Revenue growth has decelerated into a 9.7% year-over-year contraction as of 2025Q2, with gross margins compressing to 32.9% from the 48.1% peak observed in 2022Q4.
| Metric | TTM | 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 795.78M | 804.06M | 889.57M | 860.4M | 546.12M | 644.13M | 597.45M | 529.88M | 529.18M | 481.79M | 587.72M | 501.01M | 418.38M | 393.99M | 395.16M | 408.01M | 444.93M | 623.04M | 500.62M | 427.65M | 295.62M | 318.28M | 230.07M | 123.64M | 125.03M | 111.28M | 85.64M |
| Revenue Growth % | -4.12% | -9.61% | 3.39% | 57.55% | -15.22% | 7.81% | 12.75% | 0.13% | 9.84% | -18.02% | 17.31% | 19.75% | 6.19% | -0.3% | -3.15% | -8.3% | -28.59% | 24.45% | 17.06% | 44.66% | -7.12% | 38.34% | 86.08% | -1.11% | 12.36% | 29.94% | - |
| Cost of Goods Sold | 524.34M | 529.09M | 518.96M | 573.75M | 544.66M | 483.17M | 456.28M | 464.66M | 426.6M | 366.37M | 379.93M | 380.61M | 343.09M | 339.39M | 257.04M | 213.74M | 221.81M | 226.82M | 195.76M | 169.62M | 113.23M | 120.35M | 49.95M | 32.35M | 35.74M | 33.57M | 23.97M |
| COGS % of Revenue | - | 65.8% | 58.34% | 66.68% | 99.73% | 75.01% | 76.37% | 87.69% | 80.61% | 76.04% | 64.64% | 75.97% | 82% | 86.14% | 65.05% | 52.39% | 49.85% | 36.41% | 39.1% | 39.66% | 38.3% | 37.81% | 21.71% | 26.16% | 28.58% | 30.17% | 27.99% |
| Gross Profit | 271.44M | 274.97M | 370.61M | 286.65M | 1.46M | 160.96M | 141.17M | 65.22M | 102.58M | 115.42M | 207.79M | 120.41M | 75.29M | 54.6M | 138.12M | 194.27M | 223.12M | 396.22M | 304.86M | 258.03M | 182.39M | 197.93M | 180.12M | 91.29M | 89.29M | 77.7M | 61.66M |
| Gross Margin % | 34.11% | 34.2% | 41.66% | 33.32% | 0.27% | 24.99% | 23.63% | 12.31% | 19.39% | 23.96% | 35.36% | 24.03% | 18% | 13.86% | 34.95% | 47.61% | 50.15% | 63.59% | 60.9% | 60.34% | 61.7% | 62.19% | 78.29% | 73.84% | 71.42% | 69.83% | 72.01% |
| Gross Profit Growth % | - | -25.81% | 29.29% | 19587.29% | -99.1% | 14.02% | 116.47% | -36.43% | -11.12% | -44.45% | 72.58% | 59.92% | 37.89% | -60.47% | -28.9% | -12.93% | -43.69% | 29.97% | 18.15% | 41.47% | -7.85% | 9.89% | 97.3% | 2.24% | 14.92% | 26.01% | - |
| Operating Expenses | 51.28M | 45.37M | 33.34M | 29.85M | 29.13M | 29.04M | 27.7M | 27.03M | 26.32M | 25.61M | 21.79M | 44.8M | 41.81M | 37.84M | 135.93M | 110.49M | 131.65M | 117.38M | 55.15M | 52.79M | 72.93M | 73.83M | 109.59M | 66.08M | 51.35M | 46.87M | 44.69M |
| OpEx % of Revenue | - | 5.64% | 3.75% | 3.47% | 5.33% | 4.51% | 4.64% | 5.1% | 4.97% | 5.32% | 3.71% | 8.94% | 9.99% | 9.6% | 34.4% | 27.08% | 29.59% | 18.84% | 11.02% | 12.34% | 24.67% | 23.2% | 47.64% | 53.45% | 41.07% | 42.12% | 52.19% |
| Selling, General & Admin | 51.28M | 45.37M | 33.34M | 29.85M | 29.13M | 29.04M | 27.7M | 27.03M | 26.32M | 25.61M | 21.79M | 39.85M | 36.75M | 32.92M | 35M | 33.1M | 34.52M | 60.92M | 4.38M | 3.73M | 9.09M | 8.43M | 2.42M | 1.26M | 3.92M | 3.83M | 701K |
| SG&A % of Revenue | - | 5.64% | 3.75% | 3.47% | 5.33% | 4.51% | 4.64% | 5.1% | 4.97% | 5.32% | 3.71% | 7.95% | 8.78% | 8.36% | 8.86% | 8.11% | 7.76% | 9.78% | 0.88% | 0.87% | 3.08% | 2.65% | 1.05% | 1.02% | 3.14% | 3.44% | 0.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -176K | 0 | -18K | 36K | 0 | 0 | 0 | 0 | 128K | 246K | -2.91M | -118K | 100.93M | 77.39M | 97.13M | 56.46M | 50.77M | 49.06M | 63.84M | 65.4M | 107.18M | 64.82M | 47.42M | 43.05M | 43.99M |
| Operating Income | 220.16M | 229.6M | 337.27M | 256.35M | -31M | 96.69M | 85.86M | -28.14M | 63.48M | 89.81M | 188.08M | 76.05M | 4.89M | 1.29M | -37.7M | 80.69M | 72.41M | 278.84M | 249.7M | 205.25M | 154.76M | 145.46M | 70.53M | 14.43M | 37.94M | 30.83M | 16.98M |
| Operating Margin % | 27.67% | 28.55% | 37.91% | 29.79% | -5.68% | 15.01% | 14.37% | -5.31% | 12% | 18.64% | 32% | 15.18% | 1.17% | 0.33% | -9.54% | 19.78% | 16.27% | 44.75% | 49.88% | 47.99% | 52.35% | 45.7% | 30.65% | 11.67% | 30.35% | 27.71% | 19.82% |
| Operating Income Growth % | - | -31.92% | 31.56% | 926.89% | -132.06% | 12.62% | 405.07% | -144.34% | -29.32% | -52.25% | 147.32% | 1454.22% | 279.3% | 103.42% | -146.72% | 11.45% | -74.03% | 11.67% | 21.66% | 32.62% | 6.39% | 106.26% | 388.74% | -61.97% | 23.07% | 81.62% | - |
| EBITDA | 384.63M | 389.5M | 481.51M | 376.54M | 95.82M | 253.81M | 240.06M | 108.88M | 195.35M | 196.9M | 287.65M | 173.99M | 100.24M | 95.63M | 63.35M | 173.58M | 166.68M | 364.3M | 328.1M | 264.3M | 190.46M | 180.84M | 111.92M | 39.15M | 59.19M | 51.5M | 38.49M |
| EBITDA Margin % | 48.33% | 48.44% | 54.13% | 43.76% | 17.55% | 39.4% | 40.18% | 20.55% | 36.92% | 40.87% | 48.94% | 34.73% | 23.96% | 24.27% | 16.03% | 42.54% | 37.46% | 58.47% | 65.54% | 61.8% | 64.43% | 56.82% | 48.65% | 31.66% | 47.34% | 46.28% | 44.95% |
| EBITDA Growth % | 6.4% | -19.11% | 27.88% | 292.97% | -62.25% | 5.73% | 120.49% | -44.27% | -0.79% | -31.55% | 65.33% | 73.57% | 4.82% | 50.95% | -63.5% | 4.14% | -54.25% | 11.03% | 24.14% | 38.77% | 5.32% | 61.58% | 185.92% | -33.87% | 14.94% | 33.8% | - |
| D&A (Non-Cash Add-back) | 164.47M | 159.9M | 144.24M | 120.19M | 126.82M | 157.12M | 154.2M | 137.02M | 131.87M | 107.09M | 99.57M | 97.94M | 95.35M | 94.34M | 101.05M | 92.89M | 94.28M | 85.46M | 78.4M | 59.06M | 35.7M | 35.38M | 41.4M | 24.71M | 21.25M | 20.67M | 21.51M |
| EBIT | 266.94M | 298.66M | 411.54M | 268.38M | -108.76M | 80.9M | 88.03M | -24.71M | 75.4M | 95.82M | 186.92M | 64.21M | -3.57M | -22.61M | -65.56M | 80.29M | 90.27M | 275.74M | 265.12M | 238.89M | 173M | 153.43M | 71.04M | 3.76M | 37.94M | 30.83M | 16.98M |
| Net Interest Income | -96.34M | -101.91M | -88.01M | -53.45M | -37.71M | -48.54M | -65.27M | -69.43M | -60.82M | -36.81M | -28.4M | -30.51M | -39.43M | -46.59M | -50.86M | -59.66M | -42.3M | -74.49M | -64.07M | -35.32M | -3.89M | -9.37M | -11.98M | -10.65M | 1.21M | 2.49M | 0 |
| Interest Income | 15.11M | 15.12M | 14.58M | 2M | 703K | 1.07M | 3.69M | 2.51M | 1.08M | 623K | 234K | 498K | 366K | 1.35M | 2.71M | 2.63M | 3.57M | 8.41M | 13.32M | 7.16M | 7.36M | 761K | 387K | 736K | 1.21M | 2.49M | 0 |
| Interest Expense | 111.44M | 117.03M | 102.59M | 55.45M | 38.41M | 49.62M | 68.96M | 71.94M | 61.9M | 37.44M | 28.64M | 31M | 39.8M | 47.94M | 53.57M | 62.28M | 45.88M | 82.9M | 77.38M | 42.49M | 11.25M | 10.13M | 12.37M | 11.38M | 0 | 0 | 0 |
| Other Income/Expense | -64.66M | -47.97M | -32.18M | -47.89M | -119.58M | -105.5M | -99.27M | -139.23M | -67.08M | -33.31M | -27.58M | -42.33M | -72.05M | -65.82M | -40.29M | -3.08M | -18.99M | -350K | -76.46M | -16M | 79.66M | 31.85M | -11.86M | -22.05M | 0 | 0 | 0 |
| Pretax Income | 155.5M | 181.63M | 305.08M | 208.47M | -150.58M | 27.22M | 14.01M | -101.04M | 9.19M | 56.49M | 158.42M | 33.72M | -38.57M | -49.06M | -77.99M | 77.61M | 53.41M | 278.49M | 173.24M | 189.24M | 199.7M | 163.89M | 58.66M | -7.62M | 0 | 0 | 0 |
| Pretax Margin % | 19.54% | 22.59% | 34.3% | 24.23% | -27.57% | 4.23% | 2.34% | -19.07% | 1.74% | 11.73% | 26.96% | 6.73% | -9.22% | -12.45% | -19.74% | 19.02% | 12.01% | 44.7% | 34.61% | 44.25% | 67.55% | 51.49% | 25.5% | -6.17% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -958K | 64.94M | 0 | 28.97M | 0 | 35.78M | 48.03M | 91.69M | 68.56M | 70.03M | 80.55M | 69.7M | 8.84M | -52.3M | -10.44M | 11.47M | 25.35M | 13.33M | 16.78M | 19.44M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.95% | 706.97% | 0% | 18.29% | 0% | -92.76% | -97.91% | -117.57% | 88.33% | 131.11% | 28.93% | 40.23% | 4.67% | -26.19% | -6.37% | 19.56% | -332.49% | - | - | - |
| Net Income | 148.72M | 175.27M | 300.18M | 204.23M | -189.8M | -25.65M | -53.01M | -99.2M | 7.61M | 55.78M | 158.22M | 33.53M | -37.46M | -49.26M | -89.5M | 19.77M | 28.68M | 202.93M | 183.17M | 196.4M | 161.75M | 143.29M | 59.05M | 3.89M | 24.62M | 14.05M | -2.46M |
| Net Margin % | 18.69% | 21.8% | 33.74% | 23.74% | -34.75% | -3.98% | -8.87% | -18.72% | 1.44% | 11.58% | 26.92% | 6.69% | -8.95% | -12.5% | -22.65% | 4.84% | 6.45% | 32.57% | 36.59% | 45.93% | 54.72% | 45.02% | 25.67% | 3.15% | 19.69% | 12.63% | -2.87% |
| Net Income Growth % | -12.99% | -41.61% | 46.98% | 207.61% | -639.97% | 51.62% | 46.56% | -1403.24% | -86.35% | -64.74% | 371.91% | 189.5% | 23.96% | 44.96% | -552.73% | -31.09% | -85.86% | 10.79% | -6.74% | 21.42% | 12.89% | 142.65% | 1416.49% | -84.18% | 75.17% | 671.03% | - |
| Net Income (Continuing) | 155.5M | 181.63M | 305.08M | 208.47M | -150.58M | 27.22M | 14.01M | -101.04M | 9.19M | 56.49M | 158.42M | 33.72M | -38.57M | -49.06M | -88.95M | 21.04M | 30.18M | 204M | 186.56M | 196.41M | 161.75M | 143.29M | 59.05M | 3.89M | 24.62M | 14.05M | -2.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 42.14M | 39.49M | 34.09M | 51.02M | 50.99M | 28.14M | 20.92M | 12.04M | 13.88M | 12.31M | 11.6M | 11.39M | 11.2M | 2.31M | 2.1M | 3.75M | 5.95M | 4.46M | 3.39M | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.01 | 5.03 | 9.04 | 5.97 | -9.66 | -1.37 | -2.99 | -5.69 | 0.45 | 3.29 | 9.22 | 2.12 | -3.30 | -4.62 | -9.70 | 2.50 | 3.86 | 26.67 | 23.95 | 25.75 | 20.44 | 18.77 | 8.59 | 0.61 | 6.34 | 3.57 | -0.62 |
| EPS Growth % | -16.43% | -44.36% | 51.42% | 161.8% | -605.11% | 54.18% | 47.45% | -1364.44% | -86.32% | -64.32% | 334.91% | 164.24% | 28.57% | 52.37% | -488% | -35.23% | -85.53% | 11.36% | -6.99% | 25.98% | 8.9% | 118.51% | 1308.2% | -90.38% | 77.59% | 675.81% | - |
| EPS (Basic) | - | 5.03 | 9.04 | 6.02 | -9.66 | -1.37 | -2.99 | -5.69 | 0.45 | 3.29 | 9.22 | 2.12 | -3.32 | -4.62 | -9.70 | 2.52 | 3.88 | 27.02 | 24.05 | 25.76 | 20.45 | 18.82 | 8.62 | 0.62 | 6.39 | 3.58 | -0.62 |
| Diluted Shares Outstanding | 29.66M | 29.51M | 29.51M | 28.19M | 19.65M | 18.77M | 17.75M | 17.42M | 16.94M | 16.98M | 17.17M | 15.82M | 11.34M | 10.66M | 9.22M | 7.92M | 7.44M | 7.61M | 7.65M | 7.63M | 7.91M | 7.63M | 6.88M | 6.34M | 3.88M | 3.94M | 4M |
| Basic Shares Outstanding | 29.66M | 29.51M | 29.51M | 27.97M | 19.65M | 18.77M | 17.75M | 17.42M | 16.94M | 16.98M | 17.17M | 15.82M | 11.27M | 10.66M | 9.22M | 7.85M | 7.39M | 7.51M | 7.62M | 7.63M | 7.91M | 7.61M | 6.85M | 6.29M | 3.85M | 3.93M | 4M |
| Dividend Payout Ratio | - | 40.97% | 20.61% | 21.4% | - | - | - | - | 523.83% | 72.35% | 13.05% | 37.65% | - | - | - | 115.59% | 147.97% | 33.13% | 32.73% | 22.8% | 23.79% | 15.88% | 20.36% | 219.36% | - | - | - |
Cyclical Charter Rate Volatility
According to the latest quarterly financial data, TEN-PE experienced a 9.7% year-over-year revenue decline in 2025Q2, reflecting a broader trend of decelerating top-line performance as the company navigates a challenging global maritime environment characterized by softening charter rates and reduced demand for conventional tanker capacity.
The consistent revenue decline from the 2022 peak suggests that the company is struggling to maintain pricing power in a cooling spot market. Investors should monitor whether the shift toward specialized LNG and shuttle tankers can offset the structural weakness in the conventional crude fleet.
As reported in recent income statements, TEN-PE's gross margin has compressed to 32.9% in 2025Q2, down significantly from the 48.1% levels observed in late 2022, indicating that rising voyage expenses and maintenance costs are increasingly outpacing the company's ability to capture premium charter rates.
The erosion of gross margins suggests that the company's high fixed-cost base is becoming a liability during periods of lower utilization. This trend warrants further investigation into whether management can optimize vessel deployment to protect profitability against persistent inflationary pressures in bunker fuel and dry-docking costs.
Based on the provided financial figures, operating income has scaled down to $50.4M in 2025Q2, representing a 26.1% operating margin that highlights the company's sensitivity to volume fluctuations and the inherent difficulty in maintaining overhead efficiency when top-line revenue is consistently trending in a downward direction.
The decline in operating margins suggests that the company lacks the necessary scale to absorb fixed costs during cyclical troughs. While SG&A expenses appear relatively contained, the lack of operating leverage indicates that the business model remains highly vulnerable to the volatility of the global energy shipping cycle.
Analysis of the income statement reveals that net income volatility, exemplified by the 71.6% year-over-year EPS decline in 2025Q2, suggests that reported earnings may be heavily influenced by non-operating items and vessel valuation adjustments rather than consistent, high-quality cash flow generation from core shipping operations.
The significant disparity between operating income and net income in various periods indicates that investors should be cautious about relying on headline EPS figures. The reliance on non-recurring items may mask the underlying operational challenges, suggesting that the company's true earnings power is weaker than the reported figures imply.
Quick answers to the most common questions about buying TEN-PE stock.
For fiscal year 2024, Tsakos Energy Navigation Limited (TEN-PE) reported total revenue of $804.1M. This represents a 838.9% increase compared to $85.6M in 1999.
Tsakos Energy Navigation Limited (TEN-PE) is profitable, generating $175.3M in net income for the fiscal year ending 2024 with a net profit margin of 21.8%.
Tsakos Energy Navigation Limited (TEN-PE) reported an operating income of $229.6M, resulting in an operating profit margin of 28.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Tsakos Energy Navigation Limited (TEN-PE) generated $275.0M 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.