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International Seaways (INSW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · International Seaways (INSW) Q3 2026 earnings results →
Q3 2026 Revenue up 146% year over year to $483M · 71¢ of every $1 of revenue kept as net profit · operating margin 72.7%
International Seaways made $483M in Q3 2026 (+146% Y/Y): Pool Revenue Leases $216M, Voyage charter revenues $154M, Time and Bareboat Charter Leases $114M. Operating margin 72.7%, net earnings $344M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $483.2M in Q3 2026, up 146% year over year and up 3% from the previous quarter. Pool Revenue Leases was the largest line at 45% of revenue. Voyage charter revenues added $142.4M year over year (up 1257%), 50% of the total change.
Operating profit was $351.3M, a 72.7% margin (up 32.6 points year over year). Of the extra revenue versus Q3 2025, 95% reached operating profit, above the 40% margin then. Total costs grew 12% against revenue growth of 146%. The fastest-growing cost line was General & admin (+66%). Net earnings were $344.2M, up 388% year over year. The effective tax rate was 0.1%.
Operating cash flow was $243.0M (up 210% year over year), 71% of net earnings. Non-cash charges added back $41.3M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $144.6M. After expenditures for vessels, net ($735K) and payments on sale and leaseback ($5.5M) and repayments of debt ($2.1M) and expenditures for other property ($655K), free cash flow as the company reports it was $234.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $483M | +146% | 72.7% | $344M | $243M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $467M | +139% | 64.5% | $295M | $268M |
| Q1 2026 | 10-Q | May 7, 2026 | $325M | +78% | 88.7% | $286M | $141M |
| Q4 2025 | 10-K | Feb 26, 2026 | $268M | +38% | 51.6% | $128M | $146M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $196M | -13% | 40.1% | $70.5M | $78.3M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $196M | -24% | 35.5% | $61.6M | $85.8M |
| Q1 2025 | 10-Q | May 8, 2025 | $183M | -33% | 32.3% | $49.6M | $69.9M |
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About International Seaways
International Seaways, Inc., a Marshall Islands corporation incorporated in 1999, and its wholly owned subsidiaries own and operate a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products in the International Flag trade. Our vessel operations are organized into two segments: Crude Tankers and Product Carriers. At December 31, 2025, we owned or operated an International Flag fleet of 70 vessels (totaling an aggregate of 8.4 million dwt), consisting of VLCC, Suezmax and Aframax crude tankers, as well as LR2, LR1 and MR product carriers. In addition to our operating fleet of 70 vessels, four dual-fuel ready LR1 newbuilds are contracted for delivery to the Company between the first and third quarters of 2026, bringing the total operating and newbuild fleet to 74 vessels. The Marshall Islands is the principal flag of registry of our vessels.
In its own words, from its 10-K, filed Feb 26, 2026.
International Seaways against its Water Transportation peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +146% against the peers' median +12%. Operating margin: 72.7% against the peers' median 22.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| INSW International Seaways | Q3 2026 | $483M | +146% | 72.7% |
| CCL Carnival | Q3 FY26 | $8.4B | +4% | 26.3% |
| RCL Royal Caribbean Cruises | Q3 2026 | $5.6B | +9% | 33.5% |
| NCLH Norwegian Cruise Line Holdings | Q3 2026 | $2.9B | +0.3% | 21.2% |
| MATX Matson | Q3 2026 | $1.1B | +26% | 22.9% |
| KEX Kirby | Q3 2026 | $977M | +12% | 15.4% |
| TDW Tidewater | Q2 2026 | $342M | +0.3% | 18.3% |
| OMEX Odyssey Marine Exploration | Q3 2026 | $109K | +79% | n/m |
Source: International Seaways 10-Q on SEC EDGAR · CIK 1679049 · Water Transportation
Guidance and outlook
More on INSW
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- International Seaways operating margin by quarter
- International Seaways net income by quarter
- International Seaways free cash flow by quarter
- International Seaways capital expenditures by quarter
- International Seaways Pool Revenue Leases revenue by quarter
- International Seaways Voyage charter revenues revenue by quarter
- International Seaways Time and Bareboat Charter Leases revenue by quarter