INSW

MKT CAP:$4B

International Seaways, Inc.

Market Cap

$4B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$76.81+$29.82 (+63.46%)

Apr 23, 2026

Company Details

International Seaways, Inc. owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments, Crude Tankers and Product Carriers. As of D...

CEO

Lois K. Zabrocky

IPO Date

Nov 16, 2016

Website

intlseas.com

Key Metrics TTM

Revenue

$843M

-11.4% YoY

Net Income

$309M

EPS (Diluted)

$6.23

Free Cash Flow

$38M

Revenue / Share

$17.00

Gross Margin

47.2%

Operating Margin

42.4%

Net Margin

36.7%

FCF Margin

4.5%

P/S

4.6x

P/E

12.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$843M-11.4%EPS $6.23

Q4 2025

Feb 26, 2026

$268M+37.6%EPS $2.56

Q3 2025

Nov 6, 2025

$196M-12.8%EPS $1.42

Q2 2025

Aug 6, 2025

$196M-24.0%EPS $1.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$101M	$3M	-$31.0K
Q2 22	$188M	$91M	$82M
Q3 22	$237M	$140M	$128M
Q4 22	$338M	$236M	$233M
Q1 23	$287M	$186M	$185M
Q2 23	$292M	$180M	$169M
Q3 23	$242M	$127M	$114M
Q4 23	$251M	$134M	$147M
Q1 24	$274M	$167M	$154M
Q2 24	$257M	$141M	$155M
Q3 24	$225M	$140M	$101M
Q4 24	$195M	$69M	$45M
Q1 25	$183M	$62M	$59M
Q2 25	$196M	$70M	$58M
Q3 25	$196M	$120M	$108M
Q4 25	$268M	$145M	$132M

Valuation

Quarter	P/S	P/E
Q1 22	14.0x	—
Q2 22	9.3x	—
Q3 22	6.4x	38.4x
Q4 22	4.5x	10.1x
Q1 23	3.7x	6.8x
Q2 23	3.4x	6.0x
Q3 23	3.4x	6.1x
Q4 23	3.7x	7.0x
Q1 24	3.7x	7.4x
Q2 24	3.8x	7.5x
Q3 24	3.9x	7.6x
Q4 24	4.1x	9.4x
Q1 25	4.6x	12.2x
Q2 25	4.9x	16.4x
Q3 25	5.1x	18.0x
Q4 25	4.6x	12.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$20M	-$58M
Q2 22	$35M	$19M
Q3 22	$91M	$57M
Q4 22	$182M	$153M
Q1 23	$221M	$154M
Q2 23	$194M	$72M
Q3 23	$148M	$144M
Q4 23	$125M	$112M
Q1 24	$156M	$129M
Q2 24	$168M	-$9M
Q3 24	$129M	$115M
Q4 24	$94M	$26M
Q1 25	$70M	-$13M
Q2 25	$86M	$68M
Q3 25	$78M	-$9M
Q4 25	$146M	-$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$38M
Q2 22	$16M
Q3 22	$34M
Q4 22	$28M
Q1 23	$67M
Q2 23	$121M
Q3 23	$5M
Q4 23	$13M
Q1 24	$27M
Q2 24	$177M
Q3 24	$14M
Q4 24	$68M
Q1 25	$83M
Q2 25	$18M
Q3 25	$88M
Q4 25	$153M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+79.0%	-39.0%
Q2 22	+302.5%	+99.5%
Q3 22	+411.5%	+85.8%
Q4 22	+298.7%	-25.7%
Q1 23	+182.9%	+0.3%
Q2 23	+55.3%	+16.6%
Q3 23	+2.1%	+17.6%
Q4 23	-25.9%	-1.8%
Q1 24	-4.4%	+17.8%
Q2 24	-11.9%	-16.9%
Q3 24	-6.8%	-2.6%
Q4 24	-22.4%	+44.6%
Q1 25	-33.2%	+3.5%
Q2 25	-24.0%	+33.9%
Q3 25	-12.8%	-28.6%
Q4 25	+37.6%	-9.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	1.1%
Q2 22	$2M	0.9%
Q3 22	$2M	0.7%
Q4 22	$2M	0.7%
Q1 23	$2M	0.7%
Q2 23	$2M	0.7%
Q3 23	$2M	0.8%
Q4 23	$3M	1.0%
Q1 24	$2M	0.6%
Q2 24	$2M	0.8%
Q3 24	$2M	0.9%
Q4 24	$3M	1.7%
Q1 25	$2M	1.1%
Q2 25	$2M	0.9%
Q3 25	$2M	1.0%
Q4 25	$3M	1.1%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	$10M	—	—
Q2 22	$11M	—	—
Q3 22	$12M	—	—
Q4 22	$13M	—	—
Q1 23	$11M	—	—
Q2 23	$12M	—	—
Q3 23	$12M	—	—
Q4 23	$12M	—	—
Q1 24	$12M	—	—
Q2 24	$12M	—	—
Q3 24	$13M	—	—
Q4 24	$15M	—	—
Q1 25	$13M	—	—
Q2 25	$12M	—	—
Q3 25	$12M	$227.0K	—
Q4 25	—	—	$13M

Revenue Segments

Quarter	Pool Revenue Leases	Time and Bareboat Charter Leases	Voyage Charter Leases
Q1 22	$84M	$6M	$12M
Q2 22	$165M	$8M	$15M
Q3 22	$215M	$8M	$13M
Q4 22	$311M	$10M	$17M
Q1 23	$260M	$13M	$14M
Q2 23	$248M	$26M	$19M
Q3 23	$194M	$28M	$20M
Q1 24	$226M	$31M	$17M
Q2 24	$208M	$31M	$19M
Q3 24	$170M	$37M	$18M
Q1 25	$138M	$36M	$10M
Q2 25	$149M	$37M	$10M
Q3 25	$146M	$39M	$11M
Q4 25	$209M	$46M	$13M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$75M	$0	$75M
Q2 22	$231M	$0	$231M
Q3 22	$174M	$80M	$254M
Q4 22	$244M	$80M	$324M
Q1 23	$156M	$105M	$261M
Q2 23	$116M	$120M	$236M
Q3 23	$139M	$75M	$214M
Q4 23	$127M	$60M	$187M
Q1 24	$140M	$75M	$215M
Q2 24	$176M	$0	$176M
Q3 24	$103M	$50M	$153M
Q4 24	$158M	$0	$158M
Q1 25	$133M	$0	$133M
Q2 25	$149M	$0	$149M
Q3 25	$413M	$0	$413M
Q4 25	$117M	$50M	$167M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	50M	+5.7%	+77.4%
Q2 22	50M	+0.6%	+78.0%
Q3 22	50M	-0.3%	+24.1%
Q4 22	50M	-0.3%	+5.8%
Q1 23	50M	+0.1%	+0.2%
Q2 23	49M	-0.5%	-0.9%
Q3 23	49M	-0.3%	-0.9%
Q4 23	49M	+0.1%	-0.6%
Q1 24	49M	+0.1%	-0.5%
Q2 24	50M	+0.7%	+0.6%
Q3 24	50M	+0.3%	+1.2%
Q4 24	50M	-0.7%	+0.4%
Q1 25	50M	-0.0%	+0.3%
Q2 25	49M	-0.1%	-0.5%
Q3 25	50M	+0.3%	-0.6%
Q4 25	50M	-0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$49.2K	2K
Q2 22	$91.3K	2K
Q3 22	$114.9K	2K
Q4 22	$187.9K	2K
Q1 23	$159.5K	2K
Q2 23	$162.3K	2K
Q3 23	$134.3K	2K
Q4 23	$92.9K	3K
Q1 24	$101.7K	3K
Q2 24	$95.4K	3K
Q3 24	$83.5K	3K
Q4 24	$68.9K	3K
Q1 25	$64.9K	3K
Q2 25	$69.3K	3K
Q3 25	$69.5K	3K
Q4 25	$97.0K	3K

Revenue / Employee