TEN Reports 200% Q4 Net Income Surge to $58M, $800M Revenues in 2025
TEN generated $800 million gross revenues and $161 million net income ($4.45 per share) in 2025, with adjusted EBITDA at $416 million and fleet utilization at 96.6%. In Q4, gross revenues reached $222.1 million and net income tripled to $58 million ($1.70 per share), driving adjusted EBITDA up 49%.
1. 2025 Full-Year Financial Results
TEN’s fleet generated $800 million in gross revenues and $161 million in net income ($4.45 per share) for 2025. Adjusted EBITDA rose to $416 million from $400 million in 2024, with fleet utilization improving to 96.6% and average TCE per vessel per day holding at $32,130.
2. Q4 2025 Performance
In Q4, TEN reported gross revenues of $222.1 million and operating income of $81.2 million, nearly doubling year-over-year. Net income tripled to $58 million ($1.70 per share) and adjusted EBITDA increased 49% to $127.6 million, underpinned by 97.7% fleet utilization and a 20.6% rise in average TCE.
3. Fleet Expansion and Cash Generation
During early 2026, TEN took delivery of two new MR product tankers and agreed to sell the 2016-built VLCC Ulysses for $82 million free cash. The company also signed a contract for up to two 174,000-cbm LNG carriers with WINGD engines, scheduled for delivery in Q3 2028.
4. Dividend Policy and Strategy
TEN paid a $0.50 per share common dividend in February and will announce its next dividend in Q2 for July payment. The company has returned over $952 million to shareholders since 2002 through common and preferred dividends, leveraging high tanker rates and strategic vessel renewals.