Filing Flows › International Seaways (INSW) › Q4 2025
International Seaways (INSW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
International Seaways (INSW) reported revenue of $268M for the fourth quarter 2025 (Q4 2025), +38% from a year earlier and +36% from the quarter before. Operating margin was 51.6%, net earnings $128M (47.6% of revenue).
International Seaways, Q4 2025: revenue $268M (+38% year over year), operating margin 51.6%, net earnings $128M, operating cash flow $146M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $268M | +36% | +38% |
| Operating profit | $138M | +76% | +207% |
| Net earnings | $128M | +81% | +256% |
| Operating cash flow | $146M | +86% | +56% |
| Free cash flow | $145M | +86% | +56% |
What changed
Revenue was $267.9M in Q4 2025, up 38% year over year and up 36% from the previous quarter. Pool Revenue Leases was the largest line at 78% of revenue.
Operating profit was $138.2M, a 51.6% margin (up 28.4 points year over year). Of the extra revenue versus a year earlier, 127% reached operating profit, above the 23% margin then. Total costs fell 13% while revenue rose 38%. Net earnings were $127.5M, up 256% year over year. The effective tax rate was -0.3%.
Operating cash flow was $146.0M (up 56% year over year), 115% of net earnings. Non-cash charges added back $41.4M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $25.8M. Capital expenditures of $814K left free cash flow of $145.2M.
Questions
What was International Seaways' revenue in the fourth quarter 2025?
International Seaways (INSW) reported revenue of $268M for the fourth quarter 2025 (Q4 2025), +38% from a year earlier and +36% from the quarter before.
Was International Seaways profitable in the fourth quarter 2025?
Operating profit was $138M (51.6% of revenue) and net earnings $128M.