Danaos Posts Q4 Adjusted EPS $7.14, Lowers Net Debt/EBITDA to 0.20x
Danaos reported Q4 net income of $117.9M, up from $90.4M a year earlier, and adjusted net income of $131.2M, driving adjusted EPS of $7.14. The company ended 2025 with $1.04B cash, $120.2M in marketable securities and net debt/EBITDA leverage of 0.20x.
1. Fourth Quarter Results
Danaos reported operating revenues of $266.3M in Q4 2025, up from $258.2M a year earlier, with time charter equivalent revenues of $262.1M. Net income rose to $117.9M from $90.4M, while adjusted net income reached $131.2M and adjusted EPS was $7.14 per diluted share.
2. Fleet Utilization and TCE Rates
The company achieved 99.3% fleet utilization across an average of 84.6 vessels, with container vessel time charter equivalent rates of $35,288 per day versus $36,869 in Q4 2024. Drybulk segment TCE rates improved to $23,620 per day from $20,270, reflecting stronger market demand.
3. Balance Sheet and Leverage
As of December 31, 2025, Danaos held $1.04B in cash, $120.2M in marketable securities and $247.5M available under its revolving credit facility, totaling $1.41B in liquidity. Gross debt stood at $1.18B, yielding net debt of $140.5M, or 0.20x of last twelve months’ adjusted EBITDA.