ASC's profitability is highly cyclical, with the gross margin surging to 47.8% in 2026Q2 on 61.3% revenue growth, but prior troughs saw margins compress to as low as 23.0% in 2025Q2.
Ardmore Shipping Corporation (ASC) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 374.75M | 310.2M | 405.78M | 395.98M | 445.74M | 192.48M | 220.06M | 230.04M | 210.18M | 195.94M | 164.4M | 157.88M | 67.33M | 35.87M | 25.17M | 22.38M |
| Revenue Growth % | 21.15% | -23.56% | 2.48% | -11.16% | 131.57% | -12.53% | -4.34% | 9.45% | 7.27% | 19.18% | 4.13% | 134.5% | 87.71% | 42.49% | 12.5% | - |
| Cost of Goods Sold | 222.78M | 204.09M | 249.46M | 228.87M | 250.21M | 184.44M | 176.64M | 190.93M | 133.28M | 107.01M | 67.21M | 54.29M | 21.86M | 10.91M | 8.68M | 7.47M |
| COGS % of Revenue | - | 65.79% | 61.48% | 57.8% | 56.13% | 95.82% | 80.27% | 83% | 63.41% | 54.61% | 40.88% | 34.39% | 32.47% | 30.42% | 34.5% | 33.41% |
| Gross Profit | 151.98M | 106.11M | 156.33M | 167.11M | 195.53M | 8.05M | 43.42M | 39.12M | 76.9M | 88.93M | 97.19M | 103.59M | 45.47M | 24.96M | 16.49M | 14.9M |
| Gross Margin % | 40.55% | 34.21% | 38.52% | 42.2% | 43.87% | 4.18% | 19.73% | 17% | 36.59% | 45.39% | 59.12% | 65.61% | 67.53% | 69.58% | 65.5% | 66.59% |
| Gross Profit Growth % | - | -32.13% | -6.45% | -14.54% | 2329.26% | -81.46% | 10.99% | -49.13% | -13.53% | -8.5% | -6.18% | 127.83% | 82.2% | 51.35% | 10.65% | - |
| Operating Expenses | 35.34M | 25.07M | 28.04M | 35.44M | 31.92M | 22.8M | 43.42M | 18.15M | 86.52M | 80.41M | 73.19M | 59.29M | 39.66M | 25.31M | 18.01M | 14.79M |
| OpEx % of Revenue | - | 8.08% | 6.91% | 8.95% | 7.16% | 11.85% | 19.73% | 7.89% | 41.16% | 41.04% | 44.52% | 37.55% | 58.9% | 70.56% | 71.56% | 66.08% |
| Selling, General & Admin | 24.42M | 25.07M | 28.04M | 25.24M | 24.11M | 19.2M | 17.9M | 18.15M | 15.86M | 14.6M | 14.08M | 10.75M | 8.18M | 5.67M | 2.98M | 2.6M |
| SG&A % of Revenue | - | 8.08% | 6.91% | 6.37% | 5.41% | 9.97% | 8.14% | 7.89% | 7.55% | 7.45% | 8.56% | 6.81% | 12.15% | 15.81% | 11.82% | 11.62% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 10.19M | 7.81M | 3.61M | 25.51M | 0 | -3.64M | -2.92M | -2.72M | -2.12M | -2.03M | -1.42M | -441.49K | 0 |
| Operating Income | 116.64M | 81.03M | 128.29M | 131.67M | 163.62M | -14.76M | 0 | 20.97M | -9.62M | 8.51M | 24M | 44.3M | 5.81M | -350.93K | -1.53M | 115.02K |
| Operating Margin % | 31.12% | 26.12% | 31.61% | 33.25% | 36.71% | -7.67% | - | 9.12% | -4.58% | 4.34% | 14.6% | 28.06% | 8.63% | -0.98% | -6.06% | 0.51% |
| Operating Income Growth % | - | -36.84% | -2.57% | -19.52% | 1208.8% | - | -100% | 318.07% | -212.96% | -64.53% | -45.83% | 662.5% | 1755.62% | 77.01% | -1427.21% | - |
| EBITDA | 159.11M | 114.88M | 162.17M | 163.03M | 192.89M | 16.95M | 42.74M | 53.29M | 25.52M | 42.78M | 54.09M | 68.46M | 20.66M | 8.04M | 4.67M | 5.46M |
| EBITDA Margin % | 42.46% | 37.03% | 39.96% | 41.17% | 43.27% | 8.8% | 19.42% | 23.17% | 12.14% | 21.84% | 32.9% | 43.36% | 30.69% | 22.41% | 18.55% | 24.39% |
| EBITDA Growth % | 81.22% | -29.16% | -0.53% | -15.48% | 1038.18% | -60.35% | -19.8% | 108.82% | -40.35% | -20.9% | -20.99% | 231.28% | 157.11% | 72.15% | -14.46% | - |
| D&A (Non-Cash Add-back) | 42.47M | 33.85M | 33.88M | 31.36M | 29.28M | 31.7M | 32.19M | 32.32M | 35.14M | 34.27M | 30.09M | 24.16M | 14.85M | 8.39M | 6.2M | 5.34M |
| EBIT | 107.41M | 47.18M | 144.51M | 130.03M | 156.34M | -21.79M | 10.56M | 1.4M | -17.64M | 8.95M | 18.15M | 44.32M | 5.83M | -344.87K | -1.78M | -171.76K |
| Net Interest Income | -6.21M | -5.16M | -4.96M | -9.59M | -15.07M | -16.31M | -17.81M | -25.81M | -24.53M | -20.94M | -17.73M | -12.27M | -4.1M | -3.46M | -2.96M | -3.08M |
| Interest Income | 1.05M | 955K | 1.82M | 1.82M | 471K | 55.09K | 281.62K | 952.19K | 606.66K | 436.19K | 164.63K | 15.57K | 16.44K | 6.06K | 4.71K | 3.61K |
| Interest Expense | 7.26M | 6.11M | 6.78M | 11.41M | 15.54M | 16.36M | 18.09M | 26.76M | 25.14M | 21.38M | 17.75M | 12.28M | 4.12M | 3.46M | 2.97M | 2.79M |
| Other Income/Expense | -3.67M | -39.78M | 4.93M | -14.43M | -24.95M | -21.93M | -5.85M | -43.77M | -33.16M | -20.94M | -20.19M | -12.27M | -4.1M | -3.46M | -2.96M | -3.08M |
| Pretax Income | 112.97M | 41.26M | 133.22M | 117.24M | 138.66M | -36.68M | -5.85M | -22.8M | -42.78M | -12.43M | 3.81M | 32.03M | 1.71M | -3.81M | -4.49M | -2.96M |
| Pretax Margin % | 30.15% | 13.3% | 32.83% | 29.61% | 31.11% | -19.06% | -2.66% | -9.91% | -20.35% | -6.34% | 2.32% | 20.29% | 2.54% | -10.62% | -17.83% | -13.24% |
| Income Tax | 148K | 241K | 215K | 435K | 207K | 150K | 199K | 58.77K | 162.92K | 59.57K | 60.43K | 79.86K | 46.75K | 33.73K | 51.24K | 13.43K |
| Effective Tax Rate % | 0.13% | 0.58% | 0.16% | 0.37% | 0.15% | -0.41% | -3.4% | -0.26% | -0.38% | -0.48% | 1.59% | 0.25% | 2.74% | -0.89% | -1.14% | -0.45% |
| Net Income | 112.82M | 41.01M | 133.01M | 116.81M | 138.45M | -36.83M | -6.05M | -22.86M | -42.94M | -12.49M | 3.75M | 31.95M | 1.66M | -3.84M | -4.54M | -2.98M |
| Net Margin % | 30.11% | 13.22% | 32.78% | 29.5% | 31.06% | -19.14% | -2.75% | -9.94% | -20.43% | -6.37% | 2.28% | 20.24% | 2.47% | -10.71% | -18.03% | -13.3% |
| Net Income Growth % | 217.15% | -69.16% | 13.87% | -15.63% | 475.91% | -509.2% | 73.55% | 46.76% | -243.78% | -433.26% | -88.27% | 1824.45% | 143.21% | 15.34% | -52.56% | - |
| Net Income (Continuing) | 112.82M | 41.01M | 133.01M | 116.81M | 138.45M | -36.83M | -6.05M | -22.86M | -42.94M | -12.49M | 3.75M | 31.95M | 1.66M | -3.84M | -4.54M | -2.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.75 | 0.88 | 3.06 | 2.71 | 3.52 | -1.08 | -0.18 | -0.69 | -1.31 | -0.37 | 0.12 | 1.23 | 0.07 | -0.31 | -0.56 | -0.37 |
| EPS Growth % | 244.87% | -71.24% | 12.92% | -23.01% | 425.93% | -500% | 73.91% | 47.33% | -254.05% | -408.33% | -90.24% | 1657.14% | 122.58% | 44.64% | -51.35% | - |
| EPS (Basic) | - | 0.88 | 3.09 | 2.76 | 3.63 | -1.08 | -0.18 | -0.69 | -1.31 | -0.37 | 0.12 | 1.23 | 0.07 | -0.31 | -0.56 | -0.37 |
| Diluted Shares Outstanding | 41M | 40.81M | 42.04M | 41.82M | 38.36M | 33.88M | 33.44M | 33.1M | 32.84M | 33.44M | 30.14M | 26.06M | 24.55M | 12.24M | 8.05M | 8.05M |
| Basic Shares Outstanding | 40.85M | 40.81M | 41.66M | 41.13M | 37.24M | 33.88M | 33.24M | 33.1M | 32.78M | 33.44M | 30.14M | 26.06M | 24.55M | 12.24M | 8.05M | 8.05M |
| Dividend Payout Ratio | - | 29.71% | 33.89% | 40.37% | - | - | - | - | - | - | 248.86% | 40.62% | 580.26% | - | - | - |
Quick answers to the most common questions about buying ASC stock.
For fiscal year 2025, Ardmore Shipping Corporation (ASC) reported total revenue of $310.2M. This represents a 1286.3% increase compared to $22.4M in 2011.
Ardmore Shipping Corporation (ASC) is profitable, generating $41.0M in net income for the fiscal year ending 2025 with a net profit margin of 13.2%.
Ardmore Shipping Corporation (ASC) reported an operating income of $81.0M, resulting in an operating profit margin of 26.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ardmore Shipping Corporation (ASC) generated $106.1M in gross profit for the year, representing a gross profit margin of 34.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Highly volatile earnings cycle
Revenue Volatility Masks Underlying Trend
ASC's revenue growth exhibits extreme quarter-to-quarter volatility, swinging from a -40.6% year-over-year decline in 2025Q2 to a 61.3% surge in 2026Q2, indicating a highly cyclical business model tied to volatile spot charter rates.
The revenue trajectory is not linear but rather episodic, reflecting the company's exposure to the unpredictable marine shipping freight market. The dramatic Q2 2026 rebound suggests the company is currently benefiting from a favorable rate environment, but the preceding four quarters of negative growth demonstrate how quickly the trend can reverse, making forward estimates highly sensitive to market conditions.
Margin Expansion Demonstrates Operating Scalability
As reported in the company's financial statements, ASC's gross margin expanded to 47.8% in 2026Q2, significantly outpacing peers like TORM plc (34.1%) and approaching the industry leader Scorpio Tankers (46.2%), suggesting strong pricing power in the current upcycle.
The margin profile is acyclical in its structure but cyclical in its level. The spread between COGS and revenue widens dramatically in high-rate environments (2024Q2, 2026Q2), confirming a high degree of operating leverage. However, the rapid compression seen in 2025Q2 (23.0% gross margin) indicates that profitability is almost entirely dictated by external market rates rather than internal cost control, which appears relatively stable.
Fixed-Cost Structure Amplifies Earnings Swings
Operating income surged 374% year-over-year in 2026Q2 while revenue grew 61%, demonstrating profound operating leverage where incremental revenue flows almost directly to profit.
The financial data shows SG&A expenses have remained largely flat in absolute dollars, hovering between $5.8M and $8.1M across the ten quarters. This fixed-cost base means that once revenue covers these overheads, each additional dollar of revenue contributes significantly to operating income, as seen in the dramatic margin expansion during peak quarters. This structure magnifies both upside and downside.
Non-Operating Items Distort Net Income
Based on ASC's reported figures, net income in 2025Q4 ($12.4M) was 47% lower than operating income ($24.0M), implying significant non-operating charges, while a similar disparity existed in 2026Q1, warranting investigation into the composition of these items.
The quality of earnings appears variable. While stock-based compensation is minimal ($0 in most quarters), the large and inconsistent gap between operating income and net income suggests material non-operating items such as interest expense, foreign exchange gains/losses, or derivatives activity. Investors should note that the core shipping operation's profitability is not always fully reflected in the bottom line.
Volatile COGS Driven by Charter Costs
Cost of goods sold (COGS) varies dramatically in absolute terms, from a low of $52.5M to a high of $61.2M, yet remains relatively stable as a percentage of revenue in trough periods (around 75-80%), suggesting variable chartering costs dominate the expense structure.
The COGS line item, likely comprised primarily of vessel charter hire and fuel costs, moves directly with revenue volume and market rates. In contrast, SG&A appears well-controlled, indicating management's discipline on controllable expenses. The primary cost risk is therefore external: a rise in time charter rates or fuel prices would directly compress gross margins, as seen in the 2025 trough quarters.
Current Peak Profitability Is Cyclical and Unrepeatable
The 61.3% revenue growth and 52.1% net margin in 2026Q2 appear unsustainable, as the preceding five quarters demonstrated how quickly profitability can deteriorate, a risk underscored by peers Scorpio and TORM experiencing -24.6% and -10.9% revenue declines respectively.
The strongest challenge to the income statement narrative is the assumption of durability. The Q2 2026 results represent a peak cycle outcome, not a new normal. The company's history shows that high profitability is followed by rapid normalization. With peers already in a revenue contraction phase, ASC's current outperformance is likely a timing advantage in charter renewals rather than a fundamental shift, posing significant mean-reversion risk for forward estimates.