INSW earnings analysis
What we found in INSW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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 $345.0 million indicate substantial operating leverage and cash generation. No explicit quantitative guidance was provided, while the filing offered no substantive new risk-factor discussion beyond referring investors to prior reports.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Accelerated Sharply
- Second-quarter revenue was $469.7 million, up from $325.0 million in Q1 2026 and $196.0 million in Q2 2025— increases of 44.5% sequentially and 139.6% year over year.
- EPS Reached $5.91
- Diluted EPS was $5.91 versus $5.75 in Q1 2026 and $1.25 in Q2 2025, up 2.8% sequentially and 372.8% year over year.
- Record Free Cash Flow
- Free cash flow was a record $260.7 million, compared with $70.0 million in Q1 2026 and $68.0 million in Q2 2025.
- Record Adjusted EBITDA
- Adjusted EBITDA reached a record $345.0 million, supported by higher spot earnings, according to the filing-related earnings disclosure.
- No Discretionary Repurchases
- The filing reported no stock repurchases during the three and six months ended June 30, 2026, other than shares withheld for employee and management tax liabilities or option exercises.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- No New Risk Detail Disclosed
- The filing does not identify a new or revised material risk factor; it specifically directs investors to the risks in the 2025 Form 10-K and the Form 10-Q for the quarter ended March 31, 2026. This limits visibility into any incremental risk change in the current quarter.
- CEO Trading Plan Creates Overhang
- CEO Lois K. Zabrocky adopted a Rule 10b5-1 plan on May 14, 2026, covering sales of up to 24,000 common shares from August 16, 2026 through August 15, 2027. Potential insider selling may create an incremental technical overhang, although the plan is prearranged.
- Distribution Agreement Unquantified
- The company disclosed a distribution agreement dated May 11, 2026 with BTIG, B. Riley Securities, Clarksons Securities and Fearnleys Securities. The filing does not provide an offering amount, so potential dilution or financing risk cannot be quantified from the available text.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $5.91
What they said about what is next.
No quantitative forward revenue or EPS guidance was provided in the filing. Item 1A refers investors to the risk factors in the 2025 Form 10-K and the quarter ended March 31, 2026 Form 10-Q.
The filing reads better than the one before it.
What came before.
- 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…
- 10-K · February 27, 2025
- International Seaways reported shipping revenues of $1.0 billion and TCE revenues of $0.9 billion for 2024, recording its second-best annual results since 2016 while income from vessel operations fell by $160.2 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing INSW makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever