A.P. Moller - Maersk A/S Q3 2026 Earnings Recap

Despite an upgrade to full-year guidance, Maersk shares fell 9.1%, suggesting investors focused on the fragility of Ocean’s earnings: higher spot rates were driven partly by congestion, while utilization of 96% left limited room to grow volumes. Congestion also raised unit costs, and the transcript offers little reassurance about when bottlenecks will ease.

Key Takeaways

• Q3 revenue was $18 billion; EBITDA was $4.7 billion, EBIT $3.3 billion, and free cash flow $2.4 billion.
• 2026 guidance was raised to underlying EBIT of $8 billion–$8.5 billion and free cash flow above $3 billion, citing strong year-to-date performance and continued demand into Q4.
• Ocean loaded volumes were broadly flat year on year in Q3, despite year-to-date volume growth of 4%; utilization was 96% for a third consecutive quarter.
• Ocean spot rates were over 10% higher than at the August results and over 120% above the start of 2026. Management said underlying landside bottlenecks may persist, even as typhoon disruption has eased.
• Logistics & Services revenue grew 13%, with EBIT margin improving year on year to 5.8%. Terminals reported record revenue, EBITDA, and adjusted EBIT.