Euroseas maintained a robust gross margin of 67.6% in 2026Q1, demonstrating structural resilience despite a 0.9% revenue contraction during the same period.
| 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 | Dec'02 |
|---|
| Sales/Revenue | 227.36M | 227.87M | 212.9M | 189.36M | 182.69M | 93.89M | 53.3M | 40.02M | 34.42M | 23.76M | 20.55M | 37.68M | 40.63M | 39.15M | 52.49M | 61.4M | 52.48M | 63.78M | 126.3M | 82.08M | 40.31M | 42.14M | 43.5M | 25.05M | 14.87M |
| Revenue Growth % | 2.17% | 7.03% | 12.43% | 3.65% | 94.58% | 76.15% | 33.18% | 16.26% | 44.89% | 15.64% | -45.47% | -7.27% | 3.78% | -25.4% | -14.51% | 16.99% | -17.72% | -49.5% | 53.88% | 103.6% | -4.32% | -3.14% | 73.7% | 68.42% | - |
| Cost of Goods Sold | 78.9M | 83.13M | 85.57M | 69.5M | 68.17M | 41.66M | 40.7M | 31.93M | 27.33M | 20.74M | 22.23M | 40.42M | 43.36M | 50.53M | 45.41M | 48.52M | 47.62M | 27.1M | 36.74M | 18.14M | 11.52M | 9.28M | 9.28M | 0 | 0 |
| COGS % of Revenue | - | 36.48% | 40.19% | 36.7% | 37.32% | 44.37% | 76.35% | 79.78% | 79.39% | 87.3% | 108.18% | 107.28% | 106.7% | 129.05% | 86.51% | 79.03% | 90.75% | 42.48% | 29.09% | 22.1% | 28.58% | 22.03% | 21.32% | - | - |
| Gross Profit | 148.47M | 144.75M | 127.33M | 119.86M | 114.52M | 52.23M | 12.61M | 8.09M | 7.1M | 3.02M | -1.68M | -2.74M | -2.72M | -11.38M | 7.08M | 12.87M | 4.86M | 36.69M | 89.56M | 63.94M | 28.79M | 32.85M | 34.23M | 0 | 0 |
| Gross Margin % | 65.3% | 63.52% | 59.81% | 63.3% | 62.68% | 55.63% | 23.65% | 20.22% | 20.61% | 12.7% | -8.18% | -7.28% | -6.7% | -29.05% | 13.49% | 20.97% | 9.25% | 57.52% | 70.91% | 77.9% | 71.42% | 77.97% | 78.68% | - | - |
| Gross Profit Growth % | - | 13.68% | 6.23% | 4.66% | 119.27% | 314.29% | 55.81% | 14.02% | 135.14% | 279.49% | 38.74% | -0.87% | 76.08% | -260.65% | -44.99% | 165.05% | -86.76% | -59.04% | 40.06% | 122.1% | -12.37% | -4.01% | - | - | - |
| Operating Expenses | 14.62M | 14.8M | 7.31M | 428.72K | 7.88M | 6.5M | 3.31M | 6.12M | 4.76M | 8.43M | 10.99M | 8.66M | 11.91M | 88.58M | 16.96M | 8.06M | 5.57M | 36.66M | 62.84M | 20.88M | 6.19M | 6.54M | 3.12M | 15.69M | 13.22M |
| OpEx % of Revenue | - | 6.49% | 3.44% | 0.23% | 4.31% | 6.92% | 6.22% | 15.28% | 13.83% | 35.47% | 53.48% | 22.98% | 29.31% | 226.23% | 32.31% | 13.13% | 10.61% | 57.48% | 49.76% | 25.43% | 15.36% | 15.52% | 7.17% | 62.66% | 88.89% |
| Selling, General & Admin | 8.81M | 14.8M | 5.94M | 4.74M | 4.57M | 7.79M | 8.33M | 6.12M | 6.1M | 5.13M | 5.07M | 7.48M | 8.41M | 8.43M | 8.65M | 8.8M | 7.92M | 8.71M | 9.45M | 6.33M | 1.08M | 420.75K | 0 | 0 | 0 |
| SG&A % of Revenue | - | 6.49% | 2.79% | 2.51% | 2.5% | 8.29% | 15.64% | 15.28% | 17.72% | 21.61% | 24.69% | 19.85% | 20.69% | 21.54% | 16.47% | 14.33% | 15.09% | 13.66% | 7.48% | 7.71% | 2.67% | 1% | - | - | - |
| 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 | 3M | 0 | 1.37M | -4.32M | 3.31M | -1.29M | -5.02M | 0 | -1.34M | 3.29M | 5.91M | 1.18M | 3.5M | 80.14M | 8.31M | -735.71K | -2.35M | 27.95M | 53.4M | 14.55M | 5.11M | 6.12M | 3.12M | 15.69M | 13.22M |
| Operating Income | 133.85M | 129.95M | 120.02M | 119.43M | 106.64M | 45.73M | 9.29M | 1.98M | 2.34M | -5.41M | -12.67M | -11.4M | -14.63M | -99.95M | -9.88M | 4.81M | -709.23K | 22.43K | 26.72M | 43.07M | 22.6M | 26.31M | 31.11M | 9.35M | 1.65M |
| Operating Margin % | 58.87% | 57.03% | 56.37% | 63.07% | 58.37% | 48.71% | 17.43% | 4.94% | 6.79% | -22.77% | -61.66% | -30.26% | -36% | -255.28% | -18.82% | 7.84% | -1.35% | 0.04% | 21.15% | 52.47% | 56.06% | 62.45% | 71.51% | 37.34% | 11.11% |
| Operating Income Growth % | - | 8.28% | 0.49% | 11.99% | 133.18% | 392.16% | 370.34% | -15.43% | 143.18% | 57.3% | -11.09% | 22.06% | 85.36% | -911.87% | -305.29% | 778.45% | -3262.11% | -99.92% | -37.96% | 90.56% | -14.11% | -15.41% | 232.65% | 466.13% | - |
| EBITDA | 161.1M | 158.56M | 146.38M | 142.27M | 125.16M | 52.94M | 15.9M | 6.15M | 5.64M | -1.82M | -7.71M | -408.37K | -2.49M | -79.97M | 7.51M | 23.16M | 17.27M | 19.11M | 55M | 59.49M | 29.97M | 30.61M | 34.62M | 25.05M | 14.87M |
| EBITDA Margin % | 70.85% | 69.58% | 68.76% | 75.13% | 68.51% | 56.38% | 29.83% | 15.38% | 16.39% | -7.68% | -37.52% | -1.08% | -6.13% | -204.24% | 14.3% | 37.72% | 32.91% | 29.97% | 43.55% | 72.48% | 74.33% | 72.64% | 79.58% | 100% | 100% |
| EBITDA Growth % | -4.72% | 8.32% | 2.89% | 13.67% | 136.44% | 232.97% | 158.32% | 9.09% | 409.36% | 76.34% | -1787.76% | 83.62% | 96.88% | -1165.16% | -67.58% | 34.1% | -9.65% | -65.25% | -7.54% | 98.51% | -2.08% | -11.6% | 38.23% | 68.42% | - |
| D&A (Non-Cash Add-back) | 27.25M | 28.61M | 26.37M | 22.84M | 18.52M | 7.2M | 6.61M | 4.18M | 3.31M | 3.59M | 4.96M | 11M | 12.14M | 19.98M | 17.39M | 18.35M | 17.98M | 19.09M | 28.28M | 16.42M | 7.37M | 4.29M | 3.51M | 0 | 0 |
| EBIT | 145.17M | 129.95M | 123.4M | 120.98M | 111.32M | 45.74M | 8.17M | 1.74M | 2.39M | -5.39M | -32.71M | -12.56M | -15.77M | -101.58M | -11.22M | 3.31M | -5.11M | 22.43K | 51.83M | 43.07M | 22.6M | 26.31M | 31.11M | 25.05M | 14.87M |
| Net Interest Income | -10.09M | -12.17M | -8.26M | -5.03M | -4.81M | -2.78M | -4.11M | -3.33M | -2.97M | -1.52M | -1.35M | -1.46M | -1.73M | -1.46M | -1.49M | -1.94M | -959.4K | -314.32K | 237.76K | -2.49M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.01M | 2.82M | 2.36M | 1.4M | 267.43K | 3.51K | 17.01K | 95.84K | 81.79K | 37.97K | 22.33K | 26.66K | 422.24K | 387.29K | 484.89K | 248.89K | 538.82K | 1.12M | 3.17M | 2.36M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.1M | 14.99M | 10.62M | 6.43M | 5.07M | 2.78M | 4.13M | 3.42M | 3.05M | 1.55M | 2.53M | 1.49M | 2.15M | 1.85M | 1.98M | 2.19M | 1.5M | 1.44M | 2.93M | 4.85M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.28M | 7.02M | -7.24M | -4.88M | -395.3K | -2.77M | -5.25M | -3.66M | -3M | -1.53M | -21.41M | -2.64M | -3.29M | -3.47M | -3.32M | -3.7M | -5.9M | -22.43K | -26.72M | -43.07M | -22.6M | -26.31M | -31.11M | -9.35M | -1.65M |
| Pretax Income | 132.57M | 136.97M | 112.78M | 114.55M | 106.24M | 42.96M | 4.04M | -1.68M | -663.4K | -6.94M | -34.08M | -14.05M | -17.92M | -103.42M | -13.2M | 1.12M | -6.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 58.31% | 60.11% | 52.97% | 60.49% | 58.15% | 45.76% | 7.58% | -4.2% | -1.93% | -29.23% | -165.88% | -37.28% | -44.1% | -264.15% | -25.15% | 1.82% | -12.59% | - | - | - | - | - | - | - | - |
| Income Tax | 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 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - |
| Net Income | 132.57M | 136.97M | 112.78M | 114.55M | 106.24M | 42.96M | 4.04M | -1.68M | -108.89K | -6.09M | -44.22M | -14.05M | -17.92M | -103.42M | -13.2M | 1.12M | -6.61M | -15.63M | 21.49M | 40.66M | 20.07M | 25.18M | 30.61M | 8.43M | 891.63K |
| Net Margin % | 58.31% | 60.11% | 52.97% | 60.49% | 58.15% | 45.76% | 7.58% | -4.2% | -0.32% | -25.65% | -215.24% | -37.28% | -44.1% | -264.15% | -25.15% | 1.82% | -12.59% | -24.5% | 17.02% | 49.54% | 49.78% | 59.76% | 70.37% | 33.65% | 6% |
| Net Income Growth % | 2.22% | 21.45% | -1.55% | 7.82% | 147.29% | 963.08% | 340.18% | -1445.29% | 98.21% | 86.22% | -214.79% | 21.6% | 82.67% | -683.6% | -1282.69% | 116.89% | 57.73% | -172.72% | -47.15% | 102.62% | -20.29% | -17.75% | 263.27% | 845.08% | - |
| Net Income (Continuing) | 132.57M | 136.97M | 112.78M | 114.55M | 106.24M | 42.96M | 4.04M | -1.68M | -663.4K | -6.94M | -34.08M | -14.05M | -17.92M | -103.42M | -13.2M | 1.12M | -6.61M | -15.63M | 21.49M | 40.66M | 20.07M | 25.18M | 30.61M | 8.43M | 891.63K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 554.51K | 849.7K | 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 | 0 |
| EPS (Diluted) | 18.96 | 19.72 | 16.20 | 16.52 | 14.78 | 6.06 | -0.01 | -1.78 | -0.08 | -4.41 | -43.32 | -17.09 | -26.16 | -182.07 | -23.71 | 2.80 | -14.61 | -35.68 | 48.98 | 131.55 | 111.96 | 163.74 | 216.22 | 59.48 | 6.30 |
| EPS Growth % | 2.21% | 21.73% | -1.94% | 11.77% | 143.89% | 41893.1% | 99.19% | -2211.69% | 98.25% | 89.82% | -153.48% | 34.67% | 85.63% | -667.9% | -946.79% | 119.17% | 59.05% | -172.85% | -62.77% | 17.5% | -31.62% | -24.27% | 263.52% | 844.13% | - |
| EPS (Basic) | - | 19.73 | 16.20 | 16.53 | 14.79 | 6.07 | -0.01 | -1.78 | -0.08 | -4.41 | -43.32 | -17.09 | -26.16 | -182.08 | -23.71 | 2.80 | -14.61 | -35.68 | 49.68 | 132.25 | 111.96 | 163.74 | 216.22 | 59.48 | 6.30 |
| Diluted Shares Outstanding | 6.99M | 6.95M | 6.96M | 6.94M | 7.19M | 6.99M | 5.75M | 2.86M | 1.41M | 1.38M | 1.02M | 801.35K | 684.93K | 568.03K | 556.64K | 455.12K | 452.13K | 438.01K | 435.96K | 309.33K | 179.15K | 153.48K | 141.74K | 141.68K | 141.74K |
| Basic Shares Outstanding | 6.96M | 6.94M | 6.96M | 6.93M | 7.18M | 6.98M | 5.75M | 2.86M | 1.41M | 1.38M | 1.02M | 801.35K | 684.93K | 568.02K | 556.64K | 454.38K | 452.13K | 438.01K | 434.98K | 308.21K | 179.15K | 153.48K | 141.74K | 141.68K | 141.74K |
| Dividend Payout Ratio | - | 13.84% | 14.93% | 12.21% | 10.17% | - | - | - | - | - | - | - | - | - | - | 756.49% | - | - | 160.76% | 49.87% | 47.16% | 186.17% | 88.08% | - | - |
Cyclical charter rate volatility
According to the provided quarterly income statements, Euroseas experienced a revenue contraction of 0.9% in 2026Q1, highlighting the inherent volatility of the time-charter model as the company navigates shifting demand across its regional feeder vessel trade lanes compared to the prior year's growth peaks.
The revenue trajectory appears inconsistent, oscillating between double-digit growth and minor contractions as legacy contracts roll off and are repriced. Investors should monitor whether the current revenue plateau reflects a structural ceiling in fleet capacity or merely the timing of charter renewals in a softening index environment.
As reported in financial statements, Euroseas maintained a robust gross margin of 67.6% in 2026Q1, suggesting that the company's specialized feeder vessel focus continues to command premium pricing power despite broader industry headwinds that have pressured the margins of larger, less agile maritime competitors.
The ability to sustain gross margins above 60% for most of the observed period implies that the company's niche positioning in the 1,000–6,000 TEU segment effectively insulates it from the worst of the container market's cyclical downturns. However, the potential for margin compression remains a risk as older, high-rate contracts expire and are replaced by current market rates.
Based on the income statement data, Euroseas demonstrated significant operating leverage, with operating income reaching $34.0 million in 2026Q1, reflecting disciplined management of vessel operating expenses despite the inherent volatility associated with maintaining a fleet of intermediate-sized container vessels in a fluctuating global trade environment.
The company's ability to keep SG&A expenses relatively low, often below $2 million per quarter, suggests a lean operational structure that maximizes the conversion of gross profit into operating income. This efficiency appears to be a key driver of the company's strong profitability, though investors should watch for any upward drift in OpEx that could erode these gains.
Analysis of the reported figures indicates that Euroseas' net income remains highly sensitive to non-operating items and valuation adjustments, with net margins fluctuating between 42.8% and 70.6% over the last ten quarters, warranting caution regarding the sustainability of these bottom-line results in future periods.
While the company reports strong net income, the volatility in net margins suggests that investors should look past the headline EPS to understand the underlying cash-generating capacity of the fleet. The minimal stock-based compensation expense is a positive indicator of shareholder alignment, yet the reliance on charter-hire straight-lining may mask the true timing of cash inflows.
Data from recent filings suggests that while Euroseas currently benefits from a strong balance sheet, the long-term sustainability of its earnings may be challenged by the rising maintenance costs associated with an aging fleet and the potential for regulatory-driven capital expenditures on carbon intensity compliance.
Short-term profitability may be masking the looming necessity for significant reinvestment to modernize the fleet, which could eventually pressure free cash flow. Investors should remain skeptical of the current high-margin environment until it is clear that the company can maintain these levels without incurring substantial, non-recurring dry-docking or retrofit costs.
Quick answers to the most common questions about buying ESEA stock.
For fiscal year 2025, Euroseas Ltd. (ESEA) reported total revenue of $227.9M. This represents a 1432.4% increase compared to $14.9M in 2002.
Euroseas Ltd. (ESEA) is profitable, generating $137.0M in net income for the fiscal year ending 2025 with a net profit margin of 60.1%.
Euroseas Ltd. (ESEA) reported an operating income of $129.9M, resulting in an operating profit margin of 57.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Euroseas Ltd. (ESEA) generated $144.7M in gross profit for the year, representing a gross profit margin of 63.5%. This demonstrates the company's core pricing power and production efficiency.