Maersk (MAERSK) Q2 2025 earnings summary

Executive summary

• Delivered Q2 2025 EBITDA of $2.3B and EBIT of $845M, with revenue of $13.1B, driven by volume growth and operational improvements despite significant geopolitical and macroeconomic volatility.

• All segments contributed to growth: Ocean (+2.4% revenue, volumes up 4.2%), Logistics & Services (+1.0% revenue, EBIT margin 4.8%), and Terminals (+20% revenue, record-high volumes and profitability).

• Successfully transitioned to the Gemini network in Ocean, achieving reliability above 90% and supporting strong volume growth and early cost savings.

• Net profit after tax was $639M, with a return on invested capital of 13.7%.

• Upgraded full-year 2025 guidance for EBIT to $2B–$3.5B and underlying EBITDA to $8B–$9.5B.

Financial highlights

• Q2 2025 revenue rose 2.8% year-over-year to $13.1B; EBITDA $2.3B (margin 17.5%); EBIT $845M (margin 6.4%).

• Net profit: $639M; free cash flow: -$373M due to investments and working capital increase.

• Cash flow from operations: $1.9B; cash conversion: 81% (up 5% YoY).

• Returned $864M to shareholders, including $514M in share buybacks.

• Total cash and deposits: $19.9B; net cash: $2.5B.

Outlook and guidance

• Upgraded 2025 container market volume growth outlook to +2% to +4%, citing resilient demand outside North America.

• Full-year EBIT guidance raised to $2B–$3.5B; underlying EBITDA to $8B–$9.5B; free cash flow guidance improved to -$1B or higher.

• CapEx guidance for 2024–2026 remains $10B–$11B.

• Red Sea disruption expected to persist through 2025, absorbing net supply.

• ROIC (LTM) at 13.7%, above the 7.5% target.