OneSpaWorld Q3 Revenue Rises 7%, Adjusted EBITDA Gains 12%

OneSpaWorld Holdings Ltd. reported a 7% increase in total revenue and a 12% rise in adjusted EBITDA for the third quarter of 2026, extending its run of year-over-year growth in both measures to 22 consecutive quarters. The cruise-ship health and wellness operator said the results exceeded its guidance, while continued share repurchases, dividends and debt repayment highlighted its cash generation and capital-allocation priorities.

The company did not provide absolute third-quarter revenue or adjusted EBITDA figures in the presentation. Adjusted EBITDA is a non-GAAP measure that OneSpaWorld uses to assess operating performance and its capacity to meet capital expenditure and working-capital requirements.

Fleet expansion and service productivity

OneSpaWorld operated health and wellness facilities on 207 ships and at 23 resorts as of Sept. 30, 2026. The company estimated that it held more than 90% of the outsourced maritime health and wellness market and said its cruise-line contracts have an average life of about 5.5 years, with a historical renewal rate of approximately 97%.

Six new cruise ships were slated to enter service with OneSpaWorld facilities during 2026. The company’s fleet-wide agreements generally cover ships launched by its cruise-line partners during the contract term, giving it access to new capacity without funding the onboard spa buildouts and maintenance itself.

Management’s growth priorities include adding higher-value services, increasing appointment utilization and expanding pre-booking and pre-payment. The company said appointments booked before sailing generate about 30% more revenue than services booked onboard. It is also broadening offerings such as IV therapy, cryo-body services and LED facial treatments, while seeking to extend retail activity beyond ships.

Medi-spa services, which can carry substantially higher average spending than traditional treatments, had been deployed on 153 vessels by the end of 2025 and generated about $70 million in annual revenue. Across the business, services represented approximately 81% of 2025 revenue, with retail products accounting for the remaining 19%.

OneSpaWorld also said it continued implementing and integrating artificial intelligence technology during the third quarter. Its enterprise AI framework is focused on machine-learning tools for revenue enhancement, onboard operational support and automation intended to reduce manual work and improve scalability.

2026 outlook and capital allocation

For the fourth quarter of 2026, OneSpaWorld expects revenue of $248 million to $253 million and adjusted EBITDA of $32 million to $34 million. Full-year guidance calls for revenue of $1.033 billion to $1.038 billion and adjusted EBITDA of $138 million to $140 million.

The forward-looking projections have not been audited, reviewed or compiled by the company’s independent auditors. OneSpaWorld also did not provide a reconciliation of projected adjusted EBITDA to the most directly comparable GAAP measure, citing uncertainty around items that could materially affect GAAP results.

The company returned $42.3 million to shareholders in the third quarter. That included $37.2 million used to repurchase approximately 1.4 million common shares and $5.1 million distributed through its quarterly dividend. OneSpaWorld also repaid $11.3 million under its term-loan facility.

The board approved another quarterly dividend of $0.0625 per common share, payable Dec. 2, 2026, to shareholders of record at the close of business on Nov. 18. The company’s broader capital strategy includes additional debt reduction and potential repurchases under its board-authorized $100 million share-buyback program.

The outlook remains subject to demand for onboard health and wellness services, changes in consumer preferences, economic and competitive conditions, regulatory developments and the company’s ability to manage growth profitably. OneSpaWorld also identified competition for expansion opportunities and the potential loss of management personnel among the factors that could cause actual results to differ materially from its projections.