International Seaways, Inc. (INSW) Income Statement
INSW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsINSW revenue and net income
Where INSW's revenue goes
2025Each bar shows an amount and its share of revenue. INSW kept 36.7% of revenue as net income.
INSW profit margins
INSW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −11.4% | −0.8% | +14.9% | +5.4% |
| Gross profit | −25.4% | −8.8% | +16.1% | +5.3% |
| Operating income | −32.7% | −11.6% | +47.4% | +3.3% |
| Net income | −25.8% | −7.3% | — | +6.0% |
| EPS (diluted) | −30.2% | −10.9% | +4.7% | −0.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
INSW quarterly EPS vs estimates
International Seaways beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 5, 2026 (estimate $4.08).
INSW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $843.3M | $951.6M | $1.07B | $864.7M | $272.5M | $421.6M | $366.2M | $270.4M | $290.1M | $398.3M |
| Cost of revenue | $486.7M | $473.4M | $444.2M | $394.1M | $310.4M | $252.5M | $282.6M | $279.6M | $276.9M | $272.5M |
| Gross profit | $356.6M | $478.2M | $627.5M | $470.5M | −$37.8M | $169.2M | $83.5M | −$9.2M | $13.2M | $125.8M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $50.2M | $52.6M | $47.5M | $46.4M | $33.2M | $29.0M | $26.8M | $24.3M | $25.3M | $40.7M |
| Total operating expenses | $50.2M | $22.9M | $12.1M | $27.1M | $52.5M | $125.2M | $17.2M | $24.3M | $25.3M | $40.7M |
| Operating income | $306.4M | $455.2M | $615.4M | $443.4M | −$90.3M | $44.0M | $66.4M | −$25.1M | −$59.3M | $22.8M |
| Interest income | $7.6M | $9.9M | $14.0M | $3.7M | $104,000 | $558,000 | $2.8M | $1.3M | $676,000 | $23.4M |
| Interest expense | $42.7M | $49.7M | $65.8M | $57.7M | $36.8M | $36.7M | $66.3M | $60.2M | $41.2M | $40.4M |
| Income before taxes | $308.9M | $415.6M | $560.3M | $388.0M | −$133.0M | −$5.5M | −$829,000 | −$89.0M | −$106.0M | −$17.8M |
| Income taxes | −$411,000 | −$1.1M | $3.9M | $88,000 | $1.6M | $1,000 | $1,000 | −$105,000 | $44,000 | $440,000 |
| Net income | $309.3M | $416.7M | $556.4M | $387.9M | −$133.5M | −$5.5M | −$830,000 | −$88.9M | −$106.1M | −$18.2M |
| EBITDA | $515.1M | $614.8M | $755.1M | $556.1M | −$9.6M | $105.5M | $141.1M | $43.1M | $13.9M | $101.1M |
| EPS (diluted) | $5.42 | $7.76 | $10.61 | $7.66 | −$2.30 | $4.30 | $0.77 | −$2.21 | −$0.11 | −$0.76 |
| Gross margin | 42.3% | 50.2% | 58.6% | 54.4% | −13.9% | 40.1% | 22.8% | −3.4% | 4.6% | 31.6% |
| Operating margin | 36.3% | 47.8% | 57.4% | 51.3% | −33.1% | 10.4% | 18.1% | −9.3% | −20.4% | 5.7% |
| Net margin | 36.7% | 43.8% | 51.9% | 44.9% | −49.0% | −1.3% | −0.2% | −32.9% | −36.6% | −4.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $469.7M | $325.5M | $267.9M | $196.4M | $195.6M | $183.4M | $194.6M | $225.2M | $257.4M | $274.4M | $250.7M | $241.7M |
| Cost of revenue | $111.9M | $117.5M | $122.5M | $76.9M | $125.2M | $120.9M | $125.6M | $85.0M | $116.9M | $107.7M | $116.3M | $115.0M |
| Gross profit | $357.8M | $207.9M | $145.4M | $119.5M | $70.4M | $62.5M | $69.0M | $140.2M | $140.5M | $166.7M | $134.4M | $126.7M |
| Sales, general & admin | $16.6M | $9.3M | $13.3M | $11.8M | $12.2M | $13.2M | $15.1M | $13.4M | $12.0M | $12.1M | $12.4M | $12.3M |
| Total operating expenses | $56.5M | $9.4M | $13.0M | $11.8M | $12.2M | $3.3M | $24.0M | $39.2M | −$14.2M | $12.3M | −$12.9M | $12.5M |
| Operating income | $301.3M | $198.5M | $132.3M | $107.7M | $58.3M | $59.2M | $45.0M | $101.0M | $154.8M | $154.4M | $147.3M | $114.2M |
| Interest income | $400,000 | $475,000 | $5.1M | $907,000 | $1.0M | $596,000 | $3.4M | $1.9M | $2.2M | $2.4M | $5.4M | $6.5M |
| Interest expense | $10.6M | $295.1M | $9.4M | $80.2M | $10.8M | $12.0M | $5.4M | $14.4M | $14.6M | $15.3M | $11.4M | $19.7M |
| Income before taxes | $294.9M | $286.1M | $127.1M | $70.5M | $61.6M | $49.6M | $34.7M | $91.7M | $144.7M | $144.5M | $135.6M | $98.0M |
| Income taxes | −$1,000 | — | −$411,000 | — | — | — | −$1.1M | −$1,000 | — | $34.1M | $3.4M | $52,000 |
| Net income | $294.9M | $286.1M | $127.5M | $70.5M | $61.6M | $49.6M | $35.8M | $91.7M | $144.7M | $144.5M | $132.1M | $97.9M |
| EBITDA | $345.2M | $621.8M | $177.8M | $191.9M | $112.6M | $101.3M | $79.6M | $145.4M | $195.8M | $194.0M | $175.3M | $151.0M |
| EPS (diluted) | $5.91 | $3.90 | $2.45 | $1.15 | $1.02 | $0.80 | $0.90 | $1.57 | $2.37 | $2.92 | $2.18 | $2.04 |
| Gross margin | 76.2% | 63.9% | 54.3% | 60.9% | 36.0% | 34.1% | 35.5% | 62.3% | 54.6% | 60.8% | 53.6% | 52.4% |
| Operating margin | 64.2% | 61.0% | 49.4% | 54.8% | 29.8% | 32.3% | 23.1% | 44.8% | 60.1% | 56.3% | 58.7% | 47.2% |
| Net margin | 62.8% | 87.9% | 47.6% | 35.9% | 31.5% | 27.0% | 18.4% | 40.7% | 56.2% | 52.7% | 52.7% | 40.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in INSW's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
INSW financial results
In fiscal year 2025 (ended December 31, 2025), International Seaways reported revenue of $843.3 million, down 11.4% from the year before. It had net income of $309.3 million (down 25.8%), a net profit margin of 36.7%. Diluted earnings per share came to $5.42. Over five years revenue grew at an average rate of 14.9% a year.
See the INSW stock overview for the latest quote and news, or the INSW chart for price history and technical indicators.
INSW income statement FAQ
What is International Seaways's annual revenue?
International Seaways reported total revenue of $843.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 11.4% from $951.6 million the previous year.
Is International Seaways profitable?
Yes. International Seaways reported net income of $309.3 million in fiscal 2025, a net profit margin of 36.7%; its operating margin was 36.3%.
What is International Seaways's gross margin?
International Seaways's gross margin was 42.3% in fiscal 2025: for every $100 of revenue, International Seaways kept $42 after the direct cost of its products and services.
How fast is International Seaways growing?
Revenue grew 14.9% a year on average over the last five fiscal years, from $421.6 million to $843.3 million.
What are International Seaways's earnings per share?
International Seaways earned $5.42 per diluted share in fiscal 2025, compared with $7.76 a year earlier.
When will International Seaways report its next earnings?
International Seaways is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does International Seaways's fiscal year end?
International Seaways's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.