Revenue growth has decelerated to -1.3% year-over-year in 2026Q2, while gross margins have expanded significantly to 66.8%, indicating strong pricing power but a potential peak in the cycle.
Euroseas Ltd. (ESEA) annual income statement — 24-year revenue, gross profit & net income history
| 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 | 226.63M | 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 % | 2.53% | 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 | 76.99M | 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 | 149.65M | 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 % | 66.03% | 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 | 15.14M | 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 | 9.05M | 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 | 134.51M | 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 % | 59.35% | 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 | 161.18M | 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 % | 71.12% | 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 % | 0.38% | 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) | 26.67M | 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 | 146.88M | 151.96M | 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 | -7.84M | -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 | 4.96M | 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 | 12.8M | 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 | 808.78K | 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 | 135.32M | 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 % | 59.71% | 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 | 135.93M | 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 % | 59.98% | 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 % | 14.41% | 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) | 135.32M | 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 | 5.02M | 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) | 19.39 | 19.72 | 16.20 | 16.52 | 14.78 | 6.06 | 0.58 | -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 % | 14.16% | 21.73% | -1.94% | 11.77% | 143.89% | 944.83% | 132.58% | -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 | 0.58 | -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 | 7.01M | 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% | - | - |
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.
Key Metrics
Top Statement Risk
Volatile earnings and revenue
Revenue Growth Stalls After Strong Surge
Euroseas' revenue growth has decelerated sharply, turning negative in the last two quarters with -1.3% and -0.9% year-over-year growth, a stark reversal from the 20.6% surge in 2025Q1, suggesting the company's top-line momentum has peaked.
The company's revenue trajectory shows a clear deceleration from double-digit growth in early 2025 to a near-flat or slightly negative trend in the most recent periods. This suggests the favorable market conditions that drove the earlier expansion may be normalizing, and investors should monitor whether this represents a cyclical peak or a more structural shift in charter rates.
Gross Margin Expansion Drives Profitability
Gross margins have expanded significantly from 49.7% in 2024Q1 to a sustained range above 66% in recent quarters, indicating strong pricing power and favorable cost dynamics that have structurally elevated the company's profitability profile.
The sustained gross margin above 65% in the last four quarters, compared to the sub-50% level in early 2024, suggests a fundamental improvement in the company's cost of revenue relative to its charter rates. This level of profitability appears robust compared to peers like Costamare (57.3%) and Global Ship Lease (53.6%), though it remains below Danaos Corporation's 80.0%, indicating a competitive but not dominant margin position.
Operating Leverage Amplifies Margin Gains
Operating income has scaled efficiently with gross profit, as operating margins have expanded from 43.6% in 2024Q1 to consistently above 59% in recent quarters, demonstrating effective control over SG&A expenses relative to revenue growth.
The company's operating leverage is evident in the stable and low SG&A expense line, which has remained between $1.2M and $3.7M despite revenue fluctuations. This discipline has allowed a larger portion of gross profit to flow to operating income, though the volatility in SG&A (e.g., the -$3.1M in 2024Q4) warrants investigation as it may indicate non-recurring items affecting comparability.
Net Income Volatility from Non-Operating Items
Reported net income shows significant volatility, with a 70.6% net margin in 2025Q4 contrasting with 52.2% in the prior quarter, suggesting that non-operating items or tax effects are creating noise in the underlying earnings trend.
The wide swings in net margin, such as the jump to 70.6% in 2025Q4 followed by a decline to 58.8%, indicate that net income is not solely driven by core operations. The presence of stock-based compensation, which peaked at $834.5K in 2026Q1, also introduces a non-cash charge that dilutes EPS, though its impact appears modest relative to the overall earnings base.
2025Q1 Marked a Profitability Breakout
The first quarter of 2025 represented a clear operational inflection, with operating income surging to $40.5M and operating margin hitting 71.8%, driven by a 20.6% revenue increase that appears to have established a new, higher baseline for profitability.
This inflection point was characterized by a simultaneous jump in revenue and a significant expansion in gross margin to 60.4%, suggesting the company successfully repriced its services or benefited from a favorable market shift. The lasting impact is visible in the sustained high operating margins above 57% in subsequent quarters, indicating the improvement was not a one-time event.
Margin Sustainability Under Scrutiny
The strongest challenge to the narrative is the sustainability of the current high-margin environment, as the recent deceleration in revenue growth combined with historically elevated margins may indicate a peak that is vulnerable to a cyclical downturn in shipping rates.
Short-sellers would focus on the fact that revenue growth has turned negative while margins are at multi-year highs, a combination that often precedes margin compression in cyclical industries. The company's profitability is highly sensitive to charter rates, and the current operating margin of 60.2% is significantly above the 43.6% level seen just over a year ago, leaving little room for error if market conditions deteriorate.