International Seaways (INSW) Q2 FY2026 earnings: revenue $467 million, up 138.8% on the year

International Seaways, Inc. (INSW) reported revenue of $467 million for Q2 FY2026, the quarter ended 30 June 2026, up 138.8% on the same quarter a year earlier. Net income was $295 million, up 378.4% on the year, and diluted earnings per share $5.91. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$467 millionup 138.8%

Net income$295 millionup 378.4%

Diluted EPS$5.91

QuarterQ2 FY2026ended 30 June 2026

What management said

Guidance figures: 3 raised, 1 lowered, 1 new, 2 kept.

Net income reached record $295 million: Q2 2026 net income of $295M increased 376% from $62M in Q2 2025, with diluted EPS of $5.91 versus $1.25. Adjusted net income also set record at $295M versus $50M prior year.
Adjusted EBITDA surged to $345 million: Adjusted EBITDA for Q2 2026 reached $345M, more than tripling the $102M in Q2 2025, demonstrating strong operational cash generation and earnings quality across fleet.
Free cash flow exceeded record by $100 million: Quarterly free cash flow of $261M exceeded prior company record by nearly $100M. Six-month free cash flow reached $394M, enabling record shareholder returns and growth investments.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	467	325	196	+138.8%
Operating income	301	289	69.4	+334.4%
Operating margin	64.5%	88.7%	35.5%
Interest expense	10.6	9.0	9.8	+8.2%
Pre-tax income	295	n/a	61.6	+378.4%
Income tax	-0.0	n/a	0.0	n/a
Effective tax rate	-0.0%	n/a	0.0%
Net income	295	286	61.6	+378.4%
Net margin	63.1%	87.9%	31.5%
Diluted EPS	$5.91	$5.75	$1.25	+372.8%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	268	141	85.8	+212.1%
Capital expenditure	52.2	70.7	17.9	+191.6%
Free cash flow	215	70.4	67.9	+217.4%
Free cash flow margin	46.1%	21.6%	34.7%
Cash from investing	-67.7	-37.6	9.6	n/a
Cash from financing	-182	-78.5	-79.3	n/a
Depreciation and amortisation	39.7	40.6	41.3	-4.0%
Share-based compensation	1.6	1.5	1.8	-15.1%
Dividends paid	225	106	29.6	+660.7%
Diluted shares, weighted	50m	50m	49m	+0.8%
Shares outstanding at period end	50m	50m	49m	+0.3%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	2,265	2,194	1,900	+19.2%
Debt	646	602	547	+18.0%
Operating lease liabilities	5.8	5.8	6.6	-11.9%
Other liabilities	102	69.2	69.6	+46.8%
Total liabilities and equity	3,019	2,871	2,523	+19.6%
Fixed assets	2,024	1,987	1,962	+3.2%
Goodwill	7.4	7.4	n/a	n/a
Investments	250	235	0.0	n/a
Cash and equivalents	159	142	149	+7.1%
Receivables	307	242	150	+104.2%
Inventory	24.9	5.4	0.5	+4673.0%
Other assets	246	252	262	-6.0%
Total assets	3,019	2,871	2,523	+19.6%

Questions

What was International Seaways' revenue in Q2 FY2026?

International Seaways (INSW) reported revenue of $467 million for Q2 FY2026, the quarter ended 30 June 2026, up 138.8% on the same quarter a year earlier.

How much did International Seaways earn in Q2 FY2026?

Net income for Q2 FY2026 was $295 million, up 378.4% on the year, and diluted earnings per share $5.91.

When did International Seaways report Q2 FY2026 results?

International Seaways filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 August 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 30 June 2026, filed 10 August 2026, accession 0001104659-26-093061: the filing on EDGAR. All of International Seaways, Inc.'s filings: EDGAR company page.

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