A decisive profitability rebound is evident, with Q2 2026 operating income surging to $155.0M, representing a 43.4% operating margin that highlights the exceptional operating leverage in the fleet.
Star Bulk Carriers Corp. (SBLK) annual income statement — 21-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 | Dec'05 |
|---|
| Sales/Revenue | 1.2B | 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 % | 6.34% | -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 | 702.01M | 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 | 500.99M | 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 % | 41.64% | 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 | 159.45M | 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 | 78.81M | 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 | 341.54M | 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 % | 28.39% | 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 | 503.62M | 308.93M | 547.05M | 376.89M | 764.33M | 892.04M | 226.28M | 197.98M | 234.79M | 121.47M | -27.32M | -333.96M | 41.83M | 30.76M | 30.05M | -11.49M | 47.2M | 8.99M | 193.82M | -4.81M | -1.21M | -50.21K |
| EBITDA Margin % | 41.86% | 29.63% | 43.23% | 39.7% | 53.18% | 62.49% | 32.64% | 24.1% | 36.04% | 36.59% | -12.3% | -142.55% | 28.38% | 44% | 34.87% | -10.73% | 38.99% | 6.32% | 81.14% | -132.42% | - | - |
| EBITDA Growth % | 38.53% | -43.53% | 45.15% | -50.69% | -14.32% | 294.22% | 14.3% | -15.68% | 93.3% | 544.61% | 91.82% | -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) | 162.08M | 168.28M | 164.06M | 138.43M | 156.73M | 152.64M | 142.29M | 124.28M | 102.85M | 82.62M | 81.94M | 91.61M | 43.26M | 22.41M | 39.41M | 52.59M | 46.94M | 58.3M | 51.05M | 745K | 408 | 0 |
| EBIT | 346.59M | 155.4M | 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 | -55.4M | -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 | 3.04M | 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 | 58.43M | 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 | -54.39M | -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 | 287.15M | 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 % | 23.87% | 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 | 0 | 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% | 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 | 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 |
| Net Margin % | 23.87% | 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 % | 131.17% | -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) | 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 | 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) | 2.57 | 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 % | 141.89% | -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 | 2.80 | 1.75 | 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 | 111.59M | 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 | 111.29M | 115M | 108.7M | 98.93M | 102.54M | 101.42M | 96.28M | 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% | - | - | - |
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.
Key Metrics
Top Statement Risk
Cyclical Revenue Volatility
Volatility Masks Underlying Cyclical Recovery
After a significant contraction in mid-2025, Star Bulk has posted a sharp sequential and year-over-year recovery, with Q2 2026 revenue of $357.4M representing a 44.5% YoY increase and a 27% jump from the prior quarter.
The revenue trajectory is highly volatile, characteristic of the dry bulk spot market. The deep trough in 2025 (Q2 revenue down 29.9% YoY) has been followed by a strong rebound, suggesting the company is capturing improving charter rates and potentially better fleet utilization. The durability of this recovery is questionable without a sustained improvement in global industrial demand, particularly from China.
Scrubber Edge Drives Margin Outperformance
Star Bulk's Q2 2026 gross margin of 56.9% significantly outperforms peers like Genco (13.4%) and Safe Bulkers (35.9%), validating the structural cost advantage from its fleet-wide scrubber investment.
The massive spread between SBLK and its peers underscores the 'scrubber premium' as a core competitive moat. This margin differential is not merely cyclical; it reflects a lower voyage cost base per unit when burning HSFO, which appears to translate directly into superior profitability during periods of favorable fuel spreads. Investors should monitor whether this advantage holds if fuel spreads compress significantly.
Exceptional Operating Leverage in Recovery
Operating income surged to $155.0M in Q2 2026, representing a 43.4% operating margin and demonstrating how the company's fixed-cost base magnifies profitability as charter rates improve.
The operating leverage is profound; a 27% revenue increase from Q1 to Q2 2026 translated to an over 100% increase in operating income. This indicates that voyage expenses, while significant, are being managed effectively, allowing incremental revenue to flow down rapidly to the operating line. This leverage is a double-edged sword, implying that a reversal in rates would similarly compress profitability sharply.
Q2 2026 Marks a Decisive Profitability Rebound
The inflection in Q2 2026, with net income soaring to $144.9M from near-breakeven levels in early 2025, appears to be the most significant operational turn in the displayed history, driven by a confluence of higher rates and efficient cost capture.
This quarter stands out not just for its absolute numbers but for the speed of the recovery. The shift from net margins near 0% to over 40% suggests the market cycle has turned favorably and that SBLK's operational structure is primed to exploit it. The lasting impact may be a strengthening of the balance sheet and increased capacity for shareholder returns or fleet renewal, provided the cycle persists.
Cyclical Peak Pricing Masking Structural Risk
The current 40.6% net margin appears to be a cyclical peak, similar to the high margins seen in 2024, which subsequently proved unsustainable as evidenced by the severe downturn in 2025.
Short-sellers would argue that the stock may be priced for perfection in a cyclical upswing. The historical data shows that peak margins (e.g., 30.1% net margin in Q2 2024) are followed by periods of severe compression. The -17.6% revenue growth highlighted in recent context flags the risk that this recovery is another temporary peak before demand fundamentals, particularly from Chinese steel production, soften again, exposing the high fixed-cost structure.