International Seaways (INSW) Q1 FY2026 earnings: revenue $325 million, up 77.5% on the year

International Seaways, Inc. (INSW) reported revenue of $325 million for Q1 FY2026, the quarter ended 31 March 2026, up 77.5% on the same quarter a year earlier. Net income was $286 million, up 477.3% on the year, and diluted earnings per share $5.75. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2026.

Revenue$325 millionup 77.5%

Net income$286 millionup 477.3%

Diluted EPS$5.75

QuarterQ1 FY2026ended 31 March 2026

The quarter, against the one before and a year earlier

Line	Q1 FY2026	Q4 FY2025	Q1 FY2025	Change on the year
Revenue	325	268	183	+77.5%
Operating income	289	138	59.2	+387.7%
Operating margin	88.7%	51.6%	32.3%
Interest expense	9.0	11.9	11.5	-21.8%
Net income	286	128	49.6	+477.3%
Net margin	87.9%	47.6%	27.0%
Diluted EPS	$5.75	$2.56	$1.00	+475.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2026	Q4 FY2025	Q1 FY2025	Change on the year
Operating cash flow	141	146	69.9	+101.7%
Capital expenditure	70.7	152	83.0	-14.8%
Free cash flow	70.4	-5.9	-13.0	n/a
Free cash flow margin	21.6%	-2.2%	-7.1%
Cash from investing	-37.6	-167	36.9	n/a
Cash from financing	-78.5	-275	-132	n/a
Depreciation and amortisation	40.6	41.4	39.7	+2.2%
Share-based compensation	1.5	2.9	1.9	-24.9%
Dividends paid	106	42.5	34.5	+208.6%
Diluted shares, weighted	50m	50m	50m	+0.4%
Shares outstanding at period end	50m	49m	49m	+0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2026	Q4 FY2025	Q1 FY2025	Change on the year
Shareholders' equity	2,194	2,020	1,869	+17.4%
Debt	602	567	595	+1.2%
Operating lease liabilities	5.8	6.0	6.9	-16.6%
Other liabilities	69.2	75.3	71.7	-3.5%
Total liabilities and equity	2,871	2,669	2,542	+12.9%
Fixed assets	1,987	2,078	2,003	-0.8%
Goodwill	7.4	0.0	n/a	n/a
Investments	235	50.0	0.0	n/a
Cash and equivalents	142	117	133	+6.8%
Receivables	242	178	160	+51.2%
Inventory	5.4	0.6	0.6	+843.6%
Other assets	252	245	246	+2.6%
Total assets	2,871	2,669	2,542	+12.9%

Questions

What was International Seaways' revenue in Q1 FY2026?

International Seaways (INSW) reported revenue of $325 million for Q1 FY2026, the quarter ended 31 March 2026, up 77.5% on the same quarter a year earlier.

How much did International Seaways earn in Q1 FY2026?

Net income for Q1 FY2026 was $286 million, up 477.3% on the year, and diluted earnings per share $5.75.

When did International Seaways report Q1 FY2026 results?

International Seaways filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 7 May 2026.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	242	251	274	257	225	195	183	196	196	268	325	467
Operating income	114	147	154	155	101	45.0	59.2	69.4	78.7	138	289	301
Operating margin	47%	59%	56%	60%	45%	23%	32%	35%	40%	52%	89%	64%
Interest expense	16.8	14.1	12.9	12.4	12.5	11.9	11.5	9.8	9.6	11.9	9.0	10.6
Pre-tax income	98.0	136	144	145	91.7	34.7	n/a	61.6	70.5	n/a	n/a	295
Tax rate	0%	3%	0%	0%	-0%	-3%	n/a	0%	n/a	n/a	n/a	-0%
Net income	97.9	132	144	145	91.7	35.8	49.6	61.6	70.5	128	286	295
Net margin	41%	53%	53%	56%	41%	18%	27%	32%	36%	48%	88%	63%
Diluted EPS	$1.99	$2.68	$2.92	$2.91	$1.84	$0.72	$1.00	$1.25	$1.42	$2.56	$5.75	$5.91
Operating cash flow	148	125	156	168	129	93.6	69.9	85.8	78.3	146	141	268
Capital expenditure	4.2	12.9	26.4	176	13.7	62.2	83.0	17.9	87.7	152	70.7	52.2
Free cash flow	144	113	130	-8.5	115	31.4	-13.0	67.9	-9.3	-5.9	70.4	215
Buybacks	0.0	n/a	n/a	n/a	25.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	69.4	61.2	86.9	86.9	73.8	59.0	34.5	29.6	38.0	42.5	106	225
Shares outstanding	49m	49m	49m	50m	49m	49m	49m	49m	49m	49m	50m	50m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2026, filed 7 May 2026, accession 0001104659-26-056721: the filing on EDGAR. All of International Seaways, Inc.'s filings: EDGAR company page.

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