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EuroDry (EDRY) Q3 2026 Earnings Report

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EDRY Q3 2026 EPS Results

Actual EPS
$2.32
Consensus EPS
$2.17
Beat/Miss
Beat by +$0.15
One Year Ago EPS
-$0.23

EDRY Q3 2026 Revenue Results

Actual Revenue
$19.41M
Expected Revenue
$20.00M
Beat/Miss
Missed by -$590.20K
YoY Revenue Growth
+34.90%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/11/2026
Time
Before Open
Conference Call
Wednesday, November 11, 2026
EDRY Upcoming Earnings

EuroDry's next earnings date is estimated for February 17, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

EDRY Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 11, 2026|% Change Since:8.63%|
Earnings Call Sentiment|Positive

The call was predominantly positive, supported by strong revenue and earnings growth, substantially higher TCE rates, improved cash generation, strong liquidity, favorable asset values, and continued fleet renewal. The company also reported strong utilization and constructive dry bulk market fundamentals. Offsetting factors included recent rate moderation, a $556,000 FFA loss, higher operating and upcoming dry-docking costs, scheduled debt repayments, shipyard constraints, and significant macroeconomic and geopolitical uncertainty.

Company Guidance

Management offered no specific long-term view on 2027 rates, basing forecasts on the FFA curve, which is “a little bit lower” than current levels; if supply/demand remains balanced, rates could remain at “quite good levels,” while fleet growth is expected at “4% to 5% fleet growth annually for the next 3 years.” Deliveries are scheduled for the second and third quarters of 2027, the first and second quarters of 2028 and the third quarter of 2029, with fleet capacity expanding to approximately 1.1 million deadweight tons; Clarksons forecasts ton-mile growth of 4.1% in 2026, 3.3% in 2027 and 2.8% in 2028. The company expects about $4 million of dry-docking costs for 3 vessels, “roughly split equally” and falling “roughly between Q4 and Q1, 50-50 roughly”; the first payment on the last Kamsarmax order will probably be around January, and the company may consider a year’s charter only at levels “in excess of $20,000 a day.”

  • Strong Third-Quarter Financial PerformanceThird-quarter 2026 total net revenues were $19.4 million, up 34.9% from $14.4 million in the third quarter of 2025, primarily due to higher time charter equivalent rates earned and partly offset by a lower average number of vessels operated. Net income attributable to controlling shareholders was $6.9 million, compared with a $0.7 million net loss in the prior-year quarter. Adjusted EBITDA increased to $11.3 million from $4.1 million, while adjusted diluted EPS was $2.32 versus an adjusted loss per share of $0.23.
  • Significant Nine-Month Earnings ImprovementFor the first nine months of 2026, total net revenues were $49.9 million, up 43.1% from $34.9 million in the same period of 2025. Net income attributable to controlling shareholders was $13.7 million versus a $7.45 million net loss in the prior-year period. Adjusted EBITDA rose to $27.9 million from $5.0 million, and adjusted diluted EPS was $4.88 compared with a loss per share of $3.39.
  • Higher Fleet Earnings and Lower Quarterly Cash BreakevenThe 11-vessel fleet earned an average third-quarter TCE rate of $20,551 per day, compared with $13,232 per day for 12 vessels in the third quarter of 2025. The quarterly daily cash flow breakeven level declined to $11,984 per vessel from $12,482 per vessel in the prior-year quarter.
  • Share Repurchase Program ExtendedSince the $10 million share repurchase program began in August 2022, EuroDry has repurchased 358,130 common shares for a total of $5.8 million. The board extended the program for another year in August 2026 and will review it again in 12 months.
  • Accretive Equity Raise Strengthened LiquidityAfter the shares reached all-time highs and traded at a premium to net asset value during the third quarter, the company reestablished its At-The-Market equity program. It raised approximately $10.7 million through the issuance of 163,753 common shares at an average price of $67.54, strengthening the balance sheet and providing additional liquidity for the fleet renewal program.
  • Fleet Renewal Order Book ExpandedThe company signed a contract with Hengli Shipbuilding for a third 82,000-deadweight-ton Kamsarmax bulk carrier. The eco-design vessel will comply with EEDI Phase 3 standards, is scheduled for delivery in the third quarter of 2029, and has a total consideration of approximately $37 million to be financed through a combination of debt and equity.
  • Planned Fleet Growth to 16 VesselsEuroDry currently operates 11 vessels with approximately 766,000 deadweight tons of capacity and has five newbuildings under construction. The order book includes two 63,500-deadweight-ton Ultramaxes scheduled for delivery in the second and third quarters of 2027 and three 82,000-deadweight-ton Kamsarmaxes scheduled for delivery in the first and second quarters of 2028 and the third quarter of 2029. Upon delivery, the fleet is expected to expand to 16 ships and approximately 1.1 million deadweight tons.
  • Strong Vessel Utilization and Spot-Market ExposureThe company reported no idle periods, commercial off-hire days, or scheduled off-hire days during the quarter. Practically all vessels remained employed in the spot market, while four vessels operated on index-linked charters tied to the average Baltic Supramax Index. The company stated that fleet utilization rates were just short of 100%.
  • Dry Bulk Market Remained Strong Year Over YearDuring the third quarter, Panamax spot rates averaged $18,000 per day and Ultramax spot rates averaged $23,500 per day. The Baltic Dry Index increased approximately 65% year over year and the Baltic Panamax Index increased approximately 42%, indicating a significantly stronger dry bulk freight market than in the third quarter of 2025.
  • Ultramax Rates Strengthened Into NovemberUltramax spot rates increased from a third-quarter average of $23,500 per day to $25,500 per day as of November 6. Management also noted that Panamax one-year time charter rates, while lower recently, remained broadly in line with spot levels, which it viewed as a sign of underlying market resilience.
  • Positive Ton-Mile Demand OutlookClarksons revised its 2026 ton-mile growth forecast upward from 3.7% to 4.1%, with growth forecast at 3.3% in 2027 and 2.8% in 2028. The 2026 upgrade reflected longer-haul trade, including materially higher Africa-to-China flows. Management stated that ton-mile expansion remains positive and supportive of the market.
  • Low Order Book and Supply-Side SupportThe dry bulk order book stood at 15.7% of the existing fleet as of November 2026. Although above the 7% low seen in 2021, management described it as quite low. Increased slow steaming, higher scrapping rates, and tightening environmental regulations could further constrain the available bulker fleet.
  • Newbuildings Favored Over Expensive Secondhand TonnageA 10-year-old Panamax was valued at approximately $33.5 million, compared with a $22.5 million median and an approximately $20.7 million average since 2017. Against these elevated secondhand prices, the company chose newbuildings, citing greater operational efficiency, better environmental performance, and lower maintenance requirements.
  • Strong Asset Values and Net Asset ValueAs of September 30, the estimated market value of the vessels was approximately $247 million, about $90 million above book value. Estimated net asset value was between $66 and $67 per share versus approximately $38.9 per share of net book value. Management stated that the shares had traded near net asset value during the prior two months.
  • Substantial Liquidity and Balance-Sheet ResourcesCash and other assets totaled approximately $63.4 million as of September 30, including $50 million of unrestricted cash. Advances already paid for newbuildings were approximately $18.3 million, while bank debt was $105.7 million, representing 44% of the total book value of assets.
  • Debt Refinancing and Manageable Near-Term CostThe company had already made $20 million of debt repayments during 2026, including a refinanced balloon payment, with approximately $2.7 million remaining for the fourth quarter. As of September 30, the average debt margin was 1.84% and the total cost of senior debt was approximately 5.89%, assuming a SOFR rate of 4.06%.

EDRY Earnings History

EDRY earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 17, 20272026 (Q4)1.91-0.87――
Nov 11, 20262026 (Q3)2.172.32-0.231108.70% (+2.55)
Aug 06, 20262026 (Q2)1.232.44-1.1321.82% (+3.54)
May 20, 20262026 (Q1)0.420.12-2.07105.80% (+2.19)
Feb 19, 20262025 (Q4)0.810.87-0.25448.00% (+1.12)
Nov 13, 20252025 (Q3)-0.58-0.23-1.4283.80% (+1.19)
Aug 11, 20252025 (Q2)-1.35-1.10-0.17-547.06% (-0.93)
Jun 05, 20252025 (Q1)-1.19-2.07-1.18-75.42% (-0.89)
Feb 24, 20252024 (Q4)-0.42-0.250.7-135.71% (-0.95)
Nov 19, 20242024 (Q3)-0.17-1.42-0.24-491.67% (-1.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed