International Seaways, Inc. (INSW) · Nov 5, 2026 · Earnings

International Seaways earnings beat as tanker rates surge

Beat — Adjusted EPS $5.84 vs approximately $3.85 consensus

International Seaways earnings far exceeded published expectations as tanker rates surged, while the Bruton fleet expansion moves toward settlement.

International Seaways is a tanker owner and pool operator positioned to capture a sharp 2026 freight-market upswing, with most of its fleet exposed to spot-linked rates; the company had already previewed strong third-quarter conditions and announced the Bruton combination before this full release. Published estimates varied, but the central benchmark was roughly $3.85 of quarterly EPS and $347 million of revenue.

The quarter was materially ahead of expectations, not merely strong year over year. Adjusted diluted EPS was $5.84 versus approximately $3.85 expected, while shipping revenue reached $483.2 million. Net income was $344 million, or $6.90 per diluted share, compared with $71 million, or $1.42, a year earlier.

	Q3 2026	Q3 2025	Consensus
Shipping revenue (Financial Statements)	$483.2M (+146%)	$196.4M	~$346.9M
Adjusted diluted EPS (Adjusted Net Income)	$5.84 (+408%)	$1.15	~$3.85
Adjusted EBITDA (Adjusted EBITDA)	$344.5M (+220%)	$107.7M
Free cash flow (Free Cash Flow)	$234.1M (+269%)	$63.4M
Total dividend per share (Dividend disclosure)	$5.05	$—

The earnings beat was driven by operating leverage to tanker rates, especially in crude. Consolidated TCE revenue rose to $442.6 million from $192.5 million, with average spot earnings increasing about $38,300 per day across the fleet. Crude Tankers TCE revenue rose to $321 million from $93 million, while Product Carriers TCE revenue increased more modestly to $121 million from $99 million.

Cash generation gives the result more substance than the headline EPS alone. Nine-month operating cash flow reached $651.8 million and free cash flow reached $627.9 million, allowing the company to pay $581.9 million of dividends while still ending September with $453.6 million of cash and short-term investments. The balance sheet did take on additional debt for fleet investment, but equity also increased materially and the filing does not point to a liquidity squeeze.

The Bruton deal is now an execution item rather than the quarter’s surprise. The transaction was announced on October 16, so the fleet expansion was already part of the standing story; this filing adds implementation detail, including one VLCC already earning $95,000 per day, another entering a 12-month charter at $107,000 per day, and roughly $279 million of remaining construction installments backed by sale-leaseback financing. The settlement is expected around November 11, making this a positive strategic extension of the tanker-cycle positioning, but not a wholly new catalyst. 〔0〕

The main qualification is that the exceptional result is highly rate-sensitive. The filing shows the company benefited from an extraordinary late-quarter surge in spot rates, while revenue days actually declined to 5,840 from 6,245 a year earlier. That makes the beat clearly meaningful versus estimates, but it reflects market conditions more than a permanent step-change in per-vessel economics. 〔1〕

Bottom line: This is a clear earnings beat that strengthens International Seaways’ current story: the fleet is monetizing exceptional tanker rates and converting them into cash and dividends. The result matters, although much of the strong quarter and Bruton strategy was already visible before the formal release, keeping it short of a full story rewrite.

What to watch next

Bruton transaction settlement, expected November 11

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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International Seaways earnings beat as tanker rates surge

What to watch next

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