Nordic American Tankers Limited (NAT) Income Statement
NAT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNAT revenue and net income
Where NAT's revenue goes
2025Each bar shows an amount and its share of revenue. NAT kept 4.2% of revenue as net income.
NAT profit margins
NAT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −16.4% | −4.8% | −3.8% | −4.1% |
| Gross profit | −45.5% | +1.7% | −10.1% | −8.3% |
| Operating income | −62.5% | −7.1% | −18.6% | −13.8% |
| Net income | −73.7% | −6.7% | −24.5% | −20.0% |
| EPS (diluted) | −104.5% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NAT quarterly EPS vs estimates
Nordic American Tankers beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 27, 2026 (estimate $0.10).
NAT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $292.4M | $349.7M | $391.7M | $339.3M | $195.8M | $354.6M | $317.2M | $289.0M | $297.1M | $357.5M |
| Cost of revenue | $234.6M | $243.6M | $240.9M | $284.4M | $264.3M | $255.8M | $271.8M | $306.1M | $330.8M | $297.1M |
| Gross profit | $57.9M | $106.1M | $150.8M | $55.0M | −$68.5M | $98.8M | $45.5M | −$17.1M | −$33.7M | $60.3M |
| Sales, general & admin | $28.9M | $28.8M | $22.9M | $18.8M | $15.6M | $17.6M | $13.5M | $12.7M | $12.6M | $12.3M |
| Total operating expenses | $28.9M | $28.8M | $22.9M | $18.8M | $15.6M | $17.6M | $13.5M | $12.7M | $12.6M | $12.3M |
| Operating income | $29.0M | $77.3M | $127.9M | $36.2M | −$84.2M | $81.2M | $32.0M | −$29.8M | −$46.2M | $48.0M |
| Interest income | $34.1M | $731,000 | $1.1M | $27.1M | $26.4M | $96,000 | $38.1M | $34.2M | $19.3M | $11.0M |
| Interest expense | $35.8M | $30.7M | $30.5M | $27.1M | $26.4M | $31.4M | $42.5M | $49.3M | $21.1M | $11.3M |
| Income before taxes | $12.3M | $46.6M | $98.8M | $15.1M | −$119.4M | $50.0M | −$10.3M | −$95.2M | −$204.9M | −$4.4M |
| Income taxes | — | −$10,000 | $120,000 | $23,000 | $59,000 | $64,000 | $71,000 | $79,000 | $83,000 | $102,000 |
| Net income | $12.3M | $46.6M | $98.7M | $15.1M | −$119.4M | $50.0M | −$10.4M | −$95.3M | −$205.0M | −$4.5M |
| EBITDA | $105.8M | $133.5M | $180.7M | $92.6M | −$24.7M | $149.3M | $96.2M | $22.4M | −$74.7M | $144.4M |
| EPS (diluted) | −$0.01 | $0.22 | $0.47 | $0.04 | −$0.68 | $0.34 | −$0.08 | −$0.51 | −$0.73 | $0.38 |
| Gross margin | 19.8% | 30.3% | 38.5% | 16.2% | −35.0% | 27.9% | 14.3% | −5.9% | −11.3% | 16.9% |
| Operating margin | 9.9% | 22.1% | 32.7% | 10.7% | −43.0% | 22.9% | 10.1% | −10.3% | −15.6% | 13.4% |
| Net margin | 4.2% | 13.3% | 25.2% | 4.5% | −61.0% | 14.1% | −3.3% | −33.0% | −69.0% | −1.2% |
| 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 | $104.7M | $106.5M | $85.9M | $75.0M | $66.7M | $64.8M | $74.4M | $82.2M | $97.8M | $95.3M | $59.3M | $78.5M |
| Cost of revenue | $54.0M | $58.8M | $56.9M | $61.2M | $59.9M | $56.6M | $56.6M | $60.2M | $62.5M | $64.4M | $28.8M | $57.7M |
| Gross profit | $50.7M | $47.6M | $29.0M | $13.8M | $6.8M | $8.2M | $17.8M | $22.1M | $35.4M | $30.9M | $30.5M | $20.8M |
| Sales, general & admin | $9.6M | $9.3M | $8.6M | $7.0M | $6.4M | $6.8M | $9.1M | $5.8M | $6.1M | $7.9M | $5.9M | $6.3M |
| Total operating expenses | $9.6M | $9.3M | $8.6M | $7.0M | $6.4M | $6.8M | $9.1M | $5.8M | $6.1M | $7.9M | $5.9M | $6.3M |
| Operating income | $41.2M | $38.4M | $20.4M | $6.8M | $434,000 | $1.3M | $8.8M | $16.2M | $29.3M | $23.1M | $24.6M | $14.5M |
| Interest income | $167,000 | $427,000 | $9.0M | $396,000 | $400,000 | $489,000 | $131,000 | $173,000 | $240,000 | $187,000 | $42,000 | $604,000 |
| Interest expense | $7.9M | $8.6M | $9.3M | $9.8M | $9.2M | $7.4M | $7.1M | $7.7M | $7.9M | $8.1M | $7.2M | $7.6M |
| Income before taxes | $68.3M | $46.3M | $11.7M | −$2.8M | −$852,000 | $4.2M | $1.3M | $8.7M | $21.6M | $15.1M | $17.5M | $7.5M |
| Income taxes | — | — | — | — | — | — | −$10,000 | — | — | $1,000 | — | $614,586 |
| Net income | $68.3M | $46.3M | $11.7M | −$2.8M | −$852,000 | $4.2M | $1.3M | $8.7M | $21.6M | $15.1M | $17.5M | $7.5M |
| EBITDA | $54.0M | $68.9M | $34.6M | $22.4M | $23.4M | $24.9M | $22.3M | $30.6M | $43.4M | $37.2M | $37.9M | $27.7M |
| EPS (diluted) | $0.24 | $0.17 | $0.06 | −$0.01 | −$0.04 | −$0.02 | $0.01 | $0.04 | $0.10 | $0.07 | $0.08 | $0.04 |
| Gross margin | 48.5% | 44.7% | 33.8% | 18.4% | 10.2% | 12.7% | 23.9% | 26.8% | 36.1% | 32.4% | 51.4% | 26.5% |
| Operating margin | 39.3% | 36.0% | 23.8% | 9.0% | 0.7% | 2.1% | 11.8% | 19.7% | 29.9% | 24.2% | 41.5% | 18.4% |
| Net margin | 65.3% | 43.5% | 13.6% | −3.7% | −1.3% | 6.6% | 1.7% | 10.6% | 22.1% | 15.8% | 29.5% | 9.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NAT's financial statements (latest annual report filed April 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NAT financial results
In fiscal year 2025 (ended December 31, 2025), Nordic American Tankers reported revenue of $292.4 million, down 16.4% from the year before. It had net income of $12.3 million (down 73.7%), a net profit margin of 4.2%. Diluted earnings per share came to −$0.01. Over five years revenue grew at an average rate of −3.8% a year.
See the NAT stock overview for the latest quote and news, or the NAT chart for price history and technical indicators.
NAT income statement FAQ
What is Nordic American Tankers's annual revenue?
Nordic American Tankers reported total revenue of $292.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 16.4% from $349.7 million the previous year.
Is Nordic American Tankers profitable?
Yes. Nordic American Tankers reported net income of $12.3 million in fiscal 2025, a net profit margin of 4.2%; its operating margin was 9.9%.
What is Nordic American Tankers's gross margin?
Nordic American Tankers's gross margin was 19.8% in fiscal 2025: for every $100 of revenue, Nordic American Tankers kept $20 after the direct cost of its products and services.
How fast is Nordic American Tankers growing?
Revenue grew −3.8% a year on average over the last five fiscal years, from $354.6 million to $292.4 million.
What are Nordic American Tankers's earnings per share?
Nordic American Tankers earned $-0.01 per diluted share in fiscal 2025, compared with $0.22 a year earlier.
When will Nordic American Tankers report its next earnings?
Nordic American Tankers is expected to report results for the quarter ending September 30, 2026 on November 27, 2026 after the market closes.
When does Nordic American Tankers's fiscal year end?
Nordic American Tankers's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 29, 2026.