Revenue rose from $71.3M in 2025Q1 to $151.9M in 2026Q3 and gross margin moved from -1.3% to 51.0%, indicating earnings are highly sensitive to spot rates rather than structurally anchored.
Genco Shipping & Trading Limited (GNK) annual income statement — 22-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 |
|---|
| Sales/Revenue | 512.62M | 342.05M | 423.02M | 383.82M | 536.93M | 547.13M | 355.56M | 389.5M | 367.52M | 209.7M | 135.59M | 153.96M | 227.46M | 227.46M | 226.45M | 392.21M | 448.69M | 379.53M | 405.37M | 185.39M | 133.23M | 116.91M | 1.89M |
| Revenue Growth % | 54.72% | -19.14% | 10.21% | -28.52% | -1.86% | 53.88% | -8.71% | 5.98% | 75.26% | 54.66% | -11.93% | -32.31% | 0% | 0.45% | -42.26% | -12.59% | 18.22% | -6.37% | 118.66% | 39.15% | 13.97% | 6095.34% | - |
| Cost of Goods Sold | 314.66M | 296.05M | 306.33M | 315.66M | 340.68M | 320.87M | 319.88M | 358.25M | 282.79M | 195.18M | 203.19M | 221.82M | 8.05M | 260.46M | 260.39M | 109.97M | 83.44M | 62.34M | 52.25M | 32.72M | 25.61M | 19.42M | 185K |
| COGS % of Revenue | - | 86.55% | 72.42% | 82.24% | 63.45% | 58.65% | 89.97% | 91.98% | 76.95% | 93.08% | 149.86% | 144.08% | 3.54% | 114.51% | 114.99% | 28.04% | 18.6% | 16.42% | 12.89% | 17.65% | 19.22% | 16.61% | 9.8% |
| Gross Profit | 197.96M | 46M | 116.68M | 68.16M | 196.26M | 226.26M | 35.68M | 31.24M | 84.73M | 14.52M | -67.61M | -67.86M | 219.42M | -33M | -33.94M | 282.24M | 365.24M | 317.2M | 353.12M | 152.66M | 107.62M | 97.48M | 1.7M |
| Gross Margin % | 38.62% | 13.45% | 27.58% | 17.76% | 36.55% | 41.35% | 10.03% | 8.02% | 23.05% | 6.92% | -49.86% | -44.08% | 96.46% | -14.51% | -14.99% | 71.96% | 81.4% | 83.58% | 87.11% | 82.35% | 80.78% | 83.39% | 90.2% |
| Gross Profit Growth % | - | -60.57% | 71.19% | -65.27% | -13.26% | 534.13% | 14.21% | -63.13% | 483.74% | 121.47% | 0.38% | -130.93% | 764.98% | 2.77% | -112.02% | -22.72% | 15.15% | -10.17% | 131.31% | 41.86% | 10.4% | 5627.61% | - |
| Operating Expenses | 95.4M | 36.87M | 29.63M | 74.01M | 29.02M | 25.14M | 239.02M | 59.64M | 31.14M | 29.85M | 31.87M | 83.9M | 103.63M | 33.91M | 35.41M | 169.6M | 143.95M | 106.7M | 91.21M | 21.59M | 37.3M | 28.74M | 561K |
| OpEx % of Revenue | - | 10.78% | 7.01% | 19.28% | 5.4% | 4.6% | 67.22% | 15.31% | 8.47% | 14.23% | 23.5% | 54.5% | 45.56% | 14.91% | 15.64% | 43.24% | 32.08% | 28.11% | 22.5% | 11.65% | 28% | 24.58% | 29.73% |
| Selling, General & Admin | 38.86B | 30.75B | 29.14M | 28.27M | 25.71M | 24.45M | 21.27M | 24.52M | 23.14M | 22.19M | 23.89M | 83.9M | 34.03M | 34.03M | 35.67M | 33.93M | 29.08M | 18.55M | 19.81M | 12.61M | 8.88M | 6.42M | 140K |
| SG&A % of Revenue | - | 8991.27% | 6.89% | 7.36% | 4.79% | 4.47% | 5.98% | 6.29% | 6.3% | 10.58% | 17.62% | 54.5% | 14.96% | 14.96% | 15.75% | 8.65% | 6.48% | 4.89% | 4.89% | 6.8% | 6.67% | 5.49% | 7.42% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -30.72B | 498K | 45.74M | 3.31M | 688K | 217.75M | 35.13M | 367K | -164K | -20.04M | -796K | 69.59M | -76K | -29K | 135.68M | 114.87M | 88.15M | 71.39M | 21.59M | 28.42M | 22.32M | 421K |
| Operating Income | 102.56M | 9.13M | 87.05M | -5.85M | 167.24M | 201.12M | -203.34M | -28.4M | 516K | -29.61M | -185.88M | -192.87M | -121K | -66.91M | -69.34M | 112.64M | 221.29M | 210.49M | 234.38M | 131.07M | 70.32M | 68.75M | 1.14M |
| Operating Margin % | 20.01% | 2.67% | 20.58% | -1.52% | 31.15% | 36.76% | -57.19% | -7.29% | 0.14% | -14.12% | -137.09% | -125.27% | -0.05% | -29.41% | -30.62% | 28.72% | 49.32% | 55.46% | 57.82% | 70.7% | 52.78% | 58.8% | 60.47% |
| Operating Income Growth % | - | -89.51% | 1588.78% | -103.5% | -16.84% | 198.91% | -615.9% | -5604.46% | 101.74% | 84.07% | 3.62% | - | 99.82% | 3.52% | -161.56% | -49.1% | 5.13% | -10.19% | 78.82% | 86.39% | 2.29% | 5925.07% | - |
| EBITDA | 190.65M | 86.47M | 157.15M | 62.07M | 228.84M | 258.73M | -136.81M | 45.67M | 69.49M | 42.16M | -109.55M | -113.31M | 112.55M | 73.84M | 69.72M | 248.84M | 336.95M | 298.64M | 305.77M | 165.45M | 97.3M | 91.07M | 1.56M |
| EBITDA Margin % | 37.19% | 25.28% | 37.15% | 16.17% | 42.62% | 47.29% | -38.48% | 11.72% | 18.91% | 20.11% | -80.79% | -73.6% | 49.48% | 32.46% | 30.79% | 63.45% | 75.1% | 78.69% | 75.43% | 89.24% | 73.03% | 77.9% | 82.78% |
| EBITDA Growth % | 148.04% | -44.98% | 153.19% | -72.88% | -11.55% | 289.12% | -399.58% | -34.28% | 64.83% | 138.49% | 3.32% | -200.68% | 52.42% | 5.91% | -71.98% | -26.15% | 12.83% | -2.33% | 84.81% | 70.04% | 6.84% | 5730.22% | - |
| D&A (Non-Cash Add-back) | 88.09M | 77.34M | 70.1M | 67.92M | 61.61M | 57.62M | 66.53M | 74.07M | 68.98M | 71.78M | 76.33M | 79.56M | 112.67M | 140.74M | 139.06M | 136.2M | 115.66M | 88.15M | 71.39M | 34.38M | 26.98M | 22.32M | 421K |
| EBIT | 99.5M | 7.75M | 89.79M | -3.58M | 168.46M | 197.4M | -203.16M | -24.03M | 151K | -28.23M | -188.59M | -232.51M | -1.18B | -66.91M | -69M | 113.17M | 221.9M | 210.42M | 261.92M | 104.02M | 73.56M | 68.75M | 1.14M |
| Net Interest Income | -18.04M | -10.78M | -10.32M | -6.11M | -8.05M | -15.2M | -21.39M | -27.86M | -29.29M | -28.95M | -28.25M | -19.92M | -48.59M | -88.14M | -87.18M | -86.11M | -71.97M | -61.56M | -50.83M | -23M | 0 | 0 | 0 |
| Interest Income | 2.59M | 1.48M | 2.98M | 2.67M | 1.04M | 154K | 1.03M | 4.09M | 3.8M | 1.55M | 204K | 110K | 0 | 75K | 378K | 616K | 685K | 240K | 1.76M | 3.51M | 0 | 0 | 0 |
| Interest Expense | 20.63M | 12.26M | 13.3M | 8.78M | 9.09M | 15.36M | 22.41M | 31.95M | 33.09M | 30.5M | 28.45M | 20.03M | 48.59M | 88.22M | 87.56M | 86.72M | 72.65M | 61.8M | 52.59M | 26.5M | 0 | 0 | 0 |
| Other Income/Expense | -22.82M | -13.65M | -10.55M | -6.51M | -7.87M | -19.07M | -22.24M | -27.58M | -33.46M | -29.11M | -30.57M | -59.68M | -965.89M | -88.22M | -86.94M | -86.19M | -72.04M | -61.87M | -147.8M | -24.26M | -6.8M | -14.26M | -234K |
| Pretax Income | 79.73M | -4.51M | 76.5M | -12.36M | 159.36M | 182.04M | -225.57M | -55.98M | -32.94M | -58.73M | -216.45M | -252.55M | -155.12M | -155.12M | -156.55M | 26.45M | 149.25M | 148.62M | 86.58M | 106.81M | 63.52M | 54.48M | 0 |
| Pretax Margin % | 15.55% | -1.32% | 18.08% | -3.22% | 29.68% | 33.27% | -63.44% | -14.37% | -8.96% | -28% | -159.64% | -164.04% | -68.2% | -68.2% | -69.13% | 6.74% | 33.26% | 39.16% | 21.36% | 57.61% | 47.68% | 46.6% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 709K | 1.82M | -1.9M | 1.9M | 1.22M | 1.39M | 1.84M | 0 | 0 | 0 | 0 | 0 | 234K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.33% | -0.72% | 1.22% | -1.22% | -0.78% | 5.24% | 1.23% | 0% | 0% | 0% | 0% | 0% | - |
| Net Income | 79.37M | -4.37M | 76.4M | -12.87M | 158.58M | 182.01M | -225.57M | -55.98M | -32.94M | -58.73M | -217.16M | -194.9M | -147.74M | -147.74M | -144.93M | 25.39M | 141.24M | 148.62M | 86.58M | 106.81M | 63.52M | 54.48M | 907K |
| Net Margin % | 15.48% | -1.28% | 18.06% | -3.35% | 29.53% | 33.27% | -63.44% | -14.37% | -8.96% | -28% | -160.16% | -126.59% | -64.95% | -64.95% | -64% | 6.47% | 31.48% | 39.16% | 21.36% | 57.61% | 47.68% | 46.6% | 48.07% |
| Net Income Growth % | 1217.92% | -105.71% | 693.64% | -108.12% | -12.87% | 180.69% | -302.92% | -69.96% | 43.91% | 72.96% | -11.42% | -31.92% | 0% | -1.94% | -670.9% | -82.03% | -4.97% | 71.66% | -18.94% | 68.14% | 16.59% | 5906.84% | - |
| Net Income (Continuing) | 79.73M | -4.51M | 76.5M | -12.36M | 159.36M | 182.04M | -225.57M | -55.98M | -32.94M | -58.73M | -217.76M | -254.37M | -1.23B | -157.02M | -157.78M | 25.07M | 147.41M | 148.62M | 86.58M | 106.81M | 63.52M | 54.48M | 907K |
| 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 |
| Minority Interest | 1.03M | 1.34M | 1.49M | 1.39M | 876K | 88K | 0 | 0 | 0 | 0 | 0 | 0 | 270.4M | 341.34M | 194.9M | 210.01M | 215.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.78 | -0.10 | 1.75 | -0.30 | 3.70 | 4.27 | -5.90 | -2.12 | -0.86 | -1.71 | -29.95 | -29.61 | -22.44 | -34.16 | -34.73 | 7.20 | 40.70 | 47.30 | 28.40 | 40.60 | 25.10 | 29.00 | 0.70 |
| EPS Growth % | 1121.23% | -105.71% | 683.33% | -108.11% | -13.35% | 172.37% | -178.3% | -146.51% | 49.71% | 94.29% | -1.15% | -31.95% | 34.31% | 1.64% | -582.36% | -82.31% | -13.95% | 66.55% | -30.05% | 61.75% | -13.45% | 4042.86% | - |
| EPS (Basic) | - | -0.10 | 1.77 | -0.30 | 3.74 | 4.33 | -5.90 | -2.12 | -0.86 | -1.71 | -29.95 | -29.61 | -22.44 | -34.20 | -34.73 | 7.20 | 42.80 | 47.50 | 28.60 | 40.80 | 25.10 | 29.10 | 0.70 |
| Diluted Shares Outstanding | 44.63M | 43.37M | 43.65M | 42.77M | 42.92M | 42.59M | 41.91M | 41.76M | 38.38M | 34.24M | 7.25M | 6.58M | 6.58M | 4.32M | 4.17M | 3.53M | 3.59M | 3.14M | 3.05M | 2.63M | 2.54M | 1.88M | 1.35M |
| Basic Shares Outstanding | 43.92M | 43.37M | 43.05M | 42.77M | 42.41M | 42.06M | 41.91M | 41.76M | 38.3M | 34.24M | 7.25M | 6.58M | 6.58M | 4.32M | 4.17M | 3.52M | 3.3M | 3.13M | 3.03M | 2.62M | 2.53M | 1.88M | 1.35M |
| Dividend Payout Ratio | - | - | 88.36% | - | 72.98% | 7.4% | - | - | - | - | - | - | - | - | - | 29.95% | 3.8% | 78.8% | 135.26% | 65.14% | 96.09% | 27.95% | - |
Quick answers to the most common questions about buying GNK stock.
For fiscal year 2025, Genco Shipping & Trading Limited (GNK) reported total revenue of $342.1M. This represents a 18026.9% increase compared to $1.9M in 2004.
Genco Shipping & Trading Limited (GNK) reported a net loss of $4.4M for the fiscal year ending 2025.
Genco Shipping & Trading Limited (GNK) reported an operating income of $9.1M, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Genco Shipping & Trading Limited (GNK) generated $46.0M in gross profit for the year, representing a gross profit margin of 13.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Spot-rate cyclicality exposure
Metrics are mathematically derived from official filings.
Recovery Built on Volatile Spot Rates
Based on reported quarterly figures, GNK revenue rose from $71.3M in 2025Q1 to $151.9M in 2026Q3, though the 2026Q3 print reflects a 90.0% year-over-year jump against a depressed base rather than a durable step-up in earnings power.
The sequence of sharp sequential gains suggests the top line is tracking freight-rate swings rather than contracted cash flows. Comparing 2026Q3 with 2025Q3 shows the magnitude of the rebound is largely a base effect, so investors should avoid extrapolating a single strong quarter. Whether growth is durable depends on whether elevated rates persist beyond the current cycle.
Gross Margin Swings With Charter Rates
As reported in the quarterly income statements, gross margin moved from -1.3% in 2025Q1 to 51.0% in 2026Q3, a range that indicates pricing power is highly sensitive to the spot rate environment rather than structurally anchored.
The wide quarterly dispersion implies that fixed vessel operating costs are being absorbed differently depending on the rate cycle, which is typical for dry bulk. The 2026Q1 gross margin of 21.4% against a 2026Q2 margin of 47.9% shows how quickly economics can shift within a single year. Margin durability should be assessed against the trailing average rather than the latest quarter.
Operating Leverage Amplifies Rate Moves
Based on GNK's reported figures, operating income climbed from a $9.8M loss in 2025Q1 to $44.3M in 2026Q3, with the operating margin expanding to 29.1%, showing that fixed-cost absorption magnifies the impact of rate recovery.
Because SG&A remains comparatively flat near $7.8M to $8.1M per quarter, incremental gross profit flows strongly to operating income. This asymmetry works in both directions and explains why earlier losses appeared so pronounced. Investors should treat the current operating margin as a function of a favorable rate environment rather than a stable baseline.
Net Income Lags Operating Strength
According to the reported statements, GNK posted a trailing net loss in several recent quarters, including -$1.1M in 2025Q3, while 2026Q3 net income of $38.0M appears to reflect a rebound that has not yet been tested across a full cycle.
The gap between operating and net results in some periods suggests non-operating items, interest, or tax effects are material to reported earnings. Stock-based compensation of $1.5M to $4.1M per quarter is modest but should be considered when assessing per-share quality. A single profitable quarter does not establish a sustained earnings base, so investors should monitor whether net margin remains positive across consecutive periods.
Cyclical Peak Risks Overstated Margins
The strongest challenge to the narrative is that GNK's 29.1% operating margin in 2026Q3 may represent a cyclical peak, given that the same metric was -13.7% only six quarters earlier, based on reported figures.
Short-side analysts would likely argue that the recent margin expansion coincides with a rate spike that historically mean-reverts in dry bulk. Peer operating margins of 13.5% to 29.1% suggest the sector as a whole is benefiting, which warrants caution about company-specific execution. The historical volatility indicates that current profitability may not be a reliable guide to through-cycle earnings.