Maersk (MAERSK) Q1 2026 earnings summary

Executive summary

• Strong volume growth across all segments, with Ocean volumes up 9% year-over-year, driven by Asian exports, despite ongoing rate pressure and a volatile environment.

• EBITDA for Q1 was $1.8 billion, EBIT $340 million, and free cash flow was negative $874 million, mainly due to low ocean rates.

• Middle East conflict required operational adjustments but had limited financial impact in Q1; safety and asset protection prioritized.

• Full-year 2026 guidance maintained, reflecting business resilience and agility amid disruptions and industry overcapacity.

Financial highlights

• Q1 2026 revenue was $13 billion, down 2.6% year-over-year, as lower rates offset strong volume growth.

• EBITDA of $1.8 billion and EBIT of $340 million; EBITDA margin 13.5%, EBIT margin 2.6%.

• Net profit for the period was $100 million, down from $1.2 billion in Q1 2025.

• Free cash flow was negative $874 million, reflecting lower earnings and increased working capital from higher bunker prices.

• Ended Q1 with $18.4 billion in cash and deposits, net cash position of $1.3 billion.

Outlook and guidance

• 2026 guidance unchanged: underlying EBITDA $4.5–7 billion, EBIT $-1.5 to +1 billion, free cash flow $-3 billion or better.

• Global container volume growth expected at 2–4% for 2026, with company growth in line with market.

• Capex guidance for 2025–2026 and 2026–2027 set at $10–11 billion each period.

• Guidance range reflects industry overcapacity, timing of Red Sea/Strait of Hormuz reopening, and ongoing volatility.

• Higher working capital expected due to elevated bunker costs.