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Tsakos Energy Navigation (TEN)
NYSE:TEN
Earnings Data
Report Date
Jul 01, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.94Last Year’s EPS
0.67Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture: strong full-year and Q4 2025 results, high fleet utilization, a large secured revenue backlog (> $4 billion), successful fleet renewal initiatives and meaningful profit-sharing contribution. Management has reinforced liquidity and shareholder returns while retaining a conservative balance between secured charters and spot/profit-share exposure. The primary risks discussed were geopolitical tensions that elevated war-risk insurance and created operational uncertainty, plus higher leverage tied to the newbuilding program and rising operating/depreciation costs. Overall, the positives (recorded revenue/profitability, utilization, backlog, fleet modernization and cash generation) substantially outweigh the lowlights, though short-term volatility and cost pressures from geopolitical events remain areas to monitor.Company Guidance
Strong Full-Year Financial Results
2025 gross revenues of approximately $800 million; operating income of $252 million; net income of $161 million (EPS $4.45); adjusted EBITDA of $416 million. Cash at year-end was $298 million after paying $148 million in scheduled principal, $190 million in yard predelivery installments and capitalized costs, and $27 million in preferred coupons.
Exceptional Fourth Quarter Performance
Q4 2025 generated $222 million in gross revenues, $81 million in operating income, net income of $58 million (EPS $1.70, a 200% increase vs Q4 2024), and adjusted EBITDA of $128 million (up $42 million YoY). Time charter equivalent (TCE) for Q4 was $36,300 per ship per day, a 21% increase vs Q4 2024.
High Fleet Utilization and Operational Efficiency
Fleet utilization increased to 96.6% for 2025 from 92.5% in 2024; Q4 utilization rose to 97.7% from 93.3% YoY. Average days on secure revenue employment (time charters + profit sharing) grew by 12.6% while days on profit-sharing contracts alone increased 12.4%.
Substantial Secured Backlog and Repeat Blue-Chip Customers
Locked-in contracted future revenue (minimum fleet contracted revenue) exceeded $4 billion (excluding profit shares). The company maintains repeat business with major energy clients including ExxonMobil, Equinor, Shell, Chevron, TotalEnergies and BP.
Fleet Renewal and Growth
Transitioned fleet quality: since 1/1/2023, sold 18 older vessels (average age 17 years) and replaced them with 34 contracted/acquired modern vessels (average age 0.5 years). Pro forma fleet of 83 vessels; current operating fleet and modernized positions include 3 LNG vessels and a 16-vessel shuttle tanker fleet, making TEN one of the largest shuttle operators globally.
Improved Cost and Earnings Dynamics
Voyage expenses fell from $153 million in 2024 to $122 million in 2025 (saving ~$30 million). Interest costs declined to $98 million in 2025 from $112 million in 2024 (saving $14 million). TCE fleet average for 2025 was $32,130 per day, roughly in line with 2024.
Profit Sharing Material Contribution
22 vessels (9 spot, 13 on profit-sharing) provide market exposure; in Q4 profit-sharing contributed an incremental ~$27 million above fixed rates. Management quantified that every $1,000/day increase in spot rates across profit-sharing vessels contributes about $0.11 to annual EPS.
Prudent Balance Sheet Metrics and Liquidity
Total debt at year-end ~$1.9 billion; net debt-to-cap around 46.7%; loan-to-value ~48%. Management expects liquidity to potentially exceed $0.5 billion by end of Q1/Q2 2026 after recent market gains and executed transactions; company also maintained and paid dividends in February 2026.
Timely Asset Sales and Accretive Newbuilding Orders
Sold a 10-year-old VLCC recently generating significant free cash (Chairman cited $82 million) and used timely ordering of 3 VLCC newbuilds at historically attractive prices (reported order price ~$128 million each vs secondary market levels notably higher), supporting fleet renewal and cash generation.
TEN 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
TEN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 06, 2026 | $34.95 | $34.75 | -0.57% |
Nov 20, 2025 | $24.25 | $24.04 | -0.87% |
Sep 10, 2025 | $21.55 | $20.67 | -4.10% |
Jun 17, 2025 | $17.63 | $19.17 | +8.73% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tsakos Energy Navigation (TEN) report earnings?
Tsakos Energy Navigation (TEN) is schdueled to report earning on Jul 01, 2026, Before Open (Confirmed).
What is Tsakos Energy Navigation (TEN) earnings time?
Tsakos Energy Navigation (TEN) earnings time is at Jul 01, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TEN EPS forecast?
TEN EPS forecast for the fiscal quarter 2026 (Q1) is 1.94.