Q3 FY2026
Filed Oct 28, 2026Costamare reported Q3 2026 Net Income from Continuing operations available to common stockholders of $88.5 million and Adjusted Net Income from Continuing operations available to common stockholders of $89.4 million, alongside $733.1 million of liquidity.
The Company remained profitable and highly contracted, with 100% of the containership fleet fixed for 2026 and approximately $6.0 billion of contracted revenues. Q3 voyage revenue and both GAAP and adjusted earnings were lower than the prior-year quarter, while the Company completed substantial refinancing intended to lower interest costs and extend maturities.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Voyage revenue (Q3 2026)GAAP | $212.1M | – | – |
| Accrued charter revenue (Q3 2026)GAAP | $ 31 | – | – |
| Amortization of time-charter assumed (Q3 2026)GAAP | $ 7 | – | – |
| Amortization of deferred revenue (Q3 2026)GAAP | −$3.33M | – | – |
| Voyage revenue adjusted on a cash basis (Q3 2026)non-GAAP | $208.8M | – | – |
| Income from investments in leaseback vessels (Q3 2026)GAAP | $8.32M | – | – |
| Net Income from Continuing operations (Q3 2026)GAAP | $94.96M | – | – |
| Net Income from Continuing operations available to common stockholders (Q3 2026)GAAP | $88.53M | – | – |
| Earnings per share from Continuing operations (Q3 2026)GAAP | $ 0.73 | – | – |
| Weighted Average number of shares (Q3 2026)GAAP | 120,897,256 | – | – |
| Adjusted Net Income available to common stockholders from Continuing operations (Q3 2026)non-GAAP | $89.39M | – | – |
| Adjusted Earnings per share from Continuing operations (Q3 2026)non-GAAP | $ 0.74 | – | – |
| Earnings allocated to Preferred Stock (Q3 2026)GAAP | (5,288 ) | – | – |
| Non-Controlling Interest (Q3 2026)GAAP | (1,145 ) | – | – |
| General and administrative expenses - non-cash component (Q3 2026)non-GAAP | 2,197 | – | – |
| Realized (gain) / loss on Euro/USD forward contracts (Q3 2026)non-GAAP | 75 | – | – |
| Non-recurring, non-cash write-off of loan deferred financing costs (Q3 2026)non-GAAP | 939 | – | – |
| (Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (Q3 2026)non-GAAP | 942 | – | – |
| Voyage revenue (nine-month period ended September 30, 2026)GAAP | $614.4M | – | – |
| Accrued charter revenue (nine-month period ended September 30, 2026)GAAP | $ (307 ) | – | – |
| Amortization of time-charter assumed (nine-month period ended September 30, 2026)GAAP | $ 74 | – | – |
| Amortization of deferred revenue (nine-month period ended September 30, 2026)GAAP | −$9.87M | – | – |
| Voyage revenue adjusted on a cash basis (nine-month period ended September 30, 2026)non-GAAP | $604.3M | – | – |
| Income from investments in leaseback vessels (nine-month period ended September 30, 2026)GAAP | $26.26M | – | – |
| Net Income from Continuing operations (nine-month period ended September 30, 2026)GAAP | $260.8M | – | – |
| Net Income from Continuing operations available to common stockholders (nine-month period ended September 30, 2026)GAAP | $241.2M | – | – |
| Earnings per share from Continuing operations (nine-month period ended September 30, 2026)GAAP | $ 2.00 | – | – |
| Weighted Average number of shares (nine-month period ended September 30, 2026)GAAP | 120,744,583 | – | – |
| Adjusted Net Income available to common stockholders from Continuing operations (nine-month period ended September 30, 2026)non-GAAP | $240.5M | – | – |
| Adjusted Earnings per share from Continuing operations (nine-month period ended September 30, 2026)non-GAAP | $ 1.99 | – | – |
| Earnings allocated to Preferred Stock (nine-month period ended September 30, 2026)GAAP | (15,690 ) | – | – |
| Non-Controlling Interest (nine-month period ended September 30, 2026)GAAP | (3,897 ) | – | – |
| General and administrative expenses - non-cash component (nine-month period ended September 30, 2026)non-GAAP | 6,823 | – | – |
| Realized (gain) / loss on Euro/USD forward contracts (nine-month period ended September 30, 2026)non-GAAP | 107 | – | – |
| Non-recurring, non-cash write-off of loan deferred financing costs (nine-month period ended September 30, 2026)non-GAAP | 939 | – | – |
| (Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (nine-month period ended September 30, 2026)non-GAAP | 1,599 | – | – |
Capital returns
- On October 1, 2026, the Company declared a dividend of $0.125 per share on the common stock, payable on November 5, 2026, to holders of record as of October 20, 2026.
- On October 1, 2026, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock. The preferred dividends were paid on October 15, 2026, to holders of record as of October 14, 2026.
What drove it
- As of October 27, 2026, 100% and 99% of the containership fleet was fixed for 2026 and 2027, respectively.
- Contracted revenues for the containership fleet were approximately $6.0 billion, with a TEU-weighted duration of 5.8 years.
- Neptune Maritime Leasing Limited had 47 shipping assets funded or on a commitment status basis, representing total investments and commitments of more than $650 million.
- Management cited idle ships below 1%, a shortage of prompt ships and robust cargo demand as market conditions supporting fleet employment.
Concerns
- Q3 2026 voyage revenue, voyage revenue adjusted on a cash basis, Net Income from Continuing operations available to common stockholders and Adjusted Net Income available to common stockholders from Continuing operations were lower than the respective Q3 2025 amounts.
- The Company stated that discontinued operations are not comparable between the respective nine-month periods because the nine-month period ended September 30, 2025 included dry bulk business results through May 6, 2025, while the nine-month period ended September 30, 2026 had no discontinued-operations results.
- For 16 vessels under construction, related post-delivery time-charter rates are denominated in a currency other than U.S. dollars. The reported U.S. dollar contracted-revenue amounts were translated at the October 27, 2026 closing exchange rate for presentation purposes only.
What to watch
- Drawdown of the $92 million loan agreement expected in Q4 2026.
- Completion of the refinancing program and the stated interest cost savings and extension of debt maturities, with no debt maturity till 2030 according to the CFO.
- Containership fleet coverage for 2027, for which 99% was fixed as of October 27, 2026.
- Employment conditions as shipping services return to the Suez Canal, which management said had not yet affected market fundamentals.
- Execution of commitments at Neptune Maritime Leasing Limited, where 47 shipping assets were funded or on a commitment status basis.
Balance sheet and cash flow
- Q3 2026 liquidity was $733.1 million.
- Liquidity includes cash and cash equivalents, including restricted cash, and short-term investments in U.S. Treasury Bills amounting to $19.8 million.
- The Company concluded previously announced financing agreements and drew $1.3 billion since the end of Q2 2026, refinancing existing debt obligations across 39 vessels.
- The Company signed a $92 million loan agreement with an Asian bank for two vessels, with drawdown expected in Q4 2026.
- The Company stated that its unencumbered fleet now comprises 23 vessels.
Analysis
Costamare reported Q3 2026 voyage revenue of $ 212,063 and Voyage revenue adjusted on a cash basis of $ 208,775, compared with $ 215,898 and $ 219,127, respectively, in Q3 2025. Net Income from Continuing operations available to common stockholders was $ 88,526, while Adjusted Net Income available to common stockholders from Continuing operations was $ 89,391. GAAP earnings per share from Continuing operations were $ 0.73 and adjusted earnings per share were $ 0.74, compared with $ 0.77 and $ 0.81 in the prior-year quarter.
For the nine-month period, Voyage revenue was $ 614,374, compared with $ 643,976 in the corresponding 2025 period. Net Income from Continuing operations available to common stockholders was $ 241,173 versus $ 298,375, and adjusted net income available to common stockholders from continuing operations was $ 240,537 versus $ 290,838. Income from investments in leaseback vessels increased to $ 26,256 from $ 21,952 for the nine-month period, while it was $ 8,324 in Q3 compared with $ 9,270 in Q3 2025.
The operating backdrop is defined by extensive charter coverage. As of October 27, 2026, the Company had fixed 100% of its containership fleet for 2026 and 99% for 2027. Contracted containership-fleet revenues were approximately $6.0 billion, with a TEU-weighted duration of 5.8 years. Management described idle ships as below 1% and cited a shortage of prompt ships and robust cargo demand, while noting that the rising number of services returning to the Suez Canal had not yet affected market fundamentals.
Capital structure activity was a central development. Costamare completed previously announced bilateral financing agreements and drew $1.3 billion since the end of Q2 2026 to refinance debt across 39 vessels. It also signed a $92 million loan agreement expected to draw in Q4 2026. The Company reported $733.1 million of liquidity and said the completed and expected agreements would conclude the refinancing program for its existing fleet, providing interest cost savings and extending maturities.
The Company continued common and preferred dividend distributions, declaring a $0.125 per-share common dividend on October 1, 2026. It also reported a controlling interest in Neptune Maritime Leasing Limited, where 47 shipping assets were funded or on a commitment status basis with total investments and commitments of more than $650 million. The principal reported financial point for investors is the lower revenue and earnings versus Q3 2025 alongside substantial contracted revenue coverage, refinancing execution and lease-financing platform commitments.
Management, verbatim
During the third quarter of the year, the Company generated Net Income of approximately $88 million. Total liquidity amounted to $733 million.
Gregory Zikos, Chief Financial Officer of Costamare Inc.
The new agreements provide interest cost savings with no debt maturity till 2030.
Gregory Zikos, Chief Financial Officer of Costamare Inc.
On our charter coverage, 100% and 99% of our containership fleet is fixed for 2026 and 2027, respectively, while contracted revenues have reached approximately $6.0 billion with a TEU-weighted duration of 5.8 years.
Gregory Zikos, Chief Financial Officer of Costamare Inc.
Not in the filing
stated, not guessed- Operating income or loss
- Gross profit or gross margin
- Operating expenses other than the non-cash general and administrative expenses component included in the non-GAAP reconciliation
- Cash and cash equivalents balance
- Total debt balance
- Operating cash flow
- Free cash flow
- Share repurchases
- Formal forward financial guidance for revenue, gross margin, operating expenses, tax rate or earnings
- Prior-quarter financial comparisons
- Segment revenue disclosure
- A prior outlook section for comparison against reported results
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.