EarningsQ2 2026 Earnings Report
DE:TK41 Q2 2026 EPS Results
Actual EPS€2.79
Consensus EPS€2.60
Beat/MissBeat by +€0.19
One Year Ago EPS€0.60
DE:TK41 Q2 2026 Revenue Results
Actual Revenue€265.03M
Expected Revenue€212.15M
Beat/MissBeat by +€52.88M
YoY Revenue Growth+54.37%
Earnings Announcement Details
QuarterQ2 2026
Date09/10/2026
TimeBefore Open
Conference CallThursday, September 10, 2026
DE:TK41 Upcoming Earnings
Tsakos Energy Navigation's next earnings date is estimated for November 24, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:TK41 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record revenue, net income, EPS, EBITDA, profit-sharing revenue, cash generation, fleet values, and forward committed earnings. Management also expressed confidence in stronger second-half performance, higher dividends, and continued market opportunities. The principal challenges were severe geopolitical and maritime security risks, higher bunker and operating costs, increased debt associated with fleet growth, and elevated dry-dock activity.Company Guidance
Record First-Half Revenue
Gross revenues for the first half of 2026 increased to $551 million, or $161 million above the 2025 first-half level, supported by fleet utilization of 96.5% and an average fleet of 63.5 vessels.
Strong First-Half Net Income and EPS Growth
Net income reached $228 million versus $64.5 million in the equivalent 2025 period, an increase of 253%. Excluding capital gains, first-half 2026 net income increased 112%. EPS rose to $7.12 from $1.70, a 318% increase.
Operating Income and EBITDA Expansion
Operating income increased 146% to $273 million from $111 million in the prior-year first half. Adjusted EBITDA rose 68% to $324 million, $131 million above the 2025 first-half level.
Record Second-Quarter Results
Second-quarter gross revenues climbed to $298 million from $193 million, a $105 million increase. Net income reached $139.3 million, including a $38 million capital gain, versus $26.8 million in the 2025 second quarter. EPS increased 557% to $4.40 from $0.67, while adjusted EBITDA rose 81% to $170.4 million.
Higher Time Charter Equivalent Rates
The first-half time charter equivalent rate increased to $43,503 per ship per day from $30,754, a 41% increase, reflecting strong tanker markets and operational efficiency.
Significant Profit-Sharing Growth
Profit-sharing arrangements contributed $71 million of revenue in the first half of 2026 versus $10 million in the same period of 2025. Second-quarter profit-sharing revenue was $30.5 million, and management expects a significant increase in the second half following higher minimums and more favorable owner arrangements.
Strong Forward Revenue Visibility
Forward committed earnings were approaching $3.5 billion. Management said charterers are seeking vessels that are 10 years old or younger for employment of up to seven years, while TEN is using high time charter rates to lock in high returns.
Fleet Renewal and Asset Value Appreciation
TEN has taken delivery of seven vessels from its 26-vessel newbuilding program, and management said their valuation has increased by at least 30%. The approximately $3.1 billion newbuilding program was said to have appreciated by at least 30% before some vessels were delivered.
Modernized and Expanded Fleet
Since January 1, 2023, TEN sold 20 vessels averaging 17.3 years of age and 2 million deadweight tons, replacing them with 35 contracted and modern acquired vessels averaging 0.5 years of age and 4.8 million deadweight tons. The pro forma fleet consists of 81 vessels, including LNG vessels and a 16-vessel shuttle tanker fleet.
Long-Term Shuttle Tanker Contract
TEN took delivery of the DP shuttle tanker Anfield, which commenced a 10-year employment with a U.S. oil major and has charter options extending to the vessel's 20th anniversary. Assuming maximum employment, expected gross revenue should approach $500 million.
High Secured-Revenue Coverage
Of the current operating fleet of 62 vessels, 23 vessels, or 37%, have market exposure through spot or profit-sharing contracts, while 52 vessels, or 84%, are in secured revenue arrangements consisting of time charters and time charters with profit-sharing.
Solid Balance Sheet and Cash Position
The pro forma fleet had an approximate fair market value of $4.9 billion against $2 billion of debt, with net debt-to-capital around 44.5%. Cash at June 30, 2026 was $466 million, $179 million above the June 30, 2025 level and $168 million above year-end 2025.
Asset Sale Proceeds
TEN announced the sale of two 2006-built Suezmax tankers to independent third parties for net proceeds of $100 million after repurchasing the vessels at a significant discount to fair market value.
Dividend Growth and Shareholder Returns
TEN paid dividends of $0.60 and $1.00 per share during calendar 2026, totaling $1.60 per share. Management said it intends to significantly increase shareholder rewards, with a dividend announcement expected after the November strategy meeting, subject to board approval and market conditions.
Potential Preferred Share Redemption
Management is considering using cash to redeem the $120 million perpetual preferred shares carrying a 9.25% coupon, which it said could add between $0.30 and $0.40 to bottom-line results through interest savings.
Positive Market and Revenue Outlook
Management expects 2026 revenue to exceed $1 billion significantly and described the second half as even stronger than the profitable first half. It also said it is looking at least at good and growing prospects for the next year.
Operational Upside from Spot Exposure
TEN stated that, through its profit-sharing arrangements, every $1,000 per day increase in the spot rate has a $0.11 positive impact on annual EPS based on its 23 vessels currently exposed to spot rates.
DE:TK41 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed