NEW YORK, December 31, 2025, 12:52 ET — Regular session
OneSpaWorld Holdings Limited shares were last down 2.7% at $20.78 on Wednesday, after touching an intraday low of $20.78. The stock has traded between $20.78 and $21.51, with about 53,000 shares traded so far.
The cruise-spa operator is often treated as a read-through on discretionary spending at sea. OneSpaWorld runs health and wellness centers on cruise ships and at destination resorts, and its annual report shows it served 199 ships at the end of 2024 under long-term contracts that average about five and a half years. 1
That linkage matters on a day when investors are recalibrating views on the economy and interest rates into 2026. U.S. initial jobless claims fell to 199,000 last week, and “the drop in initial unemployment claims to 199,000 in the week of Christmas was likely another seasonal-adjustment distortion,” John Ryding, chief economic adviser at Brean Capital, said. 2
Broader risk appetite was also muted, with the SPDR S&P 500 ETF Trust down about 0.3% and the consumer discretionary sector ETF off about 0.2%. Cruise operators were modestly lower: Carnival slipped about 0.4%, Royal Caribbean fell about 0.6%, and Norwegian Cruise Line eased about 0.4%.
OneSpaWorld’s latest annual filing underscores how closely its results can track cruise passenger volume and onboard spending. In 2024, Carnival accounted for 41.2% of revenue, Royal Caribbean 27.9% and Norwegian 16.8%, the filing showed, with pre-booked guests spending about 30% more on average than those who book onboard. 1
There was no new company announcement driving Wednesday’s move. The company’s investor relations site lists its most recent press release as its third-quarter results on Oct. 29, and its last reported fourth-quarter and full-year results were released on Feb. 19, 2025. 3
Investors typically focus on whether the company is adding ships, lifting revenue per ship through pricing and product mix, and holding the line on labor and logistics costs. Those operating details can matter more than headline cruise capacity because OneSpaWorld’s revenue is generated by selling treatments and products to passengers already on board.
Another watchpoint is how much of spending is captured before a ship ever leaves port. If pre-booking continues to rise, it can smooth results and reduce sensitivity to week-to-week onboard traffic patterns.
On the macro side, traders are parsing how quickly the Federal Reserve can ease without reigniting inflation. A basis point is one-hundredth of a percentage point, so a 25-basis-point move equals 0.25 percentage point.
The Fed’s next policy meeting is scheduled for Jan. 27–28, 2026, according to the central bank’s calendar, keeping the rates backdrop front and center for rate-sensitive consumer names. 4
Thin year-end liquidity can amplify swings in mid-cap stocks on relatively modest volume. That dynamic can cut both ways once positioning resets in early January.
