Filing Flows › International Seaways (INSW) › Q2 2026
International Seaways (INSW) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
International Seaways (INSW) reported revenue of $467M for the second quarter 2026 (Q2 2026), +139% from a year earlier and +44% from the quarter before. Operating margin was 64.5%, net earnings $295M (63.1% of revenue).
International Seaways, Q2 2026: revenue $467M (+139% year over year), operating margin 64.5%, net earnings $295M, operating cash flow $268M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $467M | +44% | +139% |
| Operating profit | $301M | +4% | +334% |
| Net earnings | $295M | +3% | +378% |
| Operating cash flow | $268M | +90% | +212% |
| Free cash flow | $261M | — | — |
What changed
Revenue was $467.3M in Q2 2026, up 139% year over year and up 44% from the previous quarter. Pool Revenue Leases was the largest line at 55% of revenue. Voyage charter revenues added $113.0M year over year (up 1114%), 42% of the total change.
Operating profit was $301.3M, a 64.5% margin (up 29.0 points year over year). Of the extra revenue versus Q2 2025, 85% reached operating profit, above the 35% margin then. Total costs grew 31% against revenue growth of 139%. The fastest-growing cost line was General & admin (+36%). Net earnings were $294.9M, up 378% year over year. The effective tax rate was 0.0%.
Operating cash flow was $267.7M (up 212% year over year), 91% of net earnings. Non-cash charges added back $39.7M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $68.5M. After expenditures for vessels, net ($568K) and payments on sale and leaseback ($5.4M) and repayments of debt ($1.0M) and expenditures for other property ($67K), free cash flow as the company reports it was $260.7M.
Questions
What was International Seaways' revenue in the second quarter 2026?
International Seaways (INSW) reported revenue of $467M for the second quarter 2026 (Q2 2026), +139% from a year earlier and +44% from the quarter before.
Was International Seaways profitable in the second quarter 2026?
Operating profit was $301M (64.5% of revenue) and net earnings $295M.