OneSpaWorld sets $1B sales target as cruise recovery accelerates

OneSpaWorld Holdings Limited (NASDAQ:OSW) projected its annual revenue will surpass the $1 billion mark for the first time in 2026, as the company streamlines its global operations to capitalize on a record-breaking surge in cruise ship travel.

The Nassau-based provider of shipboard spas and wellness centers issued the bullish outlook ahead of the ICR Conference on Monday, forecasting 2026 revenue between $1.01 billion and $1.03 billion.

The target comes even as the company moves to exit less profitable land-based operations in Asia and reorganizes its business units in the U.K. and Italy—a strategic shift that removed approximately $23 million in lower-margin revenue from its books.

For the recently concluded 2025 fiscal year, OneSpaWorld reported preliminary revenue of approximately $961 million at the midpoint, representing 7% annual growth.

While the fourth-quarter revenue range of $239.5 million to $244.5 million was slightly adjusted from previous guidance, the company’s adjusted EBITDA remained firm at a projected $30 million to $32 million for the quarter.

The company is positioning itself to ride a wave of new vessel launches in 2026, which typically feature larger, more high-tech spa facilities that drive higher per-passenger spend.

By exiting underperforming land-based contracts, management signaled a "laser focus" on its core maritime dominance, where it currently holds over 90% of the outsourced market share.