TEN PRESS-RELEASE SEC Filing Analysis

Final — all horizons settled through T+60d

TEN ▲ +9.12% at T+60d

LONG call ✓ call won +9.12% · α vs SPY -3.66% · entry $34.75 → $37.92

Currently $38.77 · +11.57% from $34.75 entry

Entry anchored
Mar 5, 03:59 PM ET
via Databento tick

T+1d

+6.73%

call +6.73% · α +5.89%

$37.09

settled 3mo ago

T+5d

-2.88%

call -2.88% · α -1.35%

$33.75

settled 3mo ago

T+20d

+17.15%

call +17.15% · α +19.20%

$40.71

settled 2mo ago

T+60d

+9.12%

call +9.12% · α -3.66%

$37.92

settled 11d ago

Price Chart

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Executive Summary

Tsakos Energy Navigation (TEN) reported strong Q4 and full-year 2025 results, driven by high tanker rates and cost efficiencies. Full-year net income reached $161 million ($4.45/share), with Q4 net income tripling YoY to $58 million. Adjusted EBITDA hit $416 million for the year, supported by a 20.6% increase in Q4 TCE rates and lower voyage expenses. The company also announced new LNG carrier builds and a VLCC sale expected to generate $82 million in free cash.

Key Financial Metrics

Revenue

$798.7M

-0.7% YoY

Adj. EPS

$4.45

GAAP: $4.45

Deal Value

$82.0M

Actionable Insight

TEN is capitalizing on strong tanker market conditions with high TCEs and disciplined fleet management. The combination of rising EBITDA, vessel sales at gains, and strategic newbuilds suggests continued cash generation. Traders should watch for potential dividend increases in Q2 and further deployment of $298 million in cash, possibly into accretive acquisitions or buybacks.

Key Facts

Q4 2025 net income surged 200% QoQ and tripled YoY to $58 million ($1.70/share)
Full-year 2025 net income was $161 million ($4.45/share), down from $176.2 million in 2024, but adjusted EBITDA rose to $416 million from $399.6 million
Q4 2025 Adjusted EBITDA was $127.6 million, up 49% YoY
Average TCE per vessel per day in Q4 2025 was $36,300, a 20.6% increase from Q4 2024
Fleet utilization improved to 97.7% in Q4 2025 from 93.3% in Q4 2024
Voyage expenses declined by $7.6 million in Q4 2025 despite higher revenues
Company expects $82 million in free cash from the sale of the VLCC Ulysses, closing end-May 2026
Signed newbuilding contract for up to two 174,000 cbm LNG carriers with delivery in Q3 2028

Financial Impact

Q4 net income increased by ~$38.7 million YoY; $82 million in expected free cash from vessel sale

net incomeepsebitdatcecash flow

Risk Factors

Earnings per share declined YoY for the full year ($4.45 vs $5.03 in 2024)
Dependence on elevated tanker rates, which could reverse if geopolitical tensions ease or supply increases
Debt increased to $1.92 billion in 2025 from $1.75 billion in 2024, raising leverage risk if rates normalize

Market Snapshot

Exchange

NYSE

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3251046

5 reports for TEN

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for TEN — sortable, filterable
	Type				Now
May 21, 2026 22d ago	Press Release BULLISH ★ 7/10	$44.47 $38.01	▼ −14.53%	▼ −16.13%	$38.77 (−12.82%)
May 5, 2026 5w ago	Press Release NEUTRAL ★ 2/10	$44.01 $43.44	▼ −1.30%	▼ −3.28%	$38.77 (−11.91%)
Apr 17, 2026 8w ago	6-K NEUTRAL ★ 3/10	$27.01 $27.39	▲ +1.40%	▲ +0.49%	$38.77 (+43.53%)
Apr 7, 2026 9w ago	Press Release NEUTRAL ★ 5/10	$39.41 $38.82	▼ −1.50%	▼ −5.01%	$38.77 (−1.62%)
Mar 6, 2026 14w ago	Press Release BULLISH ★ 8/10	$34.75 $33.75	▼ −2.88%	▼ −1.35%	$38.77 (+11.57%)

US Market Status

Market Closed — Opens Mon (49h 40m)

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