Global Ship Lease Inc
NYSE: GSL · INDUSTRIALS · MARINE SHIPPING
Updated 2026-06-05
Global Ship Lease Inc (GSL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $299.60M | $335.10M | $97.05M | $148.71M | $158.84M | $156.27M | $153.21M | $143.21M | $138.62M | $164.92M | $166.52M | $158.99M | $157.10M | $261.10M | $282.27M | $402.52M | $604.49M | $666.72M | $705.53M | $766.45M |
| Revenue growth (YoY) | — | +11.8% | -71.0% | +53.2% | +6.8% | -1.6% | -2.0% | -6.5% | -3.2% | +19.0% | +1.0% | -4.5% | -1.2% | +66.2% | +8.1% | +42.6% | +50.2% | +10.3% | +5.8% | +8.6% |
| Cost of revenue | — | — | $31.92M | $41.37M | $42.07M | $45.52M | $85.93M | $86.43M | $89.83M | $94.96M | $88.50M | $81.44M | $86.30M | $140.72M | $160.96M | $204.97M | $269.90M | $294.53M | $314.78M | $355.52M |
| Gross profit | $299.60M | $335.10M | $65.13M | $107.34M | $116.77M | $110.75M | $67.27M | $56.78M | $48.79M | $69.96M | $78.02M | $77.55M | $70.80M | $120.38M | $121.31M | $197.56M | $334.59M | $372.19M | $390.75M | $410.93M |
| Gross margin | 100.0% | 100.0% | 67.1% | 72.2% | 73.5% | 70.9% | 43.9% | 39.6% | 35.2% | 42.4% | 46.9% | 48.8% | 45.1% | 46.1% | 43.0% | 49.1% | 55.4% | 55.8% | 55.4% | 53.6% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | $11.33M | $17.75M | $7.53M | $8.75M | $8.25M | $7.40M | $5.78M | $6.03M | $7.02M | $6.48M | $6.30M | $5.30M | $9.22M | $8.81M | $8.35M | $13.24M | $18.53M | $18.22M | $17.13M | $22.08M |
| Operating income | $47.74M | $30.15M | $36.72M | $61.72M | $51.77M | $49.93M | $61.83M | $51.16M | $42.27M | $19.25M | $-20.48M | $-15.32M | $-10.26M | $111.57M | $104.76M | $237.52M | $354.19M | $343.22M | $379.14M | $388.85M |
| Operating margin | 15.9% | 9.0% | 37.8% | 41.5% | 32.6% | 31.9% | 40.4% | 35.7% | 30.5% | 11.7% | -12.3% | -9.6% | -6.5% | 42.7% | 37.1% | 59.0% | 58.6% | 51.5% | 53.7% | 50.7% |
| EBITDA | $64.41M | $46.48M | $-31.30M | $104.35M | $59.96M | $69.84M | $93.58M | $91.85M | $91.12M | $64.17M | $22.52M | $23.17M | $26.83M | $160.68M | $153.94M | $302.34M | $449.47M | $441.50M | $494.30M | $524.30M |
| EBITDA margin | 21.5% | 13.9% | -32.2% | 70.2% | 37.7% | 44.7% | 61.1% | 64.1% | 65.7% | 38.9% | 13.5% | 14.6% | 17.1% | 61.5% | 54.5% | 75.1% | 74.4% | 66.2% | 70.1% | 68.4% |
| EBIT | $47.74M | $30.36M | $-52.12M | $68.59M | $22.03M | $31.83M | $55.35M | $53.58M | $52.18M | $21.43M | $-20.28M | $-14.81M | $-8.62M | $114.83M | $106.97M | $240.78M | $368.16M | $349.77M | $394.31M | $388.85M |
| Interest expense | $15.06M | $13.56M | $21.44M | $24.22M | $23.83M | $20.56M | $21.18M | $18.85M | $43.87M | $48.15M | $44.77M | $59.39M | $48.69M | $74.99M | $65.35M | $69.23M | $75.29M | $44.82M | $40.68M | $38.97M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $32.68M | $16.78M | $-36.55M | $42.37M | $-3.97M | $9.07M | $31.93M | $32.52M | $6.11M | $-28.88M | $-65.09M | $-74.27M | $-57.36M | $39.84M | $41.56M | $171.50M | $292.93M | $304.50M | $353.63M | $416.45M |
| Net income growth (YoY) | — | -48.7% | -317.9% | +215.9% | -109.4% | +328.4% | +252.0% | +1.8% | -81.2% | -572.6% | -125.4% | -14.1% | +22.8% | +169.4% | +4.3% | +312.6% | +70.8% | +4.0% | +16.1% | +17.8% |
| Profit margin | 10.9% | 5.0% | -37.7% | 28.5% | -2.5% | 5.8% | 20.8% | 22.7% | 4.4% | -17.5% | -39.1% | -46.7% | -36.5% | 15.3% | 14.7% | 42.6% | 48.5% | 45.7% | 50.1% | 54.3% |
Frequently asked questions
What is Global Ship Lease Inc's revenue?
Global Ship Lease Inc's trailing twelve-month revenue is $757.04M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is GSL?
In its most recent fiscal year, GSL ran a gross margin of 53.61%, an operating margin of 50.73%, and a net margin of 54.34%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does GSL generate?
GSL produced $359.36M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is GSL's balance sheet healthy?
GSL holds $324.40M in cash and equivalents against $541.58M in long-term debt, on $1.80B of shareholder equity. That debt is best read against the cash flow the business throws off each year.