Stockholders’ Equity (Tables)

9 Months Ended

Jun. 30, 2026

Equity [Abstract]

Summary of Restricted Stock Units Activity

The following table further summarizes activity related to restricted stock units for the nine months ended June 30, 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	(310,005)	25.12
Forfeited	(14,228)	19.30
Unvested at June 30, 2026	1,151,214	$	18.69

Summary of Calculation of Net (Loss) Earnings Per Share

The following table sets forth the calculation of net earnings (loss) per share for the three and nine months ended June 30, 2026 and 2025 (in thousands, except per share data):

	Three Months Ended June 30,				Nine Months Ended June 30,
Net earnings (loss) per share:	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to OneWater Inc	$	11,673	$	10,715	$	(8,939)	$	(1,624)
Denominator:
Weighted-average number of unrestricted outstanding common shares used to calculate basic net earnings (loss) per share	16,618		16,313		16,588		15,700
Effect of dilutive securities:
Restricted stock units	333		120		—		—
Employee stock purchase plan	3		11		—		—
Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net earnings (loss) per share	16,954		16,444		16,588		15,700
Net earnings (loss) per share of Class A common stock – basic	$	0.70	$	0.66	$	(0.54)	$	(0.10)
Net earnings (loss) per share of Class A common stock – diluted	$	0.69	$	0.65	$	(0.54)	$	(0.10)

Summary of Antidilutive Securities Excluded From Calculation

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

	Three Months Ended June 30,		Nine Months Ended June 30,
	2026	2025	2026	2025
Class B common stock	—	—	—	596
Restricted Stock Units	—	8	256	118
Employee Stock Purchase Plan	—	—	7	8
	—	8	263	722

Summary of Weighted Average Assumptions

The following are the assumptions used for the periods ended June 30, 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