Officer, commented: “We began the year with continuing strong momentum through the first quarter, reporting better-than-expected top and bottom-line results. The first quarter marked our 20th consecutive quarter of record Total revenues and Adjusted EBITDA, evidencing the strength of our global operations and the disciplined execution of our strategy by our outstanding team. Our highly trained and motivated staff delivered exceptional experiences for our health and wellness center guests, driven by ongoing innovation in our service and product offerings.”

“As we look ahead, our visible growth opportunities and favorable positioning give us confidence in our ability to continue our strong performance in 2026 and beyond,” continued Mr. Fluxman. “In 2026, we expect to further strengthen our market leadership onboard our existing fleet while initiating health and wellness center operations on six new ship builds during the year. Overall, we remain confident that 2026 will reflect another record year for OneSpaWorld and continued value creation for our shareholders and partners,” he concluded.

Stephen Lazarus, President, Chief Financial Officer and Chief Operating Officer, added: “We had an outstanding start to the year with record Total revenues and record Adjusted EBITDA increasing 13% and 21%, respectively, from 2025 first quarter performance, reflecting the successful implementation of our strategic initiatives. The quarter included increases across all key operating and financial metrics and strong cash flow generation, which supports future growth, the return of value to shareholders and debt repayment. Of particular note, we continue to accelerate the integration of AI-driven technologies into our health and wellness center and shoreside operations intended to drive incremental revenue, cash flow and earnings growth.”

Mr. Lazarus noted further: “During the first quarter, we continued to leverage our asset-light business model, utilizing $5.1 million of our free cash flow to pay our quarterly dividend and $1.3 million to reduce debt on our Term Loan Facility. We ended the first quarter with a strong balance sheet, including $17.3 million in cash and $67.3 million of total liquidity and Total debt, net of deferred financing costs of $82.8 million. Based on our positive outlook, our guidance for the second quarter reflects growth of 10% for both Total revenues and Adjusted EBITDA at the mid-point of the ranges compared with the second quarter of 2025, excluding the results of exited and reorganized operations.”

First Quarter 2026 Highlights:

Total revenues increased 13% to $247.6 million compared to $219.6 million in the first quarter of 2025 and included $1.4 million and $1.9 million in revenues, respectively, attributable to the Company’s Asian resorts business in the process of being exited. Income from operations increased 36% to $22.9 million compared to $16.8 million in the first quarter of 2025. 2025 included $2.5 million of non-recurring severance expense. Net income increased 40% to $21.3 million compared to $15.3 million in the first quarter of 2025. Adjusted EBITDA increased 21% to $32.2 million compared to $26.6 million in the first quarter of 2025. 2025 included $1.1 million of non-recurring severance expense. Operating Network Update:

Cruise Ship Count: The Company ended the first quarter with health and wellness centers on 208 ships and an average ship count of 202 for the quarter, compared with 199 ships at the end of the first quarter of 2025 and an average ship count of 193 ships for the first quarter of 2025. Destination Resort Count: The Company ended the first quarter with 36 destination resort health and wellness centers and an average resort count of 37 for the quarter, compared with 50 destination resort health and wellness centers at the end of the first quarter of 2025 and an average resort count of 49 for the first quarter of 2025. As part of our previously announced exit from Asian operations, 22 health and wellness centers remained operational at quarter end, down from 35 in the first quarter of 2025. Staff Count: At the end of the first quarter, our cruise ship health and wellness centers were staffed with 4,585 personnel, compared with 4,240 personnel on March 31, 2025. Liquidity Update:

Cash totaled $17.3 million and liquidity, including the Company’s fully undrawn $50 million credit facility, totaled $67.3 million at March 31, 2026. The Company’s results are reported in this press release on a GAAP basis and on an as adjusted non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release. This press release also refers to Adjusted EBITDA and Adjusted Net Income (non-GAAP financial measures), the terms for which definition and reconciliation are presented below.

First Quarter Ended March 31, 2026 Compared to March 31, 2025

Total revenues increased 13% to $247.6 million compared to $219.6 million for the first quarter of 2025, driven by a 4% increase in revenue days, a 2% increase in average guest spend, and health and wellness center expansion from 2026 new ship builds, contributing $23.1 million, $5.0 million and $1.2 million, respectively, to the increase in Total revenues, of which $5.4 million was attributable to increased guest pre-booked services. Growth in our Maritime Total revenues was offset by a $1.2 million decrease in destination resorts Total revenues, partially due to the closure of hotels where we had previously operated. Cost of services increased $20.2 million, attributable to the $25.1 million increase in Service revenues compared to the first quarter of 2025. Cost of products increased $2.5 million, attributable to the $2.9 million increase in Product revenues compared to the first quarter of 2025. Administrative expenses were $6.2 million compared to $4.2 million in the first quarter of 2025. The increase was primarily due to $1.9 million in third-party fees for certain management and logistic services as a result of our previously announced restructuring, which were previously performed internally by company staff, and as such, the related costs have shifted from Salaries, benefits and payroll taxes to Administrative. Salaries, benefits and payroll taxes were $8.4 million, compared to $11.0 million in the first quarter of 2025. The decrease was primarily attributable to the non-recurrence of $2.5 million in separation-related expenses incurred during the first quarter of 2025 associated with the termination of the Company’s former Chief Commercial Officer. The variance also reflects a reduction in internal personnel costs in the first quarter of 2026 resulting from the transition of certain management and logistics services to third-party providers, as discussed above, partially offset by annual merit increases and higher incentive-based compensation. Net income was $21.3 million, or Net income per diluted share of $0.21, compared to Net income of $15.3 million, or Net income per diluted share of $0.15, for the first quarter of 2025. This increase was primarily attributable to a $6.0 million improvement in operating income and the non-recurrence of $2.5 million of severance expense recorded in the first quarter of 2025. Adjusted net income was $28.0 million, or Adjusted net income per diluted share of $0.27, compared to Adjusted net income of $22.6 million, or Adjusted net income per diluted share of $0.22, for the first quarter of 2025. Adjusted EBITDA was $32.2 million, compared to Adjusted EBITDA of $26.6 million in the first quarter of 2025. 2025 included $1.1 million of non-recurring severance expense. Balance Sheet and Cash Flow Highlights

Cash at March 31, 2026 was $17.3 million after giving effect to the payment of $5.1 million in quarterly dividends and repaying $1.3 million of our Term Loan Facility. Total debt, net of deferred financing costs, was $82.8 million at March 31, 2026. Second Quarter 2026 and Fiscal Year 2026 Guidance

Three Months Ended June 30, 2026

Year Ended December 31, 2026 (2)

Total Revenues (1)

$

257-262 million

$

1.014-1.034 billion

Adjusted EBITDA

$

32.5-34.5 million

$

129.0-139.0 million

(1) Revenues for the three months ended June 30, 2025 and the Fiscal Year ended December 31, 2025 included $5.5 million and $23.0 million, respectively, related to the reorganization of operations in the United Kingdom and Italy and the exit of land-based operations in Asia.

(2) The Company’s fiscal year 2026 guidance for the year ended December 31, 2026 as presented above compares to its previous guidance for Total Revenues of $1.010 to $1.030 billion and Adjusted EBITDA of $128.0 to $138.0 million provided with fourth quarter 2025 results issued on February 18, 2026.

Dividend Announcement

The Company announced today that the Board of Directors approved a quarterly dividend payment of $0.05 per common share payable on June 3, 2026 to shareholders of record as of the close of business on May 20, 2026.

Share Repurchase Program

As of March 31, 2026, the Company had $37.5 million remaining on its $75 million share repurchase program adopted in April 2025. No shares were repurchased during the first quarter of 2026.

Conference Call Details

A conference call to discuss the first quarter 2026 financial results is scheduled for Wednesday, April 29, 2026, at 10:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-0784 (international callers please dial 1-201-689-8560) and provide the passcode 13760135 approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://onespaworld.com/investor-relations. A replay of the call will be available by dialing 844-512-2921 (international callers please dial 412-317-6671) and entering the passcode 13760135. The conference call replay will be available from 2:00 p.m. Eastern Time on Wednesday, April 29, 2026 until 11:59 p.m. Eastern Time on Wednesday, May 6, 2026. The Webcast replay will remain available for 90 days.

About OneSpaWorld

Headquartered in Nassau, Bahamas, OneSpaWorld is one of the largest health and wellness services companies in the world. OneSpaWorld’s distinguished health and wellness centers offer guests a comprehensive suite of premium health, wellness, aesthetics and fitness services, treatments, and products, currently onboard 208 cruise ships and at 35 destination resorts around the world. OneSpaWorld holds the leading market position within the cruise industry segment of the international leisure market, which it has earned over six decades upon its exceptional service; expansive global recruitment, training and logistics platforms; irreplicable operating infrastructure; powerful team; and product innovation, delivering tens of millions of extraordinary guest experiences and outstanding service to its cruise line and destination resort partners.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the Company may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” or the negative or other variations thereof and similar expressions are intended to identify such forward looking statements. These forward-looking statements include, without limitation, expectations with respect to future performance of the Company, including projected financial information (which is not audited or reviewed by the Company’s auditors), and the future plans, operations and opportunities for the Company and other statements that are not historical facts. These statements are based on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: the demand for the Company’s services together with the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors or changes in the business environment in which the Company operates; changes in consumer preferences or the market for the Company’s services; changes in applicable laws or regulations; the availability or competition for opportunities for expansion of the Company’s business; difficulties of managing growth profitably; the loss of one or more members of the Company’s management team; loss of a major customer, and other risks and uncertainties included from time to time in the Company’s reports (including all amendments to those reports) filed with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication.

Non-GAAP Financial Measures

We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures.

ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

  Three Months Ended March 31,

$

%

2026

2025

Inc/(Dec)

Inc/(Dec)

REVENUES:

Service revenues

$

203,660

$

178,519

$

25,141

14

%

Product revenues

43,971

41,111

2,860

7

%

Total revenues

247,631

219,630

28,001

13

%

COST OF REVENUES AND OPERATING EXPENSES:

Cost of services

168,312

148,154

20,158

14

%

Cost of products

37,819

35,297

2,522

7

%

Administrative

6,202

4,213

1,989

47

%

Salaries, benefits and payroll taxes

8,363

10,995

(2,632

)

(24

)%

Amortization of intangible assets

4,068

4,134

(66

)

(2

)%

Total cost of revenues and operating expenses

224,764

202,793

21,971

11

%

Income from operations

22,867

16,837

6,030

36

%

OTHER (EXPENSE) INCOME

Interest expense, net

(1,170

)

(1,147

)

(23

)

(2

)%

Total other expense

(1,170

)

(1,147

)

(23

)

2

%

Income before income tax expense

21,697

15,690

6,007

38

%

INCOME TAX (BENEFIT) EXPENSE

367

419

(52

)

(12

)%

Net income

$

21,330

$

15,271

$

6,059

40

%

Net income per share:

Basic

$

0.21

$

0.15

Diluted

$

0.21

$

0.15

Weighted average shares outstanding:

Basic

101,985

104,602

Diluted

102,308

105,077

Forecasted

Q2 2026

FY 2026

Period End Ship Count

209

210

Average Ship Count (1)

201

202

Period End Resort Count

12

12

Average Resort Count (3)

30

22

Three Months Ended

March 31,

2026

2025

Selected Statistics

Period End Ship Count

208

199

Average Ship Count (1)

202

193

Average Weekly Revenue Per Ship

$

91,872

$

84,177

Average Revenue Per Shipboard Staff Per Day

$

597

$

562

Revenue Days (2)

18,175

17,401

Period End Resort Count

36

50

Average Resort Count (3)

37

49

Average Weekly Revenue Per Resort

$

17,505

$

15,247

Capital Expenditures (in thousands)

$

4,345

$

1,697

(1) Average Ship Count reflects the fact that during the period ships were in and out of service and is calculated by adding the total number of days that each of the ships generated revenue during the period, divided by the number of calendar days during the period.

(2) Revenue Days reflects a day on which the health and wellness centers are open onboard a revenue generating cruise with passengers.

(3) Average Resort Count reflects the fact that during the period destination resort health and wellness centers were in and out of service and is calculated by adding the total number of days that each destination resort health and wellness center generated revenue during the period, divided by the number of calendar days during the period.

Note Regarding Non-GAAP Financial Information

This press release includes financial measures that are not calculated in accordance with GAAP, including Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA.

We define Adjusted net income as Net income, adjusted for items, including Amortization of intangible assets and Stock-based compensation. Adjusted net income per diluted share is defined as Adjusted net income divided by Diluted weighted average shares outstanding during the period, as if such shares had been outstanding during the entire three month periods ended March 31, 2026 and 2025.

We define Adjusted EBITDA as Net income adjusted for items, including Income tax expense; Interest expense, net; Depreciation and amortization; and Stock-based compensation as set forth below.

We believe that these non-GAAP measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance and the adjustments we make to these non-GAAP measures provide investors further insight into our profitability and additional perspectives in comparing our performance to other companies and in comparing our performance over time on a consistent basis. Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA have limitations as profitability measures in that they do not include total amounts for interest expense on our debt and provision for income taxes, and the effect of our expenditures for capital assets and certain intangible assets. In addition, all of these non-GAAP measures have limitations as profitability measures in that they do not include the effect of non-cash stock-based compensation expense and the impact of certain expenses related to items that are settled in cash. Because of these limitations, the Company relies primarily on its GAAP results.

In the future, we may incur expenses similar to those for which adjustments are made in calculating Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as a basis to infer that our future results will be unaffected by extraordinary, unusual, or nonrecurring items.

Reconciliation of GAAP to Non-GAAP Financial Information

The following table reconciles Net income to Adjusted net income for the first quarters ended March 31, 2026 and 2025 and Adjusted net income per diluted share for the first quarters ended March 31, 2026 and 2025 (amounts in thousands, except per share amounts):

Three Months Ended

March 31,

2026

2025

Net income

$

21,330

$

15,271

Amortization of intangible assets (a)

4,068

3,761

Stock-based compensation

2,563

3,560

Adjusted net income

$

27,961

$

22,592

Adjusted net income per diluted share

$

0.27

$

0.22

Diluted weighted average shares outstanding

102,308

105,077

(a) Amortization of intangible assets represents non-cash amortization charges that are excluded as they are not representative of the ongoing operating performance of the business.

Beginning in Q1 2026, the Company updated its Adjusted net income reconciliation to reflect actual amortization of intangible assets in place of the previously used fixed addback amount. Management believes this change provides a more accurate and transparent presentation of non-cash charges. Prior period amounts have not been restated as the difference was not material.

The following table reconciles Net income to Adjusted EBITDA for the first quarters ended March 31, 2026 and 2025 (amounts in thousands):

Three Months Ended

March 31,

2026

2025

Net income

$

21,330

$

15,271

Income tax expense

367

419

Interest expense, net

1,170

1,147

Depreciation and amortization

6,735

6,179

Stock-based compensation

2,563

3,560

Adjusted EBITDA

$

32,165

$

26,576

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Facebook: @onespaworld

OneSpaWorld Holdings Limited (OSW) Q1 2026 Earnings Call Transcript

Ranger Investment Management sold out its entire position in OneSpaWorld Holdings Limited (OSW +1.30%) during the first quarter, according to a May 15, 2026, SEC filing. The estimated transaction value was $21.54 million, based on quarterly average pricing.

What happenedAccording to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, Ranger Investment Management, L.P., sold all 1,012,656 shares of OneSpaWorld Holdings Limited (OSW +1.30%) during the first quarter. The estimated transaction value was $21.54 million, based on the average closing price over the period. The fund’s quarter-end position in the company is now zero. The net position value shift, including price movement, was a decrease of $21.00 million.

What else to knowTop holdings for Ranger Investment Management, L.P. after the filing:NASDAQ:LGND: $53.49 million (3.9% of AUM)NASDAQ:PEGA: $44.81 million (3.2% of AUM)NASDAQ:PDFS: $41.86 million (3.0% of AUM)NYSE:ULS: $38.31 million (2.8% of AUM)NYSE:SEI: $34.35 million (2.5% of AUM)As of May 14, 2026, shares of OneSpaWorld Holdings Limited were priced at $23.82, up 25% over the past year and underperforming the S&P 500, which is up about 28%.Company OverviewMetricValueRevenue (TTM)$989.00 millionNet Income (TTM)$77.68 millionDividend Yield0.8%Price (as of market close 2026-05-14)$23.82Company SnapshotOneSpaWorld offers health and wellness services, including spa treatments, salon services, fitness programs, medi-spa procedures, and branded beauty products, primarily onboard cruise ships and at destination resorts.The firm generates revenue through direct service delivery, product sales, and exclusive partnerships with leading wellness brands within the cruise and leisure sector.It serves cruise line guests and resort visitors worldwide, targeting the leisure and travel market seeking premium wellness experiences.OneSpaWorld Holdings Limited operates an extensive network of health and wellness centers across cruise ships and destination resorts, leveraging exclusive brand partnerships to differentiate its service offering. The company’s integrated business model combines spa, fitness, and beauty services with product sales, creating multiple revenue streams and broadening its market reach. With a global footprint and established relationships in the cruise industry, OneSpaWorld is positioned as a leading provider of high-end wellness experiences for travelers.

What this transaction means for investorsRanger Investment Management completely exited its OneSpaWorld position even as the company continues to post record operating results and guide for further growth, which seemingly makes this look like a potential call on opportunity costs rather than a strict conviction call. OneSpaWorld’s first-quarter revenue climbed 13% year over year to a record $247.6 million, while net income rose 40% to $21.3 million and adjusted EBITDA increased 21% to $32.2 million. The company also marked its 20th consecutive quarter of record revenue and adjusted EBITDA, a streak that speaks to the consistency of the cruise industry's post-pandemic recovery.

Meanwhile, management sounded confident about the road ahead. CEO Leonard Fluxman highlighted plans to launch wellness operations on six new cruise ships this year and said the company expects another record year. OneSpaWorld said its full-year outlook includes as much as $1.034 billion in revenue and $139 million in adjusted EBITDA.

Ultimately, it seems like OneSpaWorld's asset-light model, expanding ship count, and growing guest spending could continue driving earnings growth. The stock has very slightly underperformed the S&P 500 over the past year, but the business itself appears to be gaining momentum.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ul Solutions. The Motley Fool has a disclosure policy.