Costamare (CMRE) Q4 2025 earnings summary

Executive summary

• Net income from continuing operations for 2025 was $371.0 million ($3.09 per share); Q4 2025 net income was $72.6 million ($0.60 per share).

• Adjusted net income for 2025 was $375.6 million ($3.12 per share); Q4 2025 adjusted net income was $71.8 million ($0.60 per share).

• Year-end liquidity stood at $589.6 million, including $19.3 million in U.S. Treasury Bills.

• Completed spin-off of dry bulk business in May 2025; results now reflect only containership operations.

• 12 vessels forward-chartered, securing $940 million in incremental contracted revenues.

Financial highlights

• 2025 voyage revenue from continuing operations was $846.7 million, down 2.1% year-over-year; Q4 2025 voyage revenue was $202.7 million, down 6.9% from Q4 2024.

• Income from investments in leaseback vessels rose to $31.2 million in 2025, up 30.5% year-over-year.

• Operating income for 2025 was $456.2 million; Q4 2025 operating income was $100.7 million.

• Interest and finance costs decreased to $91.4 million in 2025, down 16.6% year-over-year.

• Regular Q4 2025 dividend of $0.115 per share paid, marking 61 consecutive quarterly dividends.

Outlook and guidance

• 96% and 92% of the containership fleet fixed for 2026 and 2027, respectively.

• Total contracted revenues for the containership fleet are approximately $3.4 billion, with a TEU-weighted duration of 4.5 years.

• Charter market remains robust with high demand and limited vessel supply; idle fleet is less than 1%.