Revenue rebounded 140.1% YoY in 2026Q2 to $469.7M with gross margins expanding to 76.2% from 36.0% a year earlier, reflecting exceptional pricing power and operating leverage that drove operating income up 417% to $301.3M.
International Seaways, Inc. (INSW) annual income statement — 12-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 |
|---|
| Sales/Revenue | 1.55B | 843.3M | 951.61M | 1.07B | 864.66M | 272.55M | 421.65M | 366.18M | 270.36M | 290.1M | 398.32M | 497.63M | 517.02M |
| Revenue Growth % | 101.1% | -11.38% | -11.21% | 23.95% | 217.25% | -35.36% | 15.15% | 35.44% | -6.8% | -27.17% | -19.96% | -3.75% | - |
| Cost of Goods Sold | 486.06M | 486.68M | 473.45M | 444.24M | 394.15M | 310.35M | 252.47M | 282.63M | 279.6M | 276.89M | 272.51M | 284.22M | 449.69M |
| COGS % of Revenue | - | 57.71% | 49.75% | 41.45% | 45.58% | 113.87% | 59.88% | 77.18% | 103.42% | 95.45% | 68.42% | 57.12% | 86.98% |
| Gross Profit | 1.06B | 356.62M | 478.16M | 627.54M | 470.52M | -37.8M | 169.18M | 83.55M | -9.24M | 13.21M | 125.81M | 213.41M | 67.33M |
| Gross Margin % | 68.61% | 42.29% | 50.25% | 58.55% | 54.42% | -13.87% | 40.12% | 22.82% | -3.42% | 4.55% | 31.58% | 42.88% | 13.02% |
| Gross Profit Growth % | - | -25.42% | -23.8% | 33.37% | 1344.59% | -122.35% | 102.49% | 1004.11% | -169.97% | -89.5% | -41.05% | 216.97% | - |
| Operating Expenses | 98.6M | 50.23M | 22.94M | 12.11M | 27.15M | 52.49M | 125.18M | 17.17M | 24.3M | 25.34M | 40.66M | 41.55M | 56.01M |
| OpEx % of Revenue | - | 5.96% | 2.41% | 1.13% | 3.14% | 19.26% | 29.69% | 4.69% | 8.99% | 8.73% | 10.21% | 8.35% | 10.83% |
| Selling, General & Admin | 58.6M | 50.23M | 52.61M | 47.47M | 46.35M | 33.23M | 28.98M | 26.8M | 24.3M | 25.34M | 40.66M | 41.55M | 56.01M |
| SG&A % of Revenue | - | 5.96% | 5.53% | 4.43% | 5.36% | 12.19% | 6.87% | 7.32% | 8.99% | 8.73% | 10.21% | 8.35% | 10.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.14M | 0 | -29.67M | -35.37M | -19.2M | 19.26M | 96.2M | -9.63M | 0 | 0 | 0 | 66K | -45K |
| Operating Income | 983.51M | 306.39M | 455.23M | 615.43M | 443.37M | -90.3M | 44M | 66.38M | -25.1M | -59.26M | 22.79M | 221.87M | 42.48M |
| Operating Margin % | 63.51% | 36.33% | 47.84% | 57.42% | 51.28% | -33.13% | 10.44% | 18.13% | -9.28% | -20.43% | 5.72% | 44.59% | 8.22% |
| Operating Income Growth % | - | -32.7% | -26.03% | 38.81% | 591% | -305.23% | -33.72% | 364.48% | 57.65% | -360.04% | -89.73% | 422.35% | - |
| EBITDA | 1.15B | 469.98M | 604.66M | 744.47M | 553.76M | -3.63M | 118.34M | 142.03M | 47.33M | 19.59M | 102.67M | 303.53M | 127.41M |
| EBITDA Margin % | 74.03% | 55.73% | 63.54% | 69.46% | 64.04% | -1.33% | 28.07% | 38.79% | 17.51% | 6.75% | 25.78% | 60.99% | 24.64% |
| EBITDA Growth % | 164.9% | -22.28% | -18.78% | 34.44% | 15376.03% | -103.06% | -16.68% | 200.1% | 141.59% | -80.92% | -66.17% | 138.23% | - |
| D&A (Non-Cash Add-back) | 162.9M | 163.59M | 149.44M | 129.04M | 110.39M | 86.67M | 74.34M | 75.65M | 72.43M | 78.85M | 79.89M | 81.65M | 84.93M |
| EBIT | 1.38B | 351.55M | 465.34M | 626.08M | 445.7M | -96.25M | 31.18M | 65.44M | -28.81M | -64.8M | 22.58M | 216.28M | -62.1M |
| Net Interest Income | -321.32M | -35.09M | -39.79M | -51.8M | -54.07M | -36.69M | -36.15M | -63.75M | -58.93M | -40.57M | -39.99M | -42.9M | -56.26M |
| Interest Income | 5.1M | 7.61M | 9.92M | 13.96M | 3.65M | 104K | 558K | 2.77M | 1.3M | 676K | 376K | 66K | 0 |
| Interest Expense | 326.42M | 42.7M | 49.7M | 65.76M | 57.72M | 36.8M | 36.71M | 66.27M | 60.23M | 41.25M | 40.36M | 42.97M | 56.26M |
| Other Income/Expense | 69.34M | 2.46M | -39.59M | -55.11M | -55.39M | -42.74M | -49.53M | -67.21M | -63.95M | -47.06M | -23.72M | -48.56M | -160.83M |
| Pretax Income | 1.05B | 308.85M | 415.64M | 560.32M | 387.98M | -133.04M | -5.53M | -829K | -89.05M | -106.04M | -17.78M | 173.31M | -118.36M |
| Pretax Margin % | 67.99% | 36.62% | 43.68% | 52.28% | 44.87% | -48.81% | -1.31% | -0.23% | -32.94% | -36.55% | -4.46% | 34.83% | -22.89% |
| Income Tax | 34K | -411K | -1.08M | 3.88M | 88K | 1.62M | 1K | 1K | -105K | 44K | 440K | 140K | 744K |
| Effective Tax Rate % | 0% | -0.13% | -0.26% | 0.69% | 0.02% | -1.22% | -0.02% | -0.12% | 0.12% | -0.04% | -2.47% | 0.08% | -0.63% |
| Net Income | 1.05B | 309.26M | 416.72M | 556.45M | 387.89M | -133.49M | -5.53M | -830K | -88.94M | -106.09M | -18.22M | 173.17M | -119.1M |
| Net Margin % | 67.99% | 36.67% | 43.79% | 51.92% | 44.86% | -48.98% | -1.31% | -0.23% | -32.9% | -36.57% | -4.58% | 34.8% | -23.04% |
| Net Income Growth % | 383.87% | -25.79% | -25.11% | 43.45% | 390.57% | -2313.52% | -566.39% | 99.07% | 16.16% | -482.17% | -110.52% | 245.4% | - |
| Net Income (Continuing) | 1.05B | 309.26M | 416.72M | 556.45M | 387.89M | -134.66M | -5.53M | -830K | -88.94M | -106.09M | -18.22M | 173.17M | -119.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 584K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 21.10 | 6.23 | 8.39 | 11.25 | 7.78 | -3.51 | -0.19 | -0.03 | -3.05 | -3.64 | -0.62 | 5.94 | -4.08 |
| EPS Growth % | 381.09% | -25.74% | -25.42% | 44.6% | 321.65% | -1747.37% | -569.01% | 99.07% | 16.21% | -487.1% | -110.44% | 245.59% | - |
| EPS (Basic) | - | 6.27 | 8.46 | 11.35 | 7.86 | -3.51 | -0.19 | -0.03 | -3.05 | -3.64 | -0.62 | 5.94 | -4.08 |
| Diluted Shares Outstanding | 49.91M | 49.6M | 49.68M | 49.43M | 49.84M | 38.41M | 28.37M | 29.23M | 29.14M | 29.16M | 29.16M | 29.16M | 29.16M |
| Basic Shares Outstanding | 49.52M | 49.34M | 49.27M | 48.98M | 49.38M | 38.41M | 28.37M | 29.23M | 29.14M | 29.15M | 29.16M | 29.16M | 29.16M |
| Dividend Payout Ratio | - | 7.66% | 68.25% | 4.23% | 5.33% | - | - | - | - | - | - | 115.49% | - |
Quick answers to the most common questions about buying INSW stock.
For fiscal year 2025, International Seaways, Inc. (INSW) reported total revenue of $843.3M. This represents a 63.1% increase compared to $517.0M in 2014.
International Seaways, Inc. (INSW) is profitable, generating $309.3M in net income for the fiscal year ending 2025 with a net profit margin of 36.7%.
International Seaways, Inc. (INSW) reported an operating income of $306.4M, resulting in an operating profit margin of 36.3%. This margin reflects the operational efficiency of the business before interest and taxes.
International Seaways, Inc. (INSW) generated $356.6M in gross profit for the year, representing a gross profit margin of 42.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical rate sustainability
Metrics are mathematically derived from official filings.
Revenue Rebound Amid Rate Volatility
Revenue surged 140.1% YoY in 2026Q2 to $469.7M, per recent financial statements, reversing prior contractions and signaling a sharp cyclical upturn in tanker rates.
The 140.1% YoY growth in 2026Q2 marks a dramatic acceleration from the -33.2% contraction in 2025Q1, indicating a powerful spot rate recovery. This rebound appears driven by favorable market conditions rather than volume expansion, as the company's revenue structure remains transactional. Investors should monitor whether this trajectory persists, given the inherent volatility of tanker spot rates and the potential for geopolitical shifts to alter ton-mile demand.
Gross Margin Expansion to Record Levels
Gross margin reached 76.2% in 2026Q2, up from 36.0% a year earlier, based on reported figures, reflecting exceptional pricing power in a tight tanker market.
The gross margin expansion from 36.0% in 2025Q2 to 76.2% in 2026Q2 is extraordinary, suggesting that spot rates have far exceeded variable voyage costs, particularly bunker fuel. This implies that INSW is capturing significant upside from the current rate environment, likely due to constrained supply and elevated ton-mile demand. However, such margins are historically unsustainable, and investors should expect normalization as the tanker cycle matures.
Operating Leverage Amplifies Earnings
Operating income scaled to $301.3M in 2026Q2, a 417% increase from $58.3M in 2025Q2, as per financial statements, demonstrating substantial operating leverage.
The 417% surge in operating income relative to a 140% revenue increase highlights the high fixed-cost structure of the business, where incremental revenue flows directly to the bottom line. SG&A remained modest at $16.6M, indicating disciplined overhead management despite the revenue spike. This leverage is a double-edged sword: it magnifies profits in upcycles but could amplify losses if rates decline sharply.
Net Margin Divergence Raises Questions
Net margin of 62.8% in 2026Q2 exceeds operating margin of 64.2% by a narrow margin, per reported data, suggesting non-operating items may be boosting bottom-line results.
The close alignment between net and operating margins in 2026Q2 is unusual, as net income of $294.9M is only slightly below operating income of $301.3M, implying minimal tax or interest drag. In prior quarters, net margins were significantly lower than operating margins (e.g., 2025Q3: 35.9% vs 54.8%), indicating that tax benefits or one-off gains may have inflated recent earnings. Investors should scrutinize the sustainability of this margin profile, as normalization could pressure future EPS.
COGS Volatility Drives Profit Swings
COGS fell to $111.9M in 2026Q2 from $125.2M in 2025Q2, per financial statements, despite a 140% revenue increase, underscoring the variable nature of voyage costs.
The decline in COGS despite massive revenue growth suggests that bunker fuel prices and voyage expenses have not risen proportionally with rates, allowing gross margins to expand dramatically. This cost structure is highly sensitive to oil price movements, and any spike in fuel costs could compress margins if not passed through. Management's expense discipline appears strong, with SG&A remaining stable, but the primary cost risk lies in external fuel price volatility.
2026Q2 Marks Cyclical Peak
2026Q2 delivered record net income of $294.9M and EPS of $5.91, per reported figures, representing a clear inflection point from the 2024-2025 downturn.
The transition from a trough in 2025Q1 (net income of $49.6M) to a record quarter in 2026Q2 highlights the cyclicality of the tanker market, with rates recovering sharply over five quarters. This inflection appears driven by supply constraints and geopolitical disruptions that increased ton-mile demand, but the durability of these conditions is uncertain. Investors should monitor whether this peak is sustained or if the cycle begins to turn, as historical patterns suggest volatility ahead.
Cyclical Peak Sustainability Doubt
Despite record profits, revenue remains 11.4% below prior-year levels, per financial statements, suggesting the earnings surge may be rate-driven and not volume-based.
The divergence between record net income and contracting revenue raises concerns that the current earnings power is not structurally sustainable. If spot rates normalize, the high operating leverage could reverse sharply, compressing margins and EPS. Additionally, the anomalous debt-to-equity ratio of 0.29% may indicate under-leveraging, potentially leaving value on the table in a rising rate environment. Short-sellers could argue that the market is extrapolating peak-cycle earnings, ignoring the historical cyclicality of tanker rates.