Top Ships (TOPS) Financial Statements & Analysis

Top Ships (TOPS) Income Statement

Top Ships reported revenue of $80.42M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 6.6% from $86.13M a year earlier. Net income was $3.09M, down 38.7% year over year, a net margin of 3.8%. Gross margin was 57.4% and operating margin 32.7%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $25.48M, down 41.9% from the same quarter a year earlier.

Top Ships Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Top Ships Inc. 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	80.42	86.13	82.95	80.66	56.37	60.22	66.09	41.05	39.36
Cost of Revenue	30.87	48.45	30.69	44.41	27.89	35.35	37.44	29.41	28.13
Gross Profit	46.17	37.68	49.77	36.25	25.57	24.87	28.65	11.63	11.24
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	10.67	7.51	8.90	1.62	4.54	9.51	12.41	15.52	5.81
Operating Expenses	19.89	9.77	21.05	3.71	10.77	14.31	12.41	15.52	9.62
Operating Income	26.28	27.90	28.73	32.54	14.80	11.07	16.88	-3.89	1.62
Other Income/Expense
Interest Income	0.21	0.47	0.33	0.05	0.75	0.03	0.13	0.13	0.01
Interest Expense	16.03	21.87	-19.33	11.71	-6.98	20.72	17.80	9.66	15.79
Other Income/Expense	-22.85	-22.87	-22.63	0.72	-7.81	-33.89	-31.65	-7.24	-14.99
Income
Income Before Tax	3.09	5.03	6.07	18.95	8.62	-22.82	-14.77	-11.42	-13.35
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.87	11.08
Net Income	3.09	5.03	-22.37	18.95	5.40	-22.82	-14.77	-11.13	-13.38
Net Income - Continuous Operations	3.09	5.03	6.07	18.95	8.62	-22.82	-14.77	-11.13	-13.38
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	38.55	50.05	43.08	52.52	23.65	11.12	15.46	5.03	7.00
EBIT	26.28	26.90	28.73	30.66	15.96	15.36	-	-	-
Depreciation & Amortization	21.94	23.15	14.35	21.86	7.68	13.21	12.44	6.76	5.86
Earnings Per Share
Basic EPS	1.00	1.00	-12.00	-36.00	33.00	-294.00	-63502.00	-754095.00	-7547842.00
Diluted EPS	1.00	1.00	-12.00	-36.00	33.00	-294.00	-63502.00	-754095.00	-15132000.00
Basic Shares Outstanding	4.63	4.63	1.80	0.86	0.17	0.10	0.00	0.00	0.00
Diluted Shares Outstanding	4.63	4.63	1.80	0.86	0.17	0.10	0.00	0.00	0.00

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

Frequently Asked Questions About Top Ships Financial Statements

What was Top Ships's revenue in fiscal 2025?

Top Ships reported revenue of $80.42M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 6.6% from $86.13M a year earlier.

Is Top Ships profitable?

Yes. Top Ships earned net income of $3.09M in fiscal 2025, a net margin of 3.8%. In fiscal 2024 it earned $5.03M.

What is Top Ships's operating margin?

Top Ships's operating income was $26.28M on revenue of $80.42M in fiscal 2025, an operating margin of 32.7%, compared with 32.4% 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