Revenue growth has violently reaccelerated to 54.4% year-over-year in 2026Q2, with gross margin expanding to 46.8%, suggesting a cyclical peak in charter rates.
Tsakos Energy Navigation Limited (TEN) annual income statement — 30-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 | 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 | 910.87M | 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 % | 13.28% | -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 | 550.05M | 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 | 360.81M | 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 % | 39.61% | 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 | 44.1M | 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 | 47.65M | 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 | 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 | -1000K | 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 | 316.71M | 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 % | 34.77% | 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 | 490.65M | 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 % | 53.87% | 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 % | 14.66% | -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) | 173.93M | 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 | 319.2M | 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 | -79.15M | -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 | 11.77M | 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 | 90.92M | 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 | -47.17M | -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 | 269.55M | 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 % | 29.59% | 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 | 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% | 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 | 261.86M | 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 % | 28.75% | 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 % | 48.59% | -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) | 269.55M | 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 | 0 |
| Minority Interest | 0 | 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) | 8.74 | 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 % | 54.96% | -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 | 29.97M | 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 | 29.97M | 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% |
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.
Key Metrics
Top Statement Risk
Margin sustainability in volatile market
Metrics are mathematically derived from official filings.
Growth Reaccelerates Amid Volatile Backdrop
TEN's revenue growth has violently reaccelerated to 54.4% year-over-year in 2026Q2, a dramatic reversal from the -9.7% decline reported in 2025Q2, suggesting a powerful cyclical upswing in charter rates may be taking hold.
The quarterly trajectory reveals extreme volatility, with growth swinging from -14.5% in 2024Q4 to the latest 54.4% surge, indicating the top line is highly sensitive to the volatile shipping rate environment. This pattern suggests the recent growth is driven by external market rates rather than a steady increase in fleet capacity or contracted volumes. Investors should monitor whether this pace is sustainable or represents a peak cyclical rate environment, given the historical tendency for sharp reversals.
Margin Expansion Approaches Historical Peaks
As reported in recent financial statements, TEN's gross margin has expanded significantly to 46.8% in 2026Q2, its highest level in the last ten quarters and substantially above the peer median of approximately 35-40%, indicating potential pricing power or an optimal fleet mix.
This margin expansion appears driven by a combination of higher realized charter rates and likely a favorable mix shift toward the higher-margin shuttle and LNG segments. The 30.14% operating margin mentioned in the company intelligence is now exceeded by the reported 41.8%, suggesting the current market conditions are exceptionally favorable. However, such peak margins in a cyclical industry warrant caution about durability, especially if bunker fuel costs rise or demand softens.
Net Income Flows from Non-Operating Gains
In 2026Q2, TEN reported net income of $139.3 million that meaningfully exceeded its operating income of $124.9 million, indicating a significant contribution from non-operating items such as vessel sales or favorable tax adjustments that investors should scrutinize for sustainability.
The divergence between operating and net income, along with the reported $0 in stock-based compensation, suggests the quality of earnings is heavily dependent on non-core items. The volatility in net margin (ranging from 10.2% to 46.7% over the period) reinforces that bottom-line results are not purely driven by operational performance. Based on the company intelligence, this warrants careful examination of gains from asset dispositions versus underlying cash generation from charters.
Q2 2026 Marks Potential Cyclical Inflection
The most pronounced operational inflection occurred in 2026Q2, where revenue jumped 54.4% and operating margin surged to 41.8% from 25.9% a year prior, signaling a potential break from the subdued performance of 2024-2025.
This inflection appears driven by a sharp recovery in spot and charter rates, moving the company from a period of declining revenue and compressed margins to one of exceptional profitability. The lasting impact depends on whether this represents a sustained market upturn or a short-term spike. The fleet's mix of long-term contracts should provide a floor, but the magnitude of the jump suggests the spot-exposed portion of the fleet is currently benefiting significantly.
Peak Cycle Raises Sustainability Questions
The strongest analytical challenge is that TEN's current earnings power, particularly the 46.7% net margin, may represent a cyclical peak vulnerable to normalization, as the industry's capital-intensive, high-fixed-cost structure can rapidly erode profits in a downturn.
Short-sellers would focus on the extreme volatility in margins and EPS, which swung from a -71.9% EPS decline in 2024Q1 to 5.6% growth now, underscoring the lack of predictability. The reported low debt-to-equity ratio of 1.04%, if accurate, also makes the company an outlier in a typically leveraged sector, potentially masking off-balance sheet obligations or creating future refinancing risk. The sustainability of these results hinges entirely on the duration of the current favorable rate environment, which history suggests is uncertain.