For fiscal 2025 (ended Dec 31, 2025), TOP Ships Inc. reported $80.42M of revenue and $3.09M of net income.
TOPS revenue was $80.42M for fiscal 2025 (ended Dec 31, 2025), down 6.6% from fiscal 2024. Compound annual growth was +6.0% over 5 years and +19.9% over 10 years. It rose in 7 of the last 10 fiscal years.
TOPS net income was $3.09M for fiscal 2025 (ended Dec 31, 2025), down 38.7% from fiscal 2024.
TOPS diluted EPS was $0.67 for fiscal 2025 (ended Dec 31, 2025), down 38.5% from fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.42M | $86.13M | $82.95M | $80.66M | $56.37M | $60.22M | $66.09M | $41.05M | $39.36M | $28.43M |
| Selling, general and admin | $7.62M | $7.51M | $6.70M | $1.62M | $1.94M | $1.93M | $1.73M | $7.00M | $5.80M | $2.91M |
| Operating income | $26.28M | $27.90M | $28.73M | $32.62M | $14.80M | -$1.79M | $3.94M | -$3.89M | $1.62M | $4.85M |
| Interest expense | $23.41M | $23.50M | $22.99M | - | $8.20M | $22.58M | $19.00M | $11.44M | $16.15M | $3.76M |
| Pre-tax income | - | - | - | - | - | - | - | - | -$13.35M | $1.05M |
| Income tax | - | - | - | - | - | $0 | $0 | $0 | $0 | $0 |
| Net income | $3.09M | $5.03M | -$22.37M | -$9.19M | $5.40M | -$28.78M | -$30.99M | -$11.13M | -$13.40M | -$351.0K |
| EPS, basic | $0.67 | $1.09 | -$12.44 | -$36.34 | $32.51 | -$24.48 | -$264.63 | -$306.20 | -$251.00 | -$319100.00 |
| EPS, diluted | $0.67 | $1.09 | -$12.44 | -$36.34 | $32.51 | -$24.48 | -$264.63 | -$306.20 | -$251.00 | -$319100.00 |
| Diluted shares | 4.6M | 4.6M | 1.8M | 252,815 | 165,966 | 23.5M | 117,104 | - | - | 201,405.05 |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.37M | $7.63M | $35.96M | $24.54M | $6.37M | $23.33M | $13.27M | $57.0K | $24.08M | $127.0K |
| Receivables | $1.54M | $1.11M | $317.0K | $8.0K | $76.0K | $0 | $642.0K | $815.0K | $621.0K | $19.0K |
| Inventory | $564.0K | $983.0K | $915.0K | $1.03M | $671.0K | $514.0K | $848.0K | $587.0K | $645.0K | $583.0K |
| Current assets | $24.05M | $23.44M | $38.73M | $22.89M | $75.33M | $45.09M | $50.74M | $5.29M | $29.05M | $4.54M |
| Total assets | $333.61M | $422.77M | $459.19M | $469.34M | $330.79M | $293.03M | $444.89M | $258.49M | $220.45M | $143.32M |
| Current liabilities | $39.55M | $33.19M | $41.37M | $32.23M | $107.09M | $25.41M | $75.42M | $36.82M | $25.58M | $20.03M |
| Short-term debt | $11.82M | $14.20M | $12.42M | $12.34M | $7.21M | $5.32M | $16.91M | $10.21M | $9.51M | $8.00M |
| Long-term debt | $204.79M | $245.06M | $228.08M | $221.37M | $90.16M | $99.30M | $262.12M | $101.36M | $84.26M | $72.46M |
| Total debt | $216.61M | $259.26M | $240.50M | $233.71M | $97.37M | $104.62M | $279.03M | $111.57M | $93.77M | $80.45M |
| Total liabilities | $244.42M | $278.35M | $275.81M | $272.31M | $221.42M | $158.81M | $339.13M | $154.21M | $113.17M | $96.06M |
| Shareholders' equity | $89.19M | $144.42M | $139.46M | $110.67M | $93.22M | $120.70M | $87.67M | $104.28M | $107.27M | $45.52M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $26.43M | $17.32M | $28.93M | $33.42M | $16.06M | $6.04M | $19.19M | $716.0K | $695.0K | $6.70M |
| Capital expenditures | - | - | - | - | $0 | $0 | $48.14M | $0 | $34.67M | $73.38M |
| Free cash flow | - | - | - | - | $16.06M | $6.04M | -$28.95M | $716.0K | -$33.98M | -$66.68M |
| Investing cash flow | -$1.31M | -$12.40M | $2.52M | -$142.66M | -$76.65M | $181.29M | -$203.27M | -$68.43M | -$59.07M | -$73.35M |
| Financing cash flow | -$14.51M | -$33.25M | -$16.04M | $127.41M | $43.63M | -$177.28M | $189.68M | $44.76M | $83.39M | $67.83M |
| Stock-based compensation | - | $0 | $0 | -$16.0K | -$34.0K | -$34.0K | -$34.0K | -$34.0K | -$25.0K | $239.0K |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -6.6% | 3.8% | 2.8% | 43.1% | -6.4% | -8.9% | 61.0% | 4.3% | 38.4% | 117.5% |
| Net income growth, YoY | -38.7% | - | - | - | - | - | - | - | - | - |
| EPS growth, YoY | -38.5% | - | - | - | - | - | - | - | - | - |
| Operating margin | 32.7% | 32.4% | 34.6% | 40.4% | 26.3% | -3.0% | 6.0% | -9.5% | 4.1% | 17.1% |
| Net margin | 3.8% | 5.8% | -27.0% | -11.4% | 9.6% | -47.8% | -46.9% | -27.1% | -34.1% | -1.2% |
| Free cash flow margin | - | - | - | - | 28.5% | 10.0% | -43.8% | 1.7% | -86.3% | -234.5% |
| Return on equity | 3.5% | 3.5% | -16.0% | -8.3% | 5.8% | -23.8% | -35.3% | -10.7% | -12.5% | -0.8% |
| Return on assets | 0.9% | 1.2% | -4.9% | -2.0% | 1.6% | -9.8% | -7.0% | -4.3% | -6.1% | -0.2% |
| Current ratio | 0.61 | 0.71 | 0.94 | 0.71 | 0.70 | 1.77 | 0.67 | 0.14 | 1.14 | 0.23 |
| Debt to equity | 2.43 | 1.80 | 1.72 | 2.11 | 1.04 | 0.87 | 3.18 | 1.07 | 0.87 | 1.77 |
Source: XBRL data TOP Ships Inc. files with the SEC, latest filing dated Apr 1, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-7, first reported Apr 29, 2015; 1-for-10, first reported Apr 26, 2016; 1-for-20, first reported Apr 10, 2020.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| TOPS | $80.42M | -6.6% | $3.09M | 3.8% | $4.1M |
| GD | $56.52B | +9.7% | $4.66B | 8.2% | $99.29B |
| RCL | $19.13B | +9.7% | $4.55B | 23.8% | $90.90B |
| CCL | $27.59B | +5.2% | $3.14B | 11.4% | $41.33B |
| VIK | $6.50B | +21.9% | $1.15B | 17.7% | $39.26B |
| BIP | $23.10B | +9.8% | $2.53B | 11.0% | $18.08B |
| HII | $13.53B | +12.6% | $733.00M | 5.4% | $12.36B |
| FRO | $1.97B | -8.8% | $379.08M | 19.2% | $9.77B |
| NCLH | $10.16B | +4.9% | $832.94M | 8.2% | $8.50B |