Q3 25 EPS
$0.12
BEAT +26.32%
Est. $0.10
Q3 25 Revenue
$76.3M
BEAT +15.40%
Est. $66.1M
vs S&P Since Q3 25
+15.4%
BEATING MARKET
SB +22.6% vs S&P +7.3%
Market Reaction
Did SB Beat Earnings? Q3 2025 Results
Safe Bulkers delivered a stronger-than-expected third quarter despite a softer charter market, with adjusted EPS of $0.12 beating the $0.10 consensus by 26.32% and revenue of $76.28 million clearing estimates by 15.40%, even as top-line growth remain… Read more Safe Bulkers delivered a stronger-than-expected third quarter despite a softer charter market, with adjusted EPS of $0.12 beating the $0.10 consensus by 26.32% and revenue of $76.28 million clearing estimates by 15.40%, even as top-line growth remained modest at just 0.5% year over year. The core earnings story was one of resilience under pressure: average time charter equivalent rates slipped to $15,507 per day from $17,108 a year ago, and net income fell to $17.78 million from $25.12 million in Q3 2024, yet the company managed to exceed Wall Street's expectations through disciplined fleet management and timely vessel disposals, including the sale of two older Kamsarmax ships that generated a combined $4.60 million gain. Looking ahead, the company carries $175.60 million in remaining newbuild capital commitments tied to six eco-friendly vessels due in 2026 and 2027, while contracted coverage stands at 81% for the remainder of 2025 but thins sharply to 15% for 2026, underscoring execution risk as the charter market navigates ongoing geopolitical fragmentation. Separately, Safe Bulkers also authorized a buyback of up to 10 million shares, signaling confidence in its balance sheet heading into year-end.
Key Takeaways
- • Weaker charter market with TCE rate declining to $15,507/day from $17,108/day YoY
- • Decreased revenues from charter hires and scrubber-fitted vessels
- • Lower weighted average interest rate of 5.65% vs 6.35% YoY partially offset by higher average loan outstanding
- • Gain on sale of two older vessels contributed $4.6 million
- • Lower foreign currency loss of $0.1 million vs $2.6 million in Q3 2024
SB YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“Key developments of the previous period include the postponement of the IMO net-zero framework and the expected gradual market fragmentation due to geopolitical reasons, port fees and tariffs, resulting in increased market volatility. The dry-bulk market recovered compared to the previous quarter and we sold two of our oldest vessels, part of the Company's ongoing fleet renewal strategy. Our Company maintains a strong capital structure providing flexibility in our capital allocation”
— Loukas Barmparis, Q3 2025 Earnings Press Release
SB Earnings Trends
SB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SB EPS Trend
Earnings per share: estimate vs actual
SB Revenue Trend
Quarterly revenue: estimate vs actual
SB Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.09 | $0.18 | +100.00% | $74.4M | +13.57% |
| Q4 25 BEAT FY | $0.14 | $0.14 | +0.00% | $72.6M | +3.67% |
| FY Full Year | — | $0.32 | — | $275.7M | — |
| Q3 25 BEAT | $0.10 | $0.12 | +26.32% | $76.3M | +15.40% |
| Q2 25 MISS | $0.07 | $0.01 | -84.62% | $65.7M | +8.85% |