Global Ship Lease (GSL) financial statements
Global Ship Lease reported revenue of $766M in fiscal 2025, up 18.5% a year over 9 years.
Net income was $416M and the operating margin 56.8%, against -12.4% in 2016.
Free cash flow was $514M, and the company returned $76M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Global Ship Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $167M | $159M | $157M | $261M | $283M | $448M | $646M | $675M | $711M | $766M |
| Selling, general and admin | $6M | $5M | $9M | $9M | $8M | $13M | $19M | $18M | $17M | $22M |
| Operating income | -$21M | -$15M | -$10M | $112M | $105M | $238M | $354M | $343M | $379M | $435M |
| Interest expense | $45M | $59M | $49M | $75M | $65M | $6M | $22M | $45M | $41M | $39M |
| Pre-tax income | -$65M | -$74M | -$57M | $40M | $42M | $172M | $293M | $305M | $354M | $416M |
| Income tax | $46,000 | $40,000 | $55,000 | $3,000 | $49,000 | $56,000 | -$50,000 | $448,000 | $1,000 | $0 |
| Net income | -$65M | -$74M | -$57M | $40M | $42M | $171M | $293M | $304M | $354M | $416M |
| Operating margin | -12.4% | -9.6% | -6.5% | 42.7% | 37.0% | 53.0% | 54.9% | 50.9% | 53.3% | 56.8% |
| Net margin | -39.0% | -46.6% | -36.5% | 15.3% | 14.7% | 38.3% | 45.4% | 45.1% | 49.7% | 54.3% |
Balance sheet
Fiscal years, from Global Ship Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $54M | $73M | $82M | $138M | $81M | $67M | $120M | $139M | $141M | $274M |
| Receivables | $29,000 | $72,000 | $2M | $2M | $3M | $3M | $4M | $5M | $13M | $50M |
| Inventory | — | $742,000 | $6M | $6M | $6M | $11M | $12M | $16M | $19M | $15M |
| Total current assets | $57M | $77M | $99M | $162M | $99M | $143M | $237M | $296M | $301M | $627M |
| Property, plant and equipment | $719M | $587M | $1.1B | $1.2B | $1.1B | $1.7B | $1.6B | $1.7B | $1.9B | $2.0B |
| Total assets | $776M | $676M | $1.2B | $1.4B | $1.3B | $2.0B | $2.1B | $2.2B | $2.4B | $2.9B |
| Total current liabilities | $49M | $55M | $96M | $130M | $112M | $245M | $262M | $280M | $264M | $307M |
| Long-term debt | — | $359M | $813M | $809M | $693M | $880M | $745M | $619M | $539M | $542M |
| Total liabilities | $447M | $424M | $917M | $945M | $809M | $1.3B | $1.1B | $987M | $910M | $1.1B |
| Shareholders' equity | $329M | $252M | $316M | $406M | $465M | $713M | $966M | $1.2B | $1.5B | $1.8B |
| Net debt | -$54M | $325M | $795M | $759M | $689M | $1.0B | $814M | $674M | $543M | $415M |
Cash flow
Fiscal years, from Global Ship Lease's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $72M | $67M | $48M | $93M | $104M | $248M | $327M | $375M | $430M | $528M |
| Capital spending | $0 | $0 | $11M | $10M | $4M | $5M | $5M | $20M | $7M | $14M |
| Free cash flow | $72M | $67M | $36M | $84M | $100M | $243M | $322M | $355M | $423M | $514M |
| Stock-based compensation | $283,000 | $272,000 | $50,000 | $2M | $2M | $4M | $10M | $10M | $9M | $14M |
| Dividends paid | — | — | — | $0 | $0 | $28M | $50M | $53M | $58M | $76M |
| Net borrowing | — | $0 | $0 | -$263M | -$44M | -$153M | $73M | $0 | -$292M | -$70M |
| Free cash flow margin | 43.0% | 42.0% | 23.1% | 32.1% | 35.5% | 54.3% | 49.9% | 52.7% | 59.5% | 67.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for GSL.
Open GSL in InvestinglyQuestions
What was Global Ship Lease's revenue in 2025?
$766M in fiscal 2025, from its 10-K filing.
How much free cash flow does Global Ship Lease generate?
$514M in fiscal 2025 (operating cash flow minus capital spending).
From Global Ship Lease's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.