Revenue growth accelerated to 33.0% year-over-year in 2026Q2, with gross margin expanding to 49.2% and operating margin reaching 41.1%, reflecting strong operating leverage and cost discipline.
Safe Bulkers, Inc. (SB) annual income statement — 20-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 |
|---|
| Sales/Revenue | 307.5M | 275.74M | 307.63M | 284.4M | 349.72M | 329.03M | 198.16M | 197.76M | 193.19M | 148.03M | 109.77M | 127.32M | 154.09M | 186.72M | 184.3M | 168.91M | 157.02M | 164.61M | 200.77M | 165.85M | 95.31M |
| Revenue Growth % | 10.81% | -10.37% | 8.17% | -18.68% | 6.29% | 66.04% | 0.2% | 2.37% | 30.51% | 34.85% | -13.78% | -17.38% | -17.47% | 1.32% | 9.11% | 7.57% | -4.61% | -18.01% | 21.06% | 74.01% | - |
| Cost of Goods Sold | 171.46M | 176.68M | 167.46M | 165M | 139.7M | 134.17M | 165.94M | 132.59M | 117.96M | 108.15M | 106.68M | 120.46M | 113.15M | 89.56M | 74.08M | 51.48M | 43.41M | 34.1M | 28.5M | 22.19M | 0 |
| COGS % of Revenue | - | 64.07% | 54.44% | 58.02% | 39.95% | 40.78% | 83.74% | 67.05% | 61.06% | 73.06% | 97.19% | 94.61% | 73.43% | 47.97% | 40.19% | 30.48% | 27.65% | 20.71% | 14.2% | 13.38% | - |
| Gross Profit | 136.03M | 99.06M | 140.17M | 119.41M | 210.02M | 194.87M | 32.22M | 65.17M | 75.23M | 39.88M | 3.09M | 6.86M | 40.95M | 97.16M | 110.22M | 117.43M | 113.61M | 130.51M | 172.27M | 143.66M | 95.31M |
| Gross Margin % | 44.24% | 35.93% | 45.56% | 41.98% | 60.05% | 59.22% | 16.26% | 32.95% | 38.94% | 26.94% | 2.81% | 5.39% | 26.57% | 52.03% | 59.81% | 69.52% | 72.35% | 79.29% | 85.8% | 86.62% | 100% |
| Gross Profit Growth % | - | -29.33% | 17.39% | -43.15% | 7.78% | 504.78% | -50.56% | -13.38% | 88.64% | 1191.1% | -54.96% | -83.25% | -57.85% | -11.85% | -6.14% | 3.36% | -12.95% | -24.24% | 19.92% | 50.73% | - |
| Operating Expenses | 29.85M | 29.85M | 28.3M | 25.63M | 25.37M | 22.5M | 21.5M | 20.64M | 19.24M | 16.12M | 15.38M | 16.05M | 17.33M | 11.36M | 9.95M | 8.7M | 7.02M | 7.05M | 8.61M | 25.09M | 12.82M |
| OpEx % of Revenue | - | 10.83% | 9.2% | 9.01% | 7.26% | 6.84% | 10.85% | 10.44% | 9.96% | 10.89% | 14.01% | 12.61% | 11.25% | 6.08% | 5.4% | 5.15% | 4.47% | 4.28% | 4.29% | 15.13% | 13.45% |
| Selling, General & Admin | 22.63M | 29.85M | 27.04M | 23.76M | 21.8M | 22.5M | 21.5M | 20.64M | 19.24M | 16.12M | 15.38M | 14.62M | 13.33M | 11.36M | 9.95M | 8.49M | 7.02M | 7.05M | 8.61M | 25.09M | 1.01M |
| SG&A % of Revenue | - | 10.83% | 8.79% | 8.36% | 6.23% | 6.84% | 10.85% | 10.44% | 9.96% | 10.89% | 14.01% | 11.48% | 8.65% | 6.08% | 5.4% | 5.03% | 4.47% | 4.28% | 4.29% | 15.13% | 1.06% |
| Research & Development | 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 | 1000K | 0 | 1.26M | 1.87M | 3.57M | 0 | 0 | 0 | 0 | 0 | 0 | -1.43M | -4M | 0 | 0 | -212K | 0 | 0 | 0 | 0 | 11.81M |
| Operating Income | 106.18M | 69.21M | 111.87M | 93.77M | 184.65M | 172.37M | 10.72M | 44.53M | 55.99M | 23.76M | -12.29M | -9.19M | 23.61M | 85.8M | 100.27M | 108.73M | 106.59M | 123.46M | 163.66M | 118.56M | 108.13M |
| Operating Margin % | 34.53% | 25.1% | 36.37% | 32.97% | 52.8% | 52.39% | 5.41% | 22.52% | 28.98% | 16.05% | -11.2% | -7.22% | 15.33% | 45.95% | 54.41% | 64.37% | 67.88% | 75% | 81.52% | 71.49% | 113.45% |
| Operating Income Growth % | - | -38.14% | 19.3% | -49.22% | 7.12% | 1508.05% | -75.93% | -20.47% | 135.62% | 293.33% | -33.75% | -138.92% | -72.48% | -14.44% | -7.78% | 2.01% | -13.66% | -24.56% | 38.03% | 9.65% | - |
| EBITDA | 165.15M | 129.09M | 170.01M | 147.9M | 234.17M | 224.73M | 64.99M | 94.84M | 104.06M | 75.19M | 37.19M | 37.94M | 66.7M | 123.19M | 132.52M | 132.37M | 126.26M | 137.35M | 174.27M | 128.15M | 117.86M |
| EBITDA Margin % | 53.71% | 46.81% | 55.26% | 52% | 66.96% | 68.3% | 32.8% | 47.96% | 53.86% | 50.79% | 33.88% | 29.8% | 43.28% | 65.98% | 71.91% | 78.37% | 80.41% | 83.44% | 86.8% | 77.27% | 123.66% |
| EBITDA Growth % | 21.25% | -24.07% | 14.95% | -36.84% | 4.2% | 245.8% | -31.47% | -8.86% | 38.4% | 102.16% | -1.98% | -43.11% | -45.86% | -7.04% | 0.12% | 4.83% | -8.07% | -21.18% | 35.99% | 8.73% | - |
| D&A (Non-Cash Add-back) | 58.97M | 59.88M | 58.13M | 54.13M | 49.52M | 52.36M | 54.27M | 50.31M | 48.07M | 51.42M | 49.48M | 47.13M | 43.08M | 37.39M | 32.25M | 23.64M | 19.67M | 13.89M | 10.61M | 9.58M | 9.73M |
| EBIT | 108.81M | 72.37M | 132.32M | 105.3M | 193.05M | 192.76M | 10.7M | 45.41M | 56.16M | -59M | -31.59M | -33.26M | 25.57M | 93.59M | 106.42M | 95.58M | 116.07M | 175.86M | 135.6M | 217.43M | 82.49M |
| Net Interest Income | -25.06M | -28.68M | -31.55M | -25.45M | -19.72M | -18.35M | -23M | -27.82M | -27.55M | -17.23M | -23.86M | -14.6M | -10.12M | -9.33M | -9.18M | -4.8M | -3.8M | -8.28M | -14.9M | -6.93M | -5.37M |
| Interest Income | 5.92M | 5.12M | 3.4M | 2.5M | 783K | 69K | 604K | 1.56M | 929K | 8.45M | 515K | 86K | 821K | 1.01M | 1.12M | 1.05M | 2.63M | 2.16M | 1.49M | 1.29M | 775K |
| Interest Expense | 30.98M | 33.8M | 34.95M | 27.94M | 20.5M | 18.41M | 23.6M | 29.37M | 28.48M | 25.68M | 24.37M | 14.69M | 10.94M | 10.34M | 10.3M | 5.84M | 6.42M | 10.45M | 16.39M | 8.22M | 6.14M |
| Other Income/Expense | -19.2M | -30.64M | -14.5M | -16.42M | -12.09M | 1.98M | -23.62M | -28.49M | -28.31M | -108.44M | -43.67M | -38.75M | -8.98M | -2.54M | -4.15M | -19M | 3.06M | 41.95M | -44.45M | 90.64M | -5.54M |
| Pretax Income | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M | -12.9M | 16.04M | 27.68M | -84.68M | -55.97M | -47.94M | 14.63M | 83.26M | 96.12M | 89.73M | 109.65M | 165.41M | 119.21M | 209.2M | 102.59M |
| Pretax Margin % | 28.29% | 13.99% | 31.65% | 27.2% | 49.34% | 52.99% | -6.51% | 8.11% | 14.33% | -57.2% | -50.98% | -37.66% | 9.5% | 44.59% | 52.16% | 53.13% | 69.83% | 100.49% | 59.38% | 126.14% | 107.64% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.9M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10.63% |
| Net Income | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M | -12.9M | 16.04M | 27.68M | -84.68M | -55.97M | -47.94M | 14.63M | 83.26M | 96.12M | 89.73M | 109.65M | 165.41M | 119.21M | 209.2M | 97.22M |
| Net Margin % | 28.29% | 13.99% | 31.65% | 27.2% | 49.34% | 52.99% | -6.51% | 8.11% | 14.33% | -57.2% | -50.98% | -37.66% | 9.5% | 44.59% | 52.16% | 53.13% | 69.83% | 100.49% | 59.38% | 126.14% | 102.01% |
| Net Income Growth % | 62.81% | -60.4% | 25.89% | -55.17% | -1.03% | 1451.01% | -180.47% | -42.07% | 132.69% | -51.3% | -16.73% | -427.62% | -82.42% | -13.38% | 7.12% | -18.16% | -33.71% | 38.75% | -43.02% | 115.17% | - |
| Net Income (Continuing) | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M | -12.9M | 16.04M | 27.68M | -84.68M | -55.97M | -47.94M | 14.63M | 83.26M | 96.12M | 89.73M | 109.65M | 165.41M | 119.21M | 209.2M | 97.22M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.85 | 0.30 | 0.83 | 0.61 | 1.36 | 1.44 | -0.25 | 0.04 | 0.27 | -0.84 | -0.66 | -0.57 | 0.06 | 1.05 | 1.27 | 1.29 | 1.73 | 3.03 | 2.19 | 3.84 | 1.78 |
| EPS Growth % | 81.71% | -63.86% | 36.07% | -55.15% | -5.56% | 676% | -725% | -85.19% | 132.14% | -27.27% | -15.79% | -1050% | -94.29% | -17.32% | -1.55% | -25.43% | -42.9% | 38.36% | -42.97% | 115.73% | - |
| EPS (Basic) | - | 0.30 | 0.83 | 0.61 | 1.36 | 1.44 | -0.25 | 0.04 | 0.27 | -0.84 | -0.66 | -0.57 | 0.06 | 1.05 | 1.27 | 1.29 | 1.73 | 3.03 | 2.19 | 3.84 | 1.78 |
| Diluted Shares Outstanding | 101.83M | 103.04M | 107.58M | 113.62M | 120.65M | 113.72M | 102.62M | 101.69M | 101.6M | 100.93M | 84.53M | 83.48M | 83.45M | 77.5M | 75.47M | 69.46M | 63.3M | 54.51M | 54.5M | 54.5M | 54.5M |
| Basic Shares Outstanding | 101.83M | 103.04M | 107.58M | 113.62M | 120.65M | 113.72M | 102.62M | 101.69M | 101.6M | 100.93M | 84.53M | 83.48M | 83.45M | 77.5M | 75.47M | 69.46M | 63.3M | 54.51M | 54.5M | 54.5M | 54.5M |
| Dividend Payout Ratio | - | 74.19% | 30.3% | 39.66% | 19.49% | 6.42% | - | 71.67% | 41.13% | - | - | - | 177.09% | 21.31% | 38.98% | 46.56% | 34.49% | 19.77% | 175.52% | 183.49% | - |
Quick answers to the most common questions about buying SB stock.
For fiscal year 2025, Safe Bulkers, Inc. (SB) reported total revenue of $275.7M. This represents a 189.3% increase compared to $95.3M in 2006.
Safe Bulkers, Inc. (SB) is profitable, generating $38.6M in net income for the fiscal year ending 2025 with a net profit margin of 14.0%.
Safe Bulkers, Inc. (SB) reported an operating income of $69.2M, resulting in an operating profit margin of 25.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Safe Bulkers, Inc. (SB) generated $99.1M in gross profit for the year, representing a gross profit margin of 35.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Chinese demand cyclicality
Cyclical Rebound Gains Momentum
Revenue surged 33.0% year-over-year in 2026Q2 to $87.5M, marking the strongest growth in the reported period and signaling a robust recovery from the 2025 trough. According to the latest quarterly data, this acceleration appears driven by firmer charter rates.
The 33.0% YoY revenue growth in 2026Q2 represents a sharp inflection from the negative growth rates seen throughout 2025, suggesting a cyclical upturn in dry bulk rates. Sequential growth of 17.6% from 2026Q1 further confirms the momentum. This rebound likely reflects tightening vessel supply and improved demand for iron ore and grain, though sustainability hinges on Chinese infrastructure spending.
Margin Expansion Outpaces Peers
Gross margin reached 49.2% in 2026Q2, up from 27.7% a year earlier, while operating margin hit 41.1%. As reported in the income statement, these figures significantly exceed peer averages, underscoring the cost advantage of Japanese-built vessels.
The 770 basis point sequential improvement in gross margin from 2026Q1 to 49.2% indicates strong operating leverage as rates recover. Operating margin of 41.1% is more than double Star Bulk's 13.5% and Genco's 2.7%, reflecting superior cost control and fleet efficiency. This margin resilience is likely supported by lower OPEX and fuel consumption, but investors should monitor bunker price volatility.
Operating Leverage Amplifies Recovery
Operating income grew 242% year-over-year in 2026Q2 to $35.9M, far outpacing the 33% revenue increase, demonstrating significant operating leverage. Based on the reported figures, SG&A remained flat at $7.1M, indicating fixed overhead efficiency.
The 242% surge in operating income versus a 33% revenue increase highlights the high fixed-cost structure of the shipping business. With SG&A essentially unchanged, incremental revenue flows directly to the bottom line. This leverage works both ways, as seen in 2025Q2 when operating income fell to $10.5M on a 16.3% revenue decline, underscoring the cyclicality.
Clean Earnings with Tax Tailwind
Net income of $35.2M in 2026Q2 translates to a 40.2% net margin, with diluted EPS of $0.33. Notably, stock-based compensation is zero, and the effective tax rate appears minimal, enhancing reported earnings quality.
The absence of SBC and the low tax rate (likely due to Marshall Islands incorporation) mean reported EPS closely tracks operational performance. However, the 2025Q2 net income of $1.7M on $65.7M revenue shows how quickly earnings can compress in a downturn. Investors should strip out any potential gains from vessel sales, though none are evident in this data.
COGS Discipline Drives Margin
COGS rose only 6.7% year-over-year in 2026Q2 despite a 33% revenue jump, with gross margin expanding to 49.2%. As per the income statement, this cost containment appears central to the margin outperformance.
The modest increase in COGS relative to revenue suggests that voyage expenses and OPEX are well-controlled, likely benefiting from fuel-efficient Eco vessels. SG&A has remained stable around $7M, indicating disciplined overhead management. However, if bunker fuel prices spike, COGS could escalate, pressuring margins on spot voyages.
2025Q2 Marks Cyclical Trough
The trough in 2025Q2, with net income of just $1.7M and EPS near zero, marked the low point of the cycle. Since then, revenue and margins have rebounded sharply, with 2026Q2 net income 20x higher, signaling a strong recovery.
The 2025Q2 trough was driven by weak charter rates and a 16.3% revenue decline, compressing net margin to 2.6%. The subsequent recovery to 40.2% net margin in 2026Q2 illustrates the cyclicality of the dry bulk market. This inflection appears to be supply-driven, with low orderbooks and environmental regulations limiting fleet growth, but demand from China remains a key swing factor.
China Exposure Remains Key Risk
Despite the strong recovery, revenue is heavily dependent on Chinese iron ore and coal demand, which remains structurally challenged. As reported in the data, the 2025 downturn was likely exacerbated by Chinese property weakness, and a repeat could derail the current rebound.
The 33% revenue growth in 2026Q2 may be flattered by a low base, and the sustainability of charter rates is uncertain. If Chinese steel production falters, Capesize rates could weaken, compressing margins. Additionally, the company's low leverage limits ROE upside in a strong market, potentially making it less attractive to yield-focused investors compared to peers.