Financial Reports Latest Updates Industry Maps Economic Calendar

EUROSEAS LTD. (ESEA) Annual Reports

Q: Where can I read EUROSEAS LTD. (ESEA) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

EUROSEAS LTD. is listed on Nasdaq, classified by the SEC under Deep Sea Foreign Transportation of Freight (SIC 4412). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
SEC CIK： 1341170 →

Website：Official site ↗

Financial Highlights

FY2021 Q1 (quarterly, ended 2021-03-31)
	Current	Prior year	YoY
Revenue	$14.3M	$15.4M	-7.3%
Operating income	$4.0M	$3.2M	+25.0%
Net income	$3.8M	$2.0M	+93.7%
EPS (diluted)	$0.53	$0.32	+65.6%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 114 mn Net income 70.2 mn

Show table：Income statement

Item	2009Q4	2010Q4	2011Q4	2012Q2	2012Q4	2013Q2	2013Q4	2014Q2	2014Q4	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Revenue	63.8	52.5	29.2	26.7	0.72	20.5	7.03	19.1	21.5	17.6	11.3	8.81	6.55	7.34	7.23	7.31	8.29	1.95	32.7	8.31	9.75	16.4	8.34	8.08	10.3	13.3	15.4	13.5	12.3	12.0	14.3	18.3	23.0	38.3	93.8	88.8	89.6	99.7	105	107	114	114
Operating income	0.02	-0.71	4.81	-8.82	-1.06	-11.9	-88.1	-5.64	-8.99	-7.36	-0.76	-3.29	-2.42	-4.34	-3.36	-11.5	-1.43	-0.13	-1.22	-0.77	2.85	0.26	0.67	0.27	0.64	0.39	3.20	2.89	1.29	1.91	4.00	8.74	9.04	24.0	60.5	46.2	58.5	60.9	62.7	57.3	73.9	75.6
Net income	-15.6	-6.61	1.12	-10.3	-2.85	-13.5	-89.9	-7.23	-10.7	-8.71	-1.39	-3.95	-2.84	-19.2	-4.56	-17.6	-2.19	-1.04	-2.87	-1.42	2.19	-1.44	-0.02	-0.75	-0.15	-0.77	1.96	1.29	0.22	0.58	3.79	7.95	8.46	22.8	60.7	45.6	57.6	56.9	60.8	52.0	66.8	70.2

Balance sheet

Quarterly · In mn (USD)

Total assets 700 mn Total liabilities 237 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q4	2010Q4	2011Q4	2012Q2	2012Q4	2013Q2	2013Q4	2014Q2	2014Q4	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Current assets	—	46.4	38.9	—	45.1	31.0	16.9	42.5	30.9	19.8	—	21.6	—	—	23.6	10.4	15.7	12.4	16.1	—	12.6	12.0	8.44	5.29	—	6.30	9.20	14.9	7.66	9.69	9.52	15.2	10.9	32.9	10.7	46.9	45.7	66.0	—	84.7	160	192
Total assets	—	322	296	—	278	256	157	210	191	178	—	172	—	—	157	144	150	152	162	—	67.3	67.0	62.6	54.0	—	127	126	123	113	111	109	113	120	221	289	329	394	425	—	591	662	700
Current liabilities	—	25.2	21.1	—	22.4	24.0	18.8	23.4	25.2	24.3	—	19.4	—	—	9.15	11.2	15.5	15.9	18.5	—	15.7	11.6	8.69	9.88	—	24.9	27.3	24.7	19.9	28.6	27.9	20.7	21.6	37.1	47.0	73.7	45.7	51.2	—	57.2	50.0	39.4
Total liabilities	—	103	84.2	—	68.7	60.7	51.9	68.4	59.9	55.7	—	45.3	—	—	56.5	55.8	64.0	67.0	80.0	—	45.2	44.4	40.4	44.8	—	98.8	96.3	91.7	80.9	75.2	71.5	67.4	66.0	145	155	160	177	158	—	228	259	237
Equity	231	219	212	214	210	195	105	112	100	90.9	99.4	95.0	91.8	72.3	67.4	54.1	52.0	50.5	46.7	44.9	3.85	3.82	3.36	1.65	14.6	20.4	22.3	23.4	24.1	27.3	31.7	45.5	54.0	76.9	134	168	217	267	320	363	403	463

Cash flow

Quarterly · In mn (USD)

Operating 72.7 mn Investing 24.0 mn Financing -26.0 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q4	2010Q4	2011Q4	2012Q2	2012Q4	2013Q2	2013Q4	2014Q2	2014Q4	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Operating	7.84	12.8	17.3	6.17	2.34	2.88	1.15	2.93	-3.66	-0.8	0.93	-2.16	0.37	-0.35	0.19	-1.05	0.09	-0.14	8.02	2.65	2.68	-6.80	-1.49	2.32	2.11	0.31	2.03	1.95	-2.27	0.71	6.37	7.74	12.6	25.9	64.0	50.0	59.8	70.2	59.4	68.8	68.5	72.7
Investing	-45.6	-29.2	1.90	-2.66	-0.84	-4.31	-3.57	-33.4	-3.73	-4.24	-4.36	-2.03	-20.9	1.99	0.19	-0.11	0.66	-7.04	-19.8	—	6.25	0	—	—	-15.2	-40.6	0.98	-0.7	11.2	4.79	-0.21	-0.02	-10.6	-63.3	-67.3	-19.9	-68.2	-34.0	-115	-53.9	-39.2	24.0
Financing	4.89	9.75	-22.3	4.66	-7.49	-8.82	-9.31	57.4	-5.58	-4.71	8.33	-7.65	13.9	-1.40	-1.05	2.64	8.32	2.46	11.3	-5.03	-1.30	6.46	-1.30	-8.74	16.4	38.8	-3.49	-2.80	-8.07	-3.97	-6.09	-3.09	-2.85	58.7	-17.8	-9.25	15.2	-10.1	67.5	-10.6	2.73	-26.0
Cash at period end	41.0	34.3	31.2	39.4	33.4	23.1	11.4	38.4	25.4	15.7	20.6	8.72	3.06	1.33	1.73	3.21	10.8	5.24	4.12	1.30	9.10	6.96	4.16	2.00	3.16	0.99	0.51	1.34	2.27	3.56	3.63	8.27	5.88	26.5	4.95	25.9	31.8	58.6	69.7	73.7	101	176

Profitability

Quarterly · %

Operating margin 66.2% Net margin 61.4%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q4	2010Q4	2011Q4	2012Q2	2012Q4	2013Q2	2013Q4	2014Q2	2014Q4	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Operating margin	0.0%	-1.4%	16.5%	-33.0%	-148.1%	-58.0%	-1253.4%	-29.5%	-41.8%	-41.9%	-6.7%	-37.3%	-37.0%	-59.2%	-46.5%	-157.4%	-17.3%	-6.8%	-3.7%	-9.3%	29.2%	1.6%	8.0%	3.4%	6.3%	2.9%	20.7%	21.4%	10.4%	15.9%	27.9%	47.8%	39.2%	62.6%	64.5%	52.0%	65.3%	61.1%	59.5%	53.3%	65.0%	66.2%
Net margin	-24.5%	-12.6%	3.8%	-38.8%	-397.5%	-65.9%	-1279.6%	-37.8%	-49.7%	-49.6%	-12.3%	-44.8%	-43.4%	-261.5%	-63.1%	-241.1%	-26.4%	-53.1%	-8.8%	-17.1%	22.5%	-8.8%	-0.2%	-9.3%	-1.5%	-5.8%	12.7%	9.6%	1.8%	4.8%	26.5%	43.4%	36.7%	59.5%	64.7%	51.3%	64.3%	57.1%	57.6%	48.4%	58.8%	61.4%

Returns & leverage

Quarterly · %

ROE 68.4% ROA 44.4% Debt ratio 33.8%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q4	2010Q4	2011Q4	2012Q2	2012Q4	2013Q2	2013Q4	2014Q2	2014Q4	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
ROE	—	—	—	-14.7%	-8.5%	-12.4%	-73.7%	-69.8%	-78.3%	-81.5%	-27.5%	-23.9%	-17.6%	-33.5%	-36.6%	-59.3%	-60.6%	-41.4%	-41.6%	-15.2%	-11.2%	-13.0%	-2.7%	-0.0%	-25.5%	-13.9%	2.3%	18.6%	13.9%	16.9%	21.8%	36.4%	53.2%	82.5%	120.6%	128.7%	137.7%	128.6%	97.4%	85.6%	76.3%	68.4%
ROA	—	—	—	—	-6.7%	-8.9%	-51.5%	-54.1%	-51.8%	-53.7%	—	-12.9%	—	—	-19.4%	-28.0%	-29.0%	-16.7%	-14.8%	—	-2.9%	-3.2%	-0.6%	-0.0%	—	-1.7%	0.3%	2.6%	2.4%	3.4%	5.0%	10.6%	17.8%	25.9%	50.2%	62.3%	72.6%	68.3%	—	49.4%	44.8%	44.4%
Debt ratio	—	32.0%	28.4%	—	24.7%	23.7%	33.1%	32.6%	31.4%	31.3%	—	26.3%	—	—	35.9%	38.8%	42.6%	44.0%	49.3%	—	67.2%	66.3%	64.5%	82.8%	—	77.8%	76.3%	74.6%	71.6%	68.0%	65.4%	59.7%	55.0%	65.3%	53.6%	48.8%	44.9%	37.2%	—	38.6%	39.1%	33.8%

EPS

Quarterly · US$

EPS US$10.12

Show table：EPS

Item	2009Q4	2010Q4	2011Q4	2012Q2	2012Q4	2013Q2	2013Q4	2014Q2	2014Q4	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
EPS（US$）	-0.51	-0.21	0.04	—	-0.34	—	-2.28	—	-0.35	—	—	-2.45	—	—	—	—	—	—	—	—	—	—	—	—	—	-1.21	0.32	0.20	0.00	0.06	0.53	1.11	1.18	3.24	8.36	6.42	8.25	8.27	8.71	7.49	9.60	10.12

Revenue & profit

Year-to-date · In mn (USD)

Revenue 93.9 mn Net income 43.0 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 700 mn Total liabilities 237 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 52.6 mn Investing -74.1 mn Financing 46.6 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Operating margin 48.7% Net margin 45.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 68.4% ROA 44.4% Debt ratio 33.8%

EPS

Year-to-date · US$

EPS US$6.06

Revenue & profit

Annual · In mn (USD)

Revenue 93.9 mn Net income 43.0 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2016	2019	2020	2021
Revenue	28.4	40.0	53.3	93.9
Operating income	-21.6	1.98	9.29	45.7
Net income	-44.2	-1.68	4.04	43.0

Balance sheet

Annual · In mn (USD)

Total assets 221 mn Total liabilities 145 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2016	2019	2020	2021
Current assets	10.4	6.30	9.69	32.9
Total assets	144	127	111	221
Current liabilities	11.2	24.9	28.6	37.1
Total liabilities	55.8	98.8	75.2	145
Equity	54.1	20.4	27.3	76.9

Cash flow

Annual · In mn (USD)

Operating 52.6 mn Investing -74.1 mn Financing 46.6 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2016	2019	2020	2021
Operating	-0.83	3.24	2.41	52.6
Investing	-18.8	—	16.3	-74.1
Financing	14.1	45.2	-18.3	46.6
Cash at period end	3.21	0.99	3.56	26.5

Profitability

Annual · %

Operating margin 48.7% Net margin 45.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2016	2019	2020	2021
Operating margin	-76.1%	4.9%	17.4%	48.7%
Net margin	-155.6%	-4.2%	7.6%	45.8%

Returns & leverage

Annual · %

ROE 82.5% ROA 25.9% Debt ratio 65.3%

Show table：Returns & leverage

Item	2016	2019	2020	2021
ROE	-81.7%	-4.5%	16.9%	82.5%
ROA	-30.8%	-1.2%	3.4%	25.9%
Debt ratio	38.8%	77.8%	68.0%	65.3%

EPS

Annual · US$

EPS US$6.06

Show table：EPS

Item	2016	2019	2020	2021
EPS（US$）	—	—	0.58	6.06

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	20-F
2025	Open full text →
2024	Open full text →
2023	Open full text →

20-F: annual report of a foreign private issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read EUROSEAS LTD. (ESEA) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
Back to US annual reports, or see the supply-chain maps.