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Pangaea Logistics Solutions (PANL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Pangaea Logistics Solutions (PANL) Q3 2026 earnings results →

Q3 2026 Revenue up 30% year over year to $219M · 17¢ of every $1 of revenue kept as net profit · operating margin 19.9%

Pangaea Logistics Solutions made $219M in Q3 2026 (+30% Y/Y): Voyage revenue $193M, Charter revenue $18.8M, All other revenue $7.1M. Operating margin 19.9%, net earnings $38.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$219M

Year over year+30%

Operating margin19.9%

Net earnings$38.3M

Operating cash flow$57.3M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $219.1M in Q3 2026, up 30% year over year and up 17% from the previous quarter. Voyage revenue was the largest line at 88% of revenue. Voyage revenue added $37.9M year over year (up 24%), 75% of the total change.

Operating profit was $43.6M, a 19.9% margin (up 9.9 points year over year). Of the extra revenue versus Q3 2025, 53% reached operating profit, above the 10% margin then. Total costs grew 16% against revenue growth of 30%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $38.3M, up 213% year over year. The effective tax rate was 0.0%.

Operating cash flow was $57.3M (up 100% year over year), 145% of net income including minority interests. Non-cash charges added back $11.9M of depreciation and amortization and $653K of share-based compensation. Working capital and other items added $5.1M. Capital expenditures of $2.0M left free cash flow of $55.2M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 5, 2026	$219M	+30%	19.9%	$38.3M	$57.3M
Q2 2026	10-Q	Aug 10, 2026	$187M	+19%	11.4%	$10.2M	$21.4M
Q1 2026	10-Q	May 11, 2026	$171M	+39%	6.1%	$13.3M	$4.5M
Q4 2025	10-K	Mar 16, 2026	$184M	+25%	9.5%	$11.9M	$15.1M
Q3 2025	10-Q	Nov 10, 2025	$169M	+10%	10.0%	$12.2M	$28.6M
Q2 2025	10-Q	Aug 8, 2025	$157M	+19%	2.3%	−$2.9M	$14.4M
Q1 2025	10-Q	May 12, 2025	$123M	+17%	2.4%	−$2.2M	−$4.4M

Charts

Latest (Q3 2026): Y/Y +30%, Q/Q +17%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $39.6M, Operating cash flow $57.3M.

+47.7% since FY2020: more shares outstanding (issuance, stock pay).

Cash $103M, short-term investments —, long-term debt $114M at 2025-12-31.

Deep Sea Foreign Transportation of Freight; dot size is quarterly revenue; dashed lines are the industry's medians.