OneSpaWorld Holdings Limited reported a strong financial performance for the fiscal year ending December 31, 2025, achieving total revenues of $961.0 million, a 7% increase from $895.0 million in 2024. The company's net income was $71.6 million, slightly down from $72.9 million in the previous year, while adjusted EBITDA rose to $123.3 million from $112.1 million. The growth in revenue was primarily driven by an expansion in the fleet of cruise ships served, a 3% increase in average guest spending, and a 2% increase in revenue days.
The company experienced notable changes compared to the previous fiscal period, including a 7% increase in service revenues, which reached $777.3 million, and a similar 7% rise in product revenues to $183.7 million. The cost of services also increased, totaling $645.4 million, reflecting the higher service revenues. Additionally, OneSpaWorld incurred restructuring expenses of $2.7 million related to the reorganization of operations in the United Kingdom and Italy, as well as exiting certain health and wellness center operations in Asia.
Strategically, OneSpaWorld has continued to strengthen its market position through long-term agreements with major cruise lines, maintaining a contract renewal rate of approximately 97% over the past 15 years. The company operates health and wellness centers on 206 ships and in 48 destination resorts, serving over 28 million guests annually. The average revenue per shipboard staff per day increased to $593, indicating improved productivity. The company also reported a total employee headcount of 5,395, with a significant portion dedicated to health and wellness center operations.
Looking ahead, OneSpaWorld is optimistic about its growth prospects, driven by the ongoing expansion of the cruise industry and increasing consumer demand for health and wellness services. The company plans to capture new ship growth from existing partners, expand its market share by adding new cruise line partners, and continue launching innovative value-added services and products. The outlook remains positive, with expectations for continued revenue growth as the hospitality and travel sectors recover and expand.
About ONESPAWORLD HOLDINGS Ltd
OneSpaWorld Holdings Limited is a global provider of health, fitness, beauty, and wellness services primarily onboard cruise ships and at destination resorts. It offers comprehensive treatments, advanced medi-spa services, and retail products, serving over 26 million guests annually. The company operates through long-term, asset-light agreements with major cruise lines and resorts, leveraging extensive infrastructure, industry expertise, and exclusive brand partnerships to deliver premium guest experiences.
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