Maersk (MAERSK) Q3 2025 earnings summary

Executive summary

• Strong Q3 2025 performance with EBITDA of $2.7B and EBIT of $1.3B, driven by robust execution, operational efficiency, and cost control across all segments.

• Ocean segment benefited from higher volumes and Gemini network cost savings, despite a 31% year-over-year drop in freight rates.

• Terminals achieved record revenues and profitability, supported by high demand, especially from China, and the Gemini network.

• Logistics & Services improved EBIT margin to 5.5% year-over-year, with revenue growth and continued cost optimization.

• Net profit after tax reached $1.1B, with $578M returned to shareholders via share buy-backs.

Financial highlights

• Q3 2025 revenue was $14.2B, down 9.9% year-over-year, with EBITDA of $2.7B (18.9% margin) and EBIT of $1.3B (9% margin).

• Free cash flow for Q3 was $771M, with cash and deposits at $20.9B at quarter end and net cash position of $2.6B.

• Return on invested capital (ROIC, LTM) was 9.6% for the group and 17.2% for Terminals.

• Ocean EBIT was $567M (6.2% margin), down year-on-year but up sequentially on 7% volume growth.

• Logistics & Services EBIT rose to $218M, with margin improving to 5.5%.

Outlook and guidance

• Full-year 2025 guidance raised: underlying EBITDA expected at $9B–$9.5B, EBIT at $3B–$3.5B, and free cash flow of at least $1B.

• CapEx for 2024–2025 set at ~$10B.

• Global container volume growth for 2025 forecast at ~4%, with strong demand outside North America.

• Red Sea disruption expected to persist through the full year.

• Q4 2025 expected to continue at current pace, with guidance skewed toward the higher end.