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International Seaways cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$242M in Q3 2026 · $796M over twelve months

Operating cash flow$243M
Capital spending−$655K
Free cash flow+$242M
Cash / net income0.7×

Analysis

In Q3 2026, International Seaways generated $243M of operating cash flow and spent $655K on capital projects, leaving free cash flow of $242M. That is $164M more than in Q3 2025 ($78.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $798M; the largest uses were dividends ($624M), other investing ($314M), other financing ($286M); besides operations, cash came from net borrowing (+) / repaid (−) ($187M); the cash balance fell by $249M.

Operating cash flow was $243M against net income of $344M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$75.3M, gains on disposals −$52.8M, depreciation & amortization +$41.3M.

Free cash flow

International Seaways: free cash flow by quarterInternational Seaways: free cash flow by quarter$93.1MQ4 2024$69.6MQ1 2025$85.6MQ2 2025$78.3MQ3 2025$145MQ4 2025$141MQ1 2026$268MQ2 2026$242MQ3 2026
Operating cash flow less capital spending.
International Seaways: operating cash flow against capital spendingInternational Seaways: operating cash flow against capital spendingOperating cash flowCapital spending$93.6M$506KQ4 2024$69.9M$376KQ1 2025$85.8M$177KQ2 2025$78.3M$74KQ3 2025$146M$814KQ4 2025$141M$319KQ1 2026$268M$67KQ2 2026$243M$655KQ3 2026
Latest (Q3 2026): Operating cash flow $243M, Capital spending $655K.

Capital allocation, year by year

International Seaways: where the cash came from (up) and went (down), by fiscal yearInternational Seaways: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow −$76.2MFY2021: Net borrowing −$496MFY2021: Capital spending −$979KFY2021: Buybacks −$16.7MFY2021: Dividends −$40.9MFY2021FY2022: Operating cash flow $288MFY2022: Net borrowing −$159MFY2022: Capital spending −$710KFY2022: Buybacks −$20.0MFY2022: Dividends −$69.8M$288MFY2022FY2023: Operating cash flow $688MFY2023: Net borrowing −$332MFY2023: Capital spending −$1.5MFY2023: Buybacks −$13.9MFY2023: Dividends −$308M$688MFY2023FY2024: Operating cash flow $547MFY2024: Net borrowing $80.1MFY2024: Capital spending −$1.4MFY2024: Buybacks −$25.0MFY2024: Dividends −$284M$627MFY2024FY2025: Operating cash flow $380MFY2025: Net borrowing $80.0MFY2025: Capital spending −$1.4MFY2025: Dividends −$145M$460MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were net borrowing ($986M) and dividends ($848M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$454M
Debt$700M
Net debt$246M
Due within a year$34.6M

International Seaways funds itself: free cash flow was $796M over the last twelve months, and $454M of cash and investments stands against $700M of debt ($34.6M due within a year, 13.1× covered by cash).

Where the cash came from and went

International Seaways: sources (+) and uses (−) of cash, Q3 2026International Seaways: sources (+) and uses (−) of cash, Q3 2026Dividends−$250MOperating cash flow$243MNet borrowing (+) / repaid (−)$96.5MOther investing−$42.7MOther financing−$41.4MCash drawn (+) / kept (−)−$4.2MCapital spending−$655KTaxes on employees’ shares−$402K
International Seaways: sources (+) and uses (−) of cash, TTM to Q3 2026International Seaways: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$798MDividends−$624MOther investing−$314MOther financing−$286MCash drawn (+) / kept (−)$249MNet borrowing (+) / repaid (−)$187MTaxes on employees’ shares−$8.2MCapital spending−$1.9M

From profit to cash

International Seaways: net income to operating cash flow, Q3 2026International Seaways: net income to operating cash flow, Q3 2026Net income$344MDepreciation & amortization$41.3MStock-based pay$2.1MGains on disposals−$52.8MOther non-cash−$211KReceivables−$75.3MDeferred revenue$1.1MOperating cash flow$243M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$243M−$655K—−$250M$96.5M−$4.2M$242M
Q2 2026$268M−$67K—−$225M$30.5M−$17.6M$268M
Q1 2026$141M−$319K−$4.5M−$106M—−$24.9M$141M
Q4 2025$146M−$814K—−$42.5M$60.0M$296M$145M
Q3 2025$78.3M−$74K—−$38.0M—−$264M$78.3M
Q2 2025$85.8M−$177K—−$29.6M—−$16.0M$85.6M
Q1 2025$69.9M−$376K—−$34.5M$20.0M$24.7M$69.6M
Q4 2024$93.6M−$506K—−$59.0M$70.0M−$54.2M$93.1M

International Seaways: income statement and cash flow

International Seaways, Q3 2026: revenue $483M (+146% year over year), operating margin 72.7%. The chart follows the revenue to costs, profit and cash.

International Seaways: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.