$DAC

Danaos Corp

CIK:0001369241|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF INCOME
OPERATING REVENUES	$ 1,042,456	$ 1,014,110	$ 973,583
OPERATING EXPENSES
Voyage expenses	(63,061)	(64,101)	(41,010)
Vessel operating expenses	(208,779)	(185,724)	(162,117)
Depreciation	(163,366)	(148,344)	(129,287)
Amortization of deferred drydocking and special survey costs	(44,074)	(29,161)	(18,663)
General and administrative expenses	(64,410)	(54,228)	(43,484)
Net gain on disposal/sale of vessels	0	8,332	1,639
Operating income	498,766	540,884	580,661
OTHER INCOME (EXPENSES):
Interest income	19,548	12,890	12,133
Interest expense and finance costs	(42,842)	(26,185)	(20,463)
Gain/(loss) on investments	29,541	(25,179)	17,867
Dividend income	1,680	9,276	1,056
Loss on debt extinguishment, net	(2,499)	0	(2,254)
Loss on equity investments	(1,039)	(1,629)	(3,993)
Other finance expenses	(3,722)	(3,593)	(4,274)
Other (expenses)/income, net	(1,197)	2,241	(812)
Loss on derivatives	(3,622)	(3,632)	(3,622)
Total Other Income/(Expenses), net	(4,152)	(35,811)	(4,362)
Income before income taxes	494,614	505,073	576,299
Income taxes	0	0	0
Net Income	$ 494,614	$ 505,073	$ 576,299
EARNINGS PER SHARE
Basic earnings per share of common stock (in $ per share)	$ 26.83	$ 26.15	$ 28.99
Diluted earnings per share of common stock (in $ per share)	$ 26.76	$ 26.05	$ 28.95
Basic weighted average number of common shares (in shares)	18,432,153	19,316,453	19,879,161
Diluted weighted average number of common shares (in shares)	18,480,301	19,384,879	19,903,655

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 494,614	$ 505,073	$ 576,299
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	163,366	148,344	129,287
Amortization of deferred drydocking and special survey costs	44,074	29,161	18,663
Amortization of assumed time charters	0	(4,534)	(21,222)
Amortization of finance costs	3,388	2,326	2,201
Debt discount amortization	99	0	0
Prior service cost and periodic cost	4,031	1,426	1,613
(Gain)/Loss on investments	(29,541)	25,179	(17,867)
Loss on equity investments	1,039	1,629	3,993
Loss on debt extinguishment, net	2,499	0	2,254
Net gain on disposal/sale of vessels	0	(8,332)	(1,639)
Payments for drydocking and special survey costs deferred	(39,671)	(50,568)	(31,121)
Stock based compensation	16,755	14,558	12,680
Amortization of deferred realized losses on interest rate swaps	3,622	3,632	3,622
(Increase)/Decrease in:
Accounts receivable	(3,783)	(5,403)	(4,296)
Inventories	464	630	(8,412)
Prepaid expenses	(191)	13	(603)
Due from related parties	5,822	(1,141)	(17,429)
Other assets, current and non-current	17,298	21,267	7,812
Increase/(Decrease) in:
Accounts payable	(11,765)	7,060	(390)
Accrued liabilities	5,128	3,186	236
Unearned revenue, current and long-term	(33,323)	(46,857)	(77,534)
Other liabilities, current and long-term	828	(24,899)	(1,855)
Net cash provided by operating activities	644,753	621,750	576,292
Cash flows from investing activities
Vessels additions and advances for vessels under construction and vessel acquisition	(296,690)	(659,343)	(268,035)
Net proceeds and insurance proceeds from disposal/sale of vessels	1,681	10,196	3,914
Investments in affiliates/marketable securities	(30,687)	(1,642)	(74,407)
Net cash used in investing activities	(325,696)	(650,789)	(338,528)
Cash flows from financing activities
Proceeds from long-term debt, net	620,675	362,000	0
Payments and prepayments of long-term debt	(190,764)	(27,970)	(27,500)
Payments of leaseback obligation	0	0	(72,925)
Dividends paid	(63,550)	(62,807)	(60,696)
Finance costs	(25,771)	(7,277)	(1,892)
Repurchase of common stock	(75,739)	(53,332)	(70,610)
Net cash provided by/(used in) financing activities	264,851	210,614	(233,623)
Net increase in cash and cash equivalents	583,908	181,575	4,141
Cash and cash equivalents, beginning of year	453,384	271,809	267,668
Cash and cash equivalents, end of year	1,037,292	453,384	271,809
Supplemental cash flow information
Cash paid for interest, net of amounts capitalized	33,552	21,572	$ 18,076
Repurchase of common stock not settled	$ 878	$ 558

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 1,037,292	$ 453,384
Accounts receivable, net	38,730	25,578
Inventories	23,417	23,881
Prepaid expenses	2,093	1,902
Due from related parties	$ 46,750	$ 52,572
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other current assets	$ 171,137	$ 113,650
Total current assets	1,319,419	670,967
NON-CURRENT ASSETS
Fixed assets at cost, net of accumulated depreciation of $1,622,344 (2024: $1,458,978)	3,269,703	3,290,309
Advances for vessels under construction and vessel acquisition	428,147	265,838
Deferred charges, net	54,356	58,759
Other non-current assets	42,305	57,781
Total non-current assets	3,794,511	3,672,687
Total assets	5,113,930	4,343,654
CURRENT LIABILITIES
Accounts payable	17,274	29,039
Accrued liabilities	28,772	23,644
Current portion of long-term debt, net	283,015	35,220
Unearned revenue	36,625	49,665
Other current liabilities	35,990	31,386
Total current liabilities	401,676	168,954
LONG-TERM LIABILITIES
Long-term debt, net	872,076	699,563
Unearned revenue, net of current portion	2,618	22,901
Other long-term liabilities	41,983	27,436
Total long-term liabilities	916,677	749,900
Total liabilities	1,318,353	918,854
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of December 31, 2025 and December 31, 2024)
Common stock (par value $0.01, 750,000,000 common shares authorized as of December 31, 2025 and December 31, 2024. 25,790,190 and 25,585,985 shares issued; and 18,264,294 and 18,987,616 shares outstanding as of December 31, 2025 and December 31, 2024, respectively)	183	190
Additional paid-in capital	591,584	650,864
Accumulated other comprehensive loss	(71,412)	(70,430)
Retained earnings	3,275,222	2,844,176
Total stockholders' equity	3,795,577	3,424,800
Total liabilities and stockholders' equity	$ 5,113,930	$ 4,343,654