The Q1 earnings miss (revenue -7.2%, net income -26.8%) is a clear headwind, but the massive $2.8B newbuild program with COSCO and dividend increase signal strong long-term cash flow visibility. Watch the conference call for details on newbuild financing costs and near-term charter rate trends. The stock may trade on the growth narrative offsetting the weak quarter.
Price Chart
Executive Summary
Costamare Inc. reported Q1 2026 results with voyage revenue declining 7.2% YoY to $201.6M and net income from continuing operations falling 26.8% to $81.9M. The company announced 16 newbuild orders backed by long-term COSCO charters adding ~$2.8B in contracted revenue, a proposed dividend increase from $0.115 to $0.125 per share, and two secondhand vessel acquisitions.
Key Facts
- Q1 2026 voyage revenue decreased 7.2% YoY to $201.6M from $217.2M
- Net income from continuing operations fell to $81.9M from $111.9M YoY
- Adjusted EPS from continuing operations declined to $0.63 from $0.84 YoY
- Operating cash flow decreased 23.6% to $112.4M from $147.2M YoY
- Ordered 16 newbuilds (12x 9,200 TEU + 4x 3,100 TEU) with ~$2.8B incremental contracted revenue from COSCO charters
- Proposed quarterly dividend increase from $0.115 to $0.125 per share
- Agreed to acquire two secondhand 5,600 TEU vessels for Q4 2026 delivery with 42-month charters
- Total contracted revenue reached ~$6.2B with TEU-weighted duration of 6.1 years
- Liquidity of $644.4M including cash and short-term investments
- 97% and 94% of containership fleet fixed for 2026 and 2027 respectively
Financial Impact
Revenue decline of $15.6M (7.2%) and net income decline of $30.0M (26.8%) from continuing operations; $2.8B in future contracted revenue from newbuild program
Risk Factors
- Continued charter rate weakness could further pressure near-term revenue
- Execution risk on 16 newbuilds and two secondhand acquisitions
- Increased debt from newbuild financing program
- Elevated dry-docking costs (7 vessels vs 2 last year) impacting near-term cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-002794 |
| Exhibit: exh_991.htm | 0001171843-26-002794 |
| Document: f6k_042826.htm | 0001171843-26-002794 |
| Document: 0001171843-26-002794-index-headers.html | 0001171843-26-002794 |
| Document: 0001171843-26-002794-index.html | 0001171843-26-002794 |
| Document: 0001171843-26-002794.txt | 0001171843-26-002794 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | 6-K | $15.10 | awaiting T+20 | — | $14.40 (−4.64%) |
Oct 6, 2026 21d ago | Press Release | $15.10 | awaiting T+20 | — | $14.40 (−4.64%) |
Oct 1, 2026 26d ago | 6-K | $15.23 | awaiting T+20 | — | $14.40 (−5.45%) |
Oct 1, 2026 26d ago | Press Release | $15.23 | awaiting T+20 | — | $14.40 (−5.45%) |
Aug 12, 2026 10w ago | 6-K | $14.16 $15.11 | ▲ +6.71% | ▲ +8.61% | $14.40 (+1.69%) |
Jul 27, 2026 13w ago | 6-K | $15.62 $15.58 | ▼ −0.26% | ▼ −3.55% | $14.40 (−7.81%) |
Jul 27, 2026 13w ago | Press Release | $15.62 $15.58 | ▼ −0.26% | ▼ −3.55% | $14.40 (−7.81%) |
Jul 13, 2026 15w ago | 6-K | $15.46 $14.43 | ▼ −6.66% | ▼ −9.85% | $14.40 (−6.86%) |
May 20, 2026 22w ago | 6-K | $26.35 $26.05 | ▼ −1.14% | ▼ −1.47% | $14.40 (−45.35%) |
Apr 29, 2026 25w ago | 6-K | $26.50 $26.62 | ▲ +0.45% | ▼ −5.60% | $14.40 (−45.66%) |
US Market Status
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