Filing Flows › Pangaea Logistics Solutions (PANL) › Q3 2025
Pangaea Logistics Solutions (PANL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Pangaea Logistics Solutions (PANL) reported revenue of $169M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +8% from the quarter before. Operating margin was 10.0%, net earnings $12.2M (7.2% of revenue).
Pangaea Logistics Solutions, Q3 2025: revenue $169M (+10% year over year), operating margin 10.0%, net earnings $12.2M, operating cash flow $28.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $169M | +8% | +10% |
| Operating profit | $16.9M | +363% | +13% |
| Net earnings | $12.2M | — | +139% |
| Operating cash flow | $28.6M | +98% | +0.4% |
| Free cash flow | $23.3M | — | — |
What changed
Revenue was $168.7M in Q3 2025, up 10% year over year and up 8% from the previous quarter. Voyage revenue was the largest line at 92% of revenue. Voyage revenue added $10.2M year over year (up 7%), 65% of the total change.
Operating profit was $16.9M, a 10.0% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 10% margin then. Total costs grew 10% against revenue growth of 10%. The fastest-growing cost line was General & admin (+64%). Net earnings were $12.2M, up 139% year over year. The effective tax rate was 0.0%.
Operating cash flow was $28.6M (roughly flat year over year), 220% of net income including minority interests. Non-cash charges added back $10.2M of depreciation and amortization and $614K of share-based compensation. Working capital and other items added $4.7M. Capital expenditures of $5.3M left free cash flow of $23.3M.
Questions
What was Pangaea Logistics Solutions' revenue in the third quarter 2025?
Pangaea Logistics Solutions (PANL) reported revenue of $169M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +8% from the quarter before.
Was Pangaea Logistics Solutions profitable in the third quarter 2025?
Operating profit was $16.9M (10.0% of revenue) and net earnings $12.2M.