Pangaea Logistics Solutions, Ltd. (PANL) Income Statement
PANL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPANL revenue and net income
Where PANL's revenue goes
2025Each bar shows an amount and its share of revenue. PANL kept 3.1% of revenue as net income.
PANL profit margins
PANL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.8% | −3.3% | +10.5% | +8.2% |
| Gross profit | −5.6% | −18.8% | +12.6% | +5.2% |
| Operating income | −21.7% | −28.9% | +14.0% | +6.3% |
| Net income | −33.0% | −37.5% | +11.3% | +5.6% |
| EPS (diluted) | −56.9% | −46.7% | +2.3% | +1.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PANL quarterly EPS vs estimates
Pangaea Logistics Solutions beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.26).
PANL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $632.0M | $536.5M | $499.3M | $699.7M | $718.1M | $382.9M | $412.2M | $373.0M | $385.9M | $238.0M |
| Cost of revenue | $563.0M | $463.5M | $430.1M | $570.8M | $620.3M | $344.8M | $362.2M | $319.6M | $345.5M | $212.4M |
| Gross profit | $69.0M | $73.1M | $69.1M | $128.9M | $97.8M | $38.1M | $50.0M | $53.4M | $40.5M | $25.7M |
| Research & development | — | — | — | $117.1M | $99.7M | $83.9M | — | $53.7M | $49.1M | $42.7M |
| Sales, general & admin | $31.1M | $24.8M | $23.0M | $20.1M | $19.0M | $15.9M | $17.4M | $16.5M | $15.2M | $12.8M |
| Total operating expenses | $31.1M | $24.6M | $24.5M | $23.4M | $19.0M | $18.4M | $26.7M | $17.3M | $24.4M | $12.8M |
| Operating income | $37.9M | $48.4M | $44.6M | $105.5M | $78.9M | $19.7M | $23.3M | $36.1M | $16.0M | $12.9M |
| Interest income | $1.6M | $3.0M | $3.6M | $932,069 | — | — | $6.5M | $12.8M | $7.9M | $3.6M |
| Interest expense | $24.0M | $20.2M | $17.5M | $22.4M | $11.5M | $7.8M | $9.3M | $8.9M | $8.3M | $5.7M |
| Income before taxes | $20.2M | $34.9M | $29.0M | $92.2M | $72.4M | $12.7M | $17.0M | $24.0M | $9.1M | $9.2M |
| Income taxes | — | — | $2.7M | $8.7M | $17.8M | $10.2M | $15.0M | $11.0M | $10.2M | −$461,628 |
| Net income | $19.4M | $28.9M | $26.3M | $79.5M | $67.2M | $11.4M | $11.7M | $17.8M | $7.8M | $7.5M |
| EBITDA | $86.6M | $82.3M | $76.1M | $137.4M | $106.9M | $37.6M | $44.9M | $50.5M | $33.0M | $29.0M |
| EPS (diluted) | $0.28 | $0.65 | $0.56 | $1.85 | $1.24 | $0.25 | $0.48 | $0.44 | $0.30 | $0.21 |
| Gross margin | 10.9% | 13.6% | 13.8% | 18.4% | 13.6% | 10.0% | 12.1% | 14.3% | 10.5% | 10.8% |
| Operating margin | 6.0% | 9.0% | 8.9% | 15.1% | 11.0% | 5.1% | 5.6% | 9.7% | 4.2% | 5.4% |
| Net margin | 3.1% | 5.4% | 5.3% | 11.4% | 9.4% | 3.0% | 2.8% | 4.8% | 2.0% | 3.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $187.1M | $170.6M | $183.9M | $168.7M | $156.7M | $122.8M | $147.2M | $153.1M | $131.5M | $104.7M | $131.9M | $135.6M |
| Cost of revenue | $144.4M | $149.7M | $162.4M | $142.2M | $145.9M | $102.7M | $126.1M | $132.1M | $118.9M | $86.4M | $115.1M | $110.4M |
| Gross profit | $42.7M | $20.9M | $21.5M | $26.5M | $10.8M | $20.1M | $21.1M | $21.0M | $12.6M | $18.3M | $16.8M | $25.2M |
| Sales, general & admin | $9.0M | $10.0M | $6.7M | $9.9M | $7.2M | $7.3M | $6.3M | $6.0M | $5.0M | $7.3M | $5.7M | $5.5M |
| Total operating expenses | $21.4M | $10.0M | $6.7M | $9.9M | $7.2M | $17.2M | $6.3M | $6.0M | $5.0M | $7.3M | $6.2M | $5.5M |
| Operating income | $21.3M | $10.8M | $14.8M | $16.6M | $3.7M | $2.9M | $14.8M | $15.0M | $7.6M | $11.0M | $10.6M | $19.7M |
| Interest income | $1.1M | $2.1M | $539,113 | $356,862 | $291,647 | $444,378 | $588,268 | $1.2M | $785,312 | $875,084 | $704,220 | $775,504 |
| Interest expense | $5.7M | $5.9M | $5.9M | $5.9M | $6.0M | $6.1M | $7.4M | $4.7M | $3.8M | $4.7M | $3.7M | $4.6M |
| Income before taxes | $10.5M | $13.7M | $12.3M | $13.0M | −$2.9M | −$2.2M | $12.2M | $6.1M | $4.0M | $12.7M | $2.6M | $20.2M |
| Income taxes | — | — | — | $375,747 | — | — | −$617,845 | — | $190,770 | $1.8M | $400,000 | $5.7M |
| Net income | $10.2M | $13.3M | $11.9M | $12.2M | −$2.7M | −$2.0M | $8.4M | $5.1M | $3.7M | $11.7M | $1.1M | $18.9M |
| EBITDA | $28.6M | $31.5M | $29.9M | $29.1M | $13.7M | $13.9M | $24.2M | $18.5M | $15.3M | $24.8M | $13.4M | $32.9M |
| EPS (diluted) | $0.26 | $0.11 | $0.16 | $0.17 | −$0.02 | −$0.03 | $0.16 | $0.25 | $0.10 | $0.14 | $0.03 | $0.32 |
| Gross margin | 22.8% | 12.2% | 11.7% | 15.7% | 6.9% | 16.4% | 14.3% | 13.7% | 9.6% | 17.5% | 12.7% | 18.6% |
| Operating margin | 11.4% | 6.3% | 8.0% | 9.8% | 2.3% | 2.4% | 10.1% | 9.8% | 5.8% | 10.5% | 8.0% | 14.5% |
| Net margin | 5.5% | 7.8% | 6.5% | 7.2% | −1.8% | −1.6% | 5.7% | 3.3% | 2.8% | 11.1% | 0.9% | 13.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PANL's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PANL financial results
In fiscal year 2025 (ended December 31, 2025), Pangaea Logistics Solutions reported revenue of $632.0 million, up 17.8% from the year before. It had net income of $19.4 million (down 33.0%), a net profit margin of 3.1%. Diluted earnings per share came to $0.28. Over five years revenue grew at an average rate of 10.5% a year.
See the PANL stock overview for the latest quote and news, or the PANL chart for price history and technical indicators.
PANL income statement FAQ
What is Pangaea Logistics Solutions's annual revenue?
Pangaea Logistics Solutions reported total revenue of $632.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 17.8% from $536.5 million the previous year.
Is Pangaea Logistics Solutions profitable?
Yes. Pangaea Logistics Solutions reported net income of $19.4 million in fiscal 2025, a net profit margin of 3.1%; its operating margin was 6.0%.
What is Pangaea Logistics Solutions's gross margin?
Pangaea Logistics Solutions's gross margin was 10.9% in fiscal 2025: for every $100 of revenue, Pangaea Logistics Solutions kept $11 after the direct cost of its products and services.
How fast is Pangaea Logistics Solutions growing?
Revenue grew 10.5% a year on average over the last five fiscal years, from $382.9 million to $632.0 million.
What are Pangaea Logistics Solutions's earnings per share?
Pangaea Logistics Solutions earned $0.28 per diluted share in fiscal 2025, compared with $0.65 a year earlier.
When will Pangaea Logistics Solutions report its next earnings?
Pangaea Logistics Solutions is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Pangaea Logistics Solutions's fiscal year end?
Pangaea Logistics Solutions's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.