Operational cash flow remains disconnected from accounting profits, as demonstrated by a 2026Q1 OCF/NI ratio of -2.53 and a negative free cash flow margin of -28.9%.
| 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 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 | Jan'96 | Jan'95 |
|---|
| Cash from Operations | 305K | 799K | 864K | 2.5M | 3.99M | 4.08M | 20.42M | 30.31M | 56.08M | 2.07M | 122.18M | 190.24M | 162.52M | 232.79M | 202.17M | 177.61M | 165.72M | 118.72M | 89.24M | 83.69M | 31.71M | 12.12M | -9.87M | 240K | 7.7M | 3.33M | -22M | -8.8M | 700K | 200K | -1.6M |
| Operating CF Margin % | - | 7.1% | 16.27% | 55.97% | 55.09% | 68.46% | - | 20.35% | 29.88% | 0.92% | 33.16% | 50.17% | 35.24% | 53.81% | 57.14% | 48.02% | 49.83% | 51.16% | 41.17% | 52.3% | 39.3% | 40.18% | -6.29% | 0.25% | 8.49% | 3.67% | -19.18% | -9.46% | 1.56% | 0.53% | -8% |
| Operating CF Growth % | 167.76% | -7.52% | -65.51% | -37.2% | -2.25% | -80.02% | -32.62% | -45.95% | 2604.05% | -98.3% | -35.78% | 17.06% | -30.19% | 15.15% | 13.83% | 7.17% | 39.59% | 33.03% | 6.64% | 163.91% | 161.71% | 222.8% | -4211.25% | -96.88% | 131.27% | 115.13% | -150% | -1357.14% | 250% | 112.5% | 71.43% |
| Net Income | -803K | -4.2M | -210K | 1.16M | 4.24M | 3.32M | -101.92M | -95.02M | -69.08M | 24.09M | -252.13M | -189.3M | 152.74M | 128.05M | 109.41M | 126.11M | 98.85M | 75.11M | 70.15M | 63.76M | 32.5M | 15.94M | -3.94M | -2.28M | -8.2M | -25.18M | -600K | 4.5M | 1.1M | 1.1M | 800K |
| Depreciation & Amortization | 3.85M | 3.46M | 1.64M | 1.04M | 1.04M | 541K | 1.2M | 1.82M | 2.33M | 2.46M | 3.46M | 4.72M | 7.13M | 10.13M | 8.31M | 9.44M | 10.11M | 8.02M | 20.88M | 9.46M | 3.15M | 1.86M | 3.31M | 3.18M | 3.37M | 3.02M | 1.6M | 600K | 500K | 400K | 500K |
| Stock-Based Compensation | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 731K | -80K | -2M | -104.17M | -95.58M | -112.84M | 45.57M | 31.42M | 24.39M | 27.74M | 13.45M | 17.46M | 29.59M | 26.77M | 4.97M | 0 | 0 | 0 | 0 | -1.17M | -800K | 1M | -1.1M | 0 | 0 |
| Other Non-Cash Items | -2.54M | 1.42M | -875K | 0 | -456K | -617K | 108.83M | 115.51M | 98.24M | 109.34M | 446.04M | 451.68M | -23.23M | 69.52M | 43.43M | 24.37M | 50.38M | 18.57M | -4.82M | 665K | 2.49M | -5.14M | 2.69M | 750K | 923K | 10M | 600K | 100K | 400K | 200K | -4.2M |
| Working Capital Changes | -206K | 110K | 307K | 313K | -837K | 840K | 11.59M | 8.08M | 26.59M | -29.63M | 20.39M | 35.98M | -19.69M | -6.33M | 16.64M | -10.04M | -7.06M | -443K | -26.56M | -16.96M | -11.4M | -548K | -11.92M | -1.41M | 11.61M | 16.66M | -22.8M | -15M | -200K | -1.5M | 1.3M |
| Change in Receivables | -596K | -278K | 207K | 78K | 108K | -178K | 4.02M | 6.93M | 13.1M | -6.48M | 4.16M | -12.89M | -28.03M | -6.68M | -10.94M | -17.25M | 3.64M | -19.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -51K | -181K | -76K | 77K | -79K | -55K | 0 | 0 | 13.57M | -43.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 279K | -5.16M | 818K | 5.45M | 4.26M | -1.4M | -10.9M | -1.3M | -700K | 300K |
| Change in Payables | 1.29M | 874K | 100K | -94K | -608K | 787K | 0 | 0 | 204K | 23.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.34M | -6.09M | -18.02M | -22K | -225K | -491K | 77.14M | 12.07M | -5.66M | 330.51M | 170.16M | -153.04M | -33.66M | -192.99M | -245.15M | -157.53M | -179.15M | -83.03M | -44.07M | -598.17M | -176.76M | -68.52M | -2.18M | -2.21M | -2.03M | -3M | -2.6M | -700K | -300K | -100K | -100K |
| Capital Expenditures | -3.34M | -6.09M | -18.02M | -22K | -225K | -491K | -602K | -6.63M | -3.29M | -1.08M | -9.66M | -5.37M | -2.42M | -9.58M | -2.23M | -3.81M | -3.28M | -3.87M | -7.7M | -349K | -739K | -731K | -1.73M | -2.55M | -1.87M | -2.83M | -1.9M | -700K | -300K | -100K | -100K |
| CapEx % of Revenue | 24.94% | 54.07% | 339.52% | 0.49% | 3.11% | 8.24% | - | 4.45% | 1.75% | 0.48% | 2.62% | 1.42% | 0.52% | 2.21% | 0.63% | 1.03% | 0.99% | 1.67% | 3.55% | 0.22% | 0.92% | 2.42% | 1.1% | 2.65% | 2.06% | 3.12% | 1.66% | 0.75% | 0.67% | 0.26% | 0.5% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.7M | -6.28M | -8.17M | 164.7M | -152.4M | -56.5M | -201.03M | -240.64M | -145.6M | -178.03M | -21.9M | -33.74M | -584.82M | -173.69M | -66.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 77.74M | 0 | 3.91M | 339.76M | 15.13M | 4.73M | 24.91M | 3.86M | -2.28M | -8.12M | 2.15M | 6.24M | -630K | 0 | 0 | -320K | -450K | 340K | -161K | -165K | -700K | 0 | 0 | 0 | 0 |
| Cash from Financing | 4.49M | 8.42M | 15.9M | -3.33M | -2.64M | -1.17M | -110.34M | -53.84M | -81.79M | -418.91M | -309.88M | 9.89M | -272.33M | -528K | 113.94M | 29M | -63.31M | 93.29M | -26.83M | 488.97M | 211.03M | 63.73M | 13.31M | 2.24M | -5.94M | -287K | 24.8M | 9.5M | -200K | 0 | 1.6M |
| Debt Issued (Net) | -2.74M | -2.96M | 16.2M | 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 | 0 | 0 | 0 |
| Equity Issued (Net) | 8.28M | 12.49M | 1.56M | 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 | 0 | 0 | 0 |
| Dividends Paid | 0 | -153K | -239K | -3.31M | -2.64M | -1.17M | 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 |
| Share Repurchases | 153K | 0 | -3M | -700K | 0 | -1.2M | 0 | -189K | -223K | -1.08M | -620K | -27.91M | -209.46M | -440.13M | -126.54M | -22.32M | -2.97M | -2.18M | -5.01M | 0 | 0 | 0 | -192K | -296K | -148K | 0 | -400K | 0 | -300K | 0 | 0 |
| Other Financing | -1.04M | -963K | -1.62M | -25K | 0 | 0 | -110.34M | -53.84M | -81.79M | -418.91M | -309.88M | 9.89M | -272.33M | -528K | 113.94M | 29M | -63.31M | 93.29M | -26.83M | 488.97M | 211.03M | 63.73M | 13.31M | 2.24M | -5.94M | -287K | 24.8M | 9.5M | -200K | 0 | 1.6M |
| Net Change in Cash | 1.46M | 3.13M | -1.26M | -849K | 1.13M | 2.42M | -12.23M | -11.22M | -32.06M | -83.48M | -20.56M | 41.93M | -150.77M | 40.12M | 70.95M | 49.08M | -76.75M | 128.98M | 18.34M | -25.5M | 65.98M | 7.33M | 1.26M | 270K | -277K | 45K | 200K | 0 | 200K | 100K | -100K |
| Free Cash Flow | -3.03M | -5.29M | -17.16M | 2.48M | 3.76M | 3.59M | 19.82M | 23.68M | 52.79M | 992K | 112.51M | 184.87M | 160.1M | 223.21M | 199.94M | 173.8M | 162.44M | 114.84M | 81.54M | 83.34M | 30.97M | 11.39M | -11.6M | -2.31M | 5.83M | 497K | -23.9M | -9.5M | 400K | 100K | -1.7M |
| FCF Margin % | -22.66% | -46.97% | -323.24% | 55.47% | 51.98% | 60.22% | - | 15.9% | 28.13% | 0.44% | 30.54% | 48.75% | 34.71% | 51.59% | 56.51% | 46.99% | 48.85% | 49.49% | 37.62% | 52.08% | 38.38% | 37.76% | -7.4% | -2.4% | 6.43% | 0.55% | -20.84% | -10.22% | 0.89% | 0.26% | -8.5% |
| FCF Growth % | 85.2% | 69.19% | -791.14% | -34.03% | 4.85% | -81.89% | -16.31% | -55.14% | 5221.98% | -99.12% | -39.14% | 15.47% | -28.27% | 11.64% | 15.04% | 6.99% | 41.45% | 40.84% | -2.16% | 169.08% | 172.02% | 198.19% | -401.12% | -139.7% | 1072.64% | 102.08% | -151.58% | -2475% | 300% | 105.88% | 70.18% |
| FCF per Share | -1.25 | -4.30 | -13.95 | 2.02 | 3.06 | 2.92 | 3.03 | 2.24 | 7.84 | 0.17 | 21.50 | 38.28 | 27.91 | 36.75 | 27.79 | 23.02 | 21.74 | 16.81 | 13.31 | 13.57 | 6.84 | 3.27 | -4.90 | -1.18 | 3.03 | 0.28 | -15.67 | -6.89 | 0.40 | 0.11 | -2.93 |
| FCF Conversion (FCF/Net Income) | 3.77x | -0.19x | -4.11x | 2.17x | 0.94x | 1.23x | -0.20x | -0.27x | -0.56x | -0.00x | -0.48x | -1.00x | 1.06x | 1.82x | 1.85x | 1.41x | 1.68x | 1.58x | 1.27x | 1.31x | 0.98x | 0.76x | 2.50x | -0.11x | -0.94x | -0.13x | 36.67x | -1.96x | 0.64x | 0.18x | -2.00x |
| Interest Paid | 2.52M | 2.2M | 407K | 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 | 0 | 0 | 0 |
| Taxes Paid | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and fleet maintenance
As reported in recent financial statements, ICON's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of -2.53 indicating that accounting profits are not translating into actual liquidity, a trend that warrants significant caution regarding the sustainability of the company's current operational model.
The persistent disconnect between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are masking the underlying cash burn. Investors should monitor whether this negative conversion is a temporary byproduct of fleet expansion or a structural inability to generate cash from core shipping operations.
Based on the provided cash flow data, ICON's free cash flow trajectory is highly erratic, evidenced by a -28.9% FCF margin in 2026Q1, which highlights the company's struggle to maintain positive cash generation amidst the capital-intensive requirements of operating a dry bulk shipping fleet.
The inability to sustain positive free cash flow suggests that the company is currently reliant on external financing or cash reserves to fund its ongoing operations. This trajectory appears to be highly sensitive to freight rate volatility, leaving little room for error in managing the fleet's daily cash requirements.
According to historical filings, ICON's capital expenditure has reached as high as 180.3% of revenue in 2025Q1, demonstrating that the company's aggressive fleet deployment strategy is consuming significant capital that may not be immediately recoverable through current chartering activities in the competitive dry bulk market.
The high capital intensity relative to revenue suggests that the company is prioritizing fleet growth over immediate cash preservation. This heavy reliance on capital expenditure may indicate that the company is forced to continuously reinvest in its vessels to remain operational, potentially limiting its ability to build a cash buffer.
As indicated by the quarterly cash flow statements, ICON has experienced significant working capital outflows, such as the -$585.0K recorded in 2025Q4, which suggests that the company is facing challenges in managing its collection cycles and payables effectively during periods of operational scaling.
These working capital swings appear to exacerbate the company's cash burn, as the timing of voyage expenses and charter receipts creates lumpy cash flow profiles. The lack of consistency in working capital management may indicate operational inefficiencies that could further strain the company's limited liquidity if freight rates decline.
Quick answers to the most common questions about buying ICON stock.
Icon Energy Corp. (ICON) generated $0.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Icon Energy Corp. (ICON) reported negative free cash flow of $5.3M in 2025, indicating capital requirements exceeded cash from operations.
Icon Energy Corp. (ICON) spent $6.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Icon Energy Corp. (ICON) returned $0.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.