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GNKGenco Shipping & Trading Limited
$26.00$1.1B
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HomeStocksGNKFinancials

Genco Shipping & Trading Limited (GNK) Income Statement

22Y historyFree accessUpdated daily

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.

Income StatementBalance SheetCash FlowRatios

GNK Income Statement

Annual statement

GNK Income Statement

Genco Shipping & Trading Limited (GNK) annual income statement — 22-year revenue, gross profit & net income history

AnnualQuarterly
MetricTTMDec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08Dec'07Dec'06Dec'05Dec'04
Sales/Revenue512.62M342.05M423.02M383.82M536.93M547.13M355.56M389.5M367.52M209.7M135.59M153.96M227.46M227.46M226.45M392.21M448.69M379.53M405.37M185.39M133.23M116.91M1.89M
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 Sold314.66M296.05M306.33M315.66M340.68M320.87M319.88M358.25M282.79M195.18M203.19M221.82M8.05M260.46M260.39M109.97M83.44M62.34M52.25M32.72M25.61M19.42M185K
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 Profit197.96M46M116.68M68.16M196.26M226.26M35.68M31.24M84.73M14.52M-67.61M-67.86M219.42M-33M-33.94M282.24M365.24M317.2M353.12M152.66M107.62M97.48M1.7M
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 Expenses95.4M36.87M29.63M74.01M29.02M25.14M239.02M59.64M31.14M29.85M31.87M83.9M103.63M33.91M35.41M169.6M143.95M106.7M91.21M21.59M37.3M28.74M561K
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 & Admin38.86B30.75B29.14M28.27M25.71M24.45M21.27M24.52M23.14M22.19M23.89M83.9M34.03M34.03M35.67M33.93M29.08M18.55M19.81M12.61M8.88M6.42M140K
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 & Development00000000000000000000000
R&D % of Revenue-----------------------
Other Operating Expenses0-30.72B498K45.74M3.31M688K217.75M35.13M367K-164K-20.04M-796K69.59M-76K-29K135.68M114.87M88.15M71.39M21.59M28.42M22.32M421K
Operating Income102.56M9.13M87.05M-5.85M167.24M201.12M-203.34M-28.4M516K-29.61M-185.88M-192.87M-121K-66.91M-69.34M112.64M221.29M210.49M234.38M131.07M70.32M68.75M1.14M
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%-
EBITDA190.65M86.47M157.15M62.07M228.84M258.73M-136.81M45.67M69.49M42.16M-109.55M-113.31M112.55M73.84M69.72M248.84M336.95M298.64M305.77M165.45M97.3M91.07M1.56M
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)88.09M77.34M70.1M67.92M61.61M57.62M66.53M74.07M68.98M71.78M76.33M79.56M112.67M140.74M139.06M136.2M115.66M88.15M71.39M34.38M26.98M22.32M421K
EBIT99.5M7.75M89.79M-3.58M168.46M197.4M-203.16M-24.03M151K-28.23M-188.59M-232.51M-1.18B-66.91M-69M113.17M221.9M210.42M261.92M104.02M73.56M68.75M1.14M
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-23M000
Interest Income2.59M1.48M2.98M2.67M1.04M154K1.03M4.09M3.8M1.55M204K110K075K378K616K685K240K1.76M3.51M000
Interest Expense20.63M12.26M13.3M8.78M9.09M15.36M22.41M31.95M33.09M30.5M28.45M20.03M48.59M88.22M87.56M86.72M72.65M61.8M52.59M26.5M000
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 Income79.73M-4.51M76.5M-12.36M159.36M182.04M-225.57M-55.98M-32.94M-58.73M-216.45M-252.55M-155.12M-155.12M-156.55M26.45M149.25M148.62M86.58M106.81M63.52M54.48M0
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 Tax0000000000709K1.82M-1.9M1.9M1.22M1.39M1.84M00000234K
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 Income79.37M-4.37M76.4M-12.87M158.58M182.01M-225.57M-55.98M-32.94M-58.73M-217.16M-194.9M-147.74M-147.74M-144.93M25.39M141.24M148.62M86.58M106.81M63.52M54.48M907K
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-4.51M76.5M-12.36M159.36M182.04M-225.57M-55.98M-32.94M-58.73M-217.76M-254.37M-1.23B-157.02M-157.78M25.07M147.41M148.62M86.58M106.81M63.52M54.48M907K
Discontinued Operations00000000000000000000000
Minority Interest1.03M1.34M1.49M1.39M876K88K000000270.4M341.34M194.9M210.01M215.2M000000
EPS (Diluted)1.78-0.101.75-0.303.704.27-5.90-2.12-0.86-1.71-29.95-29.61-22.44-34.16-34.737.2040.7047.3028.4040.6025.1029.000.70
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)--0.101.77-0.303.744.33-5.90-2.12-0.86-1.71-29.95-29.61-22.44-34.20-34.737.2042.8047.5028.6040.8025.1029.100.70
Diluted Shares Outstanding44.63M43.37M43.65M42.77M42.92M42.59M41.91M41.76M38.38M34.24M7.25M6.58M6.58M4.32M4.17M3.53M3.59M3.14M3.05M2.63M2.54M1.88M1.35M
Basic Shares Outstanding43.92M43.37M43.05M42.77M42.41M42.06M41.91M41.76M38.3M34.24M7.25M6.58M6.58M4.32M4.17M3.52M3.3M3.13M3.03M2.62M2.53M1.88M1.35M
Dividend Payout Ratio--88.36%-72.98%7.4%---------29.95%3.8%78.8%135.26%65.14%96.09%27.95%-

Key Metrics

Growth RegimeMixed
ProfitabilityStable
Balance SheetFortress
Cash FlowStable
Top Statement Risk

Spot-rate cyclicality exposure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

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.

GNK — Frequently Asked Questions

Quick answers to the most common questions about buying GNK stock.

What was Genco Shipping & Trading Limited's (GNK) revenue in 2025?

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.

Is Genco Shipping & Trading Limited (GNK) profitable?

Genco Shipping & Trading Limited (GNK) reported a net loss of $4.4M for the fiscal year ending 2025.

What is Genco Shipping & Trading Limited's operating profit margin?

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.

What is Genco Shipping & Trading Limited's gross profit and gross margin?

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.