Stockholders’ Equity (Tables)

6 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Restricted Stock Units Activity

The following table further summarizes activity related to restricted stock units for the six months ended March 31, 2026:

	Restricted Stock Unit Awards
	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at September 30, 2025	657,818	$	25.29
Awarded	817,629	15.82
Vested	(306,767)	25.18
Forfeited	(14,228)	19.30
Unvested at March 31, 2026	1,154,452	$	18.69

Summary of Calculation of Net (Loss) Earnings Per Share

The following table sets forth the calculation of net loss per share for the three months ended March 31, 2026 and 2025 (in thousands, except per share data):

Net loss per share:	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss attributable to OneWater Inc	$	(12,901)	$	(368)
Denominator:
Weighted-average number of unrestricted outstanding common shares used to calculate basic net loss per share	16,614		15,968
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	16,614		15,968
Net loss per share of Class A common stock – basic	$	(0.78)	$	(0.02)
Net loss per share of Class A common stock – diluted	$	(0.78)	$	(0.02)

The following table sets forth the calculation of net loss per share for the six months ended March 31, 2026 and 2025 (in thousands, except per share data):

Net loss per share:	Six Months Ended March 31, 2026		Six Months Ended March 31, 2025
Numerator:
Net loss attributable to OneWater Inc	$	(20,612)	$	(12,339)
Denominator:
Weighted-average number of unrestricted outstanding common shares used to calculate basic net loss per share	16,574		15,393
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	16,574		15,393
Net loss per share of Class A common stock – basic	$	(1.24)	$	(0.80)
Net loss per share of Class A common stock – diluted	$	(1.24)	$	(0.80)

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):

	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Class B common stock	—	345
Restricted Stock Units	106	111
Employee Stock Purchase Plan	5	2
	111	458

	Six Months Ended March 31, 2026	Six Months Ended March 31, 2025
Class B common stock	—	894
Restricted Stock Units	93	112
Employee Stock Purchase Plan	9	6
	102	1,012

Summary of Weighted Average Assumptions

The following are the assumptions used for the periods ended March 31, 2026 and 2025:

	2026		2025
Dividend yield	0.0	%	0.0	%
Risk-free interest rate	3.6 - 4.3%		4.3 - 5.4%
Volatility	52.4 - 68.0%		55.0 - 65.5%
Expected life	Six months		Six months