Safe Bulkers, Inc. (SB) Income Statement
SB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSB revenue and net income
Where SB's revenue goes
2025Each bar shows an amount and its share of revenue. SB kept 14.0% of revenue as net income.
SB profit margins
SB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −10.4% | −7.6% | +6.8% | +8.0% |
| Gross profit | −29.3% | −22.2% | +25.2% | +30.6% |
| Operating income | −38.1% | −27.9% | +45.2% | — |
| Net income | −60.4% | −39.3% | — | — |
| EPS (diluted) | −52.9% | −37.6% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SB quarterly EPS vs estimates
Safe Bulkers beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 24, 2026.
SB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $275.7M | $307.6M | $284.4M | $349.7M | $329.0M | $198.2M | $197.8M | $193.2M | $148.0M | $109.8M |
| Cost of revenue | $176.7M | $167.5M | $165.0M | $139.7M | $134.2M | $165.9M | $132.6M | $118.0M | $108.2M | $106.7M |
| Gross profit | $99.1M | $140.2M | $119.4M | $210.0M | $194.9M | $32.2M | $65.2M | $75.2M | $39.9M | $3.1M |
| Sales, general & admin | $29.9M | $27.0M | $23.8M | $21.8M | $22.5M | $21.5M | $20.6M | $19.2M | $16.1M | $15.4M |
| Total operating expenses | $29.9M | $28.3M | $25.6M | $25.4M | $22.5M | $21.5M | $20.6M | $19.2M | $16.1M | $15.4M |
| Operating income | $69.2M | $111.9M | $93.8M | $184.6M | $172.4M | $10.7M | $44.5M | $56.0M | $23.8M | −$12.3M |
| Interest income | $5.1M | $3.4M | $2.2M | $10.7M | $16.3M | $604,000 | $27.3M | $27.2M | $23.0M | $22.8M |
| Interest expense | $33.8M | $34.9M | $27.9M | $20.5M | $18.4M | $23.6M | $29.4M | $28.5M | $25.7M | $24.4M |
| Income before taxes | $38.6M | $97.4M | $77.4M | $172.6M | $174.3M | −$12.9M | $16.0M | $27.7M | −$84.7M | −$56.0M |
| Income taxes | — | — | $1 | −$49.5M | −$37.6M | −$33.3M | $26.8M | $28.2M | $15.4M | $24.6M |
| Net income | $38.6M | $97.4M | $77.4M | $172.6M | $174.3M | −$12.9M | $16.0M | $27.7M | −$84.7M | −$56.0M |
| EBITDA | $132.2M | $190.5M | $159.4M | $242.6M | $245.1M | $65.0M | $95.7M | $104.2M | −$7.6M | $17.9M |
| EPS (diluted) | $0.32 | $0.68 | $0.53 | $1.32 | $1.24 | −$0.25 | $0.06 | $0.17 | −$0.17 | −$0.60 |
| Gross margin | 35.9% | 45.6% | 42.0% | 60.1% | 59.2% | 16.3% | 33.0% | 38.9% | 26.9% | 2.8% |
| Operating margin | 25.1% | 36.4% | 33.0% | 52.8% | 52.4% | 5.4% | 22.5% | 29.0% | 16.1% | −11.2% |
| Net margin | 14.0% | 31.7% | 27.2% | 49.3% | 53.0% | −6.5% | 8.1% | 14.3% | −57.2% | −51.0% |
| 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 | $87.5M | $74.4M | $72.6M | $73.1M | $65.7M | $64.3M | $71.5M | $75.9M | $78.5M | $81.7M | $82.3M | $64.7M |
| Cost of revenue | $44.4M | $40.7M | $42.1M | $44.3M | $47.6M | $42.8M | $38.6M | $42.2M | $44.1M | $42.5M | $39.4M | $41.4M |
| Gross profit | $43.0M | $33.7M | $30.5M | $28.8M | $18.2M | $21.6M | $32.9M | $33.7M | $34.4M | $39.1M | $42.9M | $23.2M |
| Sales, general & admin | $7.1M | $7.2M | $8.0M | $7.5M | $7.7M | $6.7M | $7.0M | $7.0M | $6.6M | $6.5M | $6.2M | $5.9M |
| Total operating expenses | $7.1M | $7.2M | $8.0M | $7.5M | $7.7M | $6.7M | $8.2M | $7.0M | $6.6M | $6.5M | $6.2M | $5.9M |
| Operating income | $35.9M | $26.5M | $22.6M | $21.2M | $10.5M | $14.9M | $24.6M | $26.7M | $27.9M | $32.7M | $36.7M | $17.3M |
| Interest income | $1.6M | $1.5M | $1.6M | $1.2M | $1.1M | $1.2M | $1.0M | $725,000 | $782,000 | $861 | $830,000 | $841,000 |
| Interest expense | $6.9M | $7.3M | $8.3M | $8.5M | $8.6M | $8.4M | $8.8M | $8.5M | $8.4M | $9.3M | $8.0M | $7.0M |
| Income before taxes | $35.2M | $22.2M | $11.8M | $17.8M | $1.7M | $7.2M | $19.4M | $25.1M | $27.6M | $25.3M | $27.6M | $15.0M |
| Income taxes | — | — | — | — | — | — | — | — | $1 | $2 | $1 | $9.5M |
| Net income | $35.2M | $22.2M | $11.8M | $17.8M | $1.7M | $7.2M | $19.4M | $25.1M | $27.6M | $25.3M | $27.6M | $15.0M |
| EBITDA | $50.4M | $40.9M | $35.1M | $41.4M | $25.4M | $30.3M | $43.1M | $48.3M | $50.1M | $49.0M | $49.8M | $35.8M |
| EPS (diluted) | $0.28 | $0.18 | $0.14 | $0.12 | $0.01 | $0.05 | $0.15 | $0.16 | $0.17 | $0.20 | $0.23 | $0.08 |
| Gross margin | 49.2% | 45.3% | 42.0% | 39.4% | 27.7% | 33.5% | 46.0% | 44.4% | 43.8% | 47.9% | 52.1% | 35.9% |
| Operating margin | 41.1% | 35.6% | 31.1% | 29.1% | 16.0% | 23.2% | 34.5% | 35.2% | 35.5% | 40.0% | 44.6% | 26.8% |
| Net margin | 40.2% | 29.9% | 16.3% | 24.3% | 2.6% | 11.3% | 27.1% | 33.1% | 35.1% | 31.0% | 33.6% | 23.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SB's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SB financial results
In fiscal year 2025 (ended December 31, 2025), Safe Bulkers reported revenue of $275.7 million, down 10.4% from the year before. It had net income of $38.6 million (down 60.4%), a net profit margin of 14.0%. Diluted earnings per share came to $0.32. Over five years revenue grew at an average rate of 6.8% a year.
See the SB stock overview for the latest quote and news, or the SB chart for price history and technical indicators.
SB income statement FAQ
What is Safe Bulkers's annual revenue?
Safe Bulkers reported total revenue of $275.7 million for fiscal year 2025, which ended on December 31, 2025. That was down 10.4% from $307.6 million the previous year.
Is Safe Bulkers profitable?
Yes. Safe Bulkers reported net income of $38.6 million in fiscal 2025, a net profit margin of 14.0%; its operating margin was 25.1%.
What is Safe Bulkers's gross margin?
Safe Bulkers's gross margin was 35.9% in fiscal 2025: for every $100 of revenue, Safe Bulkers kept $36 after the direct cost of its products and services.
How fast is Safe Bulkers growing?
Revenue grew 6.8% a year on average over the last five fiscal years, from $198.2 million to $275.7 million.
What are Safe Bulkers's earnings per share?
Safe Bulkers earned $0.32 per diluted share in fiscal 2025, compared with $0.68 a year earlier.
When will Safe Bulkers report its next earnings?
Safe Bulkers is expected to report results for the quarter ending September 30, 2026 on November 24, 2026.
When does Safe Bulkers's fiscal year end?
Safe Bulkers's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.