$CMRE-PC

Costamare Inc.

CIK:0001503584|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
REVENUES:
Income from investments in leaseback vessels	$ 31,226	$ 23,947	$ 8,915
Revenues	877,900	888,492	848,289
EXPENSES:
Voyage expenses	(52,002)	(25,769)	(12,490)
Voyage expenses-related parties (Note 4)	(11,252)	(12,163)	(11,881)
Vessels' operating expenses	(162,481)	(157,919)	(160,868)
General and administrative expenses	(10,099)	(13,303)	(9,682)
General and administrative expenses - related parties (Note 4)	(9,896)	(11,376)	(8,542)
Management fees-related parties (Note 4)	(28,917)	(28,641)	(27,480)
Amortization of dry-docking and special survey costs (Note 9)	(19,794)	(17,345)	(15,344)
Depreciation (Notes 8, 11 and 21)	(129,538)	(126,821)	(126,719)
Gain on sale of vessels, net (Note 8)	0	0	117,544
Foreign exchange gains /(losses)	2,269	(5,451)	2,145
Operating income	456,190	489,704	594,972
OTHER INCOME / (EXPENSES):
Interest income	19,317	31,712	30,082
Interest and finance costs (Note 17)	(91,359)	(109,620)	(119,623)
Income from equity method investments	0	12	764
Other, net	966	1,396	1,832
Gain / (loss) on derivative instruments, net (Note 19)	11,433	(5,861)	10,873
Total other expenses, net	(59,643)	(82,361)	(76,072)
Net income from continuing operations	396,547	407,343	518,900
Net Loss from discontinued operations (Note 3)	(27,547)	(91,009)	(137,881)
Net income	369,000	316,334	381,019
Net (income) / loss attributable to the non-controlling interest (Notes 14 and 16)	(4,425)	3,585	4,730
Net income attributable to Costamare Inc.	364,575	319,919	385,749
Earnings allocated to Preferred Stock (Note 16)	(20,920)	(23,796)	(31,068)
Deemed dividend to Series E Preferred Stock	0	(5,446)	0
Net income available to Common Stockholders	$ 343,655	$ 290,677	$ 354,681
Earnings per common share, basic and diluted - Total (Note 16) (in dollars per share)	$ 2.86	$ 2.44	$ 2.95
Earnings per common share, basic and diluted - Continuing operations (Note 16) (in dollars per share)	3.09	3.15	4.09
Losses per common share, basic and diluted - Discontinued operations (Note 16) (in dollars per share)	$ (0.23)	$ (0.71)	$ (1.15)
Weighted average number of shares, basic and diluted (Note 16) (in shares)	120,198,853	119,299,405	120,299,172
Nonrelated Party [Member]
REVENUES:
Total voyage revenue	$ 846,674	$ 864,545	$ 839,374

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 of Continuing Operations:
Net income:	$ 369,000	$ 316,334	$ 381,019
Less: Net loss from discontinued operations	27,547	91,009	137,881
Net income from continuing operations	396,547	407,343	518,900
Adjustments to reconcile net income from Continuing operations to net cash provided by operating activities:
Depreciation	129,538	126,821	126,719
Amortization and write-off of financing costs	6,354	7,507	7,946
Amortization of deferred dry-docking and special survey costs	19,794	17,345	15,344
Amortization of assumed time charter	130	(470)	(197)
Amortization of deferred revenue	(4,122)	0	0
Amortization of hedge effectiveness excluded component from cash flow hedges	4,092	4,110	2,824
Equity based payments	6,979	8,427	5,850
Increase in short-term investments	(543)	(926)	(3,618)
(Gain) / Loss on derivative instruments, net	(20,258)	5,945	330
Gain on sale of vessels, net	0	0	(117,544)
Income from equity method investments	0	(12)	(764)
Changes in operating assets and liabilities of continuing operations:
Accounts receivable	(5,792)	3,753	(2,978)
Due from related parties	0	1,347	1,109
Inventories	(965)	466	4,647
Insurance claims receivable	(978)	(1,787)	(17,773)
Prepayments and other	(2,103)	222	1,458
Accounts payable	3,319	(3,636)	(3,325)
Due to related parties	5,710	2,354	1,787
Accrued liabilities	2,266	(2,985)	(2,413)
Unearned revenue	1,806	676	(5,389)
Other liabilities	2,107	10,460	8,973
Dividends from equity method investees	0	0	4,002
Dry-dockings	(20,898)	(15,831)	(31,110)
Accrued charter revenue	13,884	15,739	8,804
Net Cash provided by Operating Activities from Continuing Operations	536,867	586,868	523,582
Cash Flows From Investing Activities of Continuing Operations:
Capital provided to equity method investments	0	0	(1,274)
Return of capital from equity method investments	0	544	2,927
Payments to acquire short-term investments	(37,816)	(72,064)	(199,555)
Settlements of short-term investments	37,582	71,983	305,695
Proceeds from the settlement of insurance claims	2,012	8,903	5,684
Acquisition of a subsidiary, net of cash acquired	0	0	2,796
Acquisition of non-controlling interest in subsidiary	(1,687)	(282)	0
Intragroup contribution to discontinued operations	0	0	(100,000)
Issuance of investments in leaseback vessels	(233,145)	(99,399)	(198,832)
Capital collections from vessels' leaseback arrangements	123,018	65,786	18,832
Vessel acquisitions and advances/Additions to vessel cost	(68,971)	(8,222)	(7,632)
Proceeds from the sale of vessels, net	0	0	160,073
Net Cash used in Investing Activities from Continuing Operations	(179,007)	(32,751)	(11,286)
Cash Flows From Financing Activities of Continuing Operations:
Proceeds from long-term debt and finance leases	507,220	134,996	470,977
Repayment of long-term debt and finance leases	(838,609)	(559,483)	(758,260)
Payment of financing costs	(3,022)	(1,306)	(18,680)
Capital contribution from non-controlling interest to subsidiary	6,110	376	12,413
Repurchase of common stock	0	0	(60,000)
Redemption of preferred stock (Series E)	0	(114,353)	0
Cash contribution to spun-off entities	(100,000)	0	0
Dividends paid	(79,287)	(74,147)	(71,867)
Net Cash used in Financing Activities from Continuing Operations	(507,588)	(613,917)	(425,417)
Cash flows of discontinued operations:
Net cash provided by / (used in) Operating Activities from discontinued operations	7,407	(49,152)	(192,214)
Net cash provided by / (used in) Investing Activities from discontinued operations	9,995	(46,756)	(9,621)
Net cash provided by / (used in) Financing Activities from discontinued operations	(75,333)	108,440	128,602
Net cash provided by / (used in) discontinued operations	(57,931)	12,532	(73,233)
Net increase / (decrease) in cash, cash equivalents and restricted cash	(207,659)	(47,268)	13,646
Cash, cash equivalents and restricted cash at beginning of the year	777,936	825,204	811,558
Cash, cash equivalents and restricted cash at end of the year	570,277	777,936	825,204
Supplemental Cash Information:
Cash paid during the year for interest, net of capitalized interest	92,222	122,104	126,479
Non-Cash Investing and Financing Activities:
Dividend reinvested in common stock of the Company	328	11,256	16,321
Deferred rent recognition in connection with vessel acquisitions	$ 46,500	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents (Note 2(e))	$ 519,847	$ 656,880
Restricted cash (Note 2(e))	8,123	17,203
Inventories (Note 7)	14,121	13,156
Fair value of derivatives (Notes 19 and 20)	5,349	10,410
Insurance claims receivable	7,005	8,039
Time charter assumed (Note 12)	74	195
Accrued charter revenue (Note 12)	5,576	11,929
Short-term investments (Note 6)	19,276	18,499
Investment in leaseback vessels (Note 11(b))	55,075	30,561
Net investment in sales type lease vessels, current (Note 11(c))	0	12,748
Prepayments and other assets	44,642	16,823
Total current assets of continuing operations	690,668	802,306
Current assets of discontinued operations (Note 3)	0	237,910
Total current assets	690,668	1,040,216
FIXED ASSETS, NET:
Vessels and advances, net (Note 8)	2,738,982	2,715,168
Fixed assets of discontinued operations (Note 3)	0	671,844
Total fixed assets, net	2,738,982	3,387,012
OTHER NON-CURRENT ASSETS:
Investment in leaseback vessels, non-current (Note 11(b))	309,515	222,088
Accounts receivable, non-current (Note 4)	2,025	1,950
Deferred charges, net (Note 9)	53,792	52,688
Finance leases, right-of-use assets (Note 11(a))	0	37,818
Due from related parties, non-current (Note 4)	1,125	1,125
Net investment in sales type lease vessels, non-current (Note 11(c))	11,282	6,734
Restricted cash, non-current (Note 2(e))	42,307	45,922
Time charter assumed, non-current (Note 12)	0	74
Accrued charter revenue, non-current (Note 12)	3,672	2,688
Fair value of derivatives, non-current (Notes 19 and 20)	9,294	21,235
Total non-current assets of continuing operations	433,012	392,322
Non-current assets of discontinued operations (Note 3)	0	329,137
Total non-current assets	433,012	721,459
Total assets	3,862,662	5,148,687
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 10)	268,131	287,360
Finance lease liability (Note 11(a))	0	23,877
Accrued liabilities	22,620	20,672
Unearned revenue (Note 12)	42,627	24,902
Fair value of derivatives (Notes 19 and 20)	24	19,756
Other current liabilities	46,675	24,564
Total current liabilities of continuing operations	398,568	410,593
Current liabilities of discontinued operations (Note 3)	0	334,967
Total current liabilities	398,568	745,560
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs (Note 10)	1,246,707	1,410,480
Fair value of derivatives, non-current portion (Notes 19 and 20)	45	0
Unearned revenue, net of current portion (Note 12)	43,161	14,620
Other non-current liabilities	15,225	11,099
Total non-current liabilities of continuing operations	1,305,138	1,436,199
Non-current liabilities of discontinued operations (Note 3)	0	398,322
Total non-current liabilities	1,305,138	1,834,521
COMMITMENTS AND CONTINGENCIES (Note 13)
Temporary equity - Redeemable non-controlling interest in subsidiary - (Note 14)	0	(2,453)
STOCKHOLDERS' EQUITY:
Preferred stock (Note 15)	0	0
Common stock (Note 15)	13	13
Treasury stock (Note 15)	(120,095)	(120,095)
Additional paid-in capital	1,333,223	1,336,646
Retained earnings	868,733	1,279,605
Accumulated other comprehensive income (Notes 19 and 21)	4,320	17,345
Total Costamare Inc. stockholders' equity	2,086,194	2,513,514
Non-controlling interest (Note 1)	72,762	57,545
Total stockholders' equity	2,158,956	2,571,059
Total liabilities and stockholders' equity	3,862,662	5,148,687
Nonrelated Party [Member]
CURRENT ASSETS:
Accounts receivable, net (Note 4)	11,580	5,863
CURRENT LIABILITIES:
Accounts payable	11,267	7,948
Related Party [Member]
CURRENT LIABILITIES:
Accounts payable	$ 7,224	$ 1,514