Top Ships Inc. (TOPS) Income Statement
TOPS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTOPS revenue and net income
Where TOPS's revenue goes
2025Each bar shows an amount and its share of revenue. TOPS kept 3.8% of revenue as net income.
TOPS profit margins
TOPS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.6% | −0.1% | +6.0% | +19.9% |
| Gross profit | −1.9% | +0.6% | +8.2% | +46.5% |
| Operating income | −5.8% | −6.9% | +18.9% | — |
| Net income | −38.7% | −45.4% | — | — |
| EPS (diluted) | −38.5% | −77.4% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TOPS quarterly EPS vs estimates
Top Ships beat the analyst EPS estimate in 4 of the last 4 quarters.
TOPS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.4M | $86.1M | $82.9M | $80.7M | $56.4M | $60.2M | $66.1M | $41.0M | $39.4M | $28.4M |
| Cost of revenue | $43.5M | $48.5M | $34.5M | $44.4M | $35.9M | $35.4M | $37.4M | $29.4M | $28.1M | $22.0M |
| Gross profit | $36.9M | $37.7M | $48.5M | $36.3M | $20.5M | $24.9M | $28.7M | $11.6M | $11.2M | $6.4M |
| Sales, general & admin | $7.6M | $7.5M | $19.7M | $1.6M | $1.9M | $9.5M | $12.4M | $15.5M | $5.8M | $2.9M |
| Total operating expenses | $10.7M | $9.8M | $19.7M | $3.7M | $4.5M | $14.3M | $12.4M | $15.5M | $9.6M | $1.6M |
| Operating income | $26.3M | $27.9M | $28.7M | $32.6M | $16.0M | $11.1M | $16.9M | −$3.9M | $1.6M | $4.8M |
| Interest income | $385,000 | $467,000 | $346,000 | $48,000 | $0 | $34,000 | $133,000 | $130,000 | $13,000 | $0 |
| Interest expense | $16.0M | $21.9M | $23.0M | $14.4M | $8.2M | $20.7M | $17.8M | $9.7M | $15.8M | $3.1M |
| Income before taxes | $3.1M | $5.0M | $6.1M | $18.9M | $8.6M | −$22.8M | −$14.8M | −$11.4M | −$13.3M | $1.1M |
| Income taxes | — | — | $1 | −$21.9M | −$7.9M | $21.4M | $18.6M | $1.9M | $11.1M | −$500,000 |
| Net income | $3.1M | $5.0M | $6.1M | $18.9M | $8.6M | −$22.8M | −$14.8M | −$11.1M | −$13.4M | $1.1M |
| EBITDA | $41.1M | $50.0M | $42.1M | $44.0M | $23.6M | $11.1M | $15.5M | $5.0M | $7.0M | $7.5M |
| EPS (diluted) | $0.67 | $1.09 | $3.37 | $57.79 | $2.35 | −$28.60 | −$203.34 | −$161.54 | −$10621.10 | −$267717.34 |
| Gross margin | 45.9% | 43.7% | 58.4% | 44.9% | 36.4% | 41.3% | 43.4% | 28.3% | 28.5% | 22.7% |
| Operating margin | 32.7% | 32.4% | 34.6% | 40.4% | 28.3% | 18.4% | 25.5% | −9.5% | 4.1% | 17.1% |
| Net margin | 3.8% | 5.8% | 7.3% | 23.5% | 15.3% | −37.9% | −22.4% | −27.1% | −34.0% | 3.7% |
| Jun '26 | Mar '26 | Sep '25 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.5M | $36.6M | $43.8M | $41.8M | $20.9M | $41.1M | $41.8M | $20.9M | $20.9M | $19.4M | $19.4M | $15.5M |
| Cost of revenue | $12.3M | $15.2M | $18.0M | $16.9M | $7.4M | $17.6M | $16.9M | $7.5M | $7.5M | $8.0M | $8.0M | $7.0M |
| Gross profit | $13.2M | $21.4M | $25.8M | $24.9M | $13.5M | $23.5M | $24.9M | $13.4M | $13.4M | $11.4M | $11.4M | $8.6M |
| Sales, general & admin | — | — | — | $12.5M | $3.5M | $7.3M | $7.5M | $994,500 | $994,500 | $860,500 | $860,500 | $957,500 |
| Total operating expenses | $1.6M | $13.4M | $7.6M | $12.5M | $9.1M | $7.3M | $7.5M | $4.6M | $4.6M | $3.7M | $3.7M | $3.0M |
| Operating income | $11.6M | $8.0M | $18.2M | $12.5M | $6.2M | $16.3M | $17.5M | $8.7M | $8.7M | $7.5M | $7.5M | $5.3M |
| Interest expense | $5.7M | $13.4M | $10.0M | $12.5M | — | $10.5M | $7.4M | $7.4M | — | $6.9M | — | $4.2M |
| Income before taxes | $6.5M | −$4.5M | $7.6M | −$1.5M | $146,000 | $7.5M | $10.1M | $5.2M | $5.2M | $4.3M | $4.3M | $3.5M |
| Income taxes | — | — | — | −$1.7M | $12.5M | $1.7M | −$39.9M | $3.2M | $3.2M | $10.9M | $10.9M | $1.2M |
| Net income | $6.5M | −$4.5M | $7.6M | $292,000 | −$12.3M | $5.8M | $10.3M | $2.0M | $2.0M | −$6.6M | −$6.6M | $2.3M |
| EBITDA | $17.0M | $23.1M | $25.1M | $18.6M | $9.8M | $23.4M | $24.7M | $15.9M | $12.3M | $13.6M | $10.6M | $9.6M |
| EPS (diluted) | — | — | $1.63 | — | — | — | $1.00 | — | $0.00 | −$6.15 | $0.00 | $2.32 |
| Gross margin | 51.8% | 58.5% | 59.0% | 59.6% | 64.4% | 57.2% | 59.6% | 64.3% | 64.3% | 58.9% | 58.9% | 55.1% |
| Operating margin | 45.6% | 22.0% | 41.6% | 29.8% | 29.8% | 39.6% | 41.8% | 41.8% | 41.8% | 38.8% | 38.8% | 34.0% |
| Net margin | 25.5% | −12.2% | 17.3% | 0.7% | −59.0% | 14.0% | 24.7% | 9.4% | 9.4% | −33.8% | −33.8% | 14.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TOPS's financial statements (latest annual report filed April 1, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TOPS financial results
In fiscal year 2025 (ended December 31, 2025), Top Ships reported revenue of $80.4 million, down 6.6% from the year before. It had net income of $3.1 million (down 38.7%), a net profit margin of 3.8%. Diluted earnings per share came to $0.67. Over five years revenue grew at an average rate of 6.0% a year.
See the TOPS stock overview for the latest quote and news, or the TOPS chart for price history and technical indicators.
TOPS income statement FAQ
What is Top Ships's annual revenue?
Top Ships reported total revenue of $80.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 6.6% from $86.1 million the previous year.
Is Top Ships profitable?
Yes. Top Ships reported net income of $3.1 million in fiscal 2025, a net profit margin of 3.8%; its operating margin was 32.7%.
What is Top Ships's gross margin?
Top Ships's gross margin was 45.9% in fiscal 2025: for every $100 of revenue, Top Ships kept $46 after the direct cost of its products and services.
How fast is Top Ships growing?
Revenue grew 6.0% a year on average over the last five fiscal years, from $60.2 million to $80.4 million.
What are Top Ships's earnings per share?
Top Ships earned $0.67 per diluted share in fiscal 2025, compared with $1.09 a year earlier.
When does Top Ships's fiscal year end?
Top Ships's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 1, 2026.