10-Q · August 10, 2026
International Seaways delivered a very strong Q2 2026, with revenue of $469.7 million and diluted EPS of $5.91, materially above Q1 2026 and Q2 2025 levels. Record free cash flow of $260.7 million and adjusted EBITDA of…
Earnings analysis · 10-Q
INSW earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
International Seaways delivered a strong Q3, with revenue of $483.2 million, diluted EPS of $6.90, adjusted EBITDA of $344.5 million, and free cash flow of $234.1 million. Revenue and EPS increased 3.5% and 16.8%,…
Read full summary
International Seaways delivered a strong Q3, with revenue of $483.2 million, diluted EPS of $6.90, adjusted EBITDA of $344.5 million, and free cash flow of $234.1 million. Revenue and EPS increased 3.5% and 16.8%, respectively, from Q2 2026 and were substantially above Q3 2025 levels. The principal newly emphasized risk is exposure to U.S. and Chinese port fees affecting Chinese-built or U.S.-controlled vessels, with the one-year suspension potentially expiring before a formal extension is finalized. No quantitative forward revenue or EPS guidance was provided.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.9
What stood out
-
Revenue reached $483.2 million
Revenue was $483.2 million, up from $467.0 million in Q2 2026 and $196.0 million in Q3 2025, increases of approximately 3.5% sequentially and 146.5% year over year.
-
EPS rose to $6.90
Diluted EPS was $6.90, compared with $5.91 in Q2 2026 and $1.42 in Q3 2025, representing increases of approximately 16.8% sequentially and 385.9% year over year.
-
Adjusted EBITDA reached $344.5 million
Adjusted EBITDA was $344.5 million, supporting strong quarterly profitability and exceeding the consensus EPS expectation of $5.55 when paired with reported diluted EPS of $6.90.
-
Free cash flow remained strong
Free cash flow was $234.1 million versus $215.0 million in Q2 2026 and negative free cash flow of $9.0 million in Q3 2025.
-
No discretionary share repurchases
The company reported no stock repurchases during the three and nine months ended September 30, 2026, other than shares withheld for employee tax liabilities and option exercises.
What to watch
-
Potential U.S. and China port fees
The company owns 13 vessels constructed in China, including 4 below the 55,000 dwt threshold applicable to the U.S. fees. It also bareboat-charters 1 Chinese-built vessel and has contracts for 3 additional Chinese-built newbuild vessels from a Chinese financial institution.
-
Chinese retaliation could raise costs
The company bareboat-charters 3 non-Chinese-built vessels from a Chinese financial institution, and certain vessels may be subject to China's comparable fees on vessels entering Chinese ports that are owned or operated by U.S.-controlled entities.
-
Port-fee suspension remains uncertain
The U.S. and China suspended their port-fee orders for 1 year beginning November 10, 2025. The proposed U.S. extension through January 9, 2027 has not been finalized, and China has not formally announced a corresponding extension.
-
Transaction and financing execution risk
New transaction agreements dated October 16, 2026 and a $500 million revolving credit facility joinder dated October 19, 2026 indicate ongoing corporate and financing activity that could increase execution, integration, or leverage risks.
Management's outlook
The filing does not provide quantitative revenue or EPS guidance; outlook was deferred to the earnings release or call.
Earlier filings 4
10-Q · May 7, 2026
International Seaways, Inc. reported a substantial turnaround in Q1 2026 with net income soaring to $286 million compared to $49.6 million the previous year, resulting in an EPS leap to $5.75, greatly exceeding…
10-K · February 26, 2026
International Seaways reported solid 2025 results with shipping revenues of $843.3 million and TCE revenues of $819.6 million while preserving liquidity and returning cash to shareholders. Management executed an active…
10-Q · November 6, 2025
INTERNATIONAL SEAWAYS reported a quarter marked by weaker shipping market activity: TCE revenues fell to $192.5 million (down $27.2 million, -12% YoY) and income from vessel operations declined to $78.7 million (down…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.