Nordic American Tankers (NAT) Financial Statements & Analysis

Nordic American Tankers (NAT) Income Statement

Nordic American Tankers reported revenue of $292.42M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 16.4% from $349.74M a year earlier. Net income was $12.27M, down 73.7% year over year, a net margin of 4.2%. Gross margin was 39.3% and operating margin 15.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $104.69M, up 160.7% from the same quarter a year earlier.

Nordic American Tankers Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Nordic American Tankers Limited 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	292.42	349.74	391.69	339.34	195.76	354.62	317.22	289.02	297.14
Cost of Revenue	176.82	243.61	189.51	284.37	264.29	255.81	271.77	306.12	330.80
Gross Profit	114.87	106.14	202.18	54.97	-68.53	98.81	45.45	-17.10	-33.66
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	28.14	28.83	22.89	18.80	15.62	17.59	13.48	12.73	12.58
Operating Expenses	68.53	28.83	74.29	18.80	15.62	17.59	13.48	12.73	12.58
Operating Income	46.35	77.31	127.89	36.18	-84.15	81.23	31.97	-29.83	-46.23
Other Income/Expense
Interest Income	1.61	0.73	1.30	0.27	0.00	0.00	0.30	0.33	0.35
Interest Expense	35.01	29.89	-30.50	23.46	26.38	31.39	42.55	49.28	21.11
Other Income/Expense	-34.03	-30.68	-29.06	5.69	-35.27	-31.19	-42.25	-65.40	-158.66
Income
Income Before Tax	12.32	46.63	98.83	15.12	-119.42	50.03	-10.28	-95.23	-204.89
Income Tax Expense	0.05	-0.01	0.12	0.02	0.00	0.00	0.07	0.08	0.08
Net Income	12.27	46.64	98.71	15.10	-119.42	50.03	-10.35	-95.31	-204.97
Net Income - Continuous Operations	12.27	46.64	98.71	15.10	-119.42	50.03	-10.35	-95.31	-204.97
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	87.46	132.67	179.29	89.00	-24.69	149.25	96.23	22.41	-74.67
EBIT	29.72	76.52	127.89	38.58	-147.88	81.23	-	-	-
Depreciation & Amortization	57.74	56.15	51.40	50.42	68.35	67.83	63.97	60.70	100.67
Earnings Per Share
Basic EPS	-	-	-	-	-1.00	-	-	-1.00	-1.00
Diluted EPS	-	-	-	-	-1.00	-	-	-1.00	-1.00
Basic Shares Outstanding	211.75	209.23	208.80	202.03	162.55	149.29	142.57	141.95	103.83
Diluted Shares Outstanding	211.75	209.23	208.81	202.03	162.55	149.29	142.57	141.97	103.83

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

Frequently Asked Questions About Nordic American Tankers Financial Statements

What was Nordic American Tankers's revenue in fiscal 2025?

Nordic American Tankers reported revenue of $292.42M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 16.4% from $349.74M a year earlier.

Is Nordic American Tankers profitable?

Yes. Nordic American Tankers earned net income of $12.27M in fiscal 2025, a net margin of 4.2%. In fiscal 2024 it earned $46.64M.

What is Nordic American Tankers's operating margin?

Nordic American Tankers's operating income was $46.34M on revenue of $292.42M in fiscal 2025, an operating margin of 15.8%, compared with 22.1% 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