Filing Flows › International Seaways (INSW) › Q1 2026
International Seaways (INSW) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
International Seaways (INSW) reported revenue of $325M for the first quarter 2026 (Q1 2026), +77% from a year earlier and +22% from the quarter before. Operating margin was 88.7%, net earnings $286M (87.9% of revenue).
International Seaways, Q1 2026: revenue $325M (+78% year over year), operating margin 88.7%, net earnings $286M, operating cash flow $141M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $325M | +22% | +77% |
| Operating profit | $289M | +109% | +388% |
| Net earnings | $286M | +124% | +477% |
| Operating cash flow | $141M | -3% | +102% |
| Free cash flow | $141M | -3% | +102% |
What changed
Revenue was $325.5M in Q1 2026, up 77% year over year and up 22% from the previous quarter. Pool Revenue Leases was the largest line at 76% of revenue. Pool Revenue Leases added $110.9M year over year (up 81%), 78% of the total change.
Operating profit was $288.6M, a 88.7% margin (up 56.4 points year over year). Of the extra revenue versus Q1 2025, 161% reached operating profit, above the 32% margin then. Total costs fell 70% while revenue rose 77%. Net earnings were $286.1M, up 477% year over year. The effective tax rate was 0.0%.
Operating cash flow was $141.1M (up 102% year over year), 49% of net earnings. Non-cash charges added back $40.6M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $187.1M. Capital expenditures of $319K left free cash flow of $140.7M.
Questions
What was International Seaways' revenue in the first quarter 2026?
International Seaways (INSW) reported revenue of $325M for the first quarter 2026 (Q1 2026), +77% from a year earlier and +22% from the quarter before.
Was International Seaways profitable in the first quarter 2026?
Operating profit was $289M (88.7% of revenue) and net earnings $286M.