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Marine shipping · Industrials · Fiscal year ends Dec 31
International Seaways reported revenue of $843M in the fiscal year ended Dec 2025, down 11.4% from the year before. Operating income was $345M, an operating margin of 41.0%, and net income was $309M. Net debt was $450M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 273 | 865 | 1,072 | 952 | 843 |
| Operating income | −112 | 443 | 615 | 455 | 345 |
| Interest expense | 36.8 | 57.7 | 65.8 | 49.7 | 42.7 |
| Pre-tax income | −133 | 388 | 560 | 416 | 309 |
| Income tax | 1.6 | 0.1 | 3.9 | −1.1 | −0.4 |
| Net income | −133 | 388 | 556 | 417 | 309 |
| Diluted EPS | −3.48 | 7.77 | 11.25 | 8.38 | 6.23 |
| Diluted shares | 38.4 | 49.8 | 49.4 | 49.7 | 49.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 97.9 | 244 | 127 | 158 | 117 |
| Receivables | 107 | 290 | 247 | 186 | 178 |
| Inventory | 2.1 | 0.5 | 1.3 | 1.9 | 0.6 |
| Current assets | 224 | 643 | 465 | 376 | 367 |
| Net PP&E | 1,803 | 1,680 | 1,914 | 2,050 | 2,078 |
| Goodwill | – | – | – | – | 0.0 |
| Total assets | 2,347 | 2,615 | 2,522 | 2,636 | 2,669 |
| Payables | 1.6 | 1.8 | 6.6 | 5.8 | 1.7 |
| Deferred revenue | 0.4 | 3.0 | 6.2 | 7.8 | 6.0 |
| Current liabilities | 235 | 257 | 196 | 131 | 98.9 |
| Short-term debt | 179 | 163 | 127 | 50.1 | 25.8 |
| Long-term debt | 926 | 861 | 595 | 638 | 541 |
| Total liabilities | 1,176 | 1,128 | 805 | 780 | 648 |
| Shareholders' equity | 1,170 | 1,488 | 1,717 | 1,856 | 2,020 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −76.2 | 288 | 688 | 547 | 380 |
| Depreciation & amortisation | 86.7 | 110 | 129 | 149 | 164 |
| Stock-based compensation | 10.5 | 6.7 | 8.5 | 9.0 | 8.7 |
| Share buybacks | 16.7 | 20.0 | 13.9 | 25.0 | – |
| Dividends paid | 40.9 | 69.8 | 308 | 284 | 145 |
| Dividend per share | – | 1.42 | 6.29 | 5.77 | 2.93 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 217.3% | 24.0% | −11.2% | −11.4% |
| Operating income growth (YoY) | – | – | 39.0% | −26.0% | −24.1% |
| EPS growth (YoY) | – | – | 44.8% | −25.5% | −25.7% |
| Operating margin | −41.1% | 51.2% | 57.4% | 47.8% | 41.0% |
| Net margin | −49.0% | 44.9% | 51.9% | 43.8% | 36.7% |
| Return on equityBlank when equity is negative | −11.4% | 26.1% | 32.4% | 22.5% | 15.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.3% | 18.8% | 26.5% | 18.2% | 13.4% |
| Cash conversion (CFO ÷ net income) | 0.57x | 0.74x | 1.24x | 1.31x | 1.23x |
| Receivable days | 143 | 122 | 84 | 71 | 77 |
| Interest cover | −3.05x | 7.67x | 9.36x | 9.16x | 8.09x |
| Debt ÷ equity | 0.94x | 0.69x | 0.42x | 0.37x | 0.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,007 | 780 | 596 | 531 | 450 |
| Current ratio | 0.96x | 2.50x | 2.38x | 2.87x | 3.71x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.