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Marine shipping · Industrials · Fiscal year ends Dec 31
ZIM Integrated Shipping Services reported revenue of $6.9B in the fiscal year ended Dec 2025, down 18.1% from the year before. Operating income was $1B, an operating margin of 14.7%, and net income was $482M. Operating cash flow of $2.3B less capital expenditure of $218M left free cash flow of $2.1B. It held more cash than debt (net cash $962M).
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 10,729 | 12,562 | 5,162 | 8,427 | 6,904 |
| Cost of revenue | 3,906 | 4,765 | 3,885 | 4,513 | 4,461 |
| Gross profit | 6,067 | 6,427 | −2,208 | 2,784 | 1,321 |
| Operating income | 5,816 | 6,136 | −2,511 | 2,527 | 1,016 |
| Interest expense | 169 | 225 | 381 | 468 | 475 |
| Pre-tax income | 5,660 | 6,027 | −2,816 | 2,205 | 659 |
| Income tax | 1,010 | 1,398 | −128 | 51.2 | 177 |
| Net income | 4,649 | 4,629 | −2,688 | 2,154 | 482 |
| Diluted EPS | 39.02 | 38.35 | −22.42 | 17.82 | 3.98 |
| Diluted shares | 119 | 120 | 120 | 120 | 121 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,543 | 1,022 | 922 | 1,315 | 1,052 |
| Receivables | 1,278 | 826 | 597 | 934 | 676 |
| Inventory | 119 | 191 | 179 | 212 | 168 |
| Current assets | 5,085 | 4,272 | 2,571 | 3,261 | 2,631 |
| Net PP&E | 4,393 | 5,751 | 4,637 | 6,844 | 7,042 |
| Total assets | 9,842 | 11,625 | 8,346 | 11,390 | 11,008 |
| Payables | 1,086 | 896 | 566 | 736 | 636 |
| Deferred revenue | 618 | 239 | 198 | 409 | 240 |
| Current liabilities | 2,757 | 2,662 | 2,518 | 2,611 | 2,134 |
| Short-term debt | 131 | 96.1 | 48.2 | 47.8 | 42.9 |
| Long-term debt | 121 | 91.9 | 73.6 | 59.9 | 47.2 |
| Total liabilities | 5,242 | 5,729 | 5,888 | 7,347 | 6,983 |
| Shareholders' equity | 4,592 | 5,890 | 2,455 | 4,037 | 4,021 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 5,971 | 6,110 | 1,020 | 3,753 | 2,300 |
| Capital expenditure | 1,005 | 346 | 116 | 214 | 218 |
| Free cash flow | 4,966 | 5,765 | 904 | 3,539 | 2,082 |
| Depreciation & amortisation | 779 | 1,396 | 1,472 | 1,143 | 1,286 |
| Stock-based compensation | 20.8 | 25.8 | 17.6 | 10.0 | 4.5 |
| Dividends paid | 536 | 3,303 | 769 | 579 | 516 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.1% | −58.9% | 63.3% | −18.1% |
| Operating income growth (YoY) | – | 5.5% | −140.9% | – | −59.8% |
| EPS growth (YoY) | – | −1.7% | −158.5% | – | −77.7% |
| Gross margin | 56.5% | 51.2% | −42.8% | 33.0% | 19.1% |
| Operating margin | 54.2% | 48.8% | −48.6% | 30.0% | 14.7% |
| Net margin | 43.3% | 36.9% | −52.1% | 25.6% | 7.0% |
| Return on equityBlank when equity is negative | 101.2% | 78.6% | −109.5% | 53.4% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 82.1% | 68.5% | −43.1% | 28.8% | 11.4% |
| Free cash flow margin | 46.3% | 45.9% | 17.5% | 42.0% | 30.2% |
| Cash conversion (CFO ÷ net income) | 1.28x | 1.32x | −0.38x | 1.74x | 4.78x |
| Receivable days | 43 | 24 | 42 | 40 | 36 |
| Inventory days | 11 | 15 | 17 | 17 | 14 |
| Payable days | 102 | 69 | 53 | 60 | 52 |
| Interest cover | 34.4x | 27.3x | −6.59x | 5.40x | 2.14x |
| Debt ÷ equity | 0.05x | 0.03x | 0.05x | 0.03x | 0.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −1,292 | −834 | −800 | −1,207 | −962 |
| Current ratio | 1.84x | 1.60x | 1.02x | 1.25x | 1.23x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.