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Death, Taxes, and Garbage: The Story of WM
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Maersk
Maersk (MAERSK) investor relations material
Maersk Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved full-year EBITDA of $9.5B and EBIT of $3.5B, at the upper end of guidance, with strong operational progress and segment performance.
Q4 EBITDA was $1.8B and EBIT $118M, with margins of 13.8% and 0.9% respectively, despite a significant sequential decline due to lower Ocean rates.
Logistics & Services improved EBIT margin to 4.8% YoY; Terminals achieved record revenue and EBIT growth.
Gemini network implementation drove reliability, cost benefits, and 5% volume growth in Ocean segment.
Announced CFO transition and continued focus on cost leadership and organizational simplification.
Financial highlights
FY25 revenue was $53.99B, down 2.7% YoY; Q4 revenue was $13.33B, down 8.7% YoY.
FY25 net profit was $2.9B, down 53% YoY; Q4 net profit was near zero.
Free cash flow for FY25 was $2.2B, with $1.0B in Q4; full-year cash conversion: 102%.
Total cash and deposits at year-end: $21.4B; net cash: $2.9B.
Return on Invested Capital (ROIC) for 2025 was 5.7%, down YoY due to higher investments and strong prior-year earnings.
Outlook and guidance
FY26 guidance: underlying EBITDA of $4.5B–$7B, EBIT of -$1.5B to $1.0B, and free cash flow above -$3B.
CapEx for 2026–27: $10B–$11B.
Dividend proposal for 2025: DKK 480/share (40% payout ratio), subject to AGM approval.
Share buyback for 2026 set at $1B; total cash return to shareholders for 2026 expected at $2.1B.
Global container demand expected to grow 2%–4% in 2026; company aims to match market growth.
Expand Gemini benefits beyond current network?
Logistics new segments: expected margin impact?
Capital deployment strategy for market downturn?
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Next Maersk earnings date
Q1 20267 May, 2026
Maersk
Next Maersk earnings date
Q1 20267 May, 2026
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Frequently asked questions
The Global Shipping Giant
A.P. Moller - Maersk, commonly known as Maersk, is a logistics company that has navigated the complex waters of global trade since its inception in 1904. Founded in Denmark, Maersk has grown to become one of the largest container shipping companies in the world, boasting a comprehensive end-to-end supply chain management system. Their services encompass a broad spectrum of logistics solutions, including shipping, warehousing, and distribution, making them a critical part of the global supply chain.
Maersk's Voyage Started in 1904
Maersk’s story begins in Svendborg, Denmark, where Arnold Peter Møller and his father Captain Peter Maersk Møller established the company in 1904. The aim was to establish a reliable, efficient, and flexible shipping service to facilitate international trade. This partnership laid the foundations for what later would become a titan of the shipping industry. Rapid expansion followed, and by 1928 Maersk launched its first ocean-going diesel ship, the M/S Selandia, a significant achievement in the industry. Although its operations are now truly global, Maersk’s headquarters are in Copenhagen. Today, the company is one of the biggest in Denmark together with names like LEGO and Carlsberg, and plays an important role in the Danish economy.
Further reading: The Family Behind Maersk
In the Heart of Global Commerce
Maersk has a significant influence on the ebb and flow of global trade. Their operations span more than 130 countries, allowing them to serve businesses large and small in various industries. With a fleet of over 700 ships, Maersk has the capacity to transport millions of twenty-foot equivalent unit (TEU) containers annually, making them a critical cornerstone in the world's supply chains. Their extensive network allows them to connect manufacturers and consumers across continents, enabling businesses to bring their goods to market in a timely and efficient manner. However, Maersk is not alone in the industry and other players include names like Hapag-Lloyd and Evergreen.
Steering Towards a Sustainable Future
The world of shipping is not immune to the sweeping changes brought about by concerns over climate change and sustainability. Recognizing these emerging trends, Maersk has taken significant steps to ensure that its operations align with a more sustainable future. The company has committed to achieving net-zero CO2 emissions by 2050 and is experimenting with the use of alternative fuels for its massive fleet. Additionally, Maersk is continuously exploring ways to make its supply chain operations more efficient, thus minimizing waste and reducing its overall environmental impact.
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