Torm (TRMD) financial statements
Torm reported revenue of $1.3B in fiscal 2025, up 12.4% a year over 5 years.
Net income was $285M.
Free cash flow was $189M, and the company returned $200M in dividends.
The diluted share count rose 59% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Torm's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $747M | $620M | $1.4B | $1.5B | $1.6B | $1.3B |
| Selling, general and admin | $41M | $45M | $48M | $48M | $51M | $52M | $55M | $83M | $96M | $114M |
| Operating income | -$107M | $40M | $3M | $206M | $139M | $1M | $602M | $699M | $659M | $356M |
| Interest expense | $37M | $41M | $39M | $42M | $50M | $42M | $49M | $61M | $74M | $74M |
| Pre-tax income | -$142M | $3M | -$33M | $167M | $90M | -$41M | $557M | $652M | $610M | $295M |
| Income tax | $760,000 | $777,000 | $2M | $784,000 | $1M | $1M | -$6M | $4M | -$2M | $9M |
| Net income | -$142M | $2M | -$35M | $166M | $88M | -$42M | $563M | $648M | $612M | $285M |
| EPS (diluted) | -$2.27 | $0.04 | -$0.48 | $2.24 | $1.19 | -$0.54 | $6.80 | $7.48 | $6.36 | $2.85 |
| Diluted shares | 63M | 62M | 73M | 74M | 74M | 78M | 83M | 87M | 96M | 100M |
| Operating margin | — | — | — | — | 18.6% | 0.2% | 41.7% | 45.9% | 42.3% | 26.6% |
| Net margin | — | — | — | — | 11.8% | -6.8% | 39.0% | 42.6% | 39.3% | 21.3% |
Balance sheet
Fiscal years, from Torm's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $74M | $133M | $124M | $57M | $90M | $145M | $320M | $266M | $272M | $158M |
| Receivables | $63M | $71M | $86M | $90M | $59M | $84M | $260M | $211M | $184M | $215M |
| Inventory | — | — | — | — | $22M | $49M | $72M | $62M | $68M | $66M |
| Total current assets | $181M | $261M | $269M | $216M | $244M | $363M | $740M | $691M | $615M | $532M |
| Property, plant and equipment | $1.4B | $1.4B | $1.4B | $1.8B | $1.7B | $2.0B | $1.9B | $2.2B | $2.8B | $2.8B |
| Goodwill | $0 | $0 | $0 | — | $0 | $0 | $2M | $2M | $2M | $2M |
| Total assets | $1.6B | $1.6B | $1.7B | $2.0B | $2.0B | $2.3B | $2.6B | $2.9B | $3.5B | $3.4B |
| Total current liabilities | $152M | $156M | $167M | $195M | $197M | $307M | $206M | $265M | $285M | $401M |
| Long-term debt | $596M | $652M | $655M | $756M | $740M | $926M | $850M | $887M | $1.1B | $714M |
| Total liabilities | $791M | $856M | $867M | $996M | $981M | $1.3B | $1.1B | $1.2B | $1.4B | $1.2B |
| Shareholders' equity | $781M | $791M | $847M | $1.0B | $1.0B | $1.1B | $1.5B | $1.7B | $2.1B | $2.2B |
| Net debt | $597M | $605M | $625M | $799M | $753M | $991M | $646M | $794M | $954M | $845M |
Cash flow
Fiscal years, from Torm's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $171M | $110M | $71M | $171M | $236M | $48M | $502M | $805M | $827M | $499M |
| Capital spending | $119M | $145M | $202M | $384M | $173M | $320M | $120M | $510M | $584M | $310M |
| Free cash flow | $52M | -$35M | -$132M | -$213M | $63M | -$272M | $382M | $295M | $243M | $189M |
| Stock-based compensation | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $22M | $30M | $34M |
| Dividends paid | $25M | $1M | — | — | $71M | $0 | $167M | $586M | $553M | $200M |
| Share buybacks (net) | -$3M | $0 | — | — | -$1M | — | — | — | — | — |
| Net borrowing | -$93M | $63M | $797,000 | $93M | -$12M | $295M | -$179M | $91M | $163M | -$230M |
| Free cash flow margin | — | — | — | — | 8.4% | -43.9% | 26.5% | 19.4% | 15.6% | 14.1% |
| Dividends per share | $0.40 | $0.02 | — | — | $0.95 | — | $2.01 | $6.76 | $5.75 | $2.00 |
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Open TRMD in InvestinglyQuestions
What was Torm's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Torm generate?
$189M in fiscal 2025 (operating cash flow minus capital spending).
From Torm's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.