Revenue growth remains highly sensitive to market fluctuations, evidenced by a 52.9% year-over-year increase in 2026Q1 following a 6.8% contraction in 2025Q1.
| Sales/Revenue | 143.5M | 131.9M | 123.58M | 36.74M | 0 | 0 |
| Revenue Growth % | 17.65% | 6.73% | 236.4% | - | - | - |
| Cost of Goods Sold | 45.1M | 29.6M | 25.45M | 18.26M | 0 | 0 |
| COGS % of Revenue | - | 22.44% | 20.6% | 49.72% | - | - |
| Gross Profit | 98.4M | 102.3M | 98.13M | 18.47M | 0 | 0 |
| Gross Margin % | 68.57% | 77.56% | 79.4% | 50.28% | - | - |
| Gross Profit Growth % | - | 4.25% | 431.23% | - | - | - |
| Operating Expenses | 19.6M | 34.1M | 31.5M | 3.85M | 1.97M | 973.85K |
| OpEx % of Revenue | - | 25.85% | 25.49% | 10.47% | - | - |
| Selling, General & Admin | 5M | 4.9M | 5.03M | 3.85M | 1.97M | 973.85K |
| SG&A % of Revenue | - | 3.71% | 4.07% | 10.47% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 29.2M | 26.47M | 0 | 0 | 0 |
| Operating Income | 78.8M | 68.2M | 66.62M | 14.63M | -1.97M | -973.85K |
| Operating Margin % | 54.91% | 51.71% | 53.91% | 39.81% | - | - |
| Operating Income Growth % | - | 2.37% | 355.51% | 842.06% | -102.39% | - |
| EBITDA | 100.7M | 97.4M | 93.1M | 23.74M | -1.95M | 418.15K |
| EBITDA Margin % | 70.17% | 73.84% | 75.33% | 64.63% | - | - |
| EBITDA Growth % | 11.8% | 4.62% | 292.09% | 1315.77% | -567.06% | - |
| D&A (Non-Cash Add-back) | 21.9M | 29.2M | 26.47M | 9.12M | 0 | 1.39M |
| EBIT | 79.54M | 68.2M | 67.69M | 15.12M | -1.95M | -1.39M |
| Net Interest Income | -49.94M | -51.88M | -45.56M | -13.11M | 0 | 0 |
| Interest Income | 903.44K | 1.03M | 1.01M | 489K | 0 | 0 |
| Interest Expense | 50.85M | 52.91M | 46.64M | 13.6M | 0 | 0 |
| Other Income/Expense | -49.7M | -50.5M | -45.57M | -13.11M | 18K | 0 |
| Pretax Income | 29.1M | 17.7M | 21.05M | 1.51M | -1.95M | -973.85K |
| Pretax Margin % | 20.28% | 13.42% | 17.04% | 4.12% | - | - |
| Income Tax | 0 | 0 | 11K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0.05% | 0% | 0% | 0% |
| Net Income | 29.1M | 17.7M | 21.04M | 1.51M | -1.95M | -973.85K |
| Net Margin % | 20.28% | 13.42% | 17.03% | 4.12% | - | - |
| Net Income Growth % | 138.23% | -15.89% | 1289.96% | 177.52% | -100.54% | - |
| Net Income (Continuing) | 29.1M | 17.7M | 21.04M | 1.51M | -1.95M | -973.85K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.62 | 0.38 | 0.48 | 0.04 | -0.06 | -0.05 |
| EPS Growth % | 123.91% | -20.83% | 1124.49% | 164.26% | -14.66% | - |
| EPS (Basic) | - | 0.38 | 0.48 | 0.04 | -0.06 | -0.05 |
| Diluted Shares Outstanding | 46.98M | 46.02M | 43.91M | 38.64M | 32.15M | 18.32M |
| Basic Shares Outstanding | 46.69M | 46.58M | 43.9M | 38.64M | 32.15M | 18.32M |
| Dividend Payout Ratio | - | 156.44% | 98.05% | - | - | - |
Single-class fleet concentration
As indicated by the quarterly income statement data, HSHP's revenue growth has exhibited significant volatility, swinging from a 52.9% year-over-year increase in 2026Q1 to a 6.8% contraction in 2025Q1, highlighting the company's high sensitivity to fluctuating spot rates within the global dry bulk shipping market.
The revenue trajectory appears heavily influenced by the cyclical nature of iron ore trade corridors and the timing of index-linked charter renewals. Investors should monitor whether the company can maintain consistent top-line expansion as the fleet reaches full operational maturity, given the inherent lack of diversification across vessel classes.
Based on reported financial figures, HSHP achieved a peak gross margin of 81.9% in 2025Q4, though margins have fluctuated significantly, dropping to 54.8% in 2026Q1, which suggests that the company's profitability is highly dependent on the specific chartering arrangements and prevailing fuel price spreads at any given time.
The high gross margins appear to be a structural byproduct of time-charter agreements where charterers assume the burden of voyage-related costs. However, the volatility in these margins warrants further investigation into whether the company's dual-fuel fleet can consistently capture an 'eco-premium' that offsets the inherent cyclicality of the shipping industry.
According to the provided income statement, HSHP maintains a lean SG&A structure, with quarterly expenses consistently hovering near $1.1M to $1.5M, allowing operating income to scale effectively when gross profits expand, as evidenced by the 61.8% operating margin achieved during the 2025Q4 period.
The company's ability to keep overhead costs stable while scaling its fleet suggests strong operational discipline. Nevertheless, the high fixed-cost nature of the business implies that any sustained downturn in charter rates could lead to rapid operating margin compression, as the company lacks the flexibility of a diversified fleet.
As reported in recent financial statements, HSHP's reliance on a single class of Newcastlemax vessels creates a concentrated risk profile, where the company's earnings are disproportionately exposed to iron ore demand shifts, potentially undermining the sustainability of its dividend policy during periods of market-wide rate weakness.
Short-term earnings strength may be masking the long-term vulnerability of a pure-play strategy that lacks exposure to smaller, more versatile vessel segments. Investors should consider whether the current valuation adequately prices in the potential for significant earnings volatility should the specific trade routes for Newcastlemax vessels face structural disruption.
Quick answers to the most common questions about buying HSHP stock.
For fiscal year 2025, Himalaya Shipping Ltd. (HSHP) reported total revenue of $131.9M.
Himalaya Shipping Ltd. (HSHP) is profitable, generating $17.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Himalaya Shipping Ltd. (HSHP) reported an operating income of $68.2M, resulting in an operating profit margin of 51.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Himalaya Shipping Ltd. (HSHP) generated $102.3M in gross profit for the year, representing a gross profit margin of 77.6%. This demonstrates the company's core pricing power and production efficiency.