Filing Flows › Pangaea Logistics Solutions (PANL) › Q4 2025
Pangaea Logistics Solutions (PANL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 16, 2026
Pangaea Logistics Solutions (PANL) reported revenue of $184M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +9% from the quarter before. Operating margin was 9.5%, net earnings $11.9M (6.5% of revenue).
Pangaea Logistics Solutions, Q4 2025: revenue $184M (+25% year over year), operating margin 9.5%, net earnings $11.9M, operating cash flow $15.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $184M | +9% | +25% |
| Operating profit | $17.4M | +3% | +18% |
| Net earnings | $11.9M | -3% | +41% |
| Operating cash flow | $15.1M | -47% | -22% |
What changed
Revenue was $183.9M in Q4 2025, up 25% year over year and up 9% from the previous quarter. Voyage revenue was the largest line at 90% of revenue.
Operating profit was $17.4M, a 9.5% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 10% margin then. Total costs grew 26% against revenue growth of 25%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $11.9M, up 41% year over year. The effective tax rate was 0.0%.
Operating cash flow was $15.1M (down 22% year over year), 123% of net income including minority interests. Non-cash charges added back $11.7M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items used $10.3M.
Questions
What was Pangaea Logistics Solutions' revenue in the fourth quarter 2025?
Pangaea Logistics Solutions (PANL) reported revenue of $184M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +9% from the quarter before.
Was Pangaea Logistics Solutions profitable in the fourth quarter 2025?
Operating profit was $17.4M (9.5% of revenue) and net earnings $11.9M.