Top Ships Inc. TOPS
Annual
Quarterly
FY2025 · ended Dec 31, 2025 · Revenue $80.42M, -0.3% YoY · Filed Apr 1, 2026
Top Ships Inc. (TOPS) files with the SEC under industry code 4412, Deep Sea Foreign Transportation of Freight. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $80.4 million and net income of $3.1 million. As of Dec 31, 2025 it held $20.4 million in cash and investments and $216.6 million in total debt.
Revenue
$80.42M
-0.3% vs prior year
Net income
$3.09M
-83.7% vs prior year
Operating cash flow
$26.43M
+52.6% vs prior year
Free cash flow
$16.06M
+165.9% vs prior year
EPS
$0.67
+101.8% vs prior year
Dividend per share
None
Shares outstanding
4.63M
+0.0% vs prior year
Net cash
$-196.24M
FY 2025
Operating margin
32.7%
FY 2025
Company profile
- Industry
- Deep Sea Foreign Transportation of Freight (SIC 4412)
- Listed as
- TOPS (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- Marshall Islands
- Headquarters
- Maroussi
- SEC filer status
- Non-accelerated filer
- SEC CIK
- 1296484
- Former names
- TOP TANKERS INC. (until Dec 17, 2007)
Other Deep Sea Foreign Transportation of Freight companies
- Frontline plc FRO
- Cmb.tech NV CMBT
- Scorpio Tankers Inc. STNG
- TORM plc TRMD
- DHT Holdings, Inc. DHT
- Okeanis Eco Tankers Corp. ECO
- ZIM Integrated Shipping Services Ltd. ZIM
- Star Bulk Carriers Corp. SBLK
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
FY 2020 Dec 31, 2020 |
FY 2019 Dec 31, 2019 |
|---|---|---|---|---|---|
| Revenue | $80.4M | $80.7M | $56.4M | $60.2M | $66.1M |
| Operating income | $26.3M | $32.6M | $14.8M | -$1.8M | $3.9M |
| Net income | $3.1M | $18.9M | $8.6M | -$22.8M | -$14.8M |
| Diluted EPS | $0.67 | -$36.34 | — | — | — |
| Operating cash flow | $26.4M | $33.4M | $16.1M | $6.0M | $19.2M |
| Free cash flow | — | — | $16.1M | $6.0M | -$28.9M |
| Total assets | $333.6M | $469.3M | $330.8M | $293.0M | $444.9M |
| Total liabilities | $244.4M | $272.3M | $221.4M | $158.8M | $339.1M |
| Stockholders' equity | $89.2M | $110.7M | $93.2M | $120.7M | $87.7M |
| Cash and investments | $20.4M | $20.5M | $2.4M | $19.3M | $4.4M |
| Total debt | $216.6M | $257.7M | $184.3M | $147.7M | $309.0M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 6-K | Current report (foreign issuer) | Nov 2, 2026 | Oct 30, 2026 |
| 6-K | Current report (foreign issuer) | Oct 28, 2026 | Oct 27, 2026 |
| 6-K | Current report (foreign issuer) | Oct 15, 2026 | Oct 15, 2026 |
| 6-K | Current report (foreign issuer) | Oct 7, 2026 | Oct 7, 2026 |
| 6-K | Current report (foreign issuer) | Oct 1, 2026 | Oct 1, 2026 |
| 6-K | Current report (foreign issuer) | Sep 22, 2026 | Sep 22, 2026 |
All 934 Top Ships Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.