Revenue growth accelerated to 112.3% year-over-year in 2026Q1, supported by a robust 64.5% gross margin that reflects the competitive advantage of the company's scrubber-fitted vessel fleet.
| Sales/Revenue | 481.57M | 391.55M | 393.23M | 413.1M | 270.97M | 169M | 282.87M | 127.73M | 29.21M |
| Revenue Growth % | 32.94% | -0.43% | -4.81% | 52.45% | 60.34% | -40.26% | 121.45% | 337.33% | - |
| Cost of Goods Sold | 206.96M | 167.11M | 169.63M | 191.68M | 147.79M | 124.37M | 129.91M | 74.78M | 22.74M |
| COGS % of Revenue | - | 42.68% | 43.14% | 46.4% | 54.54% | 73.59% | 45.93% | 58.54% | 77.87% |
| Gross Profit | 274.61M | 224.44M | 223.6M | 221.41M | 123.18M | 44.63M | 152.96M | 52.96M | 6.46M |
| Gross Margin % | 57.02% | 57.32% | 56.86% | 53.6% | 45.46% | 26.41% | 54.07% | 41.46% | 22.13% |
| Gross Profit Growth % | - | 0.38% | 0.99% | 79.74% | 176.01% | -70.82% | 188.83% | 719.22% | - |
| Operating Expenses | 36.3M | 61.91M | 60.65M | 20.29M | 13.06M | 12.61M | 11.59M | 7.18M | 2.14M |
| OpEx % of Revenue | - | 15.81% | 15.42% | 4.91% | 4.82% | 7.46% | 4.1% | 5.62% | 7.32% |
| Selling, General & Admin | 18.13M | 20.47M | 19.52M | 20.29M | 5.3M | 5.09M | 11.59M | 3.33M | 2.14M |
| SG&A % of Revenue | - | 5.23% | 4.96% | 4.91% | 1.95% | 3.01% | 4.1% | 2.61% | 7.32% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 41.44M | 41.13M | 0 | 7.76M | 7.51M | 0 | 3.85M | 0 |
| Operating Income | 238.31M | 162.53M | 162.94M | 201.12M | 110.12M | 32.02M | 141.36M | 45.78M | 4.33M |
| Operating Margin % | 49.49% | 41.51% | 41.44% | 48.69% | 40.64% | 18.95% | 49.97% | 35.84% | 14.81% |
| Operating Income Growth % | - | -0.25% | -18.98% | 82.64% | 243.88% | -77.35% | 208.81% | 958.22% | - |
| EBITDA | 281.54M | 203.97M | 204.08M | 241.51M | 148.09M | 70.69M | 182.98M | 70.36M | 11.65M |
| EBITDA Margin % | 58.46% | 52.09% | 51.9% | 58.46% | 54.65% | 41.83% | 64.69% | 55.09% | 39.89% |
| EBITDA Growth % | 64.31% | -0.05% | -15.5% | 63.09% | 109.49% | -61.37% | 160.05% | 503.94% | - |
| D&A (Non-Cash Add-back) | 43.23M | 41.44M | 41.13M | 40.38M | 37.96M | 38.67M | 41.62M | 24.59M | 7.32M |
| EBIT | 240.81M | 162.53M | 162.94M | 201.12M | 119.64M | 26.18M | 141.36M | 45.78M | 4.55M |
| Net Interest Income | -40.33M | -42.05M | -53.61M | -57.07M | -37.41M | -36.46M | -37.6M | -33.88M | -8.54M |
| Interest Income | 2.02M | 0 | 20.88K | 1.61M | 668.03K | 3.47K | 50.5K | 130.02K | 292.41K |
| Interest Expense | 32.97M | 0 | 53.63M | 58.68M | 38.08M | 36.47M | 37.65M | 34.01M | 8.83M |
| Other Income/Expense | -39.59M | -39.58M | -54.08M | -55.87M | -25.56M | -32.93M | -40.04M | -34.39M | -7.34M |
| Pretax Income | 198.71M | 122.95M | 108.86M | 145.25M | 84.56M | -902.9K | 101.32M | 11.38M | -3.02M |
| Pretax Margin % | 41.26% | 31.4% | 27.68% | 35.16% | 31.21% | -0.53% | 35.82% | 8.91% | -10.34% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% |
| Net Income | 198.71M | 122.95M | 108.86M | 145.25M | 84.56M | -902.9K | 101.32M | 11.38M | -3.02M |
| Net Margin % | 41.26% | 31.4% | 27.68% | 35.16% | 31.21% | -0.53% | 35.82% | 8.91% | -10.34% |
| Net Income Growth % | 148.82% | 12.94% | -25.05% | 71.77% | 9465.39% | -100.89% | 789.98% | 477.12% | - |
| Net Income (Continuing) | 198.71M | 122.95M | 108.86M | 145.25M | 84.56M | -902.9K | 101.32M | 11.38M | -3.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.21 | 3.77 | 3.38 | 4.51 | 2.63 | -0.03 | 3.12 | 0.35 | -0.14 |
| EPS Growth % | 128.23% | 11.54% | -25.06% | 71.48% | 9526.52% | -100.89% | 791.43% | 350% | - |
| EPS (Basic) | - | 3.77 | 3.38 | 4.51 | 2.63 | -0.03 | 3.12 | 0.35 | -0.14 |
| Diluted Shares Outstanding | 38.16M | 32.58M | 32.19M | 32.19M | 32.2M | 32.37M | 32.46M | 32.26M | 21.25M |
| Basic Shares Outstanding | 38.16M | 32.61M | 32.19M | 32.19M | 32.2M | 32.37M | 32.46M | 32.26M | 21.25M |
| Dividend Payout Ratio | - | 57.49% | - | - | - | - | 43.15% | - | - |
Spot rate volatility exposure
According to the latest quarterly financial data, ECO achieved a significant revenue acceleration, with top-line figures reaching $170.2 million in 2026Q1, representing a 112.3% year-over-year growth rate that highlights the company's high sensitivity to the current favorable spot market environment for crude oil tankers.
The sharp revenue expansion suggests that the company is successfully capturing premium rates, likely bolstered by geopolitical shifts that have increased ton-mile demand. Investors should monitor whether this growth trajectory is sustainable or if it remains strictly tied to the current volatility in global oil trade routes.
As reported in recent income statements, ECO's gross margin expanded to 64.5% in 2026Q1, a performance that appears to validate the company's strategic investment in scrubber-fitted, fuel-efficient vessels compared to the broader industry peer group which often struggles with higher bunker fuel costs.
This margin profile suggests a superior ability to convert revenue into gross profit, likely due to the lower cash breakeven points afforded by their modern fleet. The structural efficiency of these assets may provide a durable competitive moat, provided the price spread between high and low sulfur fuels remains wide.
Based on the provided income statement figures, ECO demonstrated impressive operating leverage in 2026Q1, as operating income climbed to $98.1 million while SG&A expenses remained tightly controlled at $8.5 million, indicating a highly scalable business model that benefits significantly from rising freight rates without proportional overhead increases.
The ability to maintain such a lean administrative structure while revenue scales suggests that management is focused on maximizing operational throughput. This efficiency appears to be a key driver of the company's strong bottom-line performance, though it warrants further investigation into whether such low SG&A levels are sustainable during periods of fleet expansion.
Analysis of the company's income statement reveals that net income reached $88.3 million in 2026Q1 with zero reported stock-based compensation, suggesting that the reported EPS of 2.31 is of high quality and not artificially inflated by equity-based incentives that often dilute shareholder value in the shipping sector.
The absence of non-operating items and stock-based compensation implies that the reported earnings are a direct reflection of core operational performance. This transparency is favorable for investors, although the lumpy nature of dry-docking expenses should be considered when evaluating the consistency of these earnings over longer time horizons.
While current performance is robust, the reported 1.06% debt-to-equity ratio appears anomalous for the capital-intensive shipping industry, raising questions about potential off-balance-sheet lease liabilities that could mask the true financial risk profile of the company during a potential downturn in global crude oil demand.
Short-sellers may focus on the potential for margin compression if the HSFO-VLSFO fuel spread narrows, which would directly erode the company's primary competitive advantage. Furthermore, the reliance on spot market rates suggests that any sudden cooling in global trade could lead to a rapid and significant deterioration in profitability.
Quick answers to the most common questions about buying ECO stock.
For fiscal year 2025, Okeanis Eco Tankers Corp. (ECO) reported total revenue of $391.5M. This represents a 1240.6% increase compared to $29.2M in 2018.
Okeanis Eco Tankers Corp. (ECO) is profitable, generating $123.0M in net income for the fiscal year ending 2025 with a net profit margin of 31.4%.
Okeanis Eco Tankers Corp. (ECO) reported an operating income of $162.5M, resulting in an operating profit margin of 41.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Okeanis Eco Tankers Corp. (ECO) generated $224.4M 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.