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Nordic American Tankers Limited (NAT) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · OIL & GAS MIDSTREAM · DATA UPDATED 2026-09-15

Nordic American Tankers Limited (NAT) operates in the OIL & GAS MIDSTREAM industry and is headquartered in Hamilton, Bermuda with about 18 employees. Its market capitalization is roughly $2 billion. In the fiscal year ended 2025-12-31, NAT reported $292M in revenue and $12M in net income.

Nordic American Tankers Limited, a tanker company, owns, operates, and charters double-hull tankers in Bermuda and internationally. As of December 31, 2025, the company fleet consisted of 20 Suezmax crude oil tankers. It serves oil companies, oil traders, and other entities requiring crude oil transportation services.

Interactive charts & full statements → Open the NAT valuation workbench →

NAT Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$372M	$292M	$350M	$392M	$339M	$196M	$355M	$317M	$289M	$297M	$357M	$446M	$351M	$244M	$131M	$95M	$126M	$124M	$228M	$187M	$176M
Gross Profit	$141M	$58M	$106M	$151M	$55M	($69M)	$99M	$45M	($17M)	($34M)	$60M	$138M	$9M	($69M)	($41M)	($40M)	$17M	$17M	$134M	$65M	$85M
Gross Margin %	38.0%	19.8%	30.3%	38.5%	16.2%	-35.0%	27.9%	14.3%	-5.9%	-11.3%	16.9%	30.9%	2.5%	-28.3%	-31.5%	-41.8%	13.3%	13.9%	58.8%	35.0%	48.4%
Operating Income (EBIT)	$107M	$29M	$77M	$128M	$36M	($84M)	$81M	$32M	($30M)	($46M)	$48M	$128M	($6M)	($82M)	($56M)	($55M)	$1M	$2M	$121M	$53M	$72M
Operating Margin %	28.7%	9.9%	22.1%	32.6%	10.7%	-43.0%	22.9%	10.1%	-10.3%	-15.6%	13.4%	28.7%	-1.8%	-33.6%	-42.8%	-58.0%	0.6%	1.9%	53.2%	28.5%	41.2%
Net Income	$124M	$12M	$47M	$99M	$15M	($119M)	$50M	($10M)	($95M)	($205M)	($4M)	$115M	($13M)	($105M)	($73M)	($72M)	($1M)	$1M	$119M	$44M	$67M
Net Margin %	33.2%	4.2%	13.3%	25.2%	4.5%	-61.0%	14.1%	-3.3%	-33.0%	-69.0%	-1.2%	25.7%	-3.8%	-43.3%	-56.0%	-76.3%	-0.6%	0.8%	52.1%	23.6%	38.4%
EBITDA	$180M	$106M	$134M	$181M	$93M	($25M)	$149M	$96M	$22M	($75M)	$144M	$211M	$79M	($19M)	$2M	($6M)	$64M	$58M	$171M	$97M	$104M
Earnings Per Share (EPS)	$0.58	$0.06	$0.22	$0.47	$0.07	$-0.73	$0.34	$-0.07	$-0.67	$-1.97	$-0.05	$1.29	$-0.15	$-1.64	$-1.39	$-1.53	$-0.02	$0.02	$3.63	$1.56	$3.14
Shares Outstanding (M)	212M	212M	210M	209M	202M	163M	149M	143M	142M	104M	93M	89M	85M	64M	53M	47M	47M	42M	33M	28M	21M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NAT Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$105M	$106M	$86M	$75M	$67M	$65M	$74M	$82M
Gross Profit	$51M	$48M	$29M	$14M	$7M	$8M	$18M	$22M
Gross Margin %	48.5%	44.8%	33.8%	18.4%	10.2%	12.7%	23.9%	26.8%
Operating Income (EBIT)	$41M	$38M	$20M	$7M	$0M	$1M	$9M	$16M
Operating Margin %	39.3%	36.0%	23.8%	9.0%	0.7%	2.1%	11.8%	19.7%
Net Income	$68M	$46M	$12M	($3M)	($1M)	$4M	$1M	$9M
Net Margin %	65.3%	43.5%	13.6%	-3.7%	-1.3%	6.6%	1.7%	10.6%
EBITDA	$54M	$69M	$35M	$22M	$23M	$25M	$22M	$31M
Earnings Per Share (EPS)	$0.32	$0.22	$0.06	$-0.01	$-0.00	$0.02	$0.01	$0.04
Shares Outstanding (M)	212M	212M	212M	212M	212M	212M	211M	209M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NAT Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$118M	$20M	$128M	$139M	$24M	($44M)	$111M	$53M	($16M)	$32M	$128M	$174M	$57M	($47M)	($7M)	($12M)	$51M	$45M	$128M	$84M	$107M
Capital Expenditures (CapEx)	$2M	$136M	$3M	$74M	$95M	$18M	$18M	$3M	$5M	$38M	$138M	$187M	$74M	$9M	$3M	$92M	$196M	$172M	$10M	$8M	$318M
Free Cash Flow (FCF)	$116M	($117M)	$126M	$66M	($71M)	($62M)	$93M	$50M	($21M)	($6M)	($11M)	($13M)	($17M)	($56M)	($9M)	($104M)	($145M)	($127M)	$118M	$75M	($211M)
FCF Margin %	31.3%	-39.9%	35.9%	16.8%	-21.0%	-31.8%	26.2%	15.9%	-7.3%	-2.0%	-3.0%	-2.9%	-4.7%	-23.0%	-7.2%	-109.4%	-114.8%	-102.2%	51.7%	40.2%	-120.3%
Dividends Paid	$131M	$85M	$88M	$90M	$23M	$10M	$67M	$14M	$10M	$54M	$126M	$123M	$54M	$42M	$63M	$54M	$80M	$95M	$166M	$107M	$123M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NAT Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$69M	$30M	$15M	$4M	$1M	($1M)	$19M	$35M
Capital Expenditures (CapEx)	$0M	$1M	$1M	$0M	$135M	$0M	$0M	$0M
Free Cash Flow (FCF)	$69M	$29M	$15M	$4M	($134M)	($1M)	$19M	$34M
FCF Margin %	65.7%	27.2%	17.1%	5.1%	-200.8%	-1.8%	26.0%	41.8%
Dividends Paid	$47M	$36M	$28M	$21M	$15M	$21M	$25M	$25M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NAT Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$917M	$902M	$818M	$879M	$881M	$851M	$974M	$1.0B	$1.1B	$1.3B	$1.4B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$1.1B	$947M	$814M	$805M	$800M
Cash & Cash Equivalents	$133M	$46M	$39M	$31M	$60M	$35M	$58M	$49M	$49M	$58M	$82M	$30M	$101M	$66M	$56M	$24M	$17M	$30M	$31M	$13M	$12M
Total Liabilities	$440M	$457M	$309M	$341M	$341M	$353M	$375M	$435M	$469M	$430M	$479M	$361M	$287M	$281M	$276M	$258M	$90M	$12M	$25M	$133M	$188M
Total Debt (Short + Long-Term)	$407M	$424M	$270M	$302M	$306M	$321M	$357M	$399M	$437M	$778M	$886M	$649M	$500M	$500M	$250M	$230M	$75M	$0M	$19M	$106M	$174M
Total Shareholders' Equity	$478M	$446M	$509M	$538M	$540M	$498M	$599M	$595M	$602M	$841M	$871M	$881M	$882M	$855M	$809M	$868M	$993M	$934M	$789M	$672M	$612M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NAT viewer.

Other Companies in OIL & GAS MIDSTREAM

DHT · DHT Holdings Inc — $4 billion
TNK · Teekay Tankers Ltd — $3 billion
LPG · Dorian LPG Ltd — $2 billion
FLNG · FLEX LNG Ltd — $2 billion
PBT · Permian Basin Royalty Trust — $2 billion
NVGS · Navigator Holdings Ltd — $2 billion
TK · Teekay Corporation — $1 billion
SBR · Sabine Royalty Trust — $1 billion

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