Revenue and margins exhibit extreme volatility tied to spot freight rates, with gross margin collapsing from a peak of 47.1% in 2024Q3 to 4.1% in 2026Q1 before a partial recovery, highlighting the painful lag between falling rates and high-cost charter obligations.
ZIM Integrated Shipping Services Ltd. (ZIM) annual income statement — 13-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 |
|---|
| Sales/Revenue | 6.44B | 6.9B | 8.43B | 5.16B | 12.56B | 10.73B | 3.99B | 3.3B | 3.25B | 2.98B | 2.54B | 2.99B | 3.41B | 3.68B |
| Revenue Growth % | -24.91% | -18.07% | 63.25% | -58.9% | 17.08% | 168.78% | 20.97% | 1.6% | 9.05% | 17.29% | -15.11% | -12.25% | -7.43% | - |
| Cost of Goods Sold | 5.4B | 5.75B | 5.66B | 5.36B | 6.16B | 4.69B | 3.15B | 3.06B | 3.11B | 2.71B | 2.5B | 2.69B | 3.17B | 3.55B |
| COGS % of Revenue | - | 83.24% | 67.11% | 103.77% | 49.04% | 43.67% | 78.89% | 92.61% | 95.78% | 90.93% | 98.28% | 90.02% | 92.86% | 96.54% |
| Gross Profit | 1.04B | 1.16B | 2.77B | -194.7M | 6.4B | 6.04B | 842.49M | 243.87M | 137.17M | 270.25M | 43.59M | 298.49M | 243.3M | 127.53M |
| Gross Margin % | 16.13% | 16.76% | 32.89% | -3.77% | 50.96% | 56.33% | 21.11% | 7.39% | 4.22% | 9.07% | 1.72% | 9.98% | 7.14% | 3.46% |
| Gross Profit Growth % | - | -58.25% | 1523.57% | -103.04% | 5.91% | 617.35% | 245.46% | 77.78% | -49.24% | 520.02% | -85.4% | 22.68% | 90.78% | - |
| Operating Expenses | 651.5M | 313.3M | 286.9M | 263.8M | 319.2M | 247.56M | 143.97M | 133.45M | 134.12M | 137.76M | 130.38M | 196.2M | 330.64M | 474.02M |
| OpEx % of Revenue | - | 4.54% | 3.4% | 5.11% | 2.54% | 2.31% | 3.61% | 4.04% | 4.13% | 4.63% | 5.13% | 6.56% | 9.7% | 12.87% |
| Selling, General & Admin | 361.5M | 313.3M | 286.9M | 263.8M | 319.2M | 247.56M | 143.97M | 133.45M | 134.12M | 137.76M | 130.38M | 147.44M | 153.04M | 148.6M |
| SG&A % of Revenue | - | 4.54% | 3.4% | 5.11% | 2.54% | 2.31% | 3.61% | 4.04% | 4.13% | 4.63% | 5.13% | 4.93% | 4.49% | 4.04% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 387.4M | 844M | 2.48B | -458.5M | 6.08B | 5.8B | 698.51M | 110.42M | 3.06M | 132.49M | -86.8M | 70.77M | -14.6M | -160.42M |
| Operating Margin % | 6.02% | 12.22% | 29.48% | -8.88% | 48.41% | 54.02% | 17.5% | 3.35% | 0.09% | 4.45% | -3.42% | 2.37% | -0.43% | -4.36% |
| Operating Income Growth % | - | -66.03% | 641.94% | -107.54% | 4.93% | 729.76% | 532.57% | 3512.17% | -97.69% | 252.65% | -222.65% | 584.62% | 90.9% | - |
| EBITDA | 1.67B | 2.13B | 3.63B | 1.01B | 7.48B | 6.58B | 1.01B | 355.93M | 114.62M | 240.88M | 14.18M | 169.08M | 112.42M | -1.07M |
| EBITDA Margin % | 26% | 30.85% | 43.04% | 19.63% | 59.53% | 61.29% | 25.37% | 10.79% | 3.53% | 8.09% | 0.56% | 5.65% | 3.3% | -0.03% |
| EBITDA Growth % | -54.85% | -41.28% | 257.97% | -86.45% | 13.73% | 549.28% | 184.52% | 210.52% | -52.41% | 1599.32% | -91.62% | 50.4% | 10577.26% | - |
| D&A (Non-Cash Add-back) | 1.29B | 1.29B | 1.14B | 1.47B | 1.4B | 779.22M | 314.19M | 245.51M | 111.57M | 108.39M | 100.97M | 98.31M | 127.02M | 159.34M |
| EBIT | 652.4M | 1.13B | 2.68B | -2.43B | 6.25B | 5.82B | 687.82M | 141.38M | -10.5M | 120.18M | -52.31M | 70.77M | -14.6M | -160.42M |
| Net Interest Income | -337.3M | -343M | -318.5M | -238.6M | -140.7M | -161.54M | -148.46M | -144.94M | -98.09M | -100.11M | -95.93M | 0 | 0 | 0 |
| Interest Income | 119.8M | 132.1M | 149.2M | 142.2M | 84.1M | 7.36M | 1.92M | 2.45M | 2.49M | 2.06M | 1.9M | 97.65M | 129.74M | 160.89M |
| Interest Expense | 457.1M | 475.1M | 467.7M | 380.8M | 224.8M | 168.9M | 150.37M | 147.38M | 100.58M | 102.17M | 97.82M | 0 | 0 | 0 |
| Other Income/Expense | -196.2M | -185.5M | -279.8M | -2.36B | -54.3M | -136.48M | -157.72M | -111.7M | -108.78M | -106.9M | -58.34M | -93.38M | 46.3M | -316.77M |
| Pretax Income | 191.2M | 658.5M | 2.21B | -2.82B | 6.03B | 5.66B | 540.79M | -1.28M | -105.72M | 25.6M | -145.13M | 4.64M | -217.08M | -507.38M |
| Pretax Margin % | 2.97% | 9.54% | 26.16% | -54.54% | 47.98% | 52.75% | 13.55% | -0.04% | -3.26% | 0.86% | -5.72% | 0.16% | -6.37% | -13.78% |
| Income Tax | 51.7M | 177M | 51.2M | -127.6M | 1.4B | 1.01B | 16.6M | 11.77M | 14.13M | 14.23M | 18.37M | -1.89M | -18.93M | 22.86M |
| Effective Tax Rate % | 27.04% | 26.88% | 2.32% | 4.53% | 23.2% | 17.85% | 3.07% | -920.66% | -13.37% | 55.61% | -12.65% | -40.77% | 8.72% | -4.51% |
| Net Income | 138.6M | 479.2M | 2.15B | -2.7B | 4.62B | 4.64B | 517.96M | -18.15M | -125.65M | 6.24M | -168.29M | 2.25M | -204.91M | -534.97M |
| Net Margin % | 2.15% | 6.94% | 25.48% | -52.22% | 36.77% | 43.25% | 12.98% | -0.55% | -3.87% | 0.21% | -6.63% | 0.08% | -6.01% | -14.53% |
| Net Income Growth % | -93.08% | -77.69% | 179.67% | -158.35% | -0.45% | 795.88% | 2953.94% | 85.56% | -2115.28% | 103.7% | -7569.6% | 101.1% | 61.7% | - |
| Net Income (Continuing) | 139.5M | 481.5M | 2.15B | -2.69B | 4.63B | 4.65B | 524.19M | -13.04M | -119.85M | 11.36M | -163.5M | 6.54M | -198.14M | -530.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.4M | 4.7M | 5.8M | 3.3M | 6.3M | 7.52M | 7.19M | 5.4M | 6.28M | 6.51M | 3.13M | 3.98M | 7.12M | 4.41M |
| EPS (Diluted) | 1.15 | 3.98 | 17.82 | -22.42 | 38.35 | 39.02 | 4.31 | -0.11 | -1.20 | 0.06 | -1.68 | 0.02 | -2.05 | -0.54 |
| EPS Growth % | -93.02% | -77.67% | 179.48% | -158.46% | -1.72% | 805.34% | 4018.18% | 90.83% | -2023.08% | 103.71% | -7566.67% | 101.1% | -279.63% | - |
| EPS (Basic) | - | 3.98 | 17.84 | -22.42 | 38.49 | 40.31 | 4.31 | -0.11 | -1.26 | 0.06 | -1.68 | 0.02 | -2.05 | -0.54 |
| Diluted Shares Outstanding | 120.66M | 120.52M | 120.49M | 120.21M | 120.44M | 118.93M | 120.13M | 117.5M | 104.31M | 100M | 100M | 100M | 100M | 999.79M |
| Basic Shares Outstanding | 120.52M | 120.45M | 120.36M | 120.21M | 120.01M | 115.11M | 120.13M | 117.5M | 100M | 100M | 100M | 100M | 100M | 999.79M |
| Dividend Payout Ratio | - | 107.6% | 26.97% | - | 71.51% | 11.56% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ZIM stock.
For fiscal year 2025, ZIM Integrated Shipping Services Ltd. (ZIM) reported total revenue of $6.90B. This represents a 87.5% increase compared to $3.68B in 2013.
ZIM Integrated Shipping Services Ltd. (ZIM) is profitable, generating $479.2M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
ZIM Integrated Shipping Services Ltd. (ZIM) reported an operating income of $844.0M, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
ZIM Integrated Shipping Services Ltd. (ZIM) generated $1.16B in gross profit for the year, representing a gross profit margin of 16.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Charter cost floor amid rate normalization
Volatile Revenue Reflects Pure Spot Exposure
ZIM's top line exhibits extreme volatility, swinging from 117.2% YoY growth in 2024Q3 to a 35.7% decline in 2025Q3, highlighting its direct correlation to volatile spot freight rates.
The revenue trajectory is a direct function of the Shanghai Containerized Freight Index, with no smoothing from long-term contracts. The most recent quarter, 2026Q2, shows a return to positive 8.9% growth after two severe contraction quarters, suggesting a potential near-term bottom. However, the durability of this recovery is questionable, as it likely reflects seasonal restocking and temporary capacity constraints rather than a sustained demand inflection.
Charter Costs Create a Structural Margin Floor
Gross margin volatility is extreme, collapsing from 47.1% in 2024Q3 to just 4.1% in 2026Q1, before recovering to 31.8%, illustrating the painful lag between falling freight rates and resetting high-cost charter obligations.
The recent margin compression appears severe because ZIM's asset-light model converts its largest cost, charter hire, into a high fixed cost during a downturn. While the 31.8% gross margin in 2026Q2 is a meaningful rebound from the prior quarter's 4.1%, it remains below the peak cycle levels of 2024. This suggests that even with operational adjustments, the cost structure remains heavily influenced by charters signed at or near the market peak.
SG&A Discipline Provides a Limited Buffer
Selling, General & Administrative expenses have been held relatively stable between $70M and $107M per quarter, even as revenue fluctuated by over $1B, indicating strong overhead control.
The management of SG&A is a clear positive, with the line item showing minimal correlation to the wild swings in top-line revenue. This discipline provides a small but stable anchor for operating income. However, given the scale of the revenue and gross profit volatility, the relative stability of SG&A has a limited impact on the overall profitability picture, which remains dominated by freight rates and charter costs.
Net Income Swings Mask Underlying Cash Dynamics
Reported net income is highly volatile, swinging from a $1.1B profit in 2024Q3 to an $86M loss in 2026Q1, driven almost entirely by operational leverage and charter costs, with no material non-operating distortions noted.
The quality of earnings appears tied directly to the core shipping cycle, without significant noise from items like stock-based compensation or tax anomalies. The primary risk to earnings quality is the lag in matching charter expenses to current market rates, which can lead to periods where reported income does not reflect the true cash-generation ability of the business. Investors should focus on operating cash flow rather than the bottom line for a clearer view.
Asset-Light Model Creates Synthetic Fixed Costs
ZIM's asset-light model appears to become a liability in a downturn, as long-term charter contracts signed at peak rates create a high cost floor that compresses margins even when freight rates stabilize.
The bullish narrative around ZIM's flexibility may be overstated. While the company can theoretically shed capacity quickly, the reality is that high-cost charters signed in 2021/2022 remain on the books, creating a structural cost disadvantage. The severe margin compression to 4.1% in 2026Q1, while revenue was still $1.4B, suggests these fixed obligations are now a major headwind. This 'synthetic leverage' amplifies downside risk and warrants skepticism about the sustainability of any recovery absent a dramatic rebound in freight rates.