Revenue growth reached 139.1% in 2026Q1, yet the company continues to struggle with profitability, evidenced by a net margin of -37.29% over the recent period.
| 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 |
|---|
| Sales/Revenue | 13.38M | 11.26M | 5.31M | 4.48M | 7.24M | 5.96M | 0 | 148.98M | 187.69M | 225.83M | 368.46M | 379.2M | 461.24M | 432.63M | 353.82M | 369.85M | 332.56M | 232.06M | 216.76M | 160M | 80.69M | 30.16M | 156.78M | 96.33M | 90.67M | 90.8M | 114.7M | 93M | 45M | 37.9M | 20M |
| Revenue Growth % | 150.36% | 112.02% | 18.61% | -38.19% | 21.47% | - | -100% | -20.62% | -16.89% | -38.71% | -2.83% | -17.79% | 6.61% | 22.27% | -4.33% | 11.21% | 43.31% | 7.06% | 35.47% | 98.28% | 167.59% | -80.77% | 62.76% | 6.24% | -0.14% | -20.84% | 23.33% | 106.67% | 18.73% | 89.5% | 104.08% |
| Cost of Goods Sold | 9.59M | 8.72M | 3.84M | 1.2M | 1.31M | 851K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116.31M | 72.64M | 67.82M | 71.33M | 86.9M | 68.2M | 34.7M | 27M | 17.3M |
| COGS % of Revenue | - | 77.46% | 72.37% | 26.79% | 18.09% | 14.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 74.18% | 75.41% | 74.8% | 78.56% | 75.76% | 73.33% | 77.11% | 71.24% | 86.5% |
| Gross Profit | 3.79M | 2.54M | 1.47M | 3.28M | 5.93M | 5.11M | 0 | 148.98M | 187.69M | 225.83M | 368.46M | 379.2M | 461.24M | 432.63M | 353.82M | 369.85M | 332.56M | 232.06M | 216.76M | 160M | 80.69M | 30.16M | 40.48M | 23.68M | 22.85M | 19.47M | 27.8M | 24.8M | 10.3M | 10.9M | 2.7M |
| Gross Margin % | 28.3% | 22.54% | 27.63% | 73.21% | 81.91% | 85.72% | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 25.82% | 24.59% | 25.2% | 21.44% | 24.24% | 26.67% | 22.89% | 28.76% | 13.5% |
| Gross Profit Growth % | - | 72.94% | -55.23% | -44.75% | 16.07% | - | -100% | -20.62% | -16.89% | -38.71% | -2.83% | -17.79% | 6.61% | 22.27% | -4.33% | 11.21% | 43.31% | 7.06% | 35.47% | 98.28% | 167.59% | -25.5% | 70.9% | 3.65% | 17.36% | -29.96% | 12.1% | 140.78% | -5.5% | 303.7% | 170% |
| Operating Expenses | 2.75M | 2.36M | 1.3M | 2.17M | 1.71M | 1.8M | 84M | 85.81M | 133.04M | 144.55M | 171.95M | 209.67M | 205.41M | 175.22M | 138.37M | 141.08M | 138.53M | 79.36M | 74.71M | 38.22M | 27.02M | 15.35M | 41.44M | 30.3M | 31.88M | 34.28M | 27.5M | 17.8M | 9.4M | 8.9M | 8.3M |
| OpEx % of Revenue | - | 20.94% | 24.43% | 48.53% | 23.66% | 30.2% | - | 57.6% | 70.88% | 64.01% | 46.67% | 55.29% | 44.53% | 40.5% | 39.11% | 38.15% | 41.66% | 34.2% | 34.47% | 23.88% | 33.49% | 50.89% | 26.43% | 31.46% | 35.16% | 37.76% | 23.98% | 19.14% | 20.89% | 23.48% | 41.5% |
| Selling, General & Admin | 1.3M | 1.08M | 345K | 18K | 12K | 11K | 84M | 84M | 121.43M | 114.61M | 206.59M | 209.67M | 205.41M | 175.22M | 138.37M | 140.99M | 138.53M | 79.36M | 73.82M | 44.25M | 24.53M | 13.88M | 37.87M | 28.51M | 28.51M | 31.26M | 25.9M | 17.2M | 8.9M | 8.5M | 0 |
| SG&A % of Revenue | - | 9.62% | 6.5% | 0.4% | 0.17% | 0.18% | - | 56.38% | 64.7% | 50.75% | 56.07% | 55.29% | 44.53% | 40.5% | 39.11% | 38.12% | 41.66% | 34.2% | 34.05% | 27.66% | 30.4% | 46.03% | 24.16% | 29.6% | 31.44% | 34.43% | 22.58% | 18.49% | 19.78% | 22.43% | - |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.45M | 1.27M | 952K | 2.15M | 1.7M | 1.79M | 0 | 1.82M | 11.61M | 29.94M | -34.64M | 0 | 0 | 0 | 0 | 94K | 0 | 0 | 893K | -6.04M | 2.49M | 1.47M | 3.57M | 1.79M | 3.37M | 3.02M | 1.6M | 600K | 500K | 400K | 8.3M |
| Operating Income | 1.03M | 180K | 170K | 1.1M | 4.22M | 3.31M | -30.78M | 63.17M | 54.65M | 81.29M | 196.51M | 169.53M | 255.83M | 257.41M | 215.45M | 228.77M | 194.03M | 152.7M | 142.05M | 121.79M | 53.67M | 14.81M | -961K | -6.62M | -9.03M | -14.81M | 300K | 7M | 900K | 2M | -5.6M |
| Operating Margin % | 7.73% | 1.6% | 3.2% | 24.69% | 58.25% | 55.53% | - | 42.4% | 29.12% | 35.99% | 53.33% | 44.71% | 55.47% | 59.5% | 60.89% | 61.85% | 58.34% | 65.8% | 65.53% | 76.12% | 66.51% | 49.11% | -0.61% | -6.87% | -9.96% | -16.31% | 0.26% | 7.53% | 2% | 5.28% | -28% |
| Operating Income Growth % | - | 5.88% | -84.62% | -73.8% | 27.43% | 110.75% | -148.72% | 15.6% | -32.77% | -58.64% | 15.92% | -33.73% | -0.61% | 19.48% | -5.82% | 17.9% | 27.06% | 7.5% | 16.64% | 126.91% | 262.41% | 1641.1% | 85.48% | 26.66% | 39.05% | -5037% | -95.71% | 677.78% | -55% | 135.71% | 33.33% |
| EBITDA | 4.89M | 3.65M | 1.81M | 2.14M | 5.26M | 3.85M | -29.58M | 64.99M | 56.98M | 83.74M | 199.98M | 174.25M | 262.97M | 267.54M | 223.76M | 238.2M | 204.13M | 160.72M | 162.93M | 131.25M | 56.83M | 16.67M | 2.35M | -3.44M | -5.66M | -11.79M | 1.9M | 7.6M | 1.4M | 2.4M | -5.1M |
| EBITDA Margin % | 36.54% | 32.38% | 34.13% | 47.86% | 72.61% | 64.6% | - | 43.62% | 30.36% | 37.08% | 54.27% | 45.95% | 57.01% | 61.84% | 63.24% | 64.41% | 61.38% | 69.26% | 75.17% | 82.03% | 70.42% | 55.29% | 1.5% | -3.57% | -6.24% | -12.98% | 1.66% | 8.17% | 3.11% | 6.33% | -25.5% |
| EBITDA Growth % | 2507.88% | 101.16% | -15.41% | -59.26% | 36.54% | 113.02% | -145.52% | 14.06% | -31.96% | -58.12% | 14.76% | -33.74% | -1.71% | 19.56% | -6.06% | 16.69% | 27.01% | -1.36% | 24.14% | 130.96% | 240.84% | 608.28% | 168.47% | 39.23% | 52.01% | -720.47% | -75% | 442.86% | -41.67% | 147.06% | 34.62% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 2.04M | -385K | 242K | 1.16M | 4.25M | 3.32M | -26.14M | -36.57M | -23.92M | -585.53M | -228.46M | -198.04M | 313.69M | 276.98M | 229.05M | 263.28M | 206.04M | 158.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Interest Income | -2.71M | -3.69M | -380K | 53K | 10K | 2K | -67.69M | -57.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 135K | 127K | 72K | 56K | 13K | 4K | 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 |
| Interest Expense | 2.85M | 3.81M | 452K | 3K | 3K | 2K | 67.69M | 57.26M | 59.21M | 67.9M | 97.54M | 86.23M | 84.52M | 76.32M | 46.58M | 50.75M | 43.16M | 41.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.84M | -4.38M | -380K | 50K | 24K | 7K | -63.05M | -166.6M | -137.78M | -734.72M | -522.52M | -453.81M | -26.67M | -56.75M | -32.98M | -16.24M | -31.14M | -35.45M | -33.13M | -25.51M | -13.84M | -3.9M | -3.12M | 4.4M | 893K | -11.47M | -1M | -1.3M | -800K | -700K | 0 |
| Pretax Income | -803K | -4.2M | -210K | 1.16M | 4.24M | 3.32M | -93.83M | -103.43M | -83.13M | -653.43M | -326M | -284.27M | 229.17M | 200.66M | 182.47M | 212.53M | 162.89M | 117.26M | 108.93M | 96.28M | 39.84M | 10.91M | -4.08M | -2.22M | -8.13M | -26.28M | -700K | 5.7M | 100K | 1.3M | -1.3M |
| Pretax Margin % | -6% | -37.29% | -3.96% | 25.8% | 58.58% | 55.65% | - | -69.42% | -44.29% | -289.34% | -88.48% | -74.97% | 49.68% | 46.38% | 51.57% | 57.46% | 48.98% | 50.53% | 50.25% | 60.17% | 49.37% | 36.17% | -2.6% | -2.3% | -8.97% | -28.94% | -0.61% | 6.13% | 0.22% | 3.43% | -6.5% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 8.08M | 8.08M | 6.54M | -95.98M | -76.49M | -95.34M | 61.74M | 58.08M | 58.96M | 71.29M | 52.41M | 41.55M | 38.77M | 32.52M | 7.33M | -5.04M | -139K | 62K | 66K | -1.1M | -100K | 1.2M | -1M | 200K | 4.3M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -8.61% | -7.81% | -7.86% | 14.69% | 23.46% | 33.54% | 26.94% | 28.94% | 32.31% | 33.54% | 32.17% | 35.44% | 35.6% | 33.78% | 18.41% | -46.16% | 3.4% | -2.79% | -0.81% | 4.2% | 14.29% | 21.05% | -1000% | 15.38% | -330.77% |
| Net Income | -803K | -4.2M | -210K | 1.16M | 4.24M | 3.32M | -101.92M | -111.51M | -100.52M | -489.25M | -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 |
| Net Margin % | -6% | -37.29% | -3.96% | 25.8% | 58.58% | 55.65% | - | -74.85% | -53.56% | -216.64% | -68.43% | -49.92% | 33.11% | 29.6% | 30.92% | 34.1% | 29.72% | 32.37% | 32.36% | 39.85% | 40.28% | 52.87% | -2.52% | -2.37% | -9.04% | -27.73% | -0.52% | 4.84% | 2.44% | 2.9% | 4% |
| Net Income Growth % | 78.71% | -1898.57% | -118.18% | -72.77% | 27.89% | 103.25% | 8.61% | -10.94% | 79.45% | -94.04% | -33.19% | -223.94% | 19.28% | 17.04% | -13.24% | 27.58% | 31.6% | 7.07% | 10.04% | 96.16% | 103.86% | 504.13% | -72.87% | 72.17% | 67.43% | -4096% | -113.33% | 309.09% | 0% | 37.5% | 112.7% |
| Net Income (Continuing) | -803K | -4.2M | -210K | 1.16M | 4.24M | 3.32M | -101.92M | -111.51M | -100.52M | -489.25M | -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 |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 |
| EPS (Diluted) | -0.33 | -5.83 | -0.17 | 0.94 | 3.45 | 2.70 | -15.57 | -10.56 | -14.93 | -85.67 | -48.17 | -39.20 | 26.62 | 21.08 | 15.20 | 16.70 | 13.23 | 10.99 | 11.45 | 10.38 | 7.18 | 4.58 | -1.67 | -1.16 | -4.26 | -14.15 | -0.39 | 3.26 | 1.10 | 1.26 | 1.38 |
| EPS Growth % | 5.83% | -3329.41% | -118.09% | -72.75% | 27.78% | 117.34% | -47.44% | 29.27% | 82.57% | -77.85% | -22.88% | -247.26% | 26.28% | 38.68% | -8.98% | 26.23% | 20.38% | -4.02% | 10.31% | 44.57% | 56.77% | 374.25% | -43.97% | 72.77% | 69.89% | -3528.21% | -111.96% | 196.36% | -12.7% | -8.7% | 110.45% |
| EPS (Basic) | - | -5.83 | -0.17 | 0.94 | 3.45 | 2.70 | -10.56 | -10.56 | -14.93 | -85.67 | -48.17 | -39.20 | 31.54 | 22.75 | 15.70 | 17.25 | 13.70 | 11.42 | 12.14 | 11.25 | 8.14 | 5.10 | -1.67 | -1.16 | -4.26 | -14.15 | -0.39 | 3.96 | 1.20 | 1.26 | 1.38 |
| Diluted Shares Outstanding | 2.43M | 1.23M | 1.23M | 1.23M | 1.23M | 1.23M | 6.54M | 10.56M | 6.73M | 5.71M | 5.23M | 4.83M | 5.74M | 6.07M | 7.2M | 7.55M | 7.47M | 6.83M | 6.12M | 6.14M | 4.53M | 3.48M | 2.37M | 1.96M | 1.92M | 1.78M | 1.52M | 1.38M | 1M | 872.59K | 580.64K |
| Basic Shares Outstanding | 2.43M | 1.23M | 1.23M | 1.23M | 1.23M | 1.23M | 9.65M | 10.56M | 6.73M | 5.71M | 5.23M | 4.83M | 4.84M | 5.63M | 6.97M | 7.31M | 7.22M | 6.58M | 5.78M | 5.67M | 3.99M | 3.13M | 2.37M | 1.96M | 1.92M | 1.78M | 1.52M | 1.14M | 914.26K | 872.59K | 580.64K |
| Dividend Payout Ratio | - | - | - | 286.32% | 62.19% | 35.12% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme freight rate sensitivity
As reported in recent financial statements, ICON achieved a 139.1% year-over-year revenue growth in 2026Q1, signaling an aggressive transition toward active chartering operations that contrasts sharply with the company's historical revenue base and suggests a rapid, albeit capital-intensive, expansion of its operational footprint.
The dramatic revenue surge appears to be a function of fleet expansion rather than organic market growth, as the company scales its vessel count from a minimal base. Investors should monitor whether this trajectory is sustainable or if it represents a one-time step-up that will plateau as the current fleet reaches full utilization.
Based on the provided income statement data, ICON's gross margin has fluctuated wildly from a low of -25.0% in 2024Q3 to a peak of 77.1% in 2022Q4, indicating that the company lacks the pricing power or cost stability typical of more established industry peers.
The extreme variance in gross margins suggests that the company is highly susceptible to spot market volatility and the timing of dry-docking expenses. Without a consistent chartering strategy, these margin swings may continue to obscure the underlying operational efficiency of the fleet.
According to the latest quarterly figures, ICON's operating margin of 1.1% in 2026Q1 highlights a persistent inability to scale operating income alongside gross profit, suggesting that fixed corporate overhead continues to overwhelm the company's modest gross earnings during periods of market softness.
The company's inability to maintain positive operating margins consistently indicates that its current scale is insufficient to absorb administrative costs. This lack of operating leverage leaves the firm with virtually no buffer against the cyclical downturns inherent in the dry bulk shipping industry.
Analysis of the income statement reveals a concerning divergence between the 112% revenue growth and a -37.29% net margin, which suggests that the company's current business model may be fundamentally unsustainable without significant, ongoing external capital injections or a sustained, multi-year rally in freight rates.
Short-sellers would likely focus on the company's inability to convert top-line growth into bottom-line profitability, viewing the current financial structure as a potential precursor to equity dilution. The reliance on transactional revenue in a fragmented market warrants further investigation into whether the company can achieve a break-even status before its cash reserves are fully depleted.
Quick answers to the most common questions about buying ICON stock.
For fiscal year 2025, Icon Energy Corp. (ICON) reported total revenue of $11.3M. This represents a 43.7% decline compared to $20.0M in 1994.
Icon Energy Corp. (ICON) reported a net loss of $4.2M for the fiscal year ending 2025.
Icon Energy Corp. (ICON) reported an operating income of $0.2M, resulting in an operating profit margin of 1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Icon Energy Corp. (ICON) generated $2.5M in gross profit for the year, representing a gross profit margin of 22.5%. This demonstrates the company's core pricing power and production efficiency.