International Seaways Inc (INSW) financial statements: income statement, balance sheet and cash flow
International Seaways Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), International Seaways Inc reported net income of $309.3M (-25.8% year on year).
Income statement
International Seaways Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Shipping revenues
$843.3M
$951.6M
$1.1B
$864.7M
Voyage expenses
$23.7M
$18.5M
$16.3M
$11.0M
Vessel expenses
$266.1M
$275.7M
$259.5M
$240.7M
Charter hire expenses
$33.3M
$29.8M
$39.4M
$32.1M
Depreciation and amortization
$163.6M
$149.4M
$129.0M
$110.4M
General and administrative
$50.2M
$52.6M
$47.5M
$46.4M
Other operating expenses
$3.5M
$2.8M
—
—
(Gain) loss on disposal of vessels and other assets, net of impairments
($42.5M)
($32.7M)
($35.9M)
($19.6M)
Total operating expenses
$497.9M
$496.4M
$456.3M
$422.0M
Income from vessel operations
$345.4M
$455.2M
$615.4M
$442.7M
Other income
$6.2M
$10.1M
$10.7M
$2.3M
Income before interest expense and income taxes
$351.6M
$465.3M
—
—
Interest expense
($42.7M)
($49.7M)
($65.8M)
($57.7M)
Income before income taxes
$308.9M
$415.6M
$560.3M
$388.0M
Income tax benefit/(provision)
$411.0K
$1.1M
($3.9M)
($88.0K)
Net income
$309.3M
$416.7M
$556.4M
$387.9M
Basic
49.3M
49.3M
49.0M
49.4M
Diluted
49.6M
49.7M
49.4M
49.8M
Basic net income per share
$6.27
$8.45
$11.35
$7.85
Diluted net income per share
$6.23
$8.38
$11.25
$7.77
International Seaways Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Shipping revenues
$467.3M
$325.5M
$196.4M
$195.6M
Other operating revenues
$2.4M
—
—
—
Voyage expenses
$33.1M
$8.2M
$3.9M
$6.8M
Vessel expenses
$63.6M
$61.0M
$65.8M
$67.4M
Charter hire expenses
$15.2M
$7.7M
$7.1M
$9.6M
Depreciation and amortization
$39.7M
$40.6M
$41.2M
$41.3M
General and administrative
$16.6M
$9.3M
$11.8M
$12.2M
Other operating expenses
$129.0K
$138.0K
$1.5M
$122.0K
Loss/(gain) on disposal of vessels and other assets, net
$43.0K
($88.2M)
($13.7M)
($11.2M)
Total operating expenses
$168.4M
$38.8M
$117.7M
$126.3M
Income from vessel operations
$301.3M
$288.6M
$78.7M
$69.4M
Holding gain on previously held equity interest
$0
$3.9M
—
—
Operating income
$301.3M
$292.5M
—
—
Other income
$4.1M
$2.6M
$1.5M
$2.0M
Income before interest expense
$305.5M
$295.1M
$80.2M
$71.4M
Interest expense
($10.6M)
($9.0M)
($9.6M)
($9.8M)
Income before income taxes
$294.9M
—
$70.5M
—
Income tax benefit
$1.0K
—
—
—
Net income
$294.9M
$286.1M
$70.5M
$61.6M
Basic
49.5M
49.5M
49.3M
49.3M
Diluted
49.9M
49.7M
49.6M
49.5M
Basic net income per share
$5.96
$5.78
$1.43
$1.25
Diluted net income per share
$5.91
$5.75
$1.42
$1.25
Balance sheet
International Seaways Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$116.9M
$157.5M
$126.8M
$243.7M
Short-term investments
$50.0M
—
$60.0M
$80.0M
Voyage receivables, net of allowance for credit losses of $52 and $86, including unbilled of $169,610 and $181,211
$177.9M
$185.5M
$247.2M
$289.8M
Other receivables
$13.8M
$13.8M
$14.3M
$12.6M
Inventories
$611.0K
$1.9M
$1.3M
$531.0K
Prepaid expenses and other current assets
$7.4M
$15.6M
$10.3M
$9.0M
Current portion of derivative asset
$406.0K
$2.1M
$5.1M
$7.0M
Total Current Assets
$367.0M
$376.3M
$465.0M
$642.6M
Vessels and other property, less accumulated depreciation of $246,413 and $466,356
$2.1B
$2.1B
$1.9B
$1.7B
Vessels construction in progress
$57.7M
$37.0M
$11.7M
$123.9M
Deferred drydock expenditures, net
$109.3M
$90.2M
$70.9M
$65.6M
Operating lease right-of-use assets
$7.2M
$21.2M
$20.4M
$8.5M
Pool working capital deposits
$33.1M
$35.4M
$31.7M
$36.4M
Long-term derivative assets
$5.0K
$801.0K
$1.2M
$4.7M
Other assets
$16.4M
$25.2M
$6.6M
$9.2M
Total Assets
$2.7B
$2.6B
$2.5B
$2.6B
Accounts payable, accrued expenses and other current liabilities
$69.9M
$66.3M
$57.9M
$51.1M
Current portion of operating lease liabilities
$3.2M
$14.6M
$10.2M
$1.6M
Current installments of long-term debt
$25.8M
$50.1M
$127.4M
$162.9M
Total Current Liabilities
$98.9M
$130.9M
$195.6M
$257.4M
Long-term operating lease liabilities
$6.0M
$8.7M
$11.6M
$7.7M
Long-term debt, net
$541.3M
$638.4M
$595.2M
$860.6M
Other liabilities
$2.2M
$2.3M
$2.6M
$1.9M
Total Liabilities
$648.4M
$780.3M
$805.1M
$1.1B
Capital - 100,000,000 no par value shares authorized; 49,404,078 and 48,194,458 shares issued and outstanding
1.5B
1.5B
1.5B
1.5B
Retained earnings
$523.8M
$359.1M
$226.8M
($21.4M)
Stockholders Equity Subtotal
$2.0B
$1.9B
$1.7B
$1.5B
Accumulated other comprehensive loss
($10.8M)
($7.9M)
($1.1M)
$7.0M
Total Equity
$2.0B
$1.9B
$1.7B
$1.5B
Total Liabilities and Equity
$2.7B
$2.6B
$2.5B
$2.6B
International Seaways Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$159.4M
$141.8M
$412.6M
$148.8M
Short-term investments
$250.0M
$235.0M
$0
—
Voyage receivables, net of allowance for credit losses of $144 and $52 including unbilled receivables of $244,438 and $169,610
$306.7M
$242.5M
$155.0M
$150.2M
Other receivables
$28.2M
$25.7M
$13.7M
$19.7M
Inventories
$24.9M
$5.4M
$577.0K
$522.0K
Prepaid expenses and other current assets
$14.1M
$15.7M
$9.4M
$11.9M
Total Current Assets
$783.3M
$666.5M
$592.0M
$332.4M
Vessels and other property, less accumulated depreciation of $487,867 and $506,585
$2.0B
$2.0B
$1.9B
$2.0B
Vessels construction in progress
$51.6M
$64.2M
$75.4M
$62.7M
Deferred drydock expenditures, net
$112.7M
$98.0M
$101.5M
$101.6M
Operating lease right-of-use assets
$5.4M
$6.2M
$9.9M
$12.5M
Pool working capital deposits
$21.8M
$27.6M
$33.9M
$35.9M
Goodwill
$7.4M
$7.4M
—
—
Other assets
$12.6M
$14.1M
$29.3M
$16.6M
Total Assets
$3.0B
$2.9B
$2.8B
$2.5B
Accounts payable, accrued expenses and other current liabilities
$91.2M
$60.4M
$49.6M
$55.0M
Current portion of operating lease liabilities
$1.3M
$2.2M
$5.6M
$7.9M
Current installments of long-term debt
$39.2M
$28.2M
$282.5M
$287.5M
Total Current Liabilities
$131.8M
$90.8M
$337.7M
$350.3M
Long-term operating lease liabilities
$5.8M
$5.8M
$6.2M
$6.6M
Long-term debt
$606.4M
$573.9M
$509.5M
$259.8M
Other liabilities
$9.6M
$6.6M
$2.3M
$6.7M
Total Liabilities
$753.6M
$677.1M
$855.8M
$623.4M
Capital - 100,000,000 no par value shares authorized; 49,520,476 and 49,404,078
1.5B
1.5B
1.5B
1.5B
Retained earnings
$773.1M
$703.5M
$438.8M
$406.2M
Stockholders Equity Subtotal
$2.3B
$2.2B
$1.9B
$1.9B
Accumulated other comprehensive loss
($11.3M)
($11.2M)
($10.4M)
($10.1M)
Total Equity
$2.3B
$2.2B
$1.9B
$1.9B
Total Liabilities and Equity
$3.0B
$2.9B
$2.8B
$2.5B
Cash flow statement
International Seaways Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$309.3M
$416.7M
$556.4M
$387.9M
Depreciation and amortization
$163.6M
$149.4M
$129.0M
$110.4M
Loss on write-down of vessels and other assets
$8.7M
$8.7M
—
$1.7M
Amortization of debt discount and other deferred financing costs
$4.3M
$4.1M
$5.6M
$5.2M
Deferred financing costs write-off
$1.8M
—
$2.7M
$1.3M
Stock compensation
$8.7M
$9.0M
$8.5M
$6.7M
Other - net
($189.0K)
($312.0K)
($2.6M)
($2.2M)
Gain on disposal of vessels and other assets, net
($42.5M)
($41.4M)
($35.9M)
($21.3M)
Loss on extinguishment of debt
$315.0K
—
$1.3M
—
Payments for drydocking
($84.2M)
($58.6M)
($34.5M)
($43.3M)
Insurance claims proceeds related to vessel operations
$2.8M
$1.1M
$3.2M
$5.3M
Decrease in receivables
$7.6M
$61.6M
$42.6M
($182.7M)
(Decrease)/increase in deferred revenue
($1.9M)
$1.6M
$3.3M
$2.6M
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities
$10.5M
($942.0K)
$8.7M
$13.1M
Net cash provided by operating activities
$380.1M
$547.1M
$688.4M
$287.8M
Expenditures for vessels, vessel improvements and vessels under construction, including deposits for acquisitions
($340.5M)
($278.8M)
($205.2M)
($116.0M)
Security deposits returned for vessel exchange transactions
$5.0M
($5.0M)
—
—
Proceeds from disposal of vessels and other assets
$246.3M
$71.9M
$66.0M
$99.2M
Expenditures for other property
($1.4M)
($1.4M)
($1.5M)
($710.0K)
Pool working capital deposits
($650.0K)
($1.7M)
($3.6M)
—
Investments in short term time deposits
($50.0M)
($125.0M)
($235.0M)
($105.0M)
Net cash used in investing activities
($141.3M)
($155.0M)
($124.3M)
$42.8M
Borrowings on nonrevolving credit facility debt
$331.5M
—
—
—
Borrowings on revolving credit facilities
$80.0M
$120.0M
$50.0M
—
Repayments on revolving credit facilities
($224.6M)
($70.0M)
($50.0M)
—
Premium and fees on extinguishment of debt
($315.0K)
—
($1.3M)
—
Payments on sale and leaseback financing and finance lease
($303.5M)
($49.3M)
($136.0M)
($39.2M)
Payments of deferred financing costs
($11.7M)
($5.8M)
($3.6M)
—
Cash dividends paid
($144.6M)
($284.4M)
($308.2M)
($69.8M)
Cash paid to tax authority upon vesting or exercise of stock-based compensation
($6.1M)
($7.1M)
($5.8M)
($6.1M)
Net cash used in financing activities
($279.3M)
($361.4M)
($681.1M)
($185.8M)
Net (decrease)/increase in cash and cash equivalents
($40.6M)
$30.7M
($117.0M)
$144.8M
Cash, cash equivalents and restricted cash at beginning of year
$157.5M
$126.8M
$243.7M
$98.9M
Cash, cash equivalents and restricted cash at end of period
$116.9M
$157.5M
$126.8M
—
International Seaways Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$581.1M
$286.1M
$181.8M
$111.2M
Depreciation and amortization
$80.3M
$40.6M
$122.2M
$81.1M
Amortization of debt discount and other deferred financing costs
$2.7M
$1.3M
$3.0M
$2.0M
Stock compensation
$3.0M
$1.5M
$5.8M
$3.8M
Other - net
($408.0K)
($529.0K)
($34.0K)
$206.0K
Gain on disposal of vessels and other assets, net
($88.1M)
($88.2M)
($34.9M)
($21.3M)
Holding gain on previously held equity interest
($3.9M)
($3.9M)
—
—
Payments for drydocking
($33.4M)
($13.8M)
($63.2M)
($43.5M)
Insurance claims proceeds related to vessel operations
$530.0K
$95.0K
$1.9M
$871.0K
(Increase)/decrease in voyage receivables
($128.8M)
($64.6M)
$30.5M
$35.3M
Decrease in deferred revenue
($4.4M)
($4.5M)
($6.5M)
($6.3M)
Net change in other receivables, inventories, prepaid expenses and other current assets, accounts payable, accrued expenses and other current and long-term liabilities
$145.0K
($12.9M)
($6.5M)
($7.6M)
Net cash provided by operating activities
$408.7M
$141.1M
$234.1M
$155.7M
Expenditures for vessels, vessel improvements and vessels under construction
($122.9M)
($70.7M)
($188.5M)
($100.9M)
Security deposits returned for vessel exchange transactions
$0
$0
$5.0M
$5.0M
Proceeds from disposal of vessels and other property
$222.4M
$222.8M
$209.9M
$143.2M
Expenditures for other property
($386.0K)
($319.0K)
($627.0K)
($553.0K)
Cash consideration paid for the purchase of equity method investment, net of cash acquired
($4.5M)
($4.5M)
—
—
Investments in short-term time deposits
($335.0M)
($225.0M)
$0
$0
Proceeds from maturities of short-term time deposits
$135.0M
$40.0M
$0
$0
Pool working capital deposits
$0
—
($250.0K)
($250.0K)
Net cash (used in)/provided by investing activities
($105.4M)
($37.6M)
$25.5M
$46.5M
Borrowings on nonrevolving credit facility debt
$85.2M
$42.6M
$290.8M
—
Repayments of nonrevolving credit facility debt
($2.0M)
($1.0M)
—
—
Borrowings on revolving credit facilities
$30.5M
$0
$20.0M
$20.0M
Repayments on revolving credit facilities
($22.0M)
$0
($164.6M)
($137.2M)
Payments on sale and leaseback financing
($10.7M)
($5.3M)
($37.4M)
($24.6M)
Payments of deferred financing costs
($3.4M)
($1.6M)
($6.0M)
($87.0K)
Cash dividends paid
($331.8M)
($106.4M)
($102.1M)
($64.1M)
Cash paid to tax authority upon vesting or exercise of stock-based compensation
($6.8M)
($6.8M)
($5.1M)
($4.9M)
Net cash used in financing activities
($260.9M)
($78.5M)
($4.5M)
($210.9M)
Net increase/(decrease) in cash and cash equivalents