A.P. Moller - Maersk A/S Earnings Recaps
Q2 2026
Aug 16, 2026
Shares surged 19% as Maersk capitalized on strong market demand and spot rate increases, driving better-than-expected earnings and an upgraded EBIT guidance range.
Key takeaways
- Ocean segment EBITDA reached $3 billion with EBIT at $1.6 billion, supported by higher spot rates due to imbalanced trade flows and port congestions.
- Free cash flow turned positive at $549 million despite working capital build from increased receivables and bunker inventory costs.
- Full-year underlying EBIT guidance was raised to $4.5 billion–$6.5 billion, reflecting sustained volume growth (~4%) and stronger pricing.
- Logistics & Services grew revenue 15%, with continued margin improvement led by Forwarding and Landside segments; Solutions segment margins remain a work in progress.
- Terminal segment revenue rose 11% through price gains and portfolio expansion, partly offsetting Middle East-related volume disruptions.
Q1 2026
May 9, 2026
Shares of A.P. Møller - Maersk fell 6.6% after the quarter as investors were disappointed by continued margin pressure in Ocean due to persistent oversupply, lower freight rates, and a cautious full-year EBIT outlook spanning a wide negative-to-positive range.
Key takeaways
- Q1 EBITDA stood at $1.8 billion with EBIT of only $340 million, severely impacted by the lowest year-on-year ocean freight rates.
- Ocean segment rates declined 14% YoY, driven by new fleet deliveries outpacing demand and contract re-pricing, despite a 9% volume growth above market.
- Free cash flow was negative $874 million for the quarter, with full-year guidance maintained at a wide underlying EBIT range from -$1.5 billion to +$1 billion and negative $3 billion cash flow or better.
- The Middle East conflict added approximately $0.5 billion a month in extra costs, largely mitigated so far by commercial surcharges and operational adjustments but creating ongoing uncertainty.
- Operational improvements, including a 96% vessel utilization and cost efficiencies from the Gemini network, have partially offset pressures but were insufficient to stabilize margins.
Q3 2025
Nov 8, 2025
A.P. Møller - Maersk demonstrated solid financial performance in Q3 2025, with EBITDA rising to $2.7 billion and EBIT increasing to $1.3 billion, underpinned by robust execution across all segments and effective cost management.
Key takeaways
- EBITDA increased sequentially to $2.7 billion, and EBIT rose to $1.3 billion.
- Logistics & Services improved EBIT margin from 4.8% to 5.5%, driven by asset utilization and cost management.
- Ocean reported a 7% year-on-year volume growth, achieving over 90% reliability and significant cost savings following the Gemini implementation.
- Terminal operations delivered record revenues and profitability, with return on invested capital rising to 17.2%.
- Full-year EBIT guidance narrowed to $3 billion - $3.5 billion, reflecting sustained demand growth, particularly from China.