Revenue accelerated to $325.5 million in 2026Q1, driving a robust 63.9% gross margin that highlights the company's pricing power during periods of tightened vessel supply.
| Sales/Revenue | 985.38M | 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 % | 14.5% | -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 | 442.11M | 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 | 543.27M | 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 % | 55.13% | 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 | 46.47M | 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 | 46.33M | 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 | 138K | 0 | -29.67M | -35.37M | -19.2M | 19.26M | 96.2M | -9.63M | 0 | 0 | 0 | 66K | -45K |
| Operating Income | 496.81M | 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 % | 50.42% | 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 | 661.25M | 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 % | 67.11% | 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 % | 28.41% | -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) | 164.45M | 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 | 556.07M | 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 | -389.29M | -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 | 6.1M | 7.61M | 9.92M | 13.96M | 3.65M | 104K | 558K | 2.77M | 1.3M | 676K | 376K | 66K | 0 |
| Interest Expense | 395.39M | 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 | 48.62M | 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 | 545.43M | 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 % | 55.35% | 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 | -411K | -411K | -1.08M | 3.88M | 88K | 1.62M | 1K | 1K | -105K | 44K | 440K | 140K | 744K |
| Effective Tax Rate % | -0.08% | -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 | 545.84M | 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 % | 55.39% | 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 % | 69.62% | -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) | 545.84M | 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) | 10.98 | 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 % | 69.71% | -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 | 49.71M | 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 | 49.46M | 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 | - | 46.76% | 68.25% | 4.23% | 5.33% | - | - | - | - | - | - | 115.49% | - |
Volatile Spot Rate Exposure
According to the most recent quarterly data, INSW experienced a significant revenue acceleration to $325.5 million in 2026Q1, representing a 77.5% growth rate that sharply contrasts with the contractionary trends observed throughout the 2024 and early 2025 fiscal periods as reported in financial statements.
The recent surge in top-line performance suggests a potential shift in market dynamics, likely driven by improved spot market rates or increased vessel utilization. Investors should monitor whether this growth is sustainable or merely a reflection of seasonal volatility inherent in the tanker industry.
Based on reported figures, INSW achieved a robust gross margin of 63.9% in 2026Q1, marking a substantial recovery from the 34.1% margin recorded in 2025Q1, which indicates that the company possesses significant pricing power when global freight demand tightens relative to the available vessel supply.
The expansion in margins appears to be a direct result of the company's ability to leverage its mixed fleet architecture during periods of high demand. This performance warrants further investigation into whether these elevated margins are structural or if they remain highly sensitive to bunker fuel price fluctuations.
As evidenced by the 2026Q1 net margin of 87.9%, which significantly exceeds the operating margin of 61.0%, the company's bottom-line profitability is currently being bolstered by substantial non-operating gains that may not represent the core recurring earnings power of the shipping operations.
The divergence between operating and net income suggests that investors should be cautious, as these non-operating items could be related to one-time asset sales or tax adjustments. Relying on headline net income may provide an overly optimistic view of the company's underlying operational efficiency.
Data from recent filings shows that SG&A expenses have remained remarkably stable, hovering between $9.3 million and $15.1 million over the last ten quarters, demonstrating that management has maintained strict expense discipline even as revenue experienced significant fluctuations during the same period.
This ability to keep overhead costs contained while scaling operations suggests a lean management structure that is well-positioned to maximize profitability during market upswings. However, the lack of R&D spending may indicate a reliance on existing technology rather than fleet modernization, which could pose long-term risks.
While the 2026Q1 performance appears impressive, a critical analysis of the income statement suggests that the rapid growth in net income may be unsustainable if the underlying spot market rates revert to historical averages or if non-operating gains fail to materialize in future quarters.
Short-term volatility in the tanker sector often leads to lumpy earnings that can mislead investors regarding the company's long-term trajectory. The current valuation may be pricing in a permanent shift in profitability that the historical data does not yet fully support.
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.