Operating margins have experienced extreme volatility, compressing from a peak of 70.0% in 2025Q2 to just 6.2% in 2026Q1 due to the lumpy, project-based nature of offshore wind contracts.
| Sales/Revenue | 678.04M | 595.87M | 248.74M | 108.62M | 106.42M | 60.94M | 19.5M | 38.38M | 71.93M | 44.94M | 71.04M |
| Revenue Growth % | 129.73% | 139.56% | 128.99% | 2.07% | 74.64% | 212.49% | -49.19% | -46.64% | 60.04% | -36.74% | - |
| Cost of Goods Sold | 289.43M | 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 | 388.61M | 365.05M | 121.49M | 52.64M | 56.09M | 21.91M | -26.44M | -6.42M | 6.4M | -4.95M | 12.96M |
| Gross Margin % | 57.31% | 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 | 72.79M | 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 | 54.52M | 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 | -1.94M | 68.27M | 487K | 13.1M | 1.02M | 431K | 374K | 351K | 0 | 0 | 0 |
| Operating Income | 315.82M | 296.78M | 69.44M | 14.44M | 41.19M | 11.13M | -35.91M | -13.64M | 2.56M | -8.13M | 10.01M |
| Operating Margin % | 46.58% | 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 | 443.61M | 400.12M | 124.47M | 36.95M | 62.91M | 27.3M | -31.97M | -13.56M | 2.64M | -8.09M | 10.06M |
| EBITDA Margin % | 65.43% | 67.15% | 50.04% | 34.01% | 59.12% | 44.81% | -163.96% | -35.34% | 3.66% | -17.99% | 14.16% |
| EBITDA Growth % | 179.31% | 221.46% | 236.89% | -41.27% | 130.41% | 185.4% | -135.73% | -614.65% | 132.59% | -180.4% | - |
| D&A (Non-Cash Add-back) | 127.79M | 103.34M | 55.03M | 22.5M | 21.72M | 16.17M | 3.94M | 81K | 75.68K | 45.4K | 49.23K |
| EBIT | 325.02M | 296.78M | 69.44M | 27.15M | 41.19M | 11.13M | -35.9M | -13.64M | 2.48M | -8.18M | 9.97M |
| Net Interest Income | -42.69M | -21.34M | 498K | -1.44M | -1.28M | -3.08M | 3.41M | -5.66M | 153.23K | -65.69K | -856.28K |
| Interest Income | 17.07M | 1.65M | 3.29M | 1.43M | 244K | 358K | 7.7M | 0 | 200K | 0 | 0 |
| Interest Expense | 59.75M | 22.98M | 2.8M | 2.88M | 1.53M | 3.44M | 4.29M | 5.66M | 5.68M | 65.69K | 856.28K |
| Other Income/Expense | -38.3M | -20.28M | -1.97M | -2.94M | -5.65M | -3.7M | 8.88M | -8.54M | 77.55K | 195.45K | -892.33K |
| Pretax Income | 277.51M | 276.5M | 67.48M | 11.5M | 35.54M | 7.44M | -27.03M | -22.18M | 2.64M | -7.94M | 9.12M |
| Pretax Margin % | 40.93% | 46.4% | 27.13% | 10.59% | 33.4% | 12.21% | -138.62% | -57.8% | 3.67% | -17.66% | 12.83% |
| Income Tax | 6.63M | 7.38M | 2.41M | 0 | 0 | -13K | -1K | 1.58M | 1.71M | 1.56M | 2.01M |
| Effective Tax Rate % | 2.39% | 2.67% | 3.57% | 0% | 0% | -0.17% | 0% | -7.12% | 64.91% | -19.62% | 22.01% |
| Net Income | 270.89M | 269.13M | 65.07M | 11.5M | 35.54M | 7.45M | -27.03M | -23.76M | 918.97K | -6.38M | 7.11M |
| Net Margin % | 39.95% | 45.17% | 26.16% | 10.59% | 33.4% | 12.23% | -138.62% | -61.91% | 1.28% | -14.2% | 10.01% |
| Net Income Growth % | 209.02% | 313.6% | 465.92% | -67.65% | 377% | 127.56% | -13.76% | -2685.82% | 114.4% | -189.73% | - |
| Net Income (Continuing) | 270.89M | 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) | 3.07 | 3.04 | 0.76 | 0.23 | 0.88 | 0.23 | -3.88 | -2.44 | -0.68 | -8.16 | 0.00 |
| EPS Growth % | 193.07% | 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 | 88.11M | 88.67M | 86.74M | 50.81M | 40.97M | 32.79M | 6.48M | 9.62M | 9.62M | 780K | 0 |
| Basic Shares Outstanding | 88.11M | 87.63M | 86.49M | 50.34M | 40.8M | 32.79M | 6.48M | 9.62M | 9.62M | 780K | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Vessel utilization and backlog
As reported in recent financial statements, Cadeler's revenue growth has exhibited extreme volatility, swinging from a 93.1% year-over-year increase in 2025Q4 to a 90.5% expansion in 2026Q1, reflecting the lumpy, project-based nature of offshore wind installation contracts rather than consistent, linear organic growth across the fleet.
The dramatic fluctuations in quarterly revenue suggest that the company's top-line performance is highly sensitive to the timing of project mobilizations and specific contract milestones. Investors should monitor whether the recent revenue spikes are sustainable or if they represent temporary surges driven by the integration of the Eneti fleet, which may obscure the underlying demand for long-term installation services.
Based on the company's reported figures, gross margins have fluctuated significantly, peaking at 76.1% in 2025Q2 before compressing to 21.5% by 2026Q1, which highlights the high operating leverage inherent in maintaining a specialized fleet of jack-up vessels during periods of varying project activity.
The sharp contraction in gross margin suggests that the company's profitability is acutely vulnerable to even minor gaps in vessel utilization. Because the cost base remains largely fixed, the inability to maintain high utilization rates during project transitions appears to exert immediate and material downward pressure on the firm's bottom-line efficiency.
According to recent SEC filings, the company's operating income has demonstrated extreme sensitivity to revenue changes, with operating margins swinging from a high of 70.0% in 2025Q2 to a low of 6.2% in 2026Q1, indicating that the firm's cost structure lacks the flexibility to absorb revenue declines.
This high degree of operating leverage suggests that Cadeler is essentially a high-beta play on offshore wind project execution. While this structure allows for significant margin expansion during peak utilization, it also creates a precarious earnings profile where minor delays in project timelines can lead to disproportionate impacts on operating profitability.
As indicated by the company's quarterly data, net income has shifted from a $165.9 million profit in 2025Q2 to a $7.0 million loss in 2026Q1, suggesting that reported earnings are heavily influenced by non-operating items and the timing of project-based revenue recognition rather than steady operational cash generation.
The inconsistency in net income warrants further investigation into the impact of purchase price accounting adjustments following the Eneti merger. Investors should be cautious of relying on headline EPS figures, as the current earnings profile appears to be heavily distorted by the accounting treatment of large-scale, multi-year offshore wind contracts.
Based on the provided income statement data, the recent decline in profitability suggests that the market may be overestimating the durability of current day rates, as the potential for a global influx of newbuild vessels could lead to structural margin compression for the company's specialized fleet.
Short-sellers may focus on the company's inability to maintain consistent margins, which could indicate that the competitive advantage of the X-class and F-class vessels is being eroded by broader industry supply dynamics. If the current project-based revenue model fails to secure long-term utilization, the company's high fixed-cost base may become a significant liability.
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.