Revenue growth remains highly volatile, with gross margins experiencing a structural contraction from a peak of 51.2% in 2024Q1 to 33.1% in 2026Q1 due to cooling charter rates.
| 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 |
|---|
| Sales/Revenue | 1.09B | 1.04B | 1.27B | 949.27M | 1.44B | 1.43B | 693.24M | 821.37M | 651.56M | 331.98M | 222.11M | 234.29M | 147.39M | 69.89M | 86.16M | 107.06M | 121.04M | 142.35M | 238.88M | 3.63M | 0 | 0 |
| Revenue Growth % | -11.62% | -17.62% | 33.31% | -33.95% | 0.68% | 105.91% | -15.6% | 26.06% | 96.27% | 49.47% | -5.2% | 58.96% | 110.87% | -18.88% | -19.52% | -11.55% | -14.97% | -40.41% | 6475.36% | - | - | - |
| Cost of Goods Sold | 715.93M | 808.12M | 682.82M | 554.52M | 616.45M | 497.18M | 450.48M | 582.69M | 362.15M | 180.68M | 177.59M | 206.37M | 99.6M | 37.16M | 52.92M | 101.05M | 92.86M | 51.66M | 37.58M | 788K | 0 | 0 |
| COGS % of Revenue | - | 77.52% | 53.96% | 58.42% | 42.89% | 34.83% | 64.98% | 70.94% | 55.58% | 54.42% | 79.96% | 88.08% | 67.58% | 53.16% | 61.42% | 94.38% | 76.72% | 36.29% | 15.73% | 21.69% | - | - |
| Gross Profit | 377.07M | 234.38M | 582.64M | 394.75M | 820.71M | 930.25M | 242.76M | 238.67M | 289.41M | 151.3M | 44.52M | 27.92M | 47.79M | 32.74M | 33.24M | 6.01M | 75.42M | 90.69M | 209.18M | 3.59M | 0 | 0 |
| Gross Margin % | 34.5% | 22.48% | 46.04% | 41.58% | 57.11% | 65.17% | 35.02% | 29.06% | 44.42% | 45.58% | 20.04% | 11.92% | 32.42% | 46.84% | 38.58% | 5.62% | 62.3% | 63.71% | 87.57% | 98.82% | - | - |
| Gross Profit Growth % | - | -59.77% | 47.6% | -51.9% | -11.77% | 283.19% | 1.71% | -17.53% | 91.28% | 239.88% | 59.45% | -41.58% | 45.98% | -1.51% | 452.59% | -92.02% | -16.84% | -56.65% | 5726.77% | - | - | - |
| Operating Expenses | 177.32M | 93.72M | 199.64M | 156.29M | 213.11M | 190.84M | 158.78M | 164.97M | 157.47M | 112.46M | 153.77M | 453.49M | 49.22M | 24.39M | 340.34M | 58.35M | 27.92M | 67.81M | 58.52M | 8.52M | 1.21M | 50.21K |
| OpEx % of Revenue | - | 8.99% | 15.78% | 16.46% | 14.83% | 13.37% | 22.9% | 20.09% | 24.17% | 33.88% | 69.23% | 193.56% | 33.4% | 34.9% | 395% | 54.5% | 23.06% | 47.64% | 24.5% | 234.63% | - | - |
| Selling, General & Admin | 80.98M | 93.72M | 71.09M | 54.71M | 57.5M | 40.13M | 32.25M | 36.43M | 34.69M | 30.95M | 24.3M | 23.62M | 21.74M | 9.91M | 9.32M | 12.51M | 15.4M | 9.51M | 21.67M | 7.76M | 596.42K | 50.21K |
| SG&A % of Revenue | - | 8.99% | 5.62% | 5.76% | 4% | 2.81% | 4.65% | 4.43% | 5.32% | 9.32% | 10.94% | 10.08% | 14.75% | 14.18% | 10.82% | 11.68% | 12.73% | 6.68% | 9.07% | 213.49% | - | - |
| Research & Development | 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 | 2M | 0 | 128.55M | 101.58M | 155.61M | 150.71M | 126.52M | 128.55M | 122.78M | 81.5M | 129.47M | 429.87M | 27.48M | 14.48M | 0 | 46.53M | 12.51M | 130.48M | 50.8M | 1.39M | 614.68K | 0 |
| Operating Income | 199.75M | 140.66M | 383M | 238.46M | 607.6M | 739.4M | 83.99M | 73.7M | 131.94M | 38.84M | -109.25M | -425.57M | -1.43M | 8.34M | -9.37M | -64.08M | 260K | -49.31M | 142.78M | -5.56M | -1.21M | -50.21K |
| Operating Margin % | 18.28% | 13.49% | 30.27% | 25.12% | 42.28% | 51.8% | 12.12% | 8.97% | 20.25% | 11.7% | -49.19% | -181.65% | -0.97% | 11.94% | -10.87% | -59.85% | 0.21% | -34.64% | 59.77% | -152.93% | - | - |
| Operating Income Growth % | - | -63.28% | 60.61% | -60.75% | -17.83% | 780.37% | 13.96% | -44.14% | 239.66% | 135.55% | 74.33% | -29618.85% | -117.16% | 189.07% | 85.38% | -24745% | 100.53% | -134.53% | 2669.74% | -358.79% | -2311.82% | - |
| EBITDA | 365.45M | 308.93M | 547.05M | 376.89M | 764.33M | 891.86M | 225.1M | 195.97M | 232.97M | 121.47M | -27.07M | -333.96M | 41.83M | 30.76M | 30.05M | -11.49M | 47.2M | 8.99M | 193.82M | -4.81M | -1.21M | -50.21K |
| EBITDA Margin % | 33.44% | 29.63% | 43.23% | 39.7% | 53.18% | 62.48% | 32.47% | 23.86% | 35.76% | 36.59% | -12.19% | -142.55% | 28.38% | 44% | 34.87% | -10.73% | 38.99% | 6.32% | 81.14% | -132.42% | - | - |
| EBITDA Growth % | -23.66% | -43.53% | 45.15% | -50.69% | -14.3% | 296.21% | 14.87% | -15.88% | 91.8% | 548.78% | 91.9% | -898.36% | 36.01% | 2.36% | 361.57% | -124.34% | 424.94% | -95.36% | 4128.79% | -297.41% | -2311.01% | - |
| D&A (Non-Cash Add-back) | 165.71M | 168.28M | 164.06M | 138.43M | 156.73M | 152.45M | 141.11M | 122.27M | 101.03M | 82.62M | 82.19M | 91.61M | 43.26M | 22.41M | 39.41M | 52.59M | 46.94M | 58.3M | 51.05M | 745K | 408 | 0 |
| EBIT | 211.68M | 140.66M | 340.8M | 196.41M | 609.05M | 734.74M | 67.83M | 78.19M | 150.17M | 34.95M | -64.66M | -81.45M | -12.38M | 6.05M | -9.37M | -64.33M | 785K | 25.9M | 143.98M | 3.46M | 3.19M | 133K |
| Net Interest Income | -60.02M | -71.22M | -75.45M | -56.09M | -45.53M | -55.72M | -69.29M | -86.32M | -71.85M | -46.61M | -44.14M | -28.57M | -8.95M | -6.58M | -7.59M | -4.48M | -5.39M | -9.11M | -9.04M | 8.98M | 8.55M | 367.08K |
| Interest Income | 4.82M | 0 | 21.94M | 31.77M | 17.09M | 315K | 267K | 1.3M | 1.87M | 3M | 876K | 1.09M | 629K | 230K | 246K | 744K | 525K | 806K | 1.2M | 9.02M | 4.4M | 183.54K |
| Interest Expense | 64.84M | 71.22M | 97.39M | 87.86M | 62.62M | 56.04M | 69.56M | 87.62M | 73.72M | 49.61M | 45.01M | 29.66M | 9.57M | 6.81M | 7.84M | 5.23M | 5.92M | 9.91M | 10.24M | 45K | -4.16M | -183.54K |
| Other Income/Expense | -57.52M | -56.48M | -78.46M | -64.72M | -41.35M | -58.86M | -74.18M | -89.79M | -73.48M | -48.38M | -44.71M | -32.6M | -10.29M | -6.49M | -305.15M | -4.79M | -5.39M | -9.11M | -9.04M | 8.98M | 4.4M | 183.21K |
| Pretax Income | 142.23M | 84.17M | 304.54M | 173.74M | 566.24M | 680.55M | 9.81M | -16.09M | 58.46M | -9.54M | -153.96M | -458.18M | -11.72M | 1.85M | -314.52M | -69.56M | -5.13M | -58.41M | 133.74M | 3.42M | 3.19M | 133.33K |
| Pretax Margin % | 13.01% | 8.07% | 24.07% | 18.3% | 39.4% | 47.68% | 1.42% | -1.96% | 8.97% | -2.87% | -69.32% | -195.56% | -7.95% | 2.65% | -365.03% | -64.97% | -4.24% | -41.04% | 55.98% | 94.14% | - | - |
| Income Tax | -13K | 0 | -116K | 183K | 244K | 16K | 152K | 109K | 61K | 236K | 267K | 0 | 0 | 0 | 0 | 123.91M | 0 | 0 | 0 | 9K | 206.69K | 23K |
| Effective Tax Rate % | -0.01% | 0% | -0.04% | 0.11% | 0.04% | 0% | 1.55% | -0.68% | 0.1% | -2.48% | -0.17% | 0% | 0% | 0% | 0% | -178.14% | 0% | 0% | 0% | 0.26% | 6.49% | 17.25% |
| Net Income | 142.24M | 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 |
| Net Margin % | 13.01% | 8.07% | 24.07% | 18.28% | 39.38% | 47.68% | 1.39% | -1.97% | 8.96% | -2.94% | -69.44% | -195.56% | -7.95% | 2.65% | -365.03% | -64.97% | -4.24% | -41.04% | 55.98% | 93.89% | - | - |
| Net Income Growth % | -38.22% | -72.37% | 75.54% | -69.34% | -16.83% | 6944.82% | 159.63% | -127.74% | 697.66% | 93.66% | 66.34% | -3808.36% | -733.68% | 100.59% | -352.16% | -1255.66% | 91.22% | -143.68% | 3820.79% | 14.54% | 2599.15% | - |
| Net Income (Continuing) | 142.24M | 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 | 0 | -69.56M | -5.13M | -58.41M | 133.74M | 3.41M | 2.98M | 110K |
| Discontinued Operations | 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 |
| EPS (Diluted) | 1.27 | 0.73 | 2.80 | 1.75 | 5.52 | 6.71 | 0.10 | -0.17 | 0.76 | -0.16 | -3.24 | -11.71 | -1.00 | 0.65 | -291.60 | -72.70 | -6.00 | -72.00 | 184.22 | 6.95 | 7.50 | 0.01 |
| EPS Growth % | -36.98% | -73.93% | 60% | -68.3% | -17.73% | 6610% | 158.82% | -122.37% | 575% | 95.06% | 72.33% | -1071% | -253.85% | 100.22% | -301.1% | -1111.67% | 91.67% | -139.08% | 2550.65% | -7.33% | - | - |
| EPS (Basic) | - | 0.73 | 2.85 | 1.76 | 5.54 | 6.73 | 0.10 | -0.17 | 0.76 | -0.16 | -3.24 | -11.71 | -1.00 | 0.66 | -291.59 | -72.75 | -6.00 | -72.00 | 191.13 | 8.51 | 7.50 | 0.01 |
| Diluted Shares Outstanding | 111.81M | 115.42M | 108.7M | 98.93M | 102.54M | 101.48M | 96.28M | 93.74M | 77.33M | 63.03M | 47.57M | 39.12M | 11.69M | 2.82M | 1.08M | 947.3K | 845.17K | 811.65K | 725.98K | 490.9K | 397.09K | 13.57M |
| Basic Shares Outstanding | 111.31M | 115M | 108.81M | 99.17M | 102.54M | 101.42M | 96.6M | 93.74M | 77.06M | 61.07M | 47.57M | 39.12M | 11.69M | 2.85M | 1.08M | 947.3K | 614.89K | 811.65K | 699.71K | 400.88K | 397.09K | 13.57M |
| Dividend Payout Ratio | - | 40.84% | 90.93% | 91.07% | 118.14% | 33.83% | 49.73% | - | - | - | - | - | - | - | - | - | - | - | 39.34% | - | - | - |
Cyclical commodity demand volatility
As reported in recent financial statements, Star Bulk's revenue growth has exhibited significant volatility, swinging from a 54.3% expansion in 2024Q3 to a 23.4% contraction by 2025Q3, reflecting the inherent sensitivity of the dry bulk shipping sector to global industrial demand and fluctuating charter rates.
The erratic revenue trajectory suggests that the company remains highly susceptible to the cyclical nature of the Baltic Dry Index and broader commodity trade flows. Investors should monitor whether the recent integration of the Eagle Bulk fleet provides a sufficient revenue floor to dampen the impact of future Capesize market downturns.
Based on the provided income statement data, gross margins have experienced a notable contraction from a peak of 51.2% in 2024Q1 to 33.1% in 2026Q1, indicating that rising voyage expenses and cooling charter rates are effectively eroding the company's historical pricing power in the dry bulk market.
The decline in gross profitability suggests that the competitive advantage derived from scrubber-fitted vessels may be partially offset by broader industry cost inflation. This trend warrants further investigation into whether the company can maintain its margin premium relative to peers like Genco Shipping as global environmental regulations tighten.
According to the company's quarterly filings, operating income has demonstrated extreme sensitivity to gross profit fluctuations, with operating margins collapsing from 36.4% in 2024Q1 to 5.3% in 2025Q2, highlighting the high fixed-cost nature of the fleet and the resulting impact on bottom-line profitability during cyclical troughs.
The data indicates that Star Bulk possesses significant operating leverage, which serves as a double-edged sword during market cycles. While this structure allows for rapid earnings expansion during rate spikes, it also necessitates disciplined cost management to prevent severe margin erosion when charter demand softens.
As evidenced by the income statement, the company's net income has been periodically impacted by stock-based compensation, which reached $7.6 million in 2024Q3, potentially obscuring the underlying cash-generating capability of the core shipping operations during periods of high volatility in the broader dry bulk market.
The presence of non-cash compensation items suggests that investors should focus on adjusted EBITDA to better gauge operational performance. The variability in net income, further complicated by fleet rotation gains, implies that reported EPS may not always reflect the true recurring strength of the chartering business.
Quick answers to the most common questions about buying SBLK stock.
For fiscal year 2025, Star Bulk Carriers Corp. (SBLK) reported total revenue of $1.04B.
Star Bulk Carriers Corp. (SBLK) is profitable, generating $84.2M in net income for the fiscal year ending 2025 with a net profit margin of 8.1%.
Star Bulk Carriers Corp. (SBLK) reported an operating income of $140.7M, resulting in an operating profit margin of 13.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Star Bulk Carriers Corp. (SBLK) generated $234.4M 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.