International Seaways (INSW) FY2025 results: revenue $843 million, down 11.4% on the year
International Seaways, Inc. (INSW) reported revenue of $843 million for fiscal 2025, the year ended 31 December 2025, down 11.4% on the year before. Net income was $309 million, down 25.8%, and diluted earnings per share $6.23. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$843 million
-11.4% on the year
FY2018FY2025
Operating margin
41.0%
47.8% a year earlier
FY2018FY2025
Net income
$309 million
-25.8% on the year
FY2018FY2025
Diluted EPS
$6.23
-25.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new, 2 kept.
Net income rose on spot earnings: Net income rose from $36 million to $128 million, primarily from higher TCE revenues from spot earnings across the fleet.
Adjusted EBITDA rose to $175 million: Adjusted EBITDA was $175 million for the quarter, against $95 million a year earlier. Full-year adjusted EBITDA was $475 million.
Crude spot rates and profit sharing rose: Crude weighted average spot rates rose by over $26,000 per day, and incremental profit sharing on dual-fuel VLCCs added about $36,900 per day.
Oil demand growth above one million barrels: Management said oil demand growth exceeds one million barrels per day, alongside supply growth from the Americas and OPEC+.
Liquidity stood at $724 million: Total liquidity was $724 million at year end, with total cash of $167 million and $557 million of undrawn revolving credit capacity.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
380
547
688
-30.5%
Capital expenditure
340
279
205
+22.1%
Free cash flow
39.6
268
483
-85.3%
Free cash flow margin
4.7%
28.2%
45.1%
Cash from investing
-141
-155
-124
Cash from financing
-279
-361
-681
Depreciation and amortisation
164
149
129
+9.5%
Share-based compensation
8.7
9.0
8.5
-3.3%
Buybacks
n/a
25.0
13.9
Dividends paid
145
284
308
-49.2%
Dividend per share
$2.93
$5.77
$6.29
-49.2%
Diluted shares, weighted
50m
50m
49m
-0.2%
Shares outstanding at period end
49m
49m
49m
+0.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,020
1,856
1,717
+8.8%
Debt
567
688
723
-17.6%
Operating lease liabilities
6.0
8.7
11.6
-31.7%
Other liabilities
75.3
83.2
70.8
-9.5%
Total liabilities and equity
2,669
2,636
2,522
+1.2%
Fixed assets
2,078
2,050
1,914
+1.4%
Goodwill
0.0
n/a
n/a
Investments
50.0
n/a
60.0
Cash and equivalents
117
158
127
-25.8%
Receivables
178
186
247
-4.1%
Inventory
0.6
1.9
1.3
-67.4%
Other assets
245
241
172
+1.6%
Total assets
2,669
2,636
2,522
+1.2%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.