Euroseas (ESEA) Q4 2025 earnings summary

Executive summary

• Achieved record profitability in Q4 and full year 2025, with Q4 net income of $40.5 million and full year net income of $137 million, both up significantly year-over-year.

• Declared a quarterly dividend of $0.75 per share, a 7% increase, with an annualized yield of 5%.

• Repurchased 480,455 shares (~6.8% of outstanding) for $11.4 million under a $20 million buyback plan since 2022.

• Maintained high fleet utilization and secured multiyear charters at strong rates, supporting forward revenue visibility.

• Fleet expansion underway with four new intermediate vessels to be delivered between 2027 and 2028.

Financial highlights

• Q4 2025 net revenues were $57.4 million, up 7.7% year-over-year; full year revenues reached $227.9 million, a 7% increase.

• Q4 2025 net income was $40.5 million, up 66% from Q4 2024; full year net income was $137 million, up from $112.8 million.

• Adjusted EBITDA for Q4 2025 was $40.7 million; full year Adjusted EBITDA was $155.9 million, a 15% increase year-over-year.

• Adjusted diluted EPS for Q4 2025 was $4.48, up from $3.33 in Q4 2024.

• Gains on vessel sales totaled $19.4 million for 2025, including a $9.2 million gain on the sale of MV Marcos V in Q4.

Outlook and guidance

• 87% of 2026 voyage days fixed at $30,700/day; 71% of 2027 at $31,900/day; 41% of 2028 at $32,400/day.

• Fleet to expand to 25 vessels and 80,000 TEU capacity by 2028.

• Contracted revenues exceed $550 million over the next five years.

• Cash flow breakeven for next 12 months estimated at $12,200 per vessel per day, well below contracted rates.

• Market outlook for 2026 expects oversupply, with fleet growth outpacing demand and pressuring rates.