ONE Q2 2026: More Cargo, Higher Rates, Lower Profit

So why did ONE triple its full-year profit forecast?

ONE moved more cargo between April and June.

It also earned more per container.

Revenue rose 12% to $4.54bn. (Both q-o-q and y-o-y.)

But net profit fell to just $31m. (Q1: $55m)

Then ONE raised its full-year profit forecast from $300m to $900m.

The result looks contradictory.

It is not.

Costs rose early.

Freight rates improved later.

And one quarter now carries most of the year’s profit forecast.

*ONE calls this Q1 FY2026; we use calendar Q2 2026.

Here are the five signals that matter.

• 1️⃣ The market improved

• 2️⃣ Costs erased the benefit

• 3️⃣ The recovery came late

• 4️⃣ Disruption helped and hurt

• 5️⃣ The next quarter carries the forecast

💡 Plus: what the CMA CGM comparison reveals about ONE’s profitability.

Let’s dive in…

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1️⃣ The market improved

ONE carried 3.26m TEU. (Q1: 3.19m)

Its freight rate reached $1,300 per TEU. (Q1: $1,154)

Both were higher than in the previous quarter.

Revenue rose 12% to $4.54bn. (Q1: $4,04bn)

But EBITDA remained almost flat.

💡 The market improved. Earnings barely moved.

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2️⃣ Costs erased the benefit