International Seaways (INSW) financial statements
International Seaways reported revenue of $843M in fiscal 2025, up 8.7% a year over 9 years.
Net income was $309M and the operating margin 41.0%, against 1.8% in 2016.
The diluted share count rose 70% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from International Seaways's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $398M | $290M | $270M | $366M | $422M | $273M | $865M | $1.1B | $952M | $843M |
| Selling, general and admin | $30M | $24M | $24M | $27M | $29M | $33M | $46M | $47M | $53M | $50M |
| Operating income | $7M | -$108M | -$55M | $55M | $40M | -$112M | $443M | $615M | $455M | $345M |
| Interest expense | $40M | $41M | $60M | $66M | $37M | $37M | $58M | $66M | $50M | $43M |
| Pre-tax income | -$18M | -$106M | -$89M | -$829,000 | -$6M | -$133M | $388M | $560M | $416M | $309M |
| Income tax | $440,000 | $44,000 | -$105,000 | $1,000 | $1,000 | $2M | $88,000 | $4M | -$1M | -$411,000 |
| Net income | -$18M | -$106M | -$89M | -$830,000 | -$6M | -$133M | $388M | $556M | $417M | $309M |
| EPS (diluted) | -$0.62 | -$3.64 | -$3.05 | -$0.03 | -$0.20 | -$3.48 | $7.77 | $11.25 | $8.38 | $6.23 |
| Diluted shares | 29M | 29M | 29M | 29M | 28M | 38M | 50M | 49M | 50M | 50M |
| Operating margin | 1.8% | -37.2% | -20.2% | 15.1% | 9.5% | -41.1% | 51.2% | 57.4% | 47.8% | 41.0% |
| Net margin | -4.6% | -36.6% | -32.9% | -0.2% | -1.3% | -49.0% | 44.9% | 51.9% | 43.8% | 36.7% |
Balance sheet
Fiscal years, from International Seaways's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $92M | $60M | $58M | $90M | $199M | $98M | $324M | $187M | $158M | $167M |
| Receivables | $67M | $58M | $95M | $84M | $43M | $107M | $290M | $247M | $186M | $178M |
| Inventory | $1M | $3M | $3M | $4M | $4M | $2M | $531,000 | $1M | $2M | $611,000 |
| Total current assets | $171M | $132M | $168M | $187M | $257M | $224M | $643M | $465M | $376M | $367M |
| Property, plant and equipment | $1.1B | $1.1B | $1.3B | $1.3B | $1.1B | $1.8B | $1.7B | $1.9B | $2.1B | $2.1B |
| Goodwill | — | — | — | — | — | — | — | — | — | $0 |
| Total assets | $1.7B | $1.7B | $1.8B | $1.8B | $1.6B | $2.3B | $2.6B | $2.5B | $2.6B | $2.7B |
| Total current liabilities | $45M | $47M | $75M | $114M | $109M | $235M | $257M | $196M | $131M | $99M |
| Long-term debt | $433M | $529M | $759M | $591M | $474M | $926M | $861M | $595M | $638M | $541M |
| Total liabilities | $483M | $579M | $839M | $731M | $614M | $1.2B | $1.1B | $805M | $780M | $648M |
| Shareholders' equity | $1.2B | $1.1B | $1.0B | $1.0B | $972M | $1.2B | $1.5B | $1.7B | $1.9B | $2.0B |
| Net debt | $348M | $493M | $752M | $571M | $336M | $1.0B | $780M | $596M | $531M | $450M |
Cash flow
Fiscal years, from International Seaways's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $129M | $17M | -$12M | $87M | $216M | -$76M | $288M | $688M | $547M | $380M |
| Capital spending | $2M | $174M | $149M | — | — | — | — | — | — | — |
| Free cash flow | $127M | -$156M | -$161M | — | — | — | — | — | — | — |
| Stock-based compensation | $3M | $4M | $3M | $4M | $6M | $11M | $7M | $9M | $9M | $9M |
| Dividends paid | — | — | — | — | $7M | $41M | $70M | $308M | $284M | $145M |
| Share buybacks (net) | — | — | — | — | -$30M | -$17M | -$20M | -$14M | -$25M | — |
| Net borrowing | — | $560M | -$1M | -$50M | -$142M | -$536M | -$159M | -$382M | -$40M | — |
| Free cash flow margin | 31.9% | -53.8% | -59.7% | — | — | — | — | — | — | — |
| Dividends per share | — | — | — | — | $0.24 | $1.07 | $1.40 | $6.23 | $5.72 | $2.92 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for INSW.
Open INSW in InvestinglyQuestions
What was International Seaways's revenue in 2025?
$843M in fiscal 2025, from its 10-K filing.
From International Seaways's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.