Q4 25 EPS
$0.14
BEAT +0.00%
Est. $0.14
Q4 25 Revenue
$72.6M
BEAT +3.67%
Est. $70.0M
vs S&P Since Q4 25
-1.6%
TRAILING MARKET
SB +4.4% vs S&P +6.1%
Full Year 2025 Results
FY 25 EPS
$0.32
FY 25 Revenue
$275.7M
Market Reaction
Did SB Beat Earnings? Q4 2025 Results
Safe Bulkers (NYSE: SB) delivered a largely in-line fourth quarter for 2025, matching the consensus EPS estimate of $0.14 while nudging revenue 3.67% above expectations at $72.57 million, a 1.5% increase from the year-ago period. The headline numbers… Read more Safe Bulkers (NYSE: SB) delivered a largely in-line fourth quarter for 2025, matching the consensus EPS estimate of $0.14 while nudging revenue 3.67% above expectations at $72.57 million, a 1.5% increase from the year-ago period. The headline numbers, however, masked a meaningful net income decline, as Q4 2024 had benefited from a $5.10 million foreign currency gain that did not recur this quarter, compressing bottom-line results even as time charter equivalent rates climbed to $17,050 per day from $16,521 a year earlier. Rising vessel operating expenses, up 13% year-over-year to $5,683 per day partly due to three dry-dockings versus one in the prior-year quarter, added further pressure. Management is navigating a cautiously optimistic dry bulk market amid elevated geopolitical volatility, and the company's growing orderbook of eight IMO-compliant Kamsarmax newbuilds signals continued fleet renewal investment. With 42% of 2026 fleet days already contracted and $162.80 million in cash on hand, Safe Bulkers declared a $0.05 per share quarterly dividend payable March 18, 2026.
Key Takeaways
- • Higher charter hires and increased earnings from scrubber-fitted vessels drove 2% revenue increase in Q4 2025
- • Time charter equivalent rate improved to $17,050/day from $16,521/day year-over-year in Q4
- • Lower weighted average interest rate of 5.42% vs 6.12% in Q4 2024 reduced interest expense
- • Higher dry-docking costs from three completed dry-dockings vs one in Q4 2024 increased operating expenses
- • Loss on bunker valuation of $3.8 million from declining bunker prices elevated other operating expenses
- • Foreign currency loss of $0.1 million in Q4 2025 vs $5.1 million gain in Q4 2024 from EUR/USD movements
SB YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“During 2025 the dry-bulk market witnessed increased market volatility mainly due to geopolitical reasons. In the fourth quarter of 2025 we achieved 14 cents of adjusted earnings per share and our Board has declared a five cents per share dividend rewarding our common shareholders. The Company maintains a prudent balance between spot and time-charter exposure, allowing it to capture market opportunities while preserving cash flow visibility, and a strong capital structure providing flexibility in our capital allocation.”
— Loukas Barmparis, Q4 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% |