INSW International Seaways, Inc.

Overview and Growth

In fiscal 2025, International Seaways, Inc. recorded $843.30M of revenue, net income of $309.26M, and an operating cash inflow of $380.05M. The $843.30M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 11.4% from $951.61M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was $6.23, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS decreased by 25.7% from $8.38 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The company employed $2.67B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.32x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operating income was $345.38M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 41.0%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $309.26M, after the operating, financing, tax, and other items recognized for the period. Net margin was 36.7%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $308.85M of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 36.6%, relating income before taxes directly to revenue. An income-tax benefit of $411.00K improved the final result relative to pretax income or loss. The effective tax-benefit relationship was 0.1% of positive pretax income. Return on period-end equity was 15.3%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 11.6%, connecting net income with the company’s total asset base. Against $416.72M in fiscal 2024, the current $309.26M bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

At period end, the $2.67B asset base was financed through $648.37M of liabilities and $2.02B of equity. The near-term balance sheet paired $367.05M of current assets with $98.89M of current liabilities at the reporting date. Current assets covered current liabilities by 3.71x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $116.92M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 118.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $567.08M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.28x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 21.2% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 24.3%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 4.4%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 1.2% from $2.64B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 8.8% from $1.86B in fiscal 2024, placing the current capital base higher year over year. Cash and equivalents were 25.8% lower than fiscal 2024 cash of $157.51M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $380.05M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.23x, showing the relationship between accrual earnings and operating cash.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.