Revenue has experienced a sharp contraction, evidenced by a 54.8% year-over-year decline in 2026Q1, while gross margins remain highly sensitive to vessel utilization, swinging between 22.8% and 72.0% over the past ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 849.6M | 877.9M | 2.08B | 1.51B | 1.11B | 793.64M | 460.32M | 478.11M | 380.4M | 412.43M | 468.19M | 490.38M | 484M | 414.25M | 386.15M | 382.15M | 353.15M | 399.94M | 426.35M |
| Revenue Growth % | -51.65% | -57.87% | 37.88% | 35.69% | 40.35% | 72.41% | -3.72% | 25.69% | -7.77% | -11.91% | -4.52% | 1.32% | 16.84% | 7.28% | 1.05% | 8.21% | -11.7% | -6.19% | - |
| Cost of Goods Sold | 353.7M | 375.07M | 1.53B | 1.07B | 513.2M | 351.77M | 248.7M | 249.08M | 231.32M | 222.04M | 226.82M | 237.75M | 245.68M | 220.66M | 209.38M | 117.45M | 104.85M | 117.59M | 152.09M |
| COGS % of Revenue | - | 42.72% | 73.29% | 71.12% | 46.07% | 44.32% | 54.03% | 52.1% | 60.81% | 53.84% | 48.45% | 48.48% | 50.76% | 53.27% | 54.22% | 30.73% | 29.69% | 29.4% | 35.67% |
| Gross Profit | 495.9M | 502.83M | 556.66M | 436.42M | 600.66M | 441.87M | 211.62M | 229.03M | 149.08M | 190.39M | 241.37M | 252.63M | 238.32M | 193.59M | 176.78M | 264.7M | 248.3M | 282.35M | 274.26M |
| Gross Margin % | 58.37% | 57.28% | 26.71% | 28.88% | 53.93% | 55.68% | 45.97% | 47.9% | 39.19% | 46.16% | 51.55% | 51.52% | 49.24% | 46.73% | 45.78% | 69.27% | 70.31% | 70.6% | 64.33% |
| Gross Profit Growth % | - | -9.67% | 27.55% | -27.34% | 35.94% | 108.8% | -7.6% | 53.63% | -21.7% | -21.12% | -4.46% | 6% | 23.11% | 9.51% | -33.22% | 6.6% | -12.06% | 2.95% | - |
| Operating Expenses | 84.15M | 48.91M | 94.4M | -31.59M | -61.59M | 517K | 151.29M | 55.9M | 28.7M | 28.21M | 33.35M | 36.27M | 26.18M | 25.1M | 19.22M | 94.17M | 92.43M | 90.76M | 94.76M |
| OpEx % of Revenue | - | 5.57% | 4.53% | -2.09% | -5.53% | 0.07% | 32.87% | 11.69% | 7.54% | 6.84% | 7.12% | 7.4% | 5.41% | 6.06% | 4.98% | 24.64% | 26.17% | 22.69% | 22.23% |
| Selling, General & Admin | 43.79M | 20M | 33.47M | 24.22M | 19.53M | 16.82M | 11.02M | 9.43M | 9.16M | 9.52M | 14.72M | 17.4M | 7.71M | 8.52M | 4.04M | 20.31M | 22.39M | 13.95M | 16.15M |
| SG&A % of Revenue | - | 2.28% | 1.61% | 1.6% | 1.75% | 2.12% | 2.39% | 1.97% | 2.41% | 2.31% | 3.14% | 3.55% | 1.59% | 2.06% | 1.05% | 5.31% | 6.34% | 3.49% | 3.79% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 28.92M | 60.93M | -55.8M | -81.12M | -16.3M | 140.28M | 46.47M | 350K | 593K | 595K | 427K | 3.29M | 822K | -43K | 73.86M | 70.04M | 76.81M | 78.61M |
| Operating Income | 411.75M | 453.92M | 462.26M | 468.01M | 662.25M | 441.35M | 60.33M | 173.12M | 117.16M | 137.01M | 166.06M | 217.91M | 214.69M | 169.01M | 154.87M | 170.66M | 155.88M | 191.59M | 179.5M |
| Operating Margin % | 48.46% | 51.71% | 22.18% | 30.97% | 59.46% | 55.61% | 13.11% | 36.21% | 30.8% | 33.22% | 35.47% | 44.44% | 44.36% | 40.8% | 40.11% | 44.66% | 44.14% | 47.9% | 42.1% |
| Operating Income Growth % | - | -1.8% | -1.23% | -29.33% | 50.05% | 631.58% | -65.15% | 47.77% | -14.49% | -17.49% | -23.8% | 1.5% | 27.02% | 9.13% | -9.25% | 9.49% | -18.64% | 6.73% | - |
| EBITDA | 546.91M | 603.25M | 625.84M | 634.15M | 828.44M | 577.88M | 169.22M | 286.78M | 220.71M | 241.09M | 274.83M | 319.56M | 320.48M | 258.97M | 235.21M | 249.47M | 226.76M | 267.34M | 256.85M |
| EBITDA Margin % | 64.37% | 68.72% | 30.03% | 41.96% | 74.38% | 72.81% | 36.76% | 59.98% | 58.02% | 58.46% | 58.7% | 65.17% | 66.22% | 62.52% | 60.91% | 65.28% | 64.21% | 66.85% | 60.24% |
| EBITDA Growth % | -9.4% | -3.61% | -1.31% | -23.45% | 43.36% | 241.5% | -40.99% | 29.93% | -8.45% | -12.28% | -14% | -0.29% | 23.75% | 10.1% | -5.72% | 10.01% | -15.18% | 4.09% | - |
| D&A (Non-Cash Add-back) | 135.17M | 149.33M | 163.58M | 166.14M | 166.2M | 136.53M | 108.89M | 113.65M | 103.55M | 104.08M | 108.78M | 101.64M | 105.79M | 89.96M | 80.33M | 78.8M | 70.89M | 75.76M | 77.34M |
| EBIT | 443.23M | 487.91M | 456.29M | 533.14M | 661.9M | 506.92M | 72.13M | 184.83M | 119.18M | 141.55M | 142.94M | 188.83M | 159.64M | 125.01M | 101.14M | 103.28M | 99.09M | 191.59M | 179.5M |
| Net Interest Income | -65.21M | -72.04M | -117.11M | -119.68M | -101.25M | -70.21M | -65.55M | -87.54M | -60.54M | -69.41M | -59.52M | -46.46M | -48.64M | -25.54M | -19.96M | -19.84M | -16.83M | -84.14M | -62.84M |
| Interest Income | 16.67M | 19.32M | 33.19M | 32.45M | 5.96M | 1.59M | 1.83M | 3.35M | 3.45M | 2.64M | 1.63M | 1.37M | 815K | 543K | 1.5M | 477K | 1.45M | 2.67M | 5.58M |
| Interest Expense | 81.88M | 91.36M | 150.29M | 152.12M | 107.2M | 71.8M | 67.38M | 90.89M | 63.99M | 72.05M | 61.16M | 47.83M | 49.46M | 26.08M | 21.45M | 75.44M | 71.95M | 86.82M | 68.42M |
| Other Income/Expense | -45.22M | -57.37M | -145.93M | -86.99M | -107.55M | -6.23M | -51.45M | -74.12M | -49.92M | -64.14M | -84.35M | -74.15M | -99.6M | -65.93M | -73.74M | -83.07M | -74.65M | 9.49M | -79.72M |
| Pretax Income | 366.52M | 396.55M | 316.33M | 381.02M | 554.69M | 435.12M | 8.88M | 99M | 67.24M | 72.88M | 81.7M | 143.76M | 115.09M | 103.09M | 81.13M | 116.93M | 99.78M | 201.07M | 162.62M |
| Pretax Margin % | 43.14% | 45.17% | 15.18% | 25.21% | 49.8% | 54.83% | 1.93% | 20.71% | 17.68% | 17.67% | 17.45% | 29.32% | 23.78% | 24.89% | 21.01% | 30.6% | 28.25% | 50.28% | 38.14% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82.94M | 83.12M | 78.04M | 81.36M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 70.93% | 83.3% | 38.81% | 50.03% |
| Net Income | 344.85M | 364.57M | 319.92M | 385.75M | 554.96M | 435.12M | 8.88M | 99M | 67.24M | 72.88M | 81.7M | 143.76M | 115.09M | 103.09M | 81.13M | 87.59M | 81.22M | 116.93M | 99.78M |
| Net Margin % | 40.59% | 41.53% | 15.35% | 25.52% | 49.82% | 54.83% | 1.93% | 20.71% | 17.68% | 17.67% | 17.45% | 29.32% | 23.78% | 24.89% | 21.01% | 22.92% | 23% | 29.24% | 23.4% |
| Net Income Growth % | 8.38% | 13.96% | -17.07% | -30.49% | 27.54% | 4801.67% | -91.03% | 47.23% | -7.74% | -10.8% | -43.17% | 24.92% | 11.64% | 27.07% | -7.38% | 7.84% | -30.54% | 17.19% | - |
| Net Income (Continuing) | 366.52M | 396.55M | 316.33M | 381.02M | 554.69M | 435.12M | 8.88M | 99M | 67.24M | 72.88M | 81.7M | 143.76M | 115.09M | 103.09M | 81.13M | 87.59M | 81.22M | 116.93M | 99.78M |
| Discontinued Operations | -1000K | -27.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 71.84M | 72.76M | 55.09M | 56.86M | 3.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.86 | 2.86 | 2.44 | 2.95 | 4.26 | 3.28 | -0.18 | 0.59 | 0.61 | 0.52 | 0.79 | 1.68 | 1.38 | 1.36 | 1.20 | 1.45 | 1.65 | 2.49 | 2.12 |
| EPS Growth % | 9.84% | 17.21% | -17.29% | -30.75% | 29.88% | 1922.22% | -130.51% | -3.28% | 17.31% | -34.18% | -52.98% | 21.74% | 1.47% | 13.33% | -17.24% | -12.12% | -33.73% | 17.45% | - |
| EPS (Basic) | - | 2.86 | 2.44 | 2.95 | 4.26 | 3.28 | -0.18 | 0.59 | 0.61 | 0.52 | 0.79 | 1.68 | 1.38 | 1.36 | 1.20 | 1.45 | 1.65 | 2.49 | 2.12 |
| Diluted Shares Outstanding | 120.59M | 120.2M | 119.3M | 120.3M | 122.96M | 123.07M | 120.7M | 115.75M | 110.4M | 100.53M | 77.24M | 75.03M | 74.8M | 74.8M | 67.61M | 60.3M | 49.11M | 47M | 47M |
| Basic Shares Outstanding | 120.59M | 120.2M | 119.3M | 120.3M | 122.96M | 123.07M | 120.7M | 115.75M | 110.4M | 100.53M | 77.24M | 75.03M | 74.8M | 74.8M | 67.61M | 60.3M | 49.11M | 47M | 47M |
| Dividend Payout Ratio | - | 21.75% | 23.18% | 18.63% | 21.54% | 16.38% | 737.52% | 59.25% | 73.09% | 51.81% | 91.8% | 71.15% | 80.87% | 79.07% | 90.09% | 70.22% | 12.31% | 137.89% | 280.4% |
Cyclical Revenue Volatility
As reported in recent financial statements, Costamare's revenue has experienced a significant decline, with the most recent quarter showing a 54.8% year-over-year contraction, suggesting a fundamental transition in the company's fleet composition and chartering strategy rather than a simple cyclical downturn in maritime demand.
The sharp drop in top-line figures appears to coincide with the company's aggressive pivot into the dry bulk sector, which inherently carries different revenue recognition patterns than the legacy containership business. Investors should monitor whether this revenue volatility represents a permanent shift toward a more transactional, spot-exposed business model that lacks the predictable cash flow visibility of the previous long-term charter structure.
Based on the provided income statement data, gross margins have fluctuated wildly between 22.8% and 72.0% over the last ten quarters, indicating that the company's cost structure is highly sensitive to the mix of vessel utilization and the specific chartering arrangements across its diversified fleet.
While the recent 51.2% gross margin suggests a recovery from the lows observed in 2024, the inconsistency in these figures implies that Costamare is struggling to maintain stable profitability amidst its fleet expansion. The high variability in COGS suggests that voyage-related expenses in the dry bulk segment are exerting significant pressure on margins during periods of market weakness.
According to quarterly filings, operating income has failed to scale consistently with gross profit, as evidenced by the 43.7% operating margin in 2026Q1, which reflects the ongoing challenge of managing a dual-asset class fleet while absorbing the fixed costs associated with a larger, more complex vessel portfolio.
The company's ability to convert gross profit into operating income appears constrained by the overhead requirements of its expanded dry bulk operations. Analysts should investigate whether the current SG&A levels are sufficient to support the increased operational complexity or if further cost-cutting measures are required to protect operating margins from further erosion.
While management frames the dry bulk expansion as a strategic hedge, the income statement data suggests that this diversification has introduced significant earnings volatility, with net income margins swinging from 6.4% to 47.0% over the past two years, raising questions about the predictability of future shareholder returns.
Short-sellers may focus on the potential for the dry bulk segment to act as a drag on earnings during cyclical troughs, particularly if the company's older tonnage requires increased maintenance capex to meet environmental standards. The reliance on non-operating gains from vessel sales to bolster net income warrants further investigation into the sustainability of the company's core operational profitability.
Quick answers to the most common questions about buying CMRE stock.
For fiscal year 2025, Costamare Inc. (CMRE) reported total revenue of $877.9M. This represents a 105.9% increase compared to $426.3M in 2008.
Costamare Inc. (CMRE) is profitable, generating $364.6M in net income for the fiscal year ending 2025 with a net profit margin of 41.5%.
Costamare Inc. (CMRE) reported an operating income of $453.9M, resulting in an operating profit margin of 51.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Costamare Inc. (CMRE) generated $502.8M in gross profit for the year, representing a gross profit margin of 57.3%. This demonstrates the company's core pricing power and production efficiency.