Filing Flows › Pangaea Logistics Solutions (PANL) › Q2 2026
Pangaea Logistics Solutions (PANL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
Pangaea Logistics Solutions (PANL) reported revenue of $187M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +10% from the quarter before. Operating margin was 11.4%, net earnings $10.2M (5.5% of revenue).
Pangaea Logistics Solutions, Q2 2026: revenue $187M (+19% year over year), operating margin 11.4%, net earnings $10.2M, operating cash flow $21.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $187M | +10% | +19% |
| Operating profit | $21.3M | +104% | +484% |
| Net earnings | $10.2M | -23% | — |
| Operating cash flow | $21.4M | +376% | +49% |
| Free cash flow | $17.6M | +293% | +31% |
What changed
Revenue was $187.1M in Q2 2026, up 19% year over year and up 10% from the previous quarter. Voyage revenue was the largest line at 92% of revenue. Voyage revenue added $25.4M year over year (up 17%), 84% of the total change.
Operating profit was $21.3M, a 11.4% margin (up 9.1 points year over year). Of the extra revenue versus Q2 2025, 58% reached operating profit, above the 2% margin then. Total costs grew 8% against revenue growth of 19%. The fastest-growing cost line was General & admin (+25%). Net earnings were $10.2M. The effective tax rate was 0.0%.
Operating cash flow was $21.4M (up 49% year over year), 204% of net income including minority interests. Non-cash charges added back $12.4M of depreciation and amortization and $622K of share-based compensation. Working capital and other items used $2.2M. Capital expenditures of $3.7M left free cash flow of $17.6M.
Questions
What was Pangaea Logistics Solutions' revenue in the second quarter 2026?
Pangaea Logistics Solutions (PANL) reported revenue of $187M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +10% from the quarter before.
Was Pangaea Logistics Solutions profitable in the second quarter 2026?
Operating profit was $21.3M (11.4% of revenue) and net earnings $10.2M.