Revenue growth is highly volatile, exemplified by a 139.6% YoY increase in Q2 2026, while operating margins have expanded dramatically to 40.1% from a loss of 105.4% in Q1 2024, indicating powerful operating leverage tied to vessel utilization.
Cadeler A/S (CDLR) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 732.46M | 595.87M | 248.74M | 108.62M | 106.42M | 60.94M | 19.5M | 38.38M | 71.93M | 44.94M | 71.04M |
| Revenue Growth % | 57.5% | 139.56% | 128.99% | 2.07% | 74.64% | 212.49% | -49.19% | -46.64% | 60.04% | -36.74% | - |
| Cost of Goods Sold | 384.72M | 230.82M | 127.25M | 55.98M | 50.33M | 39.02M | 45.94M | 44.8M | 65.52M | 49.89M | 58.08M |
| COGS % of Revenue | - | 38.74% | 51.16% | 51.54% | 47.29% | 64.04% | 235.57% | 116.73% | 91.1% | 111% | 81.76% |
| Gross Profit | 347.74M | 365.05M | 121.49M | 52.64M | 56.09M | 21.91M | -26.44M | -6.42M | 6.4M | -4.95M | 12.96M |
| Gross Margin % | 47.48% | 61.26% | 48.84% | 48.46% | 52.71% | 35.96% | -135.57% | -16.73% | 8.9% | -11% | 18.24% |
| Gross Profit Growth % | - | 200.48% | 130.79% | -6.15% | 155.95% | 182.9% | -311.73% | -200.26% | 229.49% | -138.17% | - |
| Operating Expenses | 79.64M | 68.27M | 52.05M | 38.2M | 14.9M | 10.78M | 9.48M | 7.22M | 3.84M | 3.19M | 2.95M |
| OpEx % of Revenue | - | 11.46% | 20.92% | 35.17% | 14% | 17.69% | 48.6% | 18.82% | 5.35% | 7.09% | 4.15% |
| Selling, General & Admin | 58.65M | 0 | 51.56M | 25.09M | 13.88M | 10.35M | 9.1M | 6.87M | 3.84M | 3.19M | 2.95M |
| SG&A % of Revenue | - | - | 20.73% | 23.1% | 13.04% | 16.98% | 46.68% | 17.91% | 5.35% | 7.09% | 4.15% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -938K | 68.27M | 487K | 13.1M | 1.02M | 431K | 374K | 351K | 0 | 0 | 0 |
| Operating Income | 268.1M | 296.78M | 69.44M | 14.44M | 41.19M | 11.13M | -35.91M | -13.64M | 2.56M | -8.13M | 10.01M |
| Operating Margin % | 36.6% | 49.81% | 27.92% | 13.3% | 38.7% | 18.27% | -184.16% | -35.55% | 3.56% | -18.1% | 14.09% |
| Operating Income Growth % | - | 327.36% | 380.81% | -64.94% | 269.96% | 131% | -163.2% | -633.03% | 131.48% | -181.25% | - |
| EBITDA | 369.89M | 400.12M | 124.47M | 36.95M | 62.91M | 27.3M | -31.97M | -13.56M | 2.64M | -8.09M | 10.06M |
| EBITDA Margin % | 50.5% | 67.15% | 50.04% | 34.01% | 59.12% | 44.81% | -163.96% | -35.34% | 3.66% | -17.99% | 14.16% |
| EBITDA Growth % | 17.09% | 221.46% | 236.89% | -41.27% | 130.41% | 185.4% | -135.73% | -614.65% | 132.59% | -180.4% | - |
| D&A (Non-Cash Add-back) | 101.79M | 103.34M | 55.03M | 22.5M | 21.72M | 16.17M | 3.94M | 81K | 75.68K | 45.4K | 49.23K |
| EBIT | 277.3M | 296.78M | 69.44M | 27.15M | 41.19M | 11.13M | -35.9M | -13.64M | 2.48M | -8.18M | 9.97M |
| Net Interest Income | -65.82M | -21.34M | 498K | -1.44M | -1.28M | -3.08M | 3.41M | -5.66M | 153.23K | -65.69K | -856.28K |
| Interest Income | 12.59M | 1.65M | 3.29M | 1.43M | 244K | 358K | 7.7M | 0 | 200K | 0 | 0 |
| Interest Expense | 78.41M | 22.98M | 2.8M | 2.88M | 1.53M | 3.44M | 4.29M | 5.66M | 5.68M | 65.69K | 856.28K |
| Other Income/Expense | -63.46M | -20.28M | -1.97M | -2.94M | -5.65M | -3.7M | 8.88M | -8.54M | 77.55K | 195.45K | -892.33K |
| Pretax Income | 204.64M | 276.5M | 67.48M | 11.5M | 35.54M | 7.44M | -27.03M | -22.18M | 2.64M | -7.94M | 9.12M |
| Pretax Margin % | 27.94% | 46.4% | 27.13% | 10.59% | 33.4% | 12.21% | -138.62% | -57.8% | 3.67% | -17.66% | 12.83% |
| Income Tax | 3.17M | 7.38M | 2.41M | 0 | 0 | -13K | -1K | 1.58M | 1.71M | 1.56M | 2.01M |
| Effective Tax Rate % | 1.55% | 2.67% | 3.57% | 0% | 0% | -0.17% | 0% | -7.12% | 64.91% | -19.62% | 22.01% |
| Net Income | 201.48M | 269.13M | 65.07M | 11.5M | 35.54M | 7.45M | -27.03M | -23.76M | 918.97K | -6.38M | 7.11M |
| Net Margin % | 27.51% | 45.17% | 26.16% | 10.59% | 33.4% | 12.23% | -138.62% | -61.91% | 1.28% | -14.2% | 10.01% |
| Net Income Growth % | -13.4% | 313.6% | 465.92% | -67.65% | 377% | 127.56% | -13.76% | -2685.82% | 114.4% | -189.73% | - |
| Net Income (Continuing) | 201.48M | 269.13M | 65.07M | 11.5M | 35.54M | 7.45M | -27.03M | -23.76M | 918.97K | -6.38M | 7.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.09 | 3.04 | 0.76 | 0.23 | 0.88 | 0.23 | -3.88 | -2.44 | -0.68 | -8.16 | 0.00 |
| EPS Growth % | -18.77% | 300% | 230.43% | -73.86% | 282.61% | 105.93% | -59.02% | -258.82% | 91.67% | - | - |
| EPS (Basic) | - | 3.08 | 0.76 | 0.23 | 0.88 | 0.23 | -3.88 | -2.44 | -0.68 | -8.16 | 0.00 |
| Diluted Shares Outstanding | 96.47M | 88.67M | 86.74M | 50.81M | 40.97M | 32.79M | 6.48M | 9.62M | 9.62M | 780K | 0 |
| Basic Shares Outstanding | 96.47M | 87.63M | 86.49M | 50.34M | 40.8M | 32.79M | 6.48M | 9.62M | 9.62M | 780K | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CDLR stock.
For fiscal year 2025, Cadeler A/S (CDLR) reported total revenue of $595.9M. This represents a 738.8% increase compared to $71.0M in 2016.
Cadeler A/S (CDLR) is profitable, generating $269.1M in net income for the fiscal year ending 2025 with a net profit margin of 45.2%.
Cadeler A/S (CDLR) reported an operating income of $296.8M, resulting in an operating profit margin of 49.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Cadeler A/S (CDLR) generated $365.1M in gross profit for the year, representing a gross profit margin of 61.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage constrains financial flexibility
Volatile Growth Driven by Project Timing
Cadeler's revenue trajectory is highly volatile, with recent quarters showing explosive growth like 139.6% YoY in Q2 2026, but this is driven by lumpy project recognition rather than a smooth organic trend, as evidenced by the stark contrast between Q1 and Q2 2026.
The revenue pattern is characteristic of a project-based business, where large mobilization and milestone payments create significant quarter-to-quarter swings. The 90.5% YoY growth in Q1 2026 followed by 23.4% in Q2 2026 suggests the timing of major contract completions is the primary driver, not a steady increase in underlying demand. This volatility makes forecasting difficult and implies that growth durability is less about market share gains and more about the company's ability to consistently secure and execute large-scale projects without delays.
High-Utilization Drives Exceptional Margins
Gross margins have expanded dramatically to 61.3% in Q2 2026 from a negative 41.5% in Q1 2024, indicating that when vessels are fully utilized on high-spec projects, the fixed-cost base is leveraged to generate industry-leading profitability.
The extreme margin volatility, from -41.5% to 76.1% gross margin within two years, underscores the high fixed-cost nature of the fleet. The current 49.8% operating margin appears to be a peak level achievable only during periods of high utilization, as seen in Q2 2025 and Q2 2026. This suggests pricing power is strong for its specialized vessels, but investors should monitor for any signs of margin compression if utilization rates dip or if day rates face pressure from new competitor entrants.
Operating Leverage Amplifies Profit Swings
Operating income scaled from a loss of $20.1M in Q1 2024 to a profit of $115.4M in Q2 2026, demonstrating powerful operating leverage where incremental revenue flows almost entirely to the bottom line once fixed costs are covered.
The operating margin expansion from -105.4% to 40.1% over this period highlights the business model's sensitivity to volume. SG&A expenses have remained relatively stable in absolute terms, ranging from $9.8M to $21.1M, which means they represent a declining percentage of revenue as the top line grows. This structure implies that management's primary challenge is not cost control but rather maximizing vessel utilization, as each additional project day contributes disproportionately to operating profit.
Non-Cash Items Distort Underlying Profitability
The significant divergence between net income and EPS growth, such as Q2 2026's 23.4% revenue growth versus -45.7% EPS growth, suggests non-operating items or share count changes are impacting reported earnings quality.
The negative EPS growth in a quarter of strong revenue growth points to potential one-time charges, tax adjustments, or dilution from the Eneti merger integration. The presence of stock-based compensation, which peaked at $663K in Q1 2026, is a minor factor but indicates some non-cash expense. The volatile net margin, swinging from -109.1% to 71.2%, further suggests that reported net income is heavily influenced by non-operational factors, requiring analysts to focus on operating metrics for a clearer view of core performance.
Fixed-Cost Base Dominates Expense Structure
Cost of Goods Sold is the dominant expense line, but its volatility relative to revenue (e.g., $151.0M COGS on $287.5M revenue in Q2 2026) indicates that a significant portion is variable, likely tied to project-specific fuel, crew, and subcontractor costs.
The COGS-to-revenue ratio has improved from over 100% in Q1 2024 to 52.5% in Q2 2026, reflecting better absorption of fixed vessel costs. SG&A appears to be the primary fixed overhead, with a relatively stable quarterly run rate. The absence of R&D spending is notable and consistent with a service-focused industrial model. Management's expense discipline appears sound, as SG&A has not scaled proportionally with revenue, but the real cost risk lies in the fixed financing and depreciation costs associated with the fleet, which are not fully visible in these income statement lines.
Sustainability of Peak Margins is Questionable
The current operating margin of 40.1% in Q2 2026 is nearly double the peer average of 14.1% for Great Lakes Dredge, raising questions about whether this represents a sustainable competitive advantage or a cyclical peak that will revert as market conditions normalize.
Short-sellers would focus on the extreme margin volatility as evidence that Cadeler's profitability is not structural but rather a function of perfect project timing and utilization. The negative gross margin in Q1 2024 demonstrates the downside risk if projects are delayed or underutilized. Furthermore, the debt/equity ratio of 1.08 indicates a leveraged balance sheet, which could amplify losses in a downturn. The key risk is that the current high-spec vessel scarcity premium may erode if competitors successfully commission similar tonnage, leading to a commoditization of day rates and a permanent margin reset.