Stockholders' Equity (Tables)

12 Months Ended

Sep. 30, 2025

Equity [Abstract]

Summary of Restricted Stock Units Activity

The following table further summarizes activity related to restricted stock units for the years ended September 30, 2025 and 2024:

	Restricted Stock Unit Awards
	Number of Shares	Weighted Average Grant Date Fair Value ($)
Unvested at September 30, 2023	524,785	$	28.86
Awarded	346,481	25.62
Vested	(318,934)	28.22
Forfeited	(10,213)	27.19
Unvested at September 30, 2024	542,119	27.20
Awarded	364,050	23.91
Vested	(243,352)	27.48
Forfeited	(4,999)	25.19
Unvested at September 30, 2025	657,818	$	25.29

Summary of Calculation of Earnings per share

The following table sets forth the calculation of net loss per share for the years ended September 30, 2025, 2024, and 2023 (in thousands, except per share data):

Net loss per share:	2025		2024		2023
Numerator:
Net loss attributable to OneWater Inc	$	(114,582)	$	(5,705)	$	(38,592)
Denominator:
Weighted-average number of unrestricted outstanding common shares used to calculate basic net loss per share	15,869		14,585		14,328
Effect of dilutive securities:
Restricted stock units	—		—		—
Employee stock purchase plan	—		—		—
Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net loss per share	15,869		14,585		14,328
Net loss per share of Class A common stock – basic	$	(7.22)	$	(0.39)	$	(2.69)
Net loss per share of Class A common stock – diluted	$	(7.22)	$	(0.39)	$	(2.69)

Summary of Antidilutive Securities Excluded From Calculation

The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted net loss per share because the effect of including such potentially dilutive shares would have been antidilutive upon conversion (in thousands):

	Year Ended September 30, 2025	Year Ended September 30, 2024	Year Ended September 30, 2023
Class B common stock	446	1,430	1,430
Restricted stock units	347	577	598
Employee Stock Purchase Plan	7	30	4
	800	2,037	2,032

Summary of Weighted Average Assumptions

The following are the assumptions used for the fiscal years ended September 30, 2025, 2024 and 2023:

	2025		2024		2023
Dividend yield	0.0	%	0.0	%	0.0	%
Risk-free interest rate	4.3 - 5.4%		5.2 - 5.5%		4.8 - 5.5%
Volatility	55.0 - 68.0%		37.6 - 62.7%		37.6 - 45.6%
Expected life	Six months		Six months		Six months