Ardmore Shipping (ASC) Financial Statements & Analysis

Ardmore Shipping (ASC) Income Statement

Ardmore Shipping reported revenue of $310.20M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 23.6% from $405.78M a year earlier. Net income was $41.01M, down 69.2% year over year, a net margin of 13.2%. Gross margin was 34.2% and operating margin 26.1%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $116.21M, up 61.3% from the same quarter a year earlier.

Ardmore Shipping Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Ardmore Shipping Corporation income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	310.20	405.78	395.98	445.74	192.48	220.06	230.04	210.18	195.94
Cost of Revenue	204.09	249.46	214.79	250.21	161.51	176.64	190.93	133.28	107.01
Gross Profit	106.11	156.33	184.73	195.53	43.07	43.42	39.12	76.90	88.93
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	25.07	28.04	25.24	24.11	19.20	17.90	18.15	15.86	14.60
Operating Expenses	25.07	28.04	56.60	31.92	36.87	43.42	18.15	86.52	80.41
Operating Income	81.03	128.29	128.13	163.62	6.20	0.00	20.97	-9.62	8.51
Other Income/Expense
Interest Income	0.96	1.82	1.82	0.47	0.06	0.28	0.95	0.61	0.44
Interest Expense	6.11	6.78	-11.41	15.54	-16.20	18.09	26.76	25.14	21.38
Other Income/Expense	-39.78	4.93	-9.85	-24.95	-16.44	-5.85	-43.77	-33.16	-20.94
Income
Income Before Tax	41.26	133.22	117.24	138.66	-36.68	-5.85	-22.80	-42.78	-12.43
Income Tax Expense	0.24	0.22	0.44	0.21	0.15	0.20	0.06	0.16	0.06
Net Income	41.01	133.01	113.41	138.45	-38.09	-6.05	-22.86	-42.94	-12.49
Net Income - Continuous Operations	41.01	133.01	116.81	138.45	-36.83	-6.05	-22.86	-42.94	-12.49
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	81.03	178.39	155.95	185.62	11.78	42.74	33.72	21.14	46.14
EBIT	47.18	128.29	128.13	159.45	-19.93	-	-	-	-
Depreciation & Amortization	33.85	33.88	27.82	29.28	31.70	32.19	32.32	38.78	37.20
Earnings Per Share
Basic EPS	1.00	3.00	3.00	4.00	-1.00	-	-1.00	-1.00	-
Diluted EPS	1.00	3.00	3.00	4.00	-1.00	-	-1.00	-1.00	-
Basic Shares Outstanding	40.81	41.66	41.13	37.24	33.88	33.24	33.10	32.78	33.44
Diluted Shares Outstanding	40.81	42.04	41.82	38.36	33.88	33.44	33.10	32.84	33.44

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Ardmore Shipping Financial Statements

What was Ardmore Shipping's revenue in fiscal 2025?

Ardmore Shipping reported revenue of $310.20M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 23.6% from $405.78M a year earlier.

Is Ardmore Shipping profitable?

Yes. Ardmore Shipping earned net income of $41.01M in fiscal 2025, a net margin of 13.2%. In fiscal 2024 it earned $133.01M.

What is Ardmore Shipping's operating margin?

Ardmore Shipping's operating income was $81.03M on revenue of $310.20M in fiscal 2025, an operating margin of 26.1%, compared with 31.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition