Operating margins have compressed from 26.4% in 2023Q4 to 13.9% in 2025Q4, reflecting an inability to achieve sufficient operating leverage amidst persistent revenue contraction.
| Metric | 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 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 213.54M | 228.21M | 262.1M | 289.97M | 214.2M | 169.73M | 220.73M | 226.19M | 161.9M | 114.26M | 157.71M | 175.58M | 164.45M | 223.23M | 256.79M | 275.45M | 239.34M | 337.39M | 190.48M | 116.1M | 103.1M | 63.84M | 25.28M | 11.94M | 11.36M |
| Revenue Growth % | -6.43% | -12.93% | -9.61% | 35.37% | 26.2% | -23.1% | -2.41% | 39.71% | 41.69% | -27.55% | -10.17% | 6.76% | -26.33% | -13.07% | -6.78% | 15.09% | -29.06% | 77.13% | 64.06% | 12.61% | 61.51% | 152.56% | 111.66% | 5.13% | - |
| Cost of Goods Sold | 92.66M | 96.19M | 148.89M | 122.3M | 120.82M | 142.36M | 153.05M | 155.12M | 185.98M | 181.36M | 180.13M | 168.09M | 150.07M | 136.58M | 65.97M | 64.98M | 53.33M | 54.9M | 38.03M | 28.55M | 21.43M | 16.32M | 10.01M | 0 | 0 |
| COGS % of Revenue | 43.39% | 42.15% | 56.81% | 42.18% | 56.4% | 83.87% | 69.34% | 68.58% | 114.87% | 158.73% | 114.22% | 95.74% | 91.26% | 61.18% | 25.69% | 23.59% | 22.28% | 16.27% | 19.96% | 24.59% | 20.79% | 25.56% | 39.62% | - | - |
| Gross Profit | 120.88M | 132.01M | 113.21M | 167.67M | 93.39M | 27.37M | 67.68M | 71.07M | -24.08M | -67.1M | -22.42M | 7.49M | 14.38M | 86.66M | 190.81M | 210.47M | 186.01M | 282.49M | 152.45M | 87.55M | 81.67M | 47.52M | 15.26M | 11.94M | 11.36M |
| Gross Margin % | 56.61% | 57.85% | 43.19% | 57.82% | 43.6% | 16.13% | 30.66% | 31.42% | -14.87% | -58.73% | -14.22% | 4.26% | 8.74% | 38.82% | 74.31% | 76.41% | 77.72% | 83.73% | 80.04% | 75.41% | 79.21% | 74.44% | 60.38% | 100% | 100% |
| Gross Profit Growth % | -8.43% | 16.61% | -32.48% | 79.55% | 241.19% | -59.56% | -4.76% | 395.12% | 64.11% | -199.27% | -399.55% | -47.95% | -83.4% | -54.59% | -9.34% | 13.15% | -34.15% | 85.3% | 74.12% | 7.2% | 71.86% | 211.34% | 27.81% | 5.13% | - |
| Operating Expenses | 78.69M | 73.24M | 27.49M | 24.97M | 29.87M | 140.04M | 29.9M | 31.37M | 28.51M | 26.97M | 25.74M | 26.22M | 23.72M | 24.91M | 80.4M | 76.83M | 61.67M | 56.65M | 14.51M | 23.64M | 14.97M | 10.34M | 8.5M | 3.14M | 2.42M |
| OpEx % of Revenue | 36.85% | 32.09% | 10.49% | 8.61% | 13.94% | 82.51% | 13.55% | 13.87% | 17.61% | 23.61% | 16.32% | 14.93% | 14.43% | 11.16% | 31.31% | 27.89% | 25.77% | 16.79% | 7.62% | 20.36% | 14.52% | 16.2% | 33.62% | 26.33% | 21.28% |
| Selling, General & Admin | 35.29M | 34.77M | 34.28M | 29.37M | 29.19M | 34.8M | 30.76M | 31.91M | 28.21M | 26.97M | 25.74M | 26.22M | 23.72M | 24.91M | 25.12M | 25.35M | 17.46M | 13.83M | 11.72M | 6.33M | 2.87M | 3.72M | 3.05M | 140K | 70K |
| SG&A % of Revenue | 16.53% | 15.23% | 13.08% | 10.13% | 13.63% | 20.5% | 13.93% | 14.11% | 17.43% | 23.61% | 16.32% | 14.93% | 14.43% | 11.16% | 9.78% | 9.2% | 7.3% | 4.1% | 6.15% | 5.45% | 2.78% | 5.83% | 12.06% | 1.17% | 0.62% |
| 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 43.4M | 38.47M | -6.79M | -4.39M | 675K | 105.25M | -854K | -542K | 296K | 0 | 0 | 0 | 0 | 0 | 55.28M | 53.08M | 44.21M | 42.82M | 2.79M | 17.31M | 12.1M | 6.62M | 5.45M | 3M | 2.35M |
| Operating Income | 42.19M | 58.78M | 85.71M | 142.7M | 63.52M | -7.42M | -9.85M | -3.67M | -483.99M | -88.32M | -47.18M | -18.2M | -8.65M | 63.12M | 110.92M | 133.64M | 124.34M | 225.84M | 137.94M | 63.92M | 66.7M | 42.13M | 11.16M | 2.06M | 2.21M |
| Operating Margin % | 19.76% | 25.76% | 32.7% | 49.21% | 29.65% | -4.37% | -4.46% | -1.62% | -298.95% | -77.3% | -29.91% | -10.37% | -5.26% | 28.27% | 43.19% | 48.52% | 51.95% | 66.94% | 72.42% | 55.05% | 64.69% | 65.99% | 44.16% | 17.22% | 19.49% |
| Operating Income Growth % | -28.22% | -31.42% | -39.93% | 124.66% | 955.46% | 24.61% | -168.22% | 99.24% | -447.99% | -87.21% | -159.16% | -110.38% | -113.71% | -43.1% | -17% | 7.48% | -44.94% | 63.72% | 115.81% | -4.17% | 58.32% | 277.44% | 442.9% | -7.14% | - |
| EBITDA | 81.6M | 103.7M | 135.5M | 186.02M | 104.01M | 35.57M | 39.05M | 48.53M | -396.98M | -6.74M | 29.16M | 52.3M | 56.09M | 125.13M | 166.19M | 186.72M | 169.02M | 269.1M | 162.38M | 80.63M | 76.64M | 47.22M | 15.14M | 5.06M | 4.56M |
| EBITDA Margin % | 38.21% | 45.44% | 51.7% | 64.15% | 48.56% | 20.95% | 17.69% | 21.46% | -245.21% | -5.9% | 18.49% | 29.79% | 34.11% | 56.05% | 64.72% | 67.79% | 70.62% | 79.76% | 85.25% | 69.44% | 74.33% | 73.96% | 59.9% | 42.37% | 40.15% |
| EBITDA Growth % | -21.31% | -23.47% | -27.16% | 78.85% | 192.44% | -8.93% | -19.53% | 112.23% | -5787.35% | -123.13% | -44.25% | -6.76% | -55.17% | -24.71% | -10.99% | 10.47% | -37.19% | 65.72% | 101.4% | 5.2% | 62.32% | 211.87% | 199.21% | 10.94% | - |
| D&A (Non-Cash Add-back) | 39.41M | 44.92M | 49.78M | 43.33M | 40.49M | 42.99M | 48.9M | 52.21M | 87M | 81.58M | 76.33M | 70.5M | 64.74M | 62.01M | 55.28M | 53.08M | 44.69M | 43.26M | 24.44M | 16.71M | 9.94M | 5.09M | 3.98M | 3M | 2.35M |
| EBIT | 38.53M | 52.98M | 80.39M | 138.06M | 62.16M | -110.99M | 17.43M | 44.88M | -486.74M | -144.71M | -50.79M | -2.45M | -13.61M | 61.66M | 111.99M | 132.51M | 124.44M | 225.84M | 137.94M | 63.92M | 66.7M | 42.13M | 11.14M | 8.8M | 8.94M |
| Net Interest Income | -35.45M | -39.1M | -41.16M | -24.68M | -20.06M | -20.79M | -26.57M | -21.68M | -22.12M | -19.54M | -12.4M | -4.8M | -6.34M | -6.19M | -3.89M | -4.29M | -2.33M | -4.6M | -3.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.5M | 5.64M | 8.17M | 2.74M | 176K | 728K | 2.86M | 8.82M | 4.51M | 2.41M | 3.15M | 3.63M | 1.8M | 1.43M | 1.03M | 920K | 951K | 768K | 2.68M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 42.95M | 44.74M | 49.33M | 27.42M | 20.24M | 21.51M | 29.43M | 30.51M | 26.63M | 21.95M | 15.55M | 8.43M | 8.14M | 7.62M | 4.92M | 5.21M | 3.28M | 5.85M | 6.39M | 0 | 30K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -24.36M | -46.03M | -35.87M | -23.63M | -6.12M | -21.52M | -28.16M | 20.25M | -27.73M | -75.92M | -17.54M | 7.94M | -12.55M | -8.48M | -3.42M | -5.77M | -2.84M | -4.14M | 0 | -3.89M | 30K | 19.98M | -4.38M | -2.06M | -2.21M |
| Pretax Income | 17.83M | 12.75M | 49.84M | 119.06M | 57.39M | -134.2M | -10.54M | 16.58M | -511.71M | -164.24M | -64.71M | -10.27M | -21.2M | 54.64M | 111.89M | 127.87M | 123.49M | 226.78M | 0 | 60.03M | 66.73M | 37.18M | 6.77M | 0 | 0 |
| Pretax Margin % | 8.35% | 5.59% | 19.02% | 41.06% | 26.79% | -79.06% | -4.77% | 7.33% | -316.07% | -143.74% | -41.03% | -5.85% | -12.89% | 24.48% | 43.57% | 46.42% | 51.6% | 67.22% | - | 51.7% | 64.72% | 58.24% | 26.77% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -21.05M | -50.76M | 0 | 0 | 0 | 0 | 0 | 0 | -1.77M | -1.03M | 739K | -2.66M | 3.72M | 6.74M | 1.68M | -42.88M | -1.02M | 8.72M | 9.33M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 199.86% | -306.14% | 0% | 0% | 0% | 0% | 0% | 0% | -1.59% | -0.81% | 0.6% | -1.17% | - | 11.23% | 2.52% | -115.34% | -15.12% | - | - |
| Net Income | 17.83M | 12.75M | 49.84M | 119.06M | 57.39M | -134.2M | -10.54M | 67.34M | -511.71M | -164.24M | -64.71M | -10.27M | -21.2M | 54.64M | 107.5M | 128.78M | 121.5M | 221.7M | 134.22M | 61.06M | 64.99M | 60.08M | 9.49M | 76K | -392K |
| Net Margin % | 8.35% | 5.59% | 19.02% | 41.06% | 26.79% | -79.06% | -4.77% | 29.77% | -316.07% | -143.74% | -41.03% | -5.85% | -12.89% | 24.48% | 41.86% | 46.75% | 50.76% | 65.71% | 70.46% | 52.59% | 63.03% | 94.12% | 37.54% | 0.64% | -3.45% |
| Net Income Growth % | 39.86% | -74.43% | -58.14% | 107.45% | 142.77% | -1173.82% | -115.64% | 113.16% | -211.57% | -153.79% | -530.24% | 51.58% | -138.81% | -49.17% | -16.53% | 5.99% | -45.2% | 65.18% | 119.81% | -6.04% | 8.17% | 533.19% | 12385.53% | 119.39% | - |
| Net Income (Continuing) | 17.83M | 12.75M | 49.84M | 119.06M | 57.39M | -134.2M | 0 | 16.58M | -511.71M | -164.24M | -64.71M | -10.27M | -21.2M | 54.64M | 107.5M | 127.87M | 121.5M | 221.7M | 134.22M | 61.06M | 64.99M | 60.08M | 9.49M | 76K | -392K |
| 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 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.11 | 0.06 | 0.43 | 1.36 | 0.61 | -1.62 | 0.11 | 0.64 | -5.35 | -2.04 | -0.81 | -0.13 | -0.26 | 0.67 | 1.33 | 1.59 | 1.55 | 2.97 | 2.11 | 1.23 | 1.72 | 2.17 | 0.37 | 0.02 | -0.11 |
| EPS Growth % | 87.07% | -86.33% | -68.38% | 122.95% | 137.65% | -1572.73% | -82.81% | 111.96% | -162.25% | -151.85% | -523.08% | 50% | -138.81% | -49.62% | -16.35% | 2.58% | -47.81% | 40.76% | 71.54% | -28.49% | -20.74% | 486.49% | 1990.4% | 116.09% | - |
| EPS (Basic) | 0.11 | 0.06 | 0.44 | 1.42 | 0.64 | -1.62 | 0.11 | 0.65 | -5.35 | -2.04 | -0.81 | -0.13 | -0.26 | 0.67 | 1.33 | 1.60 | 1.55 | 2.98 | 2.11 | 1.23 | 1.72 | 2.17 | 0.37 | 0.02 | -0.11 |
| Diluted Shares Outstanding | 110.5M | 118.66M | 101.88M | 83.32M | 84.86M | 86.14M | 95.19M | 104.72M | 95.73M | 80.44M | 79.52M | 81.29M | 81.33M | 81.08M | 81.12M | 80.81M | 78.39M | 74.56M | 63.75M | 49.53M | 37.77M | 27.63M | 25.34M | 4.3M | 3.68M |
| Basic Shares Outstanding | 111.42M | 115.96M | 100.17M | 80.06M | 81.12M | 86.14M | 95.19M | 103.74M | 95.65M | 80.44M | 79.52M | 81.29M | 81.33M | 81.08M | 81.08M | 80.68M | 78.28M | 74.38M | 63.75M | 49.53M | 37.77M | 27.63M | 25.34M | 4.3M | 3.68M |
| Dividend Payout Ratio | 25.97% | 227.55% | 83.11% | 67.03% | 15.37% | - | - | - | - | - | - | - | - | - | - | - | - | 111.41% | 97.63% | 120.5% | 88.32% | 84.88% | - | - | - |
Cyclical Charter Rate Volatility
As reported in recent financial filings, Diana Shipping's revenue has experienced a consistent downward trajectory, culminating in an 8.8% year-over-year decline by 2025Q4, which suggests that the company's reliance on legacy charter contracts is failing to offset broader weakness in global dry bulk demand.
The persistent negative growth rates across the last ten quarters indicate that the company is struggling to re-charter its fleet at rates that match or exceed expiring agreements. This trend suggests that the firm's conservative chartering strategy may be acting as a drag on performance during periods where market rates might otherwise offer upside potential.
Based on the provided income statement data, Diana Shipping's gross margins have exhibited significant volatility, swinging from a high of 60.1% in 2024Q4 to a low of 32.7% in 2025Q3, reflecting the inherent sensitivity of the fleet's cost structure to vessel-specific operating expenses.
The wide variance in gross profitability suggests that the company's cost base is not as fixed as the business model might imply, likely due to the timing of maintenance and dry-docking cycles. Investors should monitor whether these margin fluctuations are purely timing-related or indicative of rising structural costs in the maritime labor and maintenance markets.
According to the quarterly income statements, Diana Shipping's operating margin has compressed from 26.4% in 2023Q4 to 13.9% by 2025Q4, indicating that the company is failing to achieve sufficient operating leverage as revenue continues to decline across its core vessel segments.
The inability to scale operating income alongside revenue suggests that administrative and fixed overhead costs remain sticky even as top-line performance deteriorates. This trend warrants further investigation into whether management can effectively rationalize the cost structure without compromising the operational integrity of the fleet.
As evidenced by the 2025Q2 financial data, the inclusion of $5.3 million in stock-based compensation significantly distorted net income, highlighting that reported earnings may not always reflect the underlying cash-generating capability of the company's dry bulk shipping operations.
The intermittent nature of these non-cash charges suggests that investors should focus on operating cash flow rather than headline net income to gauge true performance. The reliance on equity-based incentives may indicate a management preference for preserving cash, yet it introduces volatility into the bottom line that complicates year-over-year comparisons.
While the company maintains a conservative balance sheet, the persistent decline in net margins to 6.0% in 2025Q4 suggests that the current business model may be vulnerable to prolonged periods of low charter rates and rising regulatory compliance costs for older vessels.
Short-term observers might focus on the company's low debt levels, but the fundamental risk appears to be the long-term viability of the aging fleet in a tightening regulatory environment. If the company is forced to invest heavily in retrofits to meet environmental standards, the current margin profile may face further downward pressure.
Quick answers to the most common questions about buying DSX stock.
For fiscal year 2025, Diana Shipping Inc. (DSX) reported total revenue of $213.5M. This represents a 1779.9% increase compared to $11.4M in 2001.
Diana Shipping Inc. (DSX) is profitable, generating $17.8M in net income for the fiscal year ending 2025 with a net profit margin of 8.3%.
Diana Shipping Inc. (DSX) reported an operating income of $42.2M, resulting in an operating profit margin of 19.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Diana Shipping Inc. (DSX) generated $120.9M in gross profit for the year, representing a gross profit margin of 56.6%. This demonstrates the company's core pricing power and production efficiency.