Costamare (CMRE) Q1 2026 earnings summary

Executive summary

• Adjusted net income for Q1 2026 was $76.0 million ($0.63 per share), with reported net income at $75.3 million ($0.62 per share), reflecting the spin-off of the dry bulk business in May 2025.

• Liquidity stood at $645 million as of March 31, 2026.

• Management recommended increasing the quarterly dividend from $0.115 to $0.125 per share, starting Q2 2026, subject to Board approval.

• Strategic fleet renewal underway, including 16 newbuild vessels and two secondhand acquisitions, each to begin 42-month charters upon delivery.

• Entered 16 shipbuilding contracts with long-term charters, adding $2.8 billion in incremental contracted revenues.

Financial highlights

• Voyage revenue for Q1 2026 was $201.6 million, down 7.2% year-over-year; cash-adjusted voyage revenue was $199.2 million, down 7.4%.

• Net income from continuing operations was $81.9 million, down from $111.9 million in Q1 2025.

• Adjusted earnings per share from continuing operations was $0.63, compared to $0.84 in Q1 2025.

• Operating income was $97.3 million, compared to $123.1 million a year earlier.

• Cash flow from operations was $112.4 million, down from $147.2 million in Q1 2025.

Outlook and guidance

• 97% and 94% of the containership fleet fixed for 2026 and 2027, respectively, providing strong revenue visibility.

• Contracted revenues for the containership fleet total approximately $6.2 billion, with a TEU-weighted duration of 6.1 years.

• Management expects the dividend increase will not impact growth capacity despite market volatility.