Cash conversion remains solid, with Q2 2026 operating cash flow of $149.0M covering net income at a 1.03x ratio, though free cash flow of $70.0M was impacted by a near fourfold spike in CapEx to $79.0M for fleet investment.
Star Bulk Carriers Corp. (SBLK) cash flow statement — 21-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 453.92M | 295.94M | 471.15M | 335.78M | 769.9M | 767.07M | 170.55M | 88.53M | 169.01M | 80.97M | -33.45M | -14.58M | 12.82M | 27.5M | 19M | 50.6M | 87.95M | 65.88M | 110.75M | 370K | 1.7M | -26.92K |
| Operating CF Margin % | - | 28.39% | 37.23% | 35.37% | 53.57% | 53.74% | 24.6% | 10.78% | 25.94% | 24.39% | -15.06% | -6.22% | 8.7% | 39.34% | 22.05% | 47.26% | 72.66% | 46.28% | 46.36% | 10.18% | - | - |
| Operating CF Growth % | 303.34% | -37.19% | 40.32% | -56.39% | 0.37% | 349.76% | 92.66% | -47.62% | 108.73% | 342.08% | -129.44% | -213.72% | -53.38% | 44.72% | -62.46% | -42.46% | 33.5% | -40.52% | 29831.62% | -78.22% | 6410.76% | - |
| Net Income | 287.15M | 84.17M | 304.65M | 173.56M | 566M | 680.53M | 9.66M | -16.2M | 58.4M | -9.77M | -154.23M | -458.18M | -11.72M | 1.85M | -314.52M | -69.56M | -5.13M | -58.41M | 133.74M | 3.41M | 2.98M | 110.33K |
| Depreciation & Amortization | 162.08M | 168.28M | 164.06M | 138.43M | 156.73M | 152.64M | 142.29M | 124.28M | 102.85M | 82.62M | 81.94M | 82.07M | 37.15M | 16.06M | 33.05M | 50.22M | 46.94M | 58.3M | 51.05M | 745K | 408 | 0 |
| Stock-Based Compensation | 13.24M | 17.8M | 18.33M | 20.88M | 28.48M | 10.34M | 4.62M | 7.94M | 8.07M | 9.27M | 4.17M | 2.68M | 5.83M | 1.49M | 1.55M | 1.36M | 6.51M | 1.83M | 3.99M | 184K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 2.26M | 3.97M | 14.23M | 19.34M | -3.29M | 267K | 343.21M | -9.84M | -4K | 306.33M | 64.31M | 33.66M | 69.94M | 9K | 9K | 9K | 0 |
| Other Non-Cash Items | 35.01M | 41.06M | -16.24M | -1.93M | 27.18M | 4.91M | 4.75M | 1.34M | 1.23M | 2.3M | 44.39M | 14.4M | 5.26M | 5.88M | 6.13M | 3.25M | 2.42M | -26K | -76.86M | -3.6M | 0 | 0 |
| Working Capital Changes | -43.55M | -15.37M | 354K | 4.85M | -8.5M | -83.61M | 5.26M | -43.07M | -20.89M | -154K | -9.98M | 1.24M | -13.86M | 2.22M | -13.52M | 1.01M | 3.55M | -5.76M | -1.18M | -370K | -1.29M | -137.25K |
| Change in Receivables | -42.26M | -165K | 33.51M | 7.91M | -3.65M | -43.6M | 20.32M | -20.38M | -22.27M | -5.95M | -1.68M | 13.88M | -16.06M | 2.77M | -1.21M | -3.25M | -1.33M | -2.07M | -3.38M | 522K | 0 | 0 |
| Change in Inventory | -1.36M | 25.64M | 1.93M | -5.85M | -9.41M | -27.78M | 3.86M | -23.72M | -8.09M | -4.81M | -184K | 121K | -5.41M | 1.89M | 254K | -2.77M | -112K | 294K | -678K | -598K | 0 | 0 |
| Change in Payables | 25.24M | 6.69M | -6.62M | 7.31M | 11.56M | -8.04M | -3.05M | 3.63M | 10.29M | 4.71M | -4.24M | -5.28M | 2M | -1.63M | -237K | 5.27M | -744K | -31K | 93K | -31K | 429.47K | 174.05K |
| Cash from Investing | 24.14M | 101.16M | 356.18M | 235.52M | -20.87M | -121.26M | -66.33M | -279.84M | -325.33M | -126.85M | -13.22M | -397.53M | -437.07M | -108.12M | 25.49M | -122.34M | -60.15M | -1.43M | -423.31M | 12.96M | -3.66K | -188.68M |
| Capital Expenditures | -167.85M | -83.99M | -55.09M | -18.09M | -25.4M | -130.15M | -72.06M | -347.14M | -328.63M | -143.68M | -396.15M | -473.92M | -523.3M | -127.81M | -91K | 0 | -44.09M | -49K | -413.46M | -179.15M | -3.66K | 0 |
| CapEx % of Revenue | 13.95% | 8.06% | 4.35% | 1.91% | 1.77% | 9.12% | 10.39% | 42.26% | 50.44% | 43.28% | 178.36% | 202.28% | 355.05% | 182.87% | 0.11% | - | 36.43% | 0.03% | 173.08% | 4931.21% | - | - |
| Acquisitions | 79.88M | 174.4M | 104.33M | 250.97M | 0 | 0 | 0 | 56.63M | 0 | 15.15M | -16M | -404M | 96.27M | -120M | 8M | -119M | -67M | 19M | -14.42M | -85M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 112.01M | 12.16M | 306.95M | 2.64M | 4.53M | 8.88M | 5.72M | 10.67M | 3.31M | 1.22M | 398.73M | 480.38M | 90.18M | 139.7M | 17.58M | -3.34M | 50.94M | -20.38M | 4.57M | 277.11M | 0 | -188.68M |
| Cash from Financing | -343.75M | -336.04M | -648.2M | -595.89M | -935.95M | -368.07M | -34.95M | 103.7M | 96.69M | 122.03M | 20.37M | 534.17M | 456.71M | 111.97M | -46.61M | 73.98M | -55.12M | -53.78M | 323.05M | 3.53M | -170.59K | 189.3M |
| Debt Issued (Net) | -151.69M | -201.63M | -342.01M | -51.16M | -261.02M | -122.53M | -21.12M | 144.39M | 112.94M | 74.52M | -29.44M | 129.46M | 463.22M | -33.78M | -42.03M | 61.31M | -42.42M | -49.25M | 294.88M | 0 | 0 | 0 |
| Equity Issued (Net) | -75.42M | -98.13M | -25.3M | -380.08M | -20.07M | -10.28M | 0 | -20.52M | -3.15M | 50.43M | 50.59M | 418.77M | 0 | 150.91M | -861K | 28.79M | 0 | 0 | -13.45M | 0 | 0 | 200.03M |
| Dividends Paid | -115.56M | -34.38M | -277.01M | -158.05M | -668.7M | -230.24M | -4.8M | -4.8M | 0 | 0 | 0 | 0 | 0 | 0 | -3.63M | -14.39M | -12.38M | -6.18M | -52.61M | 0 | 0 | 0 |
| Share Repurchases | -75.42M | -98.13M | -25.3M | -393.11M | -20.07M | -10.28M | 0 | -20.52M | -3.15M | 0 | 0 | 0 | 0 | 0 | -861K | 0 | 0 | 0 | -13.45M | 0 | -170.59K | 0 |
| Other Financing | -1.09M | -1.9M | -3.88M | -6.59M | 13.84M | -5.02M | -9.03M | -15.37M | -13.1M | -2.91M | -785K | -14.07M | -6.51M | -5.15M | -91K | -1.73M | -310K | 1.66M | 94.24M | 3.53M | -170K | -10.73M |
| Net Change in Cash | 134.52M | 64.03M | 179.13M | -24.59M | -186.93M | 277.74M | 69.27M | -87.61M | -59.62M | 76.15M | -26.3M | 122.06M | 32.45M | 31.35M | -2.12M | 2.25M | -27.32M | 10.67M | 10.49M | 16.87M | 1.52M | 593.28K |
| Free Cash Flow | 286.08M | 211.95M | 416.06M | 317.69M | 744.5M | 636.92M | 98.49M | -258.62M | -159.63M | -62.71M | -429.6M | -488.5M | -510.48M | -100.32M | 18.91M | 50.6M | 43.86M | 65.83M | -302.71M | -178.78M | 1.7M | -26.92K |
| FCF Margin % | 23.78% | 20.33% | 32.88% | 33.47% | 51.8% | 44.62% | 14.21% | -31.49% | -24.5% | -18.89% | -193.42% | -208.5% | -346.36% | -143.53% | 21.94% | 47.26% | 36.23% | 46.24% | -126.72% | -4921.03% | - | - |
| FCF Growth % | 1.23% | -49.06% | 30.97% | -57.33% | 16.89% | 546.67% | 138.08% | -62.01% | -154.53% | 85.4% | 12.06% | 4.31% | -408.86% | -630.56% | -62.64% | 15.38% | -33.37% | 121.75% | -69.32% | -10644.78% | 6397.15% | - |
| FCF per Share | 2.56 | 1.84 | 3.83 | 3.21 | 7.26 | 6.28 | 1.02 | -2.76 | -2.06 | -0.99 | -9.03 | -12.49 | -43.68 | -35.53 | 17.53 | 53.42 | 51.89 | 81.10 | -416.97 | -364.19 | 4.27 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.00x | 3.52x | 1.55x | 1.93x | 1.36x | 1.13x | 17.66x | -5.46x | 2.89x | -8.29x | 0.22x | 0.03x | -1.09x | 14.86x | -0.06x | -0.73x | -17.14x | -1.13x | 0.83x | 0.11x | 0.57x | -0.24x |
| Interest Paid | 0 | 0 | 87.52M | 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 | 216K | 0 | 0 |
Quick answers to the most common questions about buying SBLK stock.
Star Bulk Carriers Corp. (SBLK) generated $295.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Star Bulk Carriers Corp. (SBLK) generated $211.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Star Bulk Carriers Corp. (SBLK) spent $84.0M 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, Star Bulk Carriers Corp. (SBLK) returned $34.4M to shareholders via cash dividends and spent $98.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cyclical Volatility Exposure
Earnings Quality Driven by Non-Cash Dynamics
Q2 2026 operating cash flow of $149.0M exceeded net income of $144.9M, resulting in an OCF/NI ratio of 1.03, which indicates solid but slightly lower cash conversion than the prior quarter's 1.91x, based on SBLK's reported financials.
The persistent gap where operating cash flow significantly exceeds net income, most dramatically in early 2025, suggests that non-cash charges like depreciation, which has run at ~$40M per quarter, and potentially the timing of voyage revenue recognition are major components of reported earnings. In the most recent quarter, the tighter OCF/NI spread of 1.03x appears to reflect a normalization as the massive swings from working capital movements and vessel sale gains subside. Investors should monitor this ratio for signs that cash generation is becoming more closely tied to reported net income as the cycle stabilizes.
FCF Recovery and Deployment Shift
Free cash flow has surged from a low of $41.2M in Q1 2025 to $92.0M in Q1 2026, representing a 123% increase, though the Q2 2026 figure of $70.0M marks a sequential decline, as reported in SBLK's quarterly statements.
The trajectory shows a dramatic recovery from the depressed FCF levels of mid-2025, where net income nearly reached zero, to robust generation in the most recent quarters. This recovery appears to be driven by the operational rebound evidenced in the income statement analysis, but the Q2 2026 dip alongside a sharp rise in CapEx suggests a shift in deployment priorities towards fleet investment. The FCF margin compression from 32.7% in Q1 2026 to 19.6% in Q2 indicates that while earnings are accelerating, capital allocation is becoming a larger drag on free cash flow.
Capital Intensity Spikes for Fleet Expansion
CapEx surged to $79.0M in Q2 2026, a nearly fourfold increase from the prior quarter's $20.0M, representing 22.1% of revenue, which aligns with the Eagle Bulk integration and signals a major investment cycle.
The CapEx trajectory is highly uneven, with sporadic spikes like Q4 2024 ($58.2M) and now Q2 2026 ($79.0M) interspersed with quarters of minimal spending. This lumpy pattern is characteristic of acquisitions and fleet renewals rather than steady maintenance, as seen by the low CapEx/Rev ratios in most quarters. The recent spike appears directly linked to the completion of the Eagle Bulk merger, suggesting a strategic pivot towards fleet diversification, but it temporarily suppresses FCF conversion and highlights the capital-intensive nature of inorganic growth in this sector.
Volatile Working Capital Demands
Working capital consumed $32.9M of cash in Q2 2026, reversing the small $2.1M inflow from the prior quarter, a pattern of volatility that appears tied to voyage settlement timing and the cyclical nature of receivables in spot chartering.
The working capital line shows erratic, multi-million dollar swings each quarter, ranging from a $22.4M use in Q4 2025 to a $9.6M source in Q3 2025. This volatility likely obscures the underlying operational cash flow, as it reflects the timing of collecting freight payments and paying for fuel and port costs, not operational performance. Based on the cyclical revenue decline noted in prior analysis, investors should monitor whether persistent negative working capital moves signal a deterioration in collection efficiency or are merely a function of lower charter rates reducing the absolute scale of receivables and payables.
Balancing Shareholder Returns and Growth
Capital deployment has dramatically shifted, with Q2 2026 showing $79.0M in CapEx and $60.1M in acquisition spending, dwarfing the $55.9M in dividends and $8.3M in buybacks, as per SBLK's cash flow statement.
The deployment strategy has evolved from a primary focus on returning cash via dividends (peaking at $84.3M in Q2 2024) to prioritizing inorganic growth and capital expenditure. The variable dividend policy is evident, with payouts collapsing during the 2025 downturn before recovering in 2026. This aggressive reallocation towards growth, funded by strong operating cash flow, suggests management is leveraging the cycle to transform the company's asset base, but it comes at the expense of immediate shareholder yield and may increase execution risk.
Cash Flow Statement Observability Gaps
The significant stock-based compensation of $7.2M in Q3 2025, now reduced to $0 in Q2 2026, appears as a non-cash add-back to operating cash flow, potentially inflating cash generation metrics during periods of higher equity-based pay.
While SBLK shows zero SBC in recent quarters, its presence in 2025 highlights an accounting adjustment that must be scrutinized. Additionally, the 'Gain/Loss on Sale of Vessels' line, which can create large, non-recurring cash inflows from asset rotations, is likely embedded within the acquisition and divestiture activity but is not broken out separately. This obscures the true recurring operating cash generation from the core chartering business, requiring analysts to adjust for these items to assess underlying cash flow durability.