Revenue growth rebounded to 20.3% in 2026Q1, though gross margins have compressed significantly from a 65.0% peak in 2024Q1 to 39.9% in the most recent quarter.
| 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 |
|---|
| Sales/Revenue | 1.41B | 1.39B | 1.56B | 1.52B | 1.44B | 619.53M | 747.36M | 692.61M | 635.37M | 656.99M | 680.14M | 540.4M | 624.17M | 992.34M | 1.12B | 1.32B | 859.41M | 850.3M | 1.17B | 821.67M | 604.34M | 588.8M | 473.12M | 326.08M | 275.24M | 309.01M | 269.57M |
| Revenue Growth % | -2.44% | -10.86% | 2.55% | 5.33% | 132.98% | -17.1% | 7.9% | 9.01% | -3.29% | -3.4% | 25.86% | -13.42% | -37.1% | -11.49% | -15.02% | 53.51% | 1.07% | -27.33% | 42.39% | 35.96% | 2.64% | 24.45% | 45.1% | 18.47% | -10.93% | 14.63% | - |
| Cost of Goods Sold | 834.1M | 915.66M | 610.5M | 579.6M | 598.5M | 371.79M | 349.85M | 377.86M | 400M | 382.86M | 365.57M | 249M | 351.99M | 668.34M | 1.05B | 1.24B | 679.67M | 607.79M | 632.21M | 464.05M | 332.9M | 273.85M | 210.93M | 216.88M | 117.76M | 222.23M | 0 |
| COGS % of Revenue | - | 65.88% | 39.15% | 38.12% | 41.46% | 60.01% | 46.81% | 54.56% | 62.96% | 58.27% | 53.75% | 46.08% | 56.39% | 67.35% | 93.21% | 93.86% | 79.09% | 71.48% | 54.03% | 56.48% | 55.08% | 46.51% | 44.58% | 66.51% | 42.79% | 71.92% | - |
| Gross Profit | 575.03M | 474.17M | 948.7M | 940.8M | 844.9M | 247.74M | 397.51M | 314.75M | 235.36M | 274.13M | 314.57M | 291.41M | 272.19M | 323.99M | 76.13M | 81.03M | 179.75M | 242.51M | 537.8M | 357.62M | 271.44M | 314.95M | 262.2M | 109.2M | 157.48M | 86.78M | 269.57M |
| Gross Margin % | 40.81% | 34.12% | 60.85% | 61.88% | 58.54% | 39.99% | 53.19% | 45.44% | 37.04% | 41.73% | 46.25% | 53.92% | 43.61% | 32.65% | 6.79% | 6.14% | 20.91% | 28.52% | 45.97% | 43.52% | 44.92% | 53.49% | 55.42% | 33.49% | 57.21% | 28.08% | 100% |
| Gross Profit Growth % | - | -50.02% | 0.84% | 11.35% | 241.04% | -37.68% | 26.3% | 33.73% | -14.14% | -12.85% | 7.95% | 7.06% | -15.99% | 325.57% | -6.05% | -54.92% | -25.88% | -54.91% | 50.38% | 31.75% | -13.82% | 20.12% | 140.11% | -30.66% | 81.47% | -67.81% | - |
| Operating Expenses | 169.73M | 118.6M | 289.9M | 242.2M | 243.4M | 246.35M | 258.6M | 108.86M | 230.23M | 233.8M | 236.96M | 148.65M | 291.92M | 355.37M | 373.4M | 212.88M | 214.78M | 203.64M | 201.48M | 152.64M | 83.67M | 66.5M | 171.28M | 82.04M | -77.38M | 222.89M | 201.69M |
| OpEx % of Revenue | - | 8.53% | 18.59% | 15.93% | 16.86% | 39.76% | 34.6% | 15.72% | 36.24% | 35.59% | 34.84% | 27.51% | 46.77% | 35.81% | 33.3% | 16.14% | 24.99% | 23.95% | 17.22% | 18.58% | 13.84% | 11.29% | 36.2% | 25.16% | -28.12% | 72.13% | 74.82% |
| Selling, General & Admin | 110.73M | 118.6M | 95.6M | 82.9M | 55M | 51.54M | 50.77M | 47.72M | 47.83M | 45.01M | 41.41M | 19.49M | 50.97M | 56.52M | 67.22M | 71.22M | 78.16M | 78.19M | 89.91M | 68.74M | 34.59M | 31.18M | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 8.53% | 6.13% | 5.45% | 3.81% | 8.32% | 6.79% | 6.89% | 7.53% | 6.85% | 6.09% | 3.61% | 8.17% | 5.7% | 6% | 5.4% | 9.09% | 9.2% | 7.68% | 8.37% | 5.72% | 5.29% | - | - | - | - | - |
| 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 | 1000K | 0 | 194.3M | 159.3M | 188.4M | 194.81M | 207.83M | 61.13M | 182.41M | 188.79M | 195.55M | 129.17M | 240.95M | 298.85M | 306.18M | 141.66M | 136.62M | 125.44M | 111.58M | 83.89M | 49.08M | 35.32M | 171.28M | 82.04M | -77.38M | -21.82M | -25.64M |
| Operating Income | 405.3M | 355.58M | 658.8M | 698.6M | 601.5M | 1.4M | 138.91M | 205.89M | 2.82M | 39.53M | -107.21M | 142.96M | -211.03M | -90.66M | -448.5M | -388.6M | -79.62M | 49.76M | 446.25M | 204.98M | 242.13M | 303.19M | 433.47M | 191.24M | 80.09M | 60.27M | 30.66M |
| Operating Margin % | 28.76% | 25.58% | 42.25% | 45.95% | 41.67% | 0.23% | 18.59% | 29.73% | 0.44% | 6.02% | -15.76% | 26.45% | -33.81% | -9.14% | -40% | -29.45% | -9.26% | 5.85% | 38.14% | 24.95% | 40.07% | 51.49% | 91.62% | 58.65% | 29.1% | 19.5% | 11.37% |
| Operating Income Growth % | - | -46.03% | -5.7% | 16.14% | 42987.39% | -99% | -32.53% | 7195.92% | -92.86% | 136.87% | -175% | 167.74% | -132.79% | 79.79% | -15.42% | -388.07% | -260.01% | -88.85% | 117.7% | -15.34% | -20.14% | -30.06% | 126.67% | 138.77% | 32.9% | 96.56% | - |
| EBITDA | 625.74M | 578.14M | 850.8M | 847.9M | 740.5M | 132.25M | 260.83M | 316.01M | 113.62M | 161.26M | 9.46M | 210.28M | -114.72M | 36.25M | -310.27M | -243.77M | 61.79M | 182.53M | 572.32M | 303.66M | 301.05M | 351.08M | 471.88M | 221.15M | 100.63M | 74.28M | 52.69M |
| EBITDA Margin % | 44.41% | 41.6% | 54.57% | 55.77% | 51.3% | 21.35% | 34.9% | 45.63% | 17.88% | 24.55% | 1.39% | 38.91% | -18.38% | 3.65% | -27.67% | -18.48% | 7.19% | 21.47% | 48.92% | 36.96% | 49.81% | 59.63% | 99.74% | 67.82% | 36.56% | 24.04% | 19.55% |
| EBITDA Growth % | -13.16% | -32.05% | 0.34% | 14.5% | 459.94% | -49.3% | -17.46% | 178.14% | -29.54% | 1605.26% | -95.5% | 283.3% | -416.51% | 111.68% | -27.28% | -494.51% | -66.15% | -68.11% | 88.47% | 0.87% | -14.25% | -25.6% | 113.37% | 119.77% | 35.47% | 40.98% | - |
| D&A (Non-Cash Add-back) | 220.44M | 222.56M | 192M | 149.3M | 139M | 130.85M | 121.92M | 110.12M | 110.79M | 121.73M | 116.67M | 67.33M | 96.31M | 126.9M | 138.23M | 144.83M | 141.41M | 132.78M | 126.07M | 98.68M | 58.91M | 47.89M | 38.4M | 29.91M | 20.54M | 14.02M | 22.03M |
| EBIT | 419.54M | 382.97M | 679.8M | 708.1M | 605.4M | 1.64M | 136.63M | 206.11M | 2.48M | 48.59M | -112.13M | 143.95M | 16.13M | -91.36M | -504.38M | -392.69M | -85.64M | 33.75M | 439.77M | 872.51M | 282.39M | 325.47M | 443.05M | 191.35M | 29.2M | 79.56M | 67.88M |
| Net Interest Income | -64.35M | -62.88M | -46.19M | -41.9M | -44.76M | -42.14M | -77.26M | -50.39M | -38.08M | -35.8M | -33.03M | -15.93M | -3.5M | 0 | -141.8M | -67.4M | -56.22M | -52.11M | -79.08M | -47.78M | -10.05M | -9.82M | 218.44M | 111.19M | -12.93M | -9.17M | 0 |
| Interest Income | 11.2M | 13.8M | 23.67M | 14.2M | 4M | 200K | 576.16K | 2.5M | 2.62M | 4.25M | 190.95K | 300K | 100K | 0 | 500K | 1.3M | 500K | 1.3M | 7.3M | 17.7M | 4.1M | 3.3M | 236.22M | 124.66M | 0 | 6.09M | 0 |
| Interest Expense | 75.55M | 76.68M | 69.86M | 56.1M | 48.7M | 42.4M | 77.84M | 52.89M | 40.69M | 40.6M | 33.22M | 15M | 57.4M | 0 | 74.7M | 58.7M | 50.6M | 52.8M | 79.7M | 73.6M | 41.3M | 26.1M | 17.79M | 13.48M | 12.93M | 15.26M | 0 |
| Other Income/Expense | -55.69M | -49.29M | -49.3M | -46.6M | -44.8M | -42.14M | -49.38M | -39.09M | -36.04M | -36.34M | -34.52M | -15.93M | -3.55M | -75.5M | -130.58M | -62.79M | -56.62M | -68.81M | -86.18M | 605.23M | -1.05M | -3.82M | 425.26M | 177.87M | 16.27M | -21.82M | -25.64M |
| Pretax Income | 349.61M | 306.29M | 609.5M | 652M | 556.7M | -40.74M | 89.53M | 166.81M | -33.22M | 3.18M | -141.73M | 127.02M | -283.41M | -166.16M | -579.09M | -451.38M | -136.24M | -19.05M | 360.07M | 804.22M | 241.09M | 299.37M | 425.26M | 177.87M | 16.27M | 64.3M | 42.24M |
| Pretax Margin % | 24.81% | 22.04% | 39.09% | 42.88% | 38.57% | -6.58% | 11.98% | 24.08% | -5.23% | 0.48% | -20.84% | 23.51% | -45.41% | -16.74% | -51.65% | -34.21% | -15.85% | -2.24% | 30.78% | 97.88% | 39.89% | 50.84% | 89.88% | 54.55% | 5.91% | 20.81% | 15.67% |
| Income Tax | 5.28M | 9.55M | -2M | 4M | -5.9M | 1.34M | 1.42M | 784K | 1.56M | 777K | 760K | 1.04M | 769K | -3.93M | 1.56M | 1.62M | -982K | -1.69M | -1.28M | 12.54M | 6.57M | 4K | 17.79M | 13.48M | 12.93M | 15.26M | 48.8M |
| Effective Tax Rate % | 1.51% | 3.12% | -0.33% | 0.61% | -1.06% | -3.3% | 1.58% | 0.47% | -4.69% | 24.4% | -0.54% | 0.82% | -0.27% | 2.36% | -0.27% | -0.36% | 0.72% | 8.85% | -0.36% | 1.56% | 2.73% | 0% | 4.18% | 7.58% | 79.51% | 23.73% | 115.53% |
| Net Income | 344.23M | 296.02M | 612.5M | 648.3M | 562.8M | -42.09M | 88.11M | 166.02M | -34.78M | 2.41M | -142.49M | 125.98M | -284.18M | -162.23M | -580.64M | -453.01M | -135.26M | -17.36M | 361.35M | 791.68M | 234.51M | 299.36M | 415.69M | 177.76M | 67.16M | 45.01M | 30.66M |
| Net Margin % | 24.43% | 21.3% | 39.28% | 42.64% | 38.99% | -6.79% | 11.79% | 23.97% | -5.47% | 0.37% | -20.95% | 23.31% | -45.53% | -16.35% | -51.79% | -34.34% | -15.74% | -2.04% | 30.88% | 96.35% | 38.8% | 50.84% | 87.86% | 54.51% | 24.4% | 14.57% | 11.37% |
| Net Income Growth % | -26.07% | -51.67% | -5.52% | 15.19% | 1437.17% | -147.77% | -46.93% | 577.36% | -1544.91% | 101.69% | -213.1% | 144.33% | -75.17% | 72.06% | -28.18% | -234.92% | -679.05% | -104.8% | -54.36% | 237.58% | -21.66% | -27.98% | 133.85% | 164.68% | 49.21% | 46.8% | - |
| Net Income (Continuing) | 344.33M | 296.75M | 611.5M | 648M | 562.6M | -42.09M | 88.11M | 166.02M | -34.78M | 2.41M | -142.49M | 125.98M | 12.63M | -162.23M | -580.64M | -453.01M | -135.26M | -17.36M | 361.35M | 791.68M | 234.51M | 299.36M | 415.69M | 177.76M | 67.16M | 45.01M | 30.66M |
| 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 | 0 | 0 | 800K | 1.9M | 2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.33 | 2.96 | 6.36 | 7.48 | 6.90 | -0.54 | 1.27 | 2.25 | -0.48 | 0.04 | -2.27 | 2.40 | -5.15 | -3.37 | -9.84 | -9.77 | -2.93 | -0.38 | 7796.10 | 17091.00 | 5097.45 | 6446.78 | 8560.82 | 3660.80 | 1379.96 | 926.93 | 631.43 |
| EPS Growth % | -28.87% | -53.46% | -14.97% | 8.41% | 1377.78% | -142.52% | -43.56% | 568.75% | -1300% | 101.76% | -194.58% | 146.6% | -52.82% | 65.75% | -0.72% | -233.45% | -671.05% | -100% | -54.38% | 235.29% | -20.93% | -24.69% | 133.85% | 165.28% | 48.87% | 46.8% | - |
| EPS (Basic) | - | 3.01 | 6.54 | 7.75 | 7.03 | -0.54 | 1.27 | 2.25 | -0.48 | 0.04 | -2.27 | 2.40 | -5.15 | -3.37 | -9.84 | -9.77 | -2.93 | -0.38 | 7796.10 | 17091.00 | 5097.45 | 6446.78 | 8560.82 | 3660.80 | 1379.96 | 926.93 | 631.43 |
| Diluted Shares Outstanding | 103.3M | 100.1M | 96.3M | 86.7M | 82.8M | 78.1M | 74.3M | 74M | 73.1M | 62M | 62.9M | 51.7M | 55.21M | 48.11M | 59M | 46.36M | 46.22M | 46.16M | 46.36M | 46.29M | 46.29M | 46.56M | 48.56M | 48.56M | 48.56M | 48.56M | 48.56M |
| Basic Shares Outstanding | 101.5M | 98.2M | 93.6M | 83.6M | 81.3M | 78.1M | 74.3M | 74M | 72.46M | 62M | 62.77M | 51.7M | 55.21M | 48.11M | 59M | 46.36M | 46.22M | 46.16M | 46.16M | 46.16M | 46.29M | 46.42M | 48.56M | 48.56M | 48.56M | 48.56M | 48.56M |
| Dividend Payout Ratio | - | 70% | 86.21% | 92.27% | 29.62% | - | 80.14% | - | - | 51.52% | - | - | - | - | - | - | - | - | 34.26% | 53.55% | 57.2% | 30.2% | 9.16% | 3.3% | 14.58% | 9.68% | - |
Cyclical freight rate volatility
According to the latest quarterly data, TORM's revenue growth accelerated to 20.3% in 2026Q1, marking a sharp reversal from the negative growth trends observed throughout 2025, which suggests that the company is successfully navigating the inherent volatility of the global product tanker spot market.
The recent revenue uptick appears to be driven by a recovery in freight rates, likely supported by shifting trade routes and increased ton-mile demand. Investors should monitor whether this growth is sustainable or merely a temporary spike, as the company's performance remains highly sensitive to global refinery throughput and geopolitical disruptions.
As reported in financial statements, TORM's gross margin has contracted from a peak of 65.0% in 2024Q1 to 39.9% in 2026Q1, indicating that the company is facing significant pressure on its ability to maintain premium pricing in a normalizing freight rate environment.
The decline in gross margins suggests that rising operating costs or a softening in spot market rates are beginning to weigh on profitability. While the current margin level remains respectable, the downward trend warrants further investigation into whether the company's integrated platform can continue to offset inflationary pressures on bunker fuel and crew expenses.
Based on TORM's reported figures, operating income reached $135.1M in 2026Q1, reflecting a recovery in operating leverage as the company scales its earnings more effectively against a relatively stable SG&A cost base compared to the previous quarter's $98.2M performance.
The ability to expand operating margins despite revenue fluctuations suggests that management maintains disciplined control over overhead costs. However, the volatility in operating income over the last ten quarters implies that the company's profitability is heavily tethered to external market conditions rather than internal cost-cutting initiatives alone.
As indicated by the absence of stock-based compensation in recent quarters, TORM's net income appears to be of higher quality, with the 2026Q1 net income of $120.5M representing a significant improvement in bottom-line performance compared to the $87.4M reported in the final quarter of 2025.
The lack of non-cash dilution from stock-based compensation suggests that management is prioritizing shareholder value through direct cash returns rather than equity-based incentives. Investors should continue to monitor the tax rate and non-operating items, as these can occasionally obscure the underlying operational performance of the fleet.
While TORM has demonstrated resilience, the 10.86% year-over-year revenue decline observed in recent periods suggests that the market may be overestimating the durability of current freight rates, posing a risk to the company's ability to sustain its historical dividend payout levels.
Short-term volatility in the product tanker market may lead to earnings disappointment if the current ton-mile tailwinds subside. The reliance on spot-market exposure means that any structural shift in global energy demand could lead to rapid margin compression, which may not be fully reflected in current valuation multiples.
Quick answers to the most common questions about buying TRMD stock.
For fiscal year 2025, TORM plc (TRMD) reported total revenue of $1.39B. This represents a 415.6% increase compared to $269.6M in 2000.
TORM plc (TRMD) is profitable, generating $296.0M in net income for the fiscal year ending 2025 with a net profit margin of 21.3%.
TORM plc (TRMD) reported an operating income of $355.6M, resulting in an operating profit margin of 25.6%. This margin reflects the operational efficiency of the business before interest and taxes.
TORM plc (TRMD) generated $474.2M in gross profit for the year, representing a gross profit margin of 34.1%. This demonstrates the company's core pricing power and production efficiency.