Tsakos Energy Navigation Limited (TEN) financial statements: income statement, balance sheet and cash flow
Tsakos Energy Navigation Limited'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), Tsakos Energy Navigation Limited reported revenue of $798.7M (-0.7% year on year) and net income of $160.9M (-8.7% year on year).
Income statement
Tsakos Energy Navigation Limited income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$798.7M
$804.1M
$889.6M
$860.4M
Cost of Revenue
$122.2M
$152.9M
$155.7M
$190.3M
Charter hire expense
$13.6M
$18.0M
$24.7M
$32.8M
Total Operating Expenses
$211.0M
$198.0M
$194.9M
—
Depreciation Expense
$170.1M
$159.9M
$144.2M
$140.8M
Selling, General and Administrative Expense
$42.1M
$45.4M
$33.3M
$29.9M
Gain on sale of vessels (Note 4)
($12.5M)
($48.7M)
($81.2M)
$440.0K
Impairment charge
$0
$0
$26.4M
$0
Total expenses
$546.4M
$525.5M
$498.1M
$604.0M
Operating income
$252.3M
$278.6M
$391.5M
$256.4M
Interest and finance costs, net (Note 7)
($97.8M)
($112.2M)
($100.8M)
($50.3M)
Interest and Dividend Income (Non-Bank)
$10.5M
$15.1M
$14.6M
$2.0M
Non-Operating Income (Expense)
($26.0K)
$99.0K
($176.0K)
$366.0K
Total other expenses, net
($87.4M)
($96.9M)
($86.4M)
($47.9M)
Profit or Loss
$164.9M
$181.6M
$305.1M
$208.5M
Less: Net income attributable to the non-controlling interest
($4.0M)
($5.4M)
($4.9M)
($4.2M)
Net income attributable to Tsakos Energy Navigation Limited
$160.9M
$176.2M
$300.2M
$204.2M
Effect of preferred dividends (Note 10)
($27.0M)
($27.0M)
($30.2M)
($34.7M)
Deemed dividend on Series D Preferred Shares (Note 10)
0
0
-3.3M
0
Undistributed and distributed income allocated to non-vested restricted common stock (Note 10)
($1.6M)
—
—
—
Net income attributable to common stockholders of Tsakos Energy Navigation Limited
$132.3M
$148.3M
$266.7M
$168.3M
Tsakos Energy Navigation Limited income statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Jun 30, 2024 · YTD
Jun 30, 2023 · YTD
Revenue
$551.4M
$390.4M
$415.6M
$482.7M
Cost of Revenue
$82.0M
$68.0M
$83.4M
$84.8M
Charter hire expense
$6.0M
$6.6M
$11.1M
$12.5M
Total Operating Expenses
$111.0M
$102.3M
$98.3M
$94.9M
Depreciation Expense
$90.4M
$83.2M
$77.0M
$70.4M
Selling, General and Administrative Expense
$27.2M
$23.1M
$15.2M
$19.5M
Gain on sale of vessels (Note 5)
($37.9M)
($3.6M)
($48.7M)
($81.2M)
Total expenses
$278.8M
$279.7M
$236.4M
$201.0M
Operating income
$272.6M
$110.7M
$179.2M
$281.7M
Interest and finance costs, net (Note 8)
($43.4M)
($49.0M)
($55.2M)
($48.8M)
Interest and Dividend Income (Non-Bank)
$5.6M
$5.5M
$7.9M
$6.9M
Non-Operating Income (Expense)
($33.0K)
($23.0K)
$75.0K
($180.0K)
Total other expenses, net
($37.9M)
($43.5M)
($47.2M)
($42.1M)
Profit or Loss
$234.7M
$67.2M
$132.0M
$239.6M
Less: Net income attributable to the non-controlling interest
($6.6M)
($2.6M)
($1.6M)
($2.4M)
Net income attributable to Tsakos Energy Navigation Limited
$228.1M
$64.5M
$130.4M
$237.2M
Effect of preferred dividends
($13.5M)
($13.5M)
($13.5M)
($17.3M)
Undistributed and distributed income allocated to non-vested restricted common stock
($1.1M)
($513.0K)
—
$0
Net income attributable to common stockholders of Tsakos Energy Navigation Limited
$213.5M
$50.5M
$116.9M
$216.6M
Earnings Per Share (Basic)
$7.12
$1.70
$3.96
$7.34
Earnings Per Share (Diluted)
$7.12
$1.70
$3.96
$7.34
Weighted Average Shares Outstanding
30.0M
29.7M
29.5M
29.5M
Weighted Average Shares Outstanding, Diluted
30.0M
29.7M
29.5M
29.5M
Balance sheet
Tsakos Energy Navigation Limited 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 - Carrying Amount
$293.3M
$343.4M
$372.0M
$304.4M
Restricted Cash, Current
$4.8M
$4.9M
$4.7M
$5.1M
Cash collateral
$4.3M
$4.3M
$4.3M
$4.3M
Time deposits
$5.0M
—
—
—
Accounts Receivable
$41.1M
$26.5M
$46.7M
$78.2M
Other Current Assets
$777.0K
$1.4M
$1.4M
—
Other Non-Operating Current Assets
$0
$2.8M
$5.3M
$8.9M
Other Non-Operating Current Assets
$19.5M
$36.3M
$26.3M
$15.6M
Inventory
$12.6M
$18.9M
$22.5M
$26.2M
Debt Securities, Held-to-Maturity, Fair Value
$15.1M
—
—
—
Cash and Cash Equivalents
$15.5M
—
—
—
Other Non-Operating Current Assets
$8.6M
$8.4M
$3.9M
$6.8M
Other Non-Operating Current Assets
$12.8M
$4.4M
—
$193.0K
Other Non-Operating Current Assets
$1.3M
$509.0K
$1.3M
—
Total current assets
$434.6M
$451.8M
$509.3M
$513.1M
Operating Lease Right-of-Use Asset
$7.8M
$15.9M
$37.0M
$58.7M
Other Non-Operating Non-Current Assets
$0
$84.0K
$0
$0
INVESTMENT IN DEBT SECURITIES HELD TO MATURITY (Note 9)
$25.2M
$25.2M
$5.1M
—
Advances for vessels under construction
$301.9M
$246.4M
$150.6M
$46.6M
Property, Plant & Equipment, Gross
$4.3B
$4.0B
$3.6B
$3.6B
Accumulated depreciation
($1.2B)
($1.1B)
($1.0B)
($972.0M)
Vessels Net Book Value
$3.2B
$2.9B
$2.6B
$2.6B
Total fixed assets
$3.5B
$3.2B
$2.8B
$2.6B
Other Non-Current Assets
$27.5M
$39.1M
$38.3M
$44.4M
Total assets
$4.0B
$3.7B
$3.4B
$3.3B
Current portion of long-term debt and other financial liabilities (Note 6)
$301.7M
$251.8M
$192.0M
—
Accounts Payable
$42.7M
$55.8M
$40.2M
$48.2M
Other Non-Operating Current Liabilities
$3.2M
$880.0K
$3.6M
—
Dividends Payable
$15.1M
—
—
—
Other Current Liabilities
$68.1M
$49.9M
$33.4M
$36.2M
Deferred Revenue, Current
$17.3M
$37.4M
$31.9M
$26.0M
Operating Lease Liability, Current
$7.8M
$11.6M
$21.0M
$21.7M
Current portion of financial liability under operating leases (Note 3)
$249.0K
$1.1M
$1.1M
$1.0M
Current portion of financial instruments-Fair value (Note 14)
$2.0M
$25.0K
$72.0K
$0
Total current liabilities
$458.0M
$408.5M
$323.2M
$369.7M
Long-Term Debt
$1.6B
$1.5B
$1.4B
$1.4B
Operating Lease Liability, Non-Current
$0
$4.3M
$15.9M
$37.0M
LIABILITIES ASSUMED FROM TIME CHARTERS ATTACHED (Note 15)
$12.3M
$31.1M
—
—
Other Non-Operating Non-Current Liabilities
$473.0K
$0
$524.0K
$5.0K
Preferred Stock
$11.5M
$11.5M
$11.5M
$15.0M
Total Stockholders' Equity
$151.5M
$151.5M
$150.9M
$150.9M
Additional Paid-In Capital
$926.8M
$919.7M
$912.2M
$993.4M
Cost of treasury stock
($6.8M)
($6.8M)
($6.8M)
($6.8M)
Accumulated Other Comprehensive Income
($1.9M)
($904.0K)
$2.5M
$7.7M
Retained Earnings
$738.4M
$652.7M
$548.2M
$311.7M
Tsakos Energy Navigation Limited balance sheet, quarters
Line item
Jun 30, 2026
Jun 30, 2025
Jun 30, 2024
Jun 30, 2023
Cash and cash equivalents - Carrying Amount
$464.0M
$282.4M
$377.3M
$529.2M
Restricted Cash, Current
$2.2M
$4.8M
$4.7M
$4.9M
Margin Deposit Assets
$4.5M
$4.3M
$4.3M
$4.3M
Time deposits
$5.0M
—
—
—
Accounts Receivable
$66.5M
$34.0M
$34.1M
$37.6M
Other Current Assets
$1.2M
$1.2M
$912.0K
$888.0K
Other Non-Operating Current Assets
$25.7M
$2.7M
$4.8M
$7.2M
Inventory
$21.7M
$16.2M
$20.6M
$21.0M
Cash and Cash Equivalents
$15.1M
—
—
—
Investment in debt securities available for sale - Carrying Amount
$0
—
—
—
Other Non-Operating Current Assets
$3.6M
$30.0M
$23.9M
$33.9M
Other Non-Operating Current Assets
$4.4M
$14.3M
$10.2M
$4.2M
Other Non-Operating Current Assets
$2.4M
$12.7M
$2.0M
$854.0K
Total current assets
$616.3M
$453.7M
$577.2M
$644.0M
Other Non-Operating Non-Current Assets
$342.0K
$55.0K
$38.0K
$58.0K
Operating Lease Right-of-Use Asset
$1.7M
$10.1M
$21.9M
$47.7M
Other Non-Operating Non-Current Assets
$15.2M
$0
$54.4M
$0
Debt Securities
$91.3M
$35.3M
$10.1M
—
Advances for vessels under construction
$470.1M
$279.2M
$124.7M
$144.0M
Property, Plant & Equipment, Gross
$4.4B
$4.1B
$4.0B
$3.6B
Accumulated depreciation
($1.2B)
($1.1B)
($1.0B)
($1.0B)
Vessels' Net Book Value
$3.2B
$3.0B
$2.9B
$2.5B
Total fixed assets
$3.6B
$3.3B
$3.1B
$2.7B
Other Non-Current Assets
$27.6M
$30.4M
$38.1M
$45.5M
Total assets
$4.4B
$3.8B
$3.8B
$3.4B
Current portion of long - term debt and other financial liabilities (Note 7)
$250.4M
$205.5M
$249.5M
$168.9M
Accounts Payable
$52.9M
$45.7M
$51.4M
$44.6M
Other Non-Operating Current Liabilities
$9.7M
$4.5M
$6.3M
$6.5M
Dividends Payable
$30.1M
$18.1M
$17.7M
$8.8M
Other Current Liabilities
$82.8M
$50.5M
$38.2M
$44.3M
Deferred Revenue, Current
$11.9M
$13.9M
$17.6M
$33.4M
Operating Lease Liability, Current
$1.7M
$10.1M
$11.8M
$21.4M
Current portion of financial liability under operating leases (Note 4)
$138.0K
$557.0K
$1.1M
$1.1M
Current portion of financial instruments - Fair value (Notes 8, 13)
$561.0K
$377.0K
$214.0K
$61.0K
Total current liabilities
$440.2M
$349.3M
$436.4M
$416.9M
Long-Term Debt
$1.9B
$1.6B
$1.5B
$1.4B
Below Market Lease, Net
$8.2M
$20.5M
$33.6M
—
Other Non-Operating Non-Current Liabilities
$22.7M
$13.1M
$5.1M
—
Other Non-Operating Non-Current Liabilities
$110.0K
$2.4M
$0
$178.0K
Preferred Stock
$11.5M
$11.5M
$11.5M
$87.9M
Total Stockholders' Equity
$151.5M
$151.5M
$150.9M
$150.9M
Additional Paid-In Capital
$927.8M
$924.3M
$912.2M
$912.2M
Cost of treasury stock
($6.8M)
($6.8M)
($6.8M)
($6.8M)
Accumulated Other Comprehensive Income
($2.4M)
($1.5M)
$494.0K
$5.0M
Retained Earnings
$922.9M
$685.6M
$647.5M
$510.6M
Cash flow statement
Tsakos Energy Navigation Limited cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Profit or Loss
$164.9M
$181.6M
$305.1M
$208.5M
Depreciation Expense
$148.3M
$138.4M
$122.8M
$120.5M
Amortization of deferred dry-docking costs and leasehold improvements
$21.7M
$20.1M
$21.1M
$19.2M
Interest Expense
$3.3M
$3.6M
$3.6M
$4.1M
Finance Lease Expense
$0
$1.4M
$306.0K
$1.1M
Amortization of assumed liabilities from time charters attached
($18.8M)
($15.8M)
—
—
Amortization of revenue escalation
$942.0K
$2.0M
($4.0M)
($2.0M)
Stock-Based Compensation Expense
$7.1M
$8.1M
—
—
Interest expense on long term receivable, net
$0
($541.0K)
($505.0K)
($403.0K)
Interest income from debt securities, held to maturity, accrued
($144.0K)
($166.0K)
—
—
Interest income from debt securities, available for sale, accrued
($69.0K)
—
—
—
Change in fair value of derivative instruments
$254.0K
($3.5M)
($5.9M)
($5.9M)
Gain on sale of vessels
($12.5M)
($48.7M)
($81.2M)
$440.0K
Impairment charges
$0
$0
$26.4M
$0
Payments for dry-docking
($14.8M)
($24.7M)
($19.1M)
($29.4M)
Receivables and other, net
$4.1M
$16.9M
$28.4M
($35.2M)
Inventories
$6.4M
$3.6M
$3.7M
($3.3M)
Prepaid insurance and other
($929.0K)
($3.4M)
$2.9M
($5.0M)
Capitalized voyage expenses
$660.0K
$11.0K
$456.0K
($65.0K)
Change in Accounts Payable
($10.9M)
$13.0M
($11.8M)
($27.1M)
Accrued liabilities
$18.2M
$10.3M
($2.8M)
$8.3M
Change in Deferred Revenue
($20.1M)
$5.5M
$5.9M
$17.0M
Net Cash provided by Operating Activities
$297.6M
$307.7M
$395.3M
$288.5M
Advances for vessels under construction
($219.6M)
($160.4M)
($134.7M)
($31.8M)
Vessel acquisitions and/or improvements
($302.1M)
($489.6M)
($163.6M)
($301.6M)
Investments in debt securities, held to maturity
($25.0M)
—
—
—
Investments in debt securities, available for sale
($15.4M)
($20.0M)
($5.0M)
—
Proceeds from Investments
$10.0M
—
—
—
Time deposits
($5.0M)
—
—
—
Proceeds from Sale of PP&E
$99.0M
$228.4M
$165.9M
$31.6M
Net Cash used in Investing Activities
($458.1M)
($441.6M)
($137.4M)
($301.8M)
Proceeds from Debt Issuance
$490.9M
$410.6M
$411.4M
$701.1M
Financing costs
($1.8M)
($4.8M)
($4.0M)
($6.3M)
Payments of long-term debt and other financial liabilities
($317.7M)
($226.1M)
($426.3M)
($494.2M)
Payments on principal portion of financial liabilities
($848.0K)
($2.4M)
($1.6M)
($2.9M)
Redemption of Series D preferred shares
0
0
-87.9M
0
Redemption of Series B preferred shares
0
0
-20.4M
-2.5M
Cash dividends
($60.1M)
($71.8M)
($61.9M)
($43.7M)
Net Cash provided by (used in) Financing Activities
$110.3M
$105.5M
($190.6M)
$195.5M
Net (decrease) increase in cash and cash equivalents and restricted cash
($50.2M)
($28.4M)
$67.3M
$182.2M
Cash and cash equivalents and restricted cash at beginning of period
$348.3M
$376.7M
$309.4M
$127.2M
Cash and cash equivalents and restricted cash at end of period
$298.1M
$348.3M
$376.7M
$309.4M
Interest Expense
$94.0M
$108.6M
$101.3M
$48.9M
Cash and cash equivalents - Carrying Amount
$293.3M
$343.4M
$372.0M
$304.4M
Restricted cash
$4.8M
$4.9M
$4.7M
$5.1M
Tsakos Energy Navigation Limited cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Jun 30, 2024 · YTD
Jun 30, 2023 · YTD
Profit or Loss
$234.7M
$67.2M
$132.0M
$239.6M
Depreciation Expense
$77.2M
$71.8M
$66.2M
$60.0M
European Union Allowances adjustment on voyage expenses
$4.2M
—
—
—
Amortization of deferred dry-docking costs and leasehold improvements
$11.9M
$11.4M
$10.1M
$10.1M
Interest Expense
$1.9M
$1.6M
$1.9M
$2.1M
Finance Lease Expense
$1.4M
$0
$707.0K
$306.0K
Amortization of assumed liabilities from time charters attached
($4.1M)
($10.6M)
($6.3M)
—
Amortization of revenue escalation
($53.0K)
$1.0M
$984.0K
($5.5M)
Stock-Based Compensation Expense
$1.0M
$4.6M
—
—
Interest expense on long - term receivable
($66.0K)
$0
($431.0K)
($251.0K)
Interest income from debt securities, held to maturity, accrued
($315.0K)
($29.0K)
($22.0K)
—
Interest income from debt securities, available for sale, accrued
$69.0K
—
—
—
Change in fair value of derivative instruments
($3.9M)
$889.0K
($3.3M)
($3.5M)
Gain on sale of vessels
($37.9M)
($3.6M)
($48.7M)
($81.2M)
Payments for dry-docking
($12.1M)
($6.3M)
($13.7M)
($12.3M)
Receivables and other, net
($13.7M)
$3.8M
$14.6M
$29.5M
Margin deposits
($200.0K)
—
$0
$0
Inventories
($9.1M)
$2.8M
$1.9M
$5.2M
Prepaid insurance and other
$3.9M
($6.7M)
($5.7M)
$2.6M
Capitalized voyage expenses
($390.0K)
$275.0K
$536.0K
$1.0M
Change in Accounts Payable
$17.6M
($6.5M)
$13.8M
($4.5M)
Change in Accrued Liabilities
$14.6M
$7.8M
$9.9M
$8.1M
Unearned revenue
($5.4M)
($23.5M)
($14.3M)
$7.3M
Net Cash provided by Operating Activities
$281.2M
$115.9M
$160.2M
$258.5M
Advances for vessels under construction
($207.9M)
($126.2M)
($38.7M)
($97.3M)
Vessel acquisitions and/or improvements
($96.5M)
($139.4M)
($446.7M)
($31.6M)
Proceeds from Sale of PP&E
$106.4M
$39.5M
$228.4M
$165.9M
Investments in debt securities, held to maturity
($75.7M)
—
—
—
Proceeds from Investments
$10.0M
—
—
—
Proceeds from Investments
$15.4M
$5.0M
—
—
Proceeds from maturity of time deposits
$5.0M
—
—
—
Time deposits
($5.0M)
—
—
—
Net Cash used in Investing Activities
($248.3M)
($236.1M)
($356.5M)
$37.0M
Proceeds from Debt Issuance
$486.8M
$283.6M
$331.9M
$304.1M
Financing costs
($18.7M)
($178.0K)
($3.8M)
($2.5M)
Payments of long-term debt and other financial liabilities
($303.0M)
($210.3M)
($111.9M)
($343.5M)
Payments on principal portion of financial liabilities
($1.4M)
—
—
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Cash dividends
($28.6M)
($13.5M)
($13.5M)
($27.0M)
Net Cash provided by Financing Activities
$135.2M
$59.1M
$201.5M
($70.9M)
Net increase (decrease) in cash and cash equivalents and restricted cash
$168.0M
($61.1M)
$5.2M
$224.7M
Cash and cash equivalents and restricted cash at beginning of period
$298.1M
$348.3M
$376.7M
$309.4M
Cash and cash equivalents and restricted cash at end of period
$466.1M
$287.2M
$381.9M
$534.1M
Cash and cash equivalents - Carrying Amount
$464.0M
$282.4M
$377.3M
$529.2M
Restricted cash
$2.2M
$4.8M
$4.7M
$4.9M
Total Cash and cash equivalents and restricted cash