Maersk (MAERSK) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered a 20% year-over-year revenue increase to $15.8 billion, driven by robust container market demand, higher spot rates, and strong Ocean segment performance.

• EBITDA rose 30% to $3.0 billion and EBIT increased 86% to $1.6 billion, with positive free cash flow of $549 million, reflecting improved earnings and operational agility.

• Logistics & Services showed robust revenue growth and margin improvement, while Terminals maintained strong profitability.

• Upgraded full-year 2026 guidance based on resilient demand, persistent port congestion, and higher spot rates.

Financial highlights

• Revenue increased 20% year-on-year to $15.8 billion, with Ocean revenue up 23% to $10.5 billion.

• EBITDA of $3.0 billion (margin 19.0%), EBIT of $1.6 billion (margin 10.0%), and net profit of $1.3 billion.

• Free cash flow turned positive at $549 million, compared to -$373 million last year.

• Gross CapEx was $931 million, in line with annual guidance.

• Earnings per share reached $87, up from $38.

Outlook and guidance

• Upgraded full-year 2026 guidance: underlying EBITDA $10.5–12.5 billion, EBIT $4.5–6.5 billion, and positive free cash flow.

• Container market volume growth expected at around 4% for the year.

• CapEx guidance unchanged at $10–11 billion for 2025–2027.

• EBIT guidance includes $700 million reduced depreciation from vessel useful life extension.

• Free cash flow guidance raised to greater than negative $1.5 billion.