Revenue growth remains highly sensitive to market conditions, fluctuating from a 9.7% contraction in 2025Q2 to an 18.0% expansion by 2025Q4, while gross margins have varied between 31.0% and 42.9% over the last ten quarters.
| Metric | 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 798.69M | 804.06M | 889.57M | 860.4M | 546.12M | 644.13M | 597.45M | 529.88M | 529.18M | 481.79M | 8.21B | 8.42B | 7.96B | 7.36B | 7.21B | 5.94B | 4.65B | 5.92B | 6.18B | 4.68B | 4.44B | 4.21B | 3.77B | 3.46B | 3.36B | 3.55B | 3.28B | 7.61B | 7.32B | 6.65B |
| Revenue Growth % | -0.67% | -9.61% | 3.39% | 57.55% | -15.22% | 7.81% | 12.75% | 0.13% | 9.84% | -94.13% | -2.51% | 5.73% | 8.16% | 2.19% | 21.36% | 27.7% | -21.42% | -4.33% | 32% | 5.49% | 5.41% | 11.87% | 8.88% | 2.82% | -5.21% | 8.23% | -56.88% | 3.92% | 10.08% | - |
| Cost of Goods Sold | 515.85M | 528.79M | 519.56M | 573.75M | 544.66M | 483.17M | 456.48M | 464.66M | 426.6M | 366.37M | 6.84B | 7.03B | 6.73B | 6.17B | 6.04B | 4.9B | 3.88B | 5.06B | 5.21B | 3.84B | 3.58B | 3.37B | 2.99B | 2.73B | 2.7B | 2.77B | 2.43B | 5.34B | 5.21B | 4.76B |
| COGS % of Revenue | 64.59% | 65.77% | 58.41% | 66.68% | 99.73% | 75.01% | 76.4% | 87.69% | 80.61% | 76.04% | 83.38% | 83.43% | 84.56% | 83.8% | 83.79% | 82.53% | 83.35% | 85.58% | 84.25% | 81.92% | 80.68% | 80.01% | 79.5% | 79.07% | 80.23% | 77.94% | 74.02% | 70.27% | 71.14% | 71.63% |
| Gross Profit | 282.84M | 275.27M | 370.01M | 286.65M | 1.46M | 160.96M | 140.97M | 65.22M | 102.58M | 115.42M | 1.36B | 1.4B | 1.23B | 1.19B | 1.17B | 1.04B | 774M | 853M | 974M | 847M | 858M | 842M | 772M | 724M | 665M | 783M | 852M | 2.26B | 2.11B | 1.89B |
| Gross Margin % | 35.41% | 34.23% | 41.59% | 33.32% | 0.27% | 24.99% | 23.6% | 12.31% | 19.39% | 23.96% | 16.62% | 16.57% | 15.44% | 16.2% | 16.21% | 17.47% | 16.65% | 14.42% | 15.75% | 18.08% | 19.32% | 19.99% | 20.5% | 20.93% | 19.77% | 22.06% | 25.98% | 29.73% | 28.86% | 28.37% |
| Gross Profit Growth % | 2.75% | -25.6% | 29.08% | 19587.29% | -99.1% | 14.18% | 116.16% | -36.43% | -11.12% | -91.54% | -2.22% | 13.41% | 3.1% | 2.14% | 12.63% | 33.98% | -9.26% | -12.42% | 14.99% | -1.28% | 1.9% | 9.07% | 6.63% | 8.87% | -15.07% | -8.1% | -62.32% | 7.05% | 11.98% | - |
| Operating Expenses | 42.08M | -3.29M | -21.49M | 29.85M | 121.31M | 64.27M | 27.7M | 27.03M | 26.32M | 25.61M | 840M | 896M | 802M | 758M | 768M | 750M | 662M | 741M | 718M | 649M | 645M | 670M | 594M | 562M | 573M | 668M | 717M | 1.62B | 1.35B | 1.26B |
| OpEx % of Revenue | 5.27% | -0.41% | -2.42% | 3.47% | 22.21% | 9.98% | 4.64% | 5.1% | 4.97% | 5.32% | 10.23% | 10.64% | 10.07% | 10.29% | 10.66% | 12.63% | 14.24% | 12.53% | 11.61% | 13.85% | 14.52% | 15.9% | 15.77% | 16.25% | 17.03% | 18.82% | 21.87% | 21.3% | 18.42% | 18.92% |
| Selling, General & Admin | 42.08M | 45.37M | 33.34M | 29.85M | 29.13M | 29.04M | 27.7M | 27.03M | 26.32M | 25.61M | 491M | 519M | 453M | 427M | 428M | 417M | 344M | 392M | 399M | 377M | 385M | 417M | 364M | 351M | 372M | 459M | 521M | 1.11B | 915M | 857M |
| SG&A % of Revenue | 5.27% | 5.64% | 3.75% | 3.47% | 5.33% | 4.51% | 4.64% | 5.1% | 4.97% | 5.32% | 5.98% | 6.16% | 5.69% | 5.8% | 5.94% | 7.02% | 7.4% | 6.63% | 6.45% | 8.05% | 8.67% | 9.9% | 9.67% | 10.15% | 11.06% | 12.93% | 15.89% | 14.54% | 12.5% | 12.89% |
| Research & Development | 0 | 0 | 0 | 0 | 285M | 273M | 324M | 204M | 158M | 154M | 146M | 169M | 144M | 126M | 133M | 117M | 97M | 127M | 114M | 88M | 83M | 76M | 67M | 67M | 48M | 58M | 52M | 66M | 68M | 92M |
| R&D % of Revenue | - | - | - | - | 52.19% | 42.38% | 54.23% | 38.5% | 29.86% | 31.96% | 1.78% | 2.01% | 1.81% | 1.71% | 1.85% | 1.97% | 2.09% | 2.15% | 1.84% | 1.88% | 1.87% | 1.8% | 1.78% | 1.94% | 1.43% | 1.63% | 1.59% | 0.87% | 0.93% | 1.38% |
| Other Operating Expenses | 0 | -48.66M | -54.83M | 0 | -192.81M | -237.77M | -324M | 345M | 224M | 212M | 203M | 208M | 205M | 205M | 207M | 216M | 221M | 222M | 205M | 184M | 177M | 177M | 163M | 144M | 153M | 151M | 144M | 448M | 365M | 309M |
| Operating Income | 240.76M | 278.56M | 391.5M | 256.35M | -119.86M | 96.69M | 113.28M | 38.18M | 76.26M | 89.81M | 524M | 499M | 428M | 435M | 400M | 287M | 112M | 112M | 256M | 198M | 213M | 172M | 178M | 162M | 92M | 115M | 135M | 641M | 764M | 628M |
| Operating Margin % | 30.14% | 34.64% | 44.01% | 29.79% | -21.95% | 15.01% | 18.96% | 7.21% | 14.41% | 18.64% | 6.38% | 5.93% | 5.37% | 5.91% | 5.55% | 4.83% | 2.41% | 1.89% | 4.14% | 4.23% | 4.8% | 4.08% | 4.73% | 4.68% | 2.73% | 3.24% | 4.12% | 8.43% | 10.44% | 9.45% |
| Operating Income Growth % | -13.57% | -28.85% | 52.72% | 313.88% | -223.96% | -14.64% | 196.66% | -49.93% | -15.09% | -82.86% | 5.01% | 16.59% | -1.61% | 8.75% | 39.37% | 156.25% | 0% | -56.25% | 29.29% | -7.04% | 23.84% | -3.37% | 9.88% | 76.09% | -20% | -14.81% | -78.94% | -16.1% | 21.66% | - |
| EBITDA | 410.81M | 418.37M | 535.74M | 377.93M | 6.96M | 233.79M | 252.7M | 184.98M | 215.28M | 203.23M | 727M | 707M | 633M | 640M | 607M | 503M | 333M | 334M | 461M | 382M | 390M | 349M | 341M | 306M | 245M | 266M | 279M | 641M | 764M | 628M |
| EBITDA Margin % | 51.44% | 52.03% | 60.22% | 43.92% | 1.27% | 36.3% | 42.3% | 34.91% | 40.68% | 42.18% | 8.86% | 8.4% | 7.95% | 8.69% | 8.42% | 8.47% | 7.16% | 5.65% | 7.45% | 8.15% | 8.78% | 8.28% | 9.05% | 8.85% | 7.28% | 7.5% | 8.51% | 8.43% | 10.44% | 9.45% |
| EBITDA Growth % | -1.81% | -21.91% | 41.76% | 5328.44% | -97.02% | -7.48% | 36.61% | -14.07% | 5.93% | -72.05% | 2.83% | 11.69% | -1.09% | 5.44% | 20.68% | 51.05% | -0.3% | -27.55% | 20.68% | -2.05% | 11.75% | 2.35% | 11.44% | 24.9% | -7.89% | -4.66% | -56.47% | -16.1% | 21.66% | - |
| D&A (Non-Cash Add-back) | 170.05M | 139.81M | 144.24M | 121.58M | 126.82M | 137.1M | 139.42M | 146.8M | 139.02M | 113.42M | 203M | 208M | 205M | 205M | 207M | 216M | 221M | 222M | 205M | 184M | 177M | 177M | 163M | 144M | 153M | 151M | 144M | 0 | 0 | 0 |
| EBIT | 240.76M | 294.93M | 411.54M | 249.81M | -27.67M | 80.9M | 88.03M | -24.71M | 75.4M | 95.82M | 187.06M | 64.72M | 1.23M | -1.11M | -39.76M | 71.57M | 91.47M | 278.84M | 249.7M | 205.25M | 154.76M | 145.46M | 70.68M | 128.74M | 37.94M | 30.83M | 16.98M | 641M | 764M | 628M |
| Net Interest Income | -87.01M | -98.31M | -91.87M | -57.92M | -41.12M | -52.6M | -70.33M | -73.83M | -65.13M | -38.7M | -28.27M | -29.99M | -34.63M | -49.96M | -49.77M | -51.52M | -42.3M | -74.49M | -64.07M | -35.32M | -3.89M | -9.37M | -11.98M | -10.65M | 1.21M | 2.49M | 0 | 0 | 0 | 0 |
| Interest Income | 10.49M | 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 | 0 | 0 | 0 |
| Interest Expense | 97.5M | 113.3M | 106.45M | 59.92M | 41.82M | 53.67M | 74.02M | 76.34M | 66.21M | 39.32M | 28.5M | 30.49M | 35M | 105M | 108M | 149M | 133M | 82.9M | 77.38M | 196M | 11.25M | 10.13M | 12.37M | 11.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -75.82M | -96.93M | -86.42M | -47.89M | -30.72M | -69.47M | -99.27M | -142.66M | -54.29M | -33.31M | -29.66M | -42.33M | -43.46M | -50.35M | -51.25M | -179M | -26.81M | -238M | -171.7M | -35.24M | 2M | -2.17M | -70.68M | -138M | -37.94M | -30.83M | -116M | 0 | 0 | 0 |
| Pretax Income | 164.94M | 181.63M | 305.08M | 208.47M | -150.58M | 27.22M | 14.01M | -101.04M | 9.19M | 56.49M | 452M | 401M | 344M | 323M | 271M | 132M | 92M | -126M | 78M | 196M | 215M | 171M | 176M | 24M | -79M | -68M | 19M | 641M | 764M | 628M |
| Pretax Margin % | 20.65% | 22.59% | 34.3% | 24.23% | -27.57% | 4.23% | 2.34% | -19.07% | 1.74% | 11.73% | 5.51% | 4.76% | 4.32% | 4.39% | 3.76% | 2.22% | 1.98% | -2.13% | 1.26% | 4.18% | 4.84% | 4.06% | 4.67% | 0.69% | -2.35% | -1.92% | 0.58% | 8.43% | 10.44% | 9.45% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63M | 70M | 0 | 149M | 131M | 122M | 19M | 88M | 69M | 13M | 289M | 83M | 3M | 25M | -25M | -6M | -7M | 51M | -27M | 82M | 116M | 163M | 194M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -62.35% | 762.11% | 0% | 32.96% | 32.67% | 35.47% | 5.88% | 32.47% | 52.27% | 14.13% | -229.37% | 106.41% | 1.53% | 11.63% | -14.62% | -3.41% | -29.17% | -64.56% | 39.71% | 431.58% | 18.1% | 21.34% | 30.89% |
| Net Income | 160.9M | 176.23M | 300.18M | 204.23M | -151.4M | 24M | 15.13M | -99.2M | 7.61M | 55.78M | 247M | 226M | 183M | 275M | 157M | 39M | -73M | -415M | -5M | 51M | 58M | 13M | 27M | -187M | -130M | -42M | -423M | 255M | 315M | 410M |
| Net Margin % | 20.15% | 21.92% | 33.74% | 23.74% | -27.72% | 3.73% | 2.53% | -18.72% | 1.44% | 11.58% | 3.01% | 2.68% | 2.3% | 3.73% | 2.18% | 0.66% | -1.57% | -7.01% | -0.08% | 1.09% | 1.31% | 0.31% | 0.72% | -5.41% | -3.86% | -1.18% | -12.9% | 3.35% | 4.3% | 6.17% |
| Net Income Growth % | -8.7% | -41.29% | 46.98% | 234.9% | -730.78% | 58.68% | 115.25% | -1403.24% | -86.35% | -77.42% | 9.29% | 23.5% | -33.45% | 75.16% | 302.56% | 153.42% | 82.41% | -8200% | -109.8% | -12.07% | 346.15% | -51.85% | 114.44% | -43.85% | -209.52% | 90.07% | -265.88% | -19.05% | -23.17% | - |
| Net Income (Continuing) | 164.94M | 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 | 255M | 315M | 410M |
| 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 | 0 | 0 | 0 |
| Minority Interest | 43.53M | 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 | 0 | 0 | 0 |
| EPS (Diluted) | 4.45 | 5.03 | 9.04 | 6.01 | -9.53 | -0.80 | 0.30 | -5.69 | 0.45 | 1.02 | 4.10 | 3.66 | 2.97 | 4.50 | 2.55 | 0.64 | -1.50 | -8.94 | -0.11 | 1.09 | 1.28 | 0.29 | 0.65 | -4.49 | -3.42 | -1.20 | -12.57 | 7.55 | 9.22 | 12.01 |
| EPS Growth % | -11.53% | -44.36% | 50.42% | 163.06% | -1091.25% | -366.67% | 105.27% | -1364.44% | -55.88% | -75.12% | 12.02% | 23.23% | -34% | 76.47% | 298.44% | 142.67% | 83.22% | -8027.27% | -110.09% | -14.84% | 341.38% | -55.38% | 114.48% | -31.29% | -185% | 90.45% | -266.49% | -18.11% | -23.23% | - |
| EPS (Basic) | 4.45 | 5.03 | 9.04 | 6.02 | -9.53 | -0.80 | -1.58 | -5.69 | 0.15 | 1.03 | 4.14 | 3.72 | 3.02 | 4.58 | 2.62 | 0.66 | -1.50 | -8.94 | -0.11 | 1.14 | 1.35 | 0.31 | 0.67 | -4.70 | -3.44 | -1.21 | -12.63 | 7.57 | 9.25 | 12.01 |
| Diluted Shares Outstanding | 29.74M | 29.51M | 29.51M | 28.19M | 19.65M | 50.36M | 50.36M | 17.42M | 16.94M | 54.5M | 60.2M | 61.8M | 61.6M | 61.1M | 61.5M | 61M | 48.6M | 46.41M | 45.81M | 46.76M | 45.32M | 44.18M | 41.77M | 41.67M | 38M | 34.91M | 33.66M | 33.77M | 34.16M | 34.13M |
| Basic Shares Outstanding | 29.74M | 29.51M | 29.51M | 27.97M | 19.65M | 50.5M | 17.75M | 17.42M | 51.3M | 54.1M | 59.7M | 60.7M | 60.5M | 60M | 59.9M | 59.2M | 48.6M | 46.41M | 45.81M | 44.63M | 43.09M | 41.53M | 40.43M | 39.8M | 37.78M | 34.74M | 33.48M | 33.7M | 34.05M | 34.13M |
| Dividend Payout Ratio | 37.38% | 40.75% | 20.61% | 21.4% | - | 194.6% | 325.99% | - | 523.83% | 72.35% | 13.52% | 9.48% | 5.69% | 9.68% | 17.62% | 58.59% | - | - | - | 87.8% | 66.36% | 174.99% | 44.53% | - | - | - | - | 79.61% | 64.76% | 76.34% |
Fleet age and charter volatility
As reported in recent financial statements, TEN's revenue growth has exhibited significant quarterly fluctuations, swinging from a 9.7% contraction in 2025Q2 to an 18.0% expansion by 2025Q4, suggesting that the company's top-line performance remains highly sensitive to the interplay between spot market exposure and fixed-rate charter renewals.
The erratic revenue trajectory appears to reflect the company's hybrid business model, where spot market volatility periodically disrupts the stability provided by long-term contracts. Investors should monitor whether the recent 18% growth in 2025Q4 represents a sustainable shift toward higher-margin chartering or merely a temporary benefit from favorable spot rate conditions.
According to the company's income statement data, gross margins have fluctuated between 31.0% and 42.9% over the last ten quarters, indicating that TEN's profitability is heavily dependent on maintaining high fleet utilization rates across its specialized shuttle tanker and LNG carrier segments during periods of shifting energy demand.
The compression of gross margins during mid-2024 suggests that the company's fixed-cost base, primarily driven by vessel depreciation and crew expenses, can quickly erode profitability when revenue growth stalls. The ability to maintain margins above 40% in 2025Q4 implies that the company's fleet renewal strategy may be successfully capturing premium rates for modern, high-spec tonnage.
Based on reported figures, TEN's operating income has demonstrated significant volatility, with operating margins ranging from 22.5% to 48.1%, which suggests that the company's SG&A expenses do not always scale linearly with gross profit, potentially reflecting the lumpy nature of dry-docking costs and related-party management fee structures.
The wide variance in operating margins warrants further investigation into the efficiency of the company's cost-control measures. While the 36.6% operating margin in 2025Q4 is encouraging, the historical tendency for operating income to swing sharply suggests that management's ability to protect the bottom line during revenue downturns remains inconsistent.
Analysis of the income statement reveals that EPS has experienced extreme quarterly variance, such as the 71.9% decline in 2024Q1, which raises questions regarding the quality of earnings and the potential impact of non-operating items or accounting adjustments on the company's reported net income performance.
Short-sellers may focus on the reliance on non-recurring gains or the potential for related-party management fees to obscure the true underlying profitability of the fleet. Investors should be cautious, as the lack of stock-based compensation and the reliance on complex chartering structures may mask the true economic cost of maintaining an aging fleet.
Quick answers to the most common questions about buying TEN stock.
For fiscal year 2025, Tsakos Energy Navigation Limited (TEN) reported total revenue of $798.7M. This represents a 88.0% decline compared to $6.65B in 1996.
Tsakos Energy Navigation Limited (TEN) is profitable, generating $160.9M in net income for the fiscal year ending 2025 with a net profit margin of 20.1%.
Tsakos Energy Navigation Limited (TEN) reported an operating income of $240.8M, resulting in an operating profit margin of 30.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Tsakos Energy Navigation Limited (TEN) generated $282.8M in gross profit for the year, representing a gross profit margin of 35.4%. This demonstrates the company's core pricing power and production efficiency.