Filing Flows › International Seaways (INSW) › Q3 2025
International Seaways (INSW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
International Seaways (INSW) reported revenue of $196M for the third quarter 2025 (Q3 2025), -13% from a year earlier and +0.4% from the quarter before. Operating margin was 40.1%, net earnings $70.5M (35.9% of revenue).
International Seaways, Q3 2025: revenue $196M (-13% year over year), operating margin 40.1%, net earnings $70.5M, operating cash flow $78.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $196M | +0.4% | -13% |
| Operating profit | $78.7M | +13% | -22% |
| Net earnings | $70.5M | +14% | -23% |
| Operating cash flow | $78.3M | -9% | -39% |
| Free cash flow | $78.3M | -9% | -39% |
What changed
Revenue was $196.4M in Q3 2025, down 13% year over year and roughly flat from the previous quarter. Pool Revenue Leases was the largest line at 74% of revenue. Pool Revenue Leases lost $24.0M year over year (down 14%), 83% of the total change.
Operating profit was $78.7M, a 40.1% margin (down 4.8 points year over year). Total costs fell 5% while revenue fell 13%. Net earnings were $70.5M, down 23% year over year. The effective tax rate was 0.0%.
Operating cash flow was $78.3M (down 39% year over year), 111% of net earnings. Non-cash charges added back $41.2M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items used $35.4M. Capital expenditures of $74K left free cash flow of $78.3M.
Questions
What was International Seaways' revenue in the third quarter 2025?
International Seaways (INSW) reported revenue of $196M for the third quarter 2025 (Q3 2025), -13% from a year earlier and +0.4% from the quarter before.
Was International Seaways profitable in the third quarter 2025?
Operating profit was $78.7M (40.1% of revenue) and net earnings $70.5M.