Filing Flows › Pangaea Logistics Solutions (PANL) › Q3 2026
Pangaea Logistics Solutions (PANL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Pangaea Logistics Solutions (PANL) reported revenue of $219M for the third quarter 2026 (Q3 2026), +30% from a year earlier and +17% from the quarter before. Operating margin was 19.9%, net earnings $38.3M (17.5% of revenue).
Pangaea Logistics Solutions, Q3 2026: revenue $219M (+30% year over year), operating margin 19.9%, net earnings $38.3M, operating cash flow $57.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $219M | +17% | +30% |
| Operating profit | $43.6M | +104% | +158% |
| Net earnings | $38.3M | +275% | +213% |
| Operating cash flow | $57.3M | +168% | +100% |
| Free cash flow | $55.2M | — | +126% |
What changed
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.
Questions
What was Pangaea Logistics Solutions' revenue in the third quarter 2026?
Pangaea Logistics Solutions (PANL) reported revenue of $219M for the third quarter 2026 (Q3 2026), +30% from a year earlier and +17% from the quarter before.
Was Pangaea Logistics Solutions profitable in the third quarter 2026?
Operating profit was $43.6M (19.9% of revenue) and net earnings $38.3M.