Filing Flows › International Seaways (INSW) › Q2 2025
International Seaways (INSW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
International Seaways (INSW) reported revenue of $196M for the second quarter 2025 (Q2 2025), -24% from a year earlier and +7% from the quarter before. Operating margin was 35.5%, net earnings $61.6M (31.5% of revenue).
International Seaways, Q2 2025: revenue $196M (-24% year over year), operating margin 35.5%, net earnings $61.6M, operating cash flow $85.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $196M | +7% | -24% |
| Operating profit | $69.4M | +17% | -55% |
| Net earnings | $61.6M | +24% | -57% |
| Operating cash flow | $85.8M | +23% | -49% |
| Free cash flow | $85.6M | +23% | -49% |
What changed
Revenue was $195.6M in Q2 2025, down 24% year over year and up 7% from the previous quarter. Pool Revenue Leases was the largest line at 76% of revenue. Pool Revenue Leases lost $58.9M year over year (down 28%), 95% of the total change.
Operating profit was $69.4M, a 35.5% margin (down 24.7 points year over year). Total costs grew 23% against a revenue fall of 24%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $61.6M, down 57% year over year. The effective tax rate was 0.0%.
Operating cash flow was $85.8M (down 49% year over year), 139% of net earnings. Non-cash charges added back $41.3M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items used $19.1M. Capital expenditures of $177K left free cash flow of $85.6M.
Questions
What was International Seaways' revenue in the second quarter 2025?
International Seaways (INSW) reported revenue of $196M for the second quarter 2025 (Q2 2025), -24% from a year earlier and +7% from the quarter before.
Was International Seaways profitable in the second quarter 2025?
Operating profit was $69.4M (35.5% of revenue) and net earnings $61.6M.