International Seaways, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data International Seaways, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	398	290	270	366	422	273	865	1,072	952	843
General and administrative	30.4	24.5	24.3	26.8	29	33.2	46.4	47.5	52.6	50.2
Operating income	7.21	-108	-54.5	55.2	39.9	-112	443	615	455	345
Interest expense	40.4	41.2	60.2	66.3	36.7	36.8	57.7	65.8	49.7	42.7
Interest income	0.38	0.68	1.3	2.52	0.56	0.1	3.65	14	9.92	7.61
Other non-operating income	-1.35	-5.82	-3.72	-0.94	-12.8	-5.95	2.33	10.7	10.1	6.17
Pre-tax income	-17.7	-106	-89	-0.83	-5.53	-133	388	560	416	309
Income tax	0.44	0.04	-0.11	0	0	1.62	0.09	3.88	-1.08	-0.41
Net income to minority interests						-1.17
Net income	-18.2	-106	-88.9	-0.83	-5.53	-133	388	556	417	309
EBITDA	87.1	-29.1	17.9	131	114	-25.5	553	744	605	509
EPS, basic	-0.62	-3.64	-3.05	-0.03	-0.20	-3.48	7.85	11.35	8.45	6.27
EPS, diluted	-0.62	-3.64	-3.05	-0.03	-0.20	-3.48	7.77	11.25	8.38	6.23
Shares, basic (weighted)	29.2	29.2	29.1	29.2	28.4	38.4	49.4	49	49.3	49.3
Shares, diluted (weighted)	29.2	29.2	29.1	29.2	28.4	38.4	49.8	49.4	49.7	49.6
Dividend per share	6.93	6.93					1.42	6.29	5.77	2.93

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	92	60	58.3	89.7	199	97.9	244	127	158	117
Short-term investments							80	60		50
Receivables	66.9	58.2	94.6	83.8	43.4	107	290	247	186	178
Inventory	1.34	3.27	3.07	3.9	3.6	2.11	0.53	1.33	1.88	0.61
Other current assets	5.35	5.88	5.91	5.99	6	11.8	9	10.3	15.6	7.79
Total current assets	171	132	168	187	257	224	643	465	376	367
Property, plant and equipment	1,100	1,105	1,331	1,293	1,108	1,803	1,680	1,914	2,050	2,078
Lease right-of-use assets				33.7	21.6	23.2	8.47	20.4	21.2	7.22
Goodwill										0
Intangible assets					0	0.84
Other non-current assets	2.32	1.97	5.06	2.93	3.23	7.7	10	6.57	25.2	16.4
Total assets	1,663	1,664	1,849	1,754	1,587	2,347	2,615	2,522	2,636	2,669
Accounts payable	2.87	0.33	1.16	4.99	2.61	1.61	1.83	6.57	5.83	1.66
Accrued liabilities	5.67	5.9	4.51	5.59	6.29	6.92	9.91	9.83	10.2	9.75
Deferred revenue			0.45	0.27	3.06	0.35	2.96	6.24	7.83	5.98
Short-term debt	6.18	24.1	51.6	70.4	61.5	179	163	127	50.1	25.8
Total current liabilities	45.1	47.2	75.3	114	109	235	257	196	131	98.9
Long-term debt	433	529	759	591	474	926	861	595	638	541
Lease liabilities				18	10.3	12.5	7.74	11.6	8.72	5.95
Other non-current liabilities	4.44	2.72	2.44	1.49	14.9	2.29	1.88	2.63	2.35	2.23
Total liabilities	483	579	839	731	614	1,176	1,128	805	780	648
Total debt	440	553	811	661	536	1,105	1,023	723	688	567
Paid-in capital	1,276
Retained earnings	-74.5	-181	-269	-270	-276	-409	-21.4	227	359	524
Other comprehensive income	-52.3	-40.4	-29.9	-20.6	-32.6	-12.4	6.96	-1.06	-7.86	-10.8
Shareholders' equity	1,180	1,086	1,010	1,022	972	1,170	1,488	1,717	1,856	2,020
Minority interests					0	0.58
Total equity	1,180	1,086	1,010	1,022	972	1,170	1,488	1,717	1,856	2,020
Total liabilities and equity	1,663	1,664	1,849	1,754	1,587	2,347	2,615	2,522	2,636	2,669
Shares outstanding	29.2	29.1	29.2	29.3	28	49.6	49.1	48.9	49.2	49.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-18.2	-106	-88.9	-0.83	-5.53	-135	388	556	417	309
Depreciation and amortization	79.9	78.9	72.4	75.7	74.3	86.7	110	129	149	164
Stock-based compensation	2.84	3.81	3.16	4.28	5.63	10.5	6.75	8.52	9	8.7
Deferred income tax			0	0	0	0.01	-0.01	0	0	0
Change in receivables	8.03	8.73	-36.4	10.8	40.5	-16.5	-183	42.6	61.6	7.63
Cash from operations	129	17.4	-12.5	87.5	216	-76.2	288	688	547	380
Capital expenditures	-1.99	-174	-149
Cash from investing	2.45	-137	124	108	32.4	133	42.8	-124	-155	-141
Debt issued		615	70.1		363	83.7	640
Debt repaid		-55	-71.6	-49.9	-505	-619	-799	-382	-39.9
Share buybacks					-30	-16.7	-20	-13.9	-25
Dividends paid					-6.77	-40.9	-69.8	-308	-284	-145
Cash from financing	-357	98	-64.2	-163	-183	-174	-186	-681	-361	-279
Net change in cash	-226	-21.4	47	32.6	65.4	-117	145	-117	30.7	-40.6
Free cash flow	127	-156	-161

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $105.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	64.2%	Operating income / revenue.
EBITDA margin	77.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	62.0%	Net income / revenue.
Operating cash flow margin	50.4%	Cash from operations / revenue.
Return on equity (ROE)	34.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	25.8%	Net income / average total assets.
Return on invested capital (ROIC)	23.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	13.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	54.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-15.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	34.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-25.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-25.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-30.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-49.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	27.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	8.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.94x	Current assets / current liabilities.
Quick ratio	5.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.4%	Total debt / total assets.
Liabilities / assets	25.0%	Total liabilities / total assets.
Net debt	$236.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	19.7x	Operating income / interest expense.
Working capital	$651.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.26B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	0.62x	Revenue / average property, plant and equipment.
Receivables turnover	4.10x	Revenue / average receivables.
Days sales outstanding	89 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.21	Revenue / diluted weighted shares.
Operating cash flow per share	$12.70	Cash from operations / diluted weighted shares.
Book value per share	$45.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$45.60	Tangible book value / shares outstanding.
Cash per share	$8.27	(Cash + short-term investments) / shares outstanding.
Payout ratio	52.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.23B	Share price x shares outstanding.
Enterprise value	$5.47B	Market cap + total debt - cash - short-term investments.
P/E	6.72x	Market cap / net income. Only when net income is positive.
P/S	4.16x	Market cap / revenue.
P/B	2.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.32x	Market cap / tangible book value, when positive.
P/OCF	8.27x	Market cap / cash from operations, when positive.
EV/Sales	4.35x	Enterprise value / revenue.
EV/EBIT	6.78x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.64x	Enterprise value / EBITDA, when both are positive.
Earnings yield	14.9%	Net income / market cap (the inverse of P/E).
Dividend yield	7.9%	Dividends paid over the period / market cap.
Shareholder yield	7.9%	(Dividends paid + share buybacks) / market cap.

What was International Seaways, Inc.'s revenue in fiscal 2025?

International Seaways, Inc. reported revenue of $843.3M for fiscal 2025, 11.4% lower than the year before.

Was International Seaways, Inc. profitable in fiscal 2025?

Yes. Net income was $309.3M, a net margin of 36.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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