Revenue growth remains stable at 0.2% year-over-year as of 2026Q1, though gross margins have experienced notable volatility, contracting from 81.8% in 2025Q4 to 59.3% in 2026Q1.
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 1.04B | 1.04B | 1.01B | 973.58M | 993.34M | 689.5M | 461.59M | 447.24M | 458.73M | 451.73M | 498.33M | 567.94M | 552.09M | 588.12M | 589.01M | 468.1M | 359.68M | 319.51M | 298.9M | 258.85M | 245.59M | 241.38M | 208.27M | 146.12M |
| Revenue Growth % | 2.85% | 2.8% | 4.16% | -1.99% | 44.07% | 49.37% | 3.21% | -2.5% | 1.55% | -9.35% | -12.26% | 2.87% | -6.13% | -0.15% | 25.83% | 30.14% | 12.57% | 6.89% | 15.48% | 5.4% | 1.74% | 15.9% | 42.53% | - |
| Cost of Goods Sold | 337.09M | 208.78M | 398.17M | 332.41M | 328.39M | 277.11M | 226.74M | 210.6M | 224.57M | 234.81M | 252.35M | 256.8M | 263.79M | 271.26M | 280.8M | 129.89M | 96.2M | 99.67M | 96.72M | 73.17M | 68.02M | 61.41M | 52.56M | 0 |
| COGS % of Revenue | - | 20.03% | 39.26% | 34.14% | 33.06% | 40.19% | 49.12% | 47.09% | 48.95% | 51.98% | 50.64% | 45.22% | 47.78% | 46.12% | 47.67% | 27.75% | 26.75% | 31.2% | 32.36% | 28.27% | 27.7% | 25.44% | 25.24% | - |
| Gross Profit | 705.76M | 833.68M | 615.94M | 641.17M | 664.96M | 412.39M | 234.85M | 236.64M | 234.16M | 216.92M | 245.98M | 311.13M | 288.3M | 316.86M | 308.21M | 338.21M | 263.48M | 219.84M | 202.18M | 185.67M | 177.56M | 179.97M | 155.71M | 146.12M |
| Gross Margin % | 67.68% | 79.97% | 60.74% | 65.86% | 66.94% | 59.81% | 50.88% | 52.91% | 51.05% | 48.02% | 49.36% | 54.78% | 52.22% | 53.88% | 52.33% | 72.25% | 73.25% | 68.8% | 67.64% | 71.73% | 72.3% | 74.56% | 74.76% | 100% |
| Gross Profit Growth % | - | 35.35% | -3.93% | -3.58% | 61.24% | 75.6% | -0.76% | 1.06% | 7.95% | -11.81% | -20.94% | 7.92% | -9.01% | 2.81% | -8.87% | 28.36% | 19.85% | 8.73% | 8.89% | 4.57% | -1.34% | 15.58% | 6.56% | - |
| Operating Expenses | 202.04M | 334.91M | 75.06M | 60.51M | 11.52M | 54.13M | 35.37M | 35.57M | 35.57M | 29.42M | 27.63M | 25.68M | 25.83M | 24.94M | 26.45M | 133.01M | 105.81M | 83.74M | 53.22M | 56.98M | 29.58M | 36.29M | 30.17M | 0 |
| OpEx % of Revenue | - | 32.13% | 7.4% | 6.21% | 1.16% | 7.85% | 7.66% | 7.95% | 7.75% | 6.51% | 5.55% | 4.52% | 4.68% | 4.24% | 4.49% | 28.41% | 29.42% | 26.21% | 17.81% | 22.01% | 12.04% | 15.04% | 14.49% | - |
| Selling, General & Admin | 77.55M | 64.41M | 54.23M | 43.48M | 36.58M | 43.95M | 24.34M | 35.57M | 35.57M | 29.42M | 27.63M | 25.68M | 25.83M | 24.94M | 26.45M | 21.03M | 23.25M | 14.54M | 11.62M | 9.96M | 7.57M | 5.06M | 4.05M | 0 |
| SG&A % of Revenue | - | 6.18% | 5.35% | 4.47% | 3.68% | 6.37% | 5.27% | 7.95% | 7.75% | 6.51% | 5.55% | 4.52% | 4.68% | 4.24% | 4.49% | 4.49% | 6.47% | 4.55% | 3.89% | 3.85% | 3.08% | 2.1% | 1.94% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 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 | 3M | 270.5M | 20.83M | 17.02M | -25.05M | 10.18M | 11.03M | 0 | 0 | 0 | 0 | 111K | 0 | 0 | 0 | 111.98M | 82.56M | 69.2M | 41.61M | 47.02M | 22M | 31.24M | 26.12M | 0 |
| Operating Income | 503.71M | 498.77M | 540.88M | 580.66M | 653.44M | 358.26M | 199.48M | 201.07M | -12.12M | 187.5M | -212.64M | 244.38M | 192.41M | 272.47M | 152.96M | 205.2M | 86.16M | 136.1M | 148.96M | 128.69M | 147.99M | 143.68M | 125.11M | 146.12M |
| Operating Margin % | 48.3% | 47.85% | 53.34% | 59.64% | 65.78% | 51.96% | 43.22% | 44.96% | -2.64% | 41.51% | -42.67% | 43.03% | 34.85% | 46.33% | 25.97% | 43.84% | 23.95% | 42.6% | 49.84% | 49.72% | 60.26% | 59.52% | 60.07% | 100% |
| Operating Income Growth % | - | -7.79% | -6.85% | -11.14% | 82.39% | 79.6% | -0.79% | 1758.75% | -106.47% | 188.17% | -187.01% | 27.01% | -29.38% | 78.13% | -25.46% | 138.17% | -36.69% | -8.64% | 15.75% | -13.04% | 3% | 14.85% | -14.38% | - |
| EBITDA | 702.49M | 706.21M | 684.69M | 688.73M | 731.01M | 447.56M | 301.01M | 306.31M | 104.87M | 309.47M | -78.07M | 376.16M | 329.47M | 409.88M | 296.9M | 311.38M | 163.2M | 197M | 199.99M | 169.79M | 179.1M | 170.79M | 91.31M | 108.67M |
| EBITDA Margin % | 67.36% | 67.74% | 67.52% | 70.74% | 73.59% | 64.91% | 65.21% | 68.49% | 22.86% | 68.51% | -15.67% | 66.23% | 59.68% | 69.69% | 50.41% | 66.52% | 45.38% | 61.66% | 66.91% | 65.59% | 72.93% | 70.76% | 43.84% | 74.37% |
| EBITDA Growth % | 4.2% | 3.14% | -0.59% | -5.78% | 63.33% | 48.69% | -1.73% | 192.08% | -66.11% | 496.4% | -120.75% | 14.17% | -19.62% | 38.05% | -4.65% | 90.79% | -17.16% | -1.49% | 17.79% | -5.2% | 4.86% | 87.04% | -15.97% | - |
| D&A (Non-Cash Add-back) | 198.77M | 207.44M | 143.81M | 108.06M | 77.57M | 89.3M | 101.53M | 105.24M | 116.99M | 121.98M | 134.57M | 131.78M | 137.06M | 137.41M | 143.94M | 106.18M | 77.05M | 60.91M | 51.02M | 41.09M | 31.11M | 27.11M | -33.79M | 0 |
| EBIT | 540.24M | 541.18M | 531.26M | 596.76M | 639.6M | 1.13B | 207.05M | 204.42M | 52.77M | 174.12M | -244.96M | 201.45M | 91.13M | 128.71M | -17.86M | 68.56M | -61.18M | 72.3M | 148.96M | 128.69M | 108.77M | 146.26M | 176.96M | 84.08M |
| Net Interest Income | -24.8M | -27.02M | -16.89M | -8.33M | -57.55M | -56.76M | -49.2M | -68.36M | -82.95M | -85.6M | -100.3M | -141.83M | -221.65M | -88.97M | -103.81M | -68.4M | -46.25M | -36.07M | -30.24M | -19.85M | -25.64M | -17.07M | -8.92M | 0 |
| Interest Income | 23.5M | 19.55M | 12.89M | 12.13M | 4.59M | 12.23M | 6.64M | 6.41M | 5.78M | 5.58M | 4.68M | 3.42M | 1.7M | 2.21M | 1.64M | 1.3M | 964K | 2.43M | 6.54M | 4.86M | 3.6M | 6.34M | 2.64M | 0 |
| Interest Expense | 48.3M | 46.56M | 29.78M | 20.46M | 62.14M | 68.99M | 55.84M | 74.77M | 88.73M | 91.18M | 104.98M | 145.25M | 223.35M | 91.19M | 105.45M | 55.12M | 47.21M | 38.5M | 39.78M | 22.42M | 29.24M | 23.41M | 11.56M | 0 |
| Other Income/Expense | 16.18M | -4.15M | -35.81M | -4.36M | -75.98M | 700.47M | -45.93M | -69.82M | -20.81M | -103.59M | -153.55M | -127.36M | -196.32M | -234.94M | -258.17M | -137.95M | -258.09M | -63.94M | 1.34M | -5.6M | -46.91M | -20.83M | 7.51M | -50.73M |
| Pretax Income | 519.89M | 494.61M | 505.07M | 576.3M | 577.46M | 1.06B | 153.55M | 131.25M | -32.94M | 83.91M | -366.19M | 117.02M | -3.92M | 37.52M | -105.2M | 67.26M | -127.6M | 72.16M | 150.3M | 140.66M | 122.85M | 139.92M | 132.62M | 0 |
| Pretax Margin % | 49.85% | 47.45% | 49.8% | 59.19% | 58.13% | 153.55% | 33.27% | 29.35% | -7.18% | 18.57% | -73.48% | 20.6% | -0.71% | 6.38% | -17.86% | 14.37% | -35.48% | 22.58% | 50.28% | 54.34% | 50.02% | 57.97% | 63.68% | - |
| Income Tax | 0 | 0 | 0 | 0 | 18.25M | 5.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191.77M | 260.01M | 100.01M | 33.72M | -86.57M | 46.91M | 20.83M | 74.56M | -59.85M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 3.16% | 0.56% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 285.12% | -203.77% | 138.59% | 22.44% | -61.55% | 38.18% | 14.89% | 56.22% | - |
| Net Income | 519.89M | 494.61M | 505.07M | 576.3M | 559.21M | 1.05B | 153.55M | 57.03M | -32.94M | 83.91M | -366.19M | 117.02M | -3.92M | 37.52M | -105.2M | 13.44M | -102.34M | 36.09M | 115.24M | 215.26M | 101.08M | 122.85M | 116.46M | 59.85M |
| Net Margin % | 49.85% | 47.45% | 49.8% | 59.19% | 56.3% | 152.7% | 33.27% | 12.75% | -7.18% | 18.57% | -73.48% | 20.6% | -0.71% | 6.38% | -17.86% | 2.87% | -28.45% | 11.3% | 38.55% | 83.16% | 41.16% | 50.89% | 55.92% | 40.96% |
| Net Income Growth % | 10.68% | -2.07% | -12.36% | 3.06% | -46.89% | 585.67% | 169.26% | 273.14% | -139.25% | 122.91% | -412.94% | 3085.1% | -110.45% | 135.67% | -882.94% | 113.13% | -383.58% | -68.68% | -46.47% | 112.96% | -17.72% | 5.49% | 94.57% | - |
| Net Income (Continuing) | 519.89M | 494.61M | 505.07M | 576.3M | 559.21M | 1.05B | 153.55M | 131.25M | -32.94M | 83.91M | -366.19M | 117.02M | -3.92M | 37.52M | -105.2M | 13.44M | -102.34M | 36.09M | 117.06M | 123.1M | 101.08M | 79.49M | 116.46M | 40.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 28.51 | 26.76 | 26.05 | 28.95 | 27.28 | 51.15 | 3.91 | 3.52 | -3.10 | 10.70 | -46.69 | 14.98 | -0.50 | 4.76 | -13.44 | 1.68 | -18.99 | 9.24 | 29.54 | 55.30 | 30.24 | 38.78 | 36.82 | 18.90 |
| EPS Growth % | 16.57% | 2.73% | -10.02% | 6.12% | -46.67% | 1208.18% | 11.08% | 213.55% | -128.97% | 122.92% | -411.68% | 3096% | -110.5% | 135.42% | -900% | 108.85% | -305.52% | -68.72% | -46.58% | 82.87% | -22.02% | 5.32% | 94.81% | - |
| EPS (Basic) | - | 26.83 | 26.15 | 28.99 | 27.30 | 51.75 | 3.95 | 3.60 | -3.10 | 10.70 | -46.69 | 14.98 | -0.50 | 4.76 | -13.44 | 1.68 | -18.99 | 9.24 | 29.54 | 55.30 | 30.24 | 38.78 | 36.82 | 18.90 |
| Diluted Shares Outstanding | 18.23M | 18.48M | 19.39M | 19.9M | 20.5M | 20.58M | 23.81M | 16.22M | 10.62M | 7.84M | 7.84M | 7.84M | 7.83M | 7.83M | 7.83M | 7.79M | 5.39M | 3.9M | 3.9M | 3.9M | 3.34M | 3.16M | 3.16M | 3.16M |
| Basic Shares Outstanding | 18.21M | 18.43M | 19.32M | 19.88M | 20.48M | 20.35M | 23.59M | 15.83M | 10.62M | 7.84M | 7.84M | 7.84M | 7.83M | 7.83M | 7.83M | 7.79M | 5.39M | 3.9M | 3.9M | 3.9M | 3.34M | 3.16M | 3.16M | 3.16M |
| Dividend Payout Ratio | - | 12.85% | 12.44% | 10.53% | 10.99% | 2.93% | - | - | - | - | - | - | - | - | - | - | - | - | 88.06% | 45.24% | 241.97% | 199.1% | 17.74% | - |
Counterparty credit concentration risk
As reported in recent financial statements, Danaos Corporation has maintained a stable revenue trajectory with a 0.2% year-over-year growth rate in 2026Q1, reflecting the company's reliance on long-term time charters that insulate top-line performance from the inherent volatility of the broader marine shipping spot market.
The modest growth figures suggest that the company is successfully laddering its multi-year contracts to ensure consistent cash inflows. Investors should monitor whether this stability persists as older, high-rate contracts roll off and are replaced in a potentially cooling global trade environment.
Based on the provided income statement data, Danaos Corporation exhibits significant quarterly fluctuations in gross margins, which dipped to 59.3% in 2026Q1 from a peak of 81.8% in 2025Q4, indicating sensitivity to operational cost pass-throughs and potential shifts in vessel maintenance requirements.
While the company maintains strong operating margins near 48%, the variance in gross profitability suggests that the firm's ability to shield itself from variable voyage costs is not absolute. This volatility warrants further investigation into whether recent environmental compliance costs are beginning to weigh on the bottom line.
According to the quarterly income statement, Danaos Corporation's net income of $140.4 million in 2026Q1 appears bolstered by non-operating items, as the company's massive cash reserves generate significant interest income that may mask the underlying performance of its core containership leasing operations.
The divergence between operating income and net income suggests that the company is functioning increasingly like a financial holding entity. Analysts should be cautious in extrapolating these earnings, as they are highly sensitive to prevailing interest rates rather than purely industrial shipping demand.
Financial data indicates that Danaos Corporation's pivot into the dry bulk sector introduces new volatility, as the company moves away from its pure-play containership model, potentially exposing its income statement to the cyclicality of iron ore and coal trade routes that differ from container demand.
Short-sellers may focus on the potential for margin compression if these new assets underperform or require higher-than-anticipated capital expenditures. The shift away from a specialized fleet strategy may complicate the company's historical narrative of operational excellence and disciplined capital allocation.
Quick answers to the most common questions about buying DAC stock.
For fiscal year 2025, Danaos Corporation (DAC) reported total revenue of $1.04B. This represents a 613.4% increase compared to $146.1M in 2003.
Danaos Corporation (DAC) is profitable, generating $494.6M in net income for the fiscal year ending 2025 with a net profit margin of 47.4%.
Danaos Corporation (DAC) reported an operating income of $498.8M, resulting in an operating profit margin of 47.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Danaos Corporation (DAC) generated $833.7M in gross profit for the year, representing a gross profit margin of 80.0%. This demonstrates the company's core pricing power and production efficiency.