International Seaways, Inc. (INSW) Earnings
International Seaways, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $5.52. INSW has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +33.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.48 | $3.90 | +57.3% | $317M | +13.6% |
| Feb 26, 2026 | $1.75 | $2.45 | +40.0% | $260M | +6.3% |
| Nov 6, 2025 | $0.91 | $1.15 | +26.4% | $196M | -19.9% |
| Aug 6, 2025 | $0.91 | $1.02 | +12.1% | $196M | +14.0% |
| May 8, 2025 | $0.59 | $0.80 | +35.6% | $183M | -7.1% |
| Feb 27, 2025 | $1.71 | $0.90 | -47.4% | $195M | +0.3% |
| Nov 7, 2024 | $1.65 | $1.57 | -4.8% | $225M | +1.1% |
| May 8, 2024 | $2.37 | $2.92 | +23.2% | $274M | +10.2% |
| Feb 29, 2024 | $2.10 | $2.18 | +3.8% | $251M | +5.4% |
| May 5, 2023 | $2.84 | $3.27 | +15.1% | $287M | +9.3% |
| Feb 28, 2023 | $3.64 | $4.21 | +15.7% | $338M | +8.1% |
| May 4, 2022 | $-0.37 | $-0.28 | +24.3% | $101M | +3.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Net income for Q1 was record $286M, adjusted net income $194M, adjusted EBITDA $244M. - Declared largest quarterly combined dividend of $4.55 per share, new payout ratio 85%. - Sold seven vessels for $216M as part of fleet optimization. - LR1 new buildings: two delivered in 2026, remaining two in Q3. - Anchors International expanded into SUISMEXs, gained new pool participant. - Added Suez Max on time charter for next three years at $40,000 per day. - Total liquidity $918M, including ~$380M cash and $540M undrawn revolver capacity.
Guidance
- Second quarter blended average spot TCE fleet-wide over $100,000 per day. - Expected break-evens for next 12 months about $14,900 per day. - Added a few million dollars per quarter to projected G&A due to consolidating Tankers International, offset by TI commissions as other revenues. - Included quarterly expected off-hire and CapEx in appendix.
Segment performance
Net income for the first quarter was a record $286 million, or $5.75 per diluted share. Excluding special items, adjusted net income for the quarter was $194 million, or $3.90 per diluted share, and adjusted EBITDA was $244 million. Sold seven vessels with an average age of 17 years for $216 million as part of fleet optimization. LR1 new buildings continue to join the fleet with two deliveries in 2026 and remaining two in third quarter. Declared largest quarterly combined dividend of $4.55 per share, new payout ratio of 85%.
Risks & headwinds
- Current tanker market volatile, particularly reaction to conflict in Strait of Hormuz. - Disruption in Strait of Hormuz could have broader implications for global energy markets if persists. - Order book creeping up with aging fleet, removal candidates at three times size of vessels entering fleet over next few years.
Analyst Q&A
Q: Lois, you have some older MRs in the fleet, and there's significant demand. Are you seeing charters willing to charter the older vessels, or are you looking at elevated asset values to maybe divest them?
A: We have had great success in clearing out our oldest MR. Constantly looking at high grading. Free cash flow thrown off per MR in Q2 over $5 million.
Q: Greg Lewis on dividend, thoughts on potentially increasing permanent dividend?
A: Dividend started at $6.25, raised to $12.00. 85% is expectation, market conditions and strong balance sheet allowed discretionary addition. We think about increasing permanent dividend but didn't confuse message this quarter.
Q: Chris Robertson on lidaring business and activity prospects as ships reposition.
A: Q1 somewhat negatively impacted by volatility, but Q2 seeing more lightering inquiry and work for Lightering LLC subsidiaries. When Hormuz opens, inefficiency will be seen more.
Q: Omar Nocta on MRs strong performance.
A: Advantageously positioned, MR pools focused on Americas trade beneficial post-Iran war, diversification in other pool will be beneficial.
Q: Stephanie Moore on capital allocation, appetite for buybacks and M&A.
A: Have share repurchase program, use it from time to time. Capital allocation in Q2 for LR1 is $6M, lean towards dividend rather than share purchase currently, always looking for good M&As.