$TEN

TSAKOS ENERGY NAVIGATION LTD

CIK:0001166663|SEC Filings

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
VOYAGE REVENUES	$ 798,689	$ 804,061	$ 889,566
EXPENSES:
Voyage expenses	122,184	152,875	155,724
Charter hire expense	13,551	17,966	24,680
Vessel operating expenses	210,960	198,049	194,914
Depreciation and amortization	170,054	159,902	144,241
General and administrative expenses	42,079	45,373	33,339
Gain on sale of vessels (Note 4)	(12,456)	(48,662)	(81,198)
Impairment charges (Note 4)	0	0	26,367
Total expenses	546,372	525,503	498,067
Operating income	252,317	278,558	391,499
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 7)	(97,839)	(112,151)	(100,821)
Interest income	10,492	15,124	14,582
Other, net	(26)	99	(176)
Total other expenses, net	(87,373)	(96,928)	(86,415)
Net income	164,944	181,630	305,084
Less: Net income attributable to the non-controlling interest	(4,040)	(5,399)	(4,902)
Net income attributable to Tsakos Energy Navigation Limited	160,904	176,231	300,182
Effect of preferred dividends (Note 10)	(27,000)	(27,000)	(30,184)
Deemed dividend on Series D Preferred Shares (Note 10)	0	0	(3,256)
Undistributed and distributed income allocated to non-vested restricted common stock (Note 10)	(1,602)	(959)	0
Net income attributable to common stockholders of Tsakos Energy Navigation Limited	$ 132,302	$ 148,272	$ 266,742

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 164,944	$ 181,630	$ 305,084
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	148,307	138,396	122,811
Amortization of deferred dry-docking costs and leasehold improvements	21,747	20,091	21,124
Amortization of deferred finance costs	3,261	3,626	3,623
Amortization of right of use assets for finance lease	0	1,415	306
Amortization of assumed liabilities from time charters attached	(18,813)	(15,792)	0
Amortization of revenue escalation	942	2,013	(3,984)
Stock-based compensation expense	7,051	8,126	0
Interest expense on long term receivable, net	0	(541)	(505)
Interest income from debt securities, held to maturity, accrued	(144)	(166)	(64)
Interest income from debt securities, available for sale, accrued	(69)	0	0
Change in fair value of derivative instruments	254	(3,541)	(5,868)
Gain on sale of vessels	(12,456)	(48,662)	(81,198)
Impairment charges	0	0	26,367
Payments for dry-docking	(14,784)	(24,738)	(19,071)
(Increase) Decrease in:
Receivables and other, net	4,095	16,866	28,371
Inventories	6,357	3,565	3,704
Prepaid insurance and other	(929)	(3,398)	2,905
Capitalized voyage expenses	660	11	456
Increase (Decrease) in:
Payables and other	(10,880)	12,961	(11,830)
Accrued liabilities	18,216	10,314	(2,805)
Unearned revenue	(20,137)	5,508	5,853
Net Cash provided by Operating Activities	297,622	307,684	395,279
Cash Flows from Investing Activities:
Advances for vessels under construction	(219,593)	(160,413)	(134,741)
Vessel acquisitions and/or improvements	(302,150)	(489,609)	(163,644)
Investments in debt securities, held to maturity	(25,000)	(20,000)	(5,000)
Investments in debt securities, available for sale	(15,425)	0	0
Proceeds from redemption of debt securities, held to maturity	10,000	0	0
Time deposits	(5,000)	0	0
Proceeds from sale of vessels	99,050	228,416	165,944
Net Cash used in Investing Activities	(458,118)	(441,606)	(137,441)
Cash Flows from Financing Activities:
Proceeds from long-term debt and other financial liabilities	490,852	410,632	411,424
Financing costs	(1,831)	(4,805)	(3,952)
Payments of long-term debt and other financial liabilities	(317,719)	(226,085)	(426,315)
Payments on principal portion of financial liabilities	(848)	(2,385)	(1,564)
Redemption of Series D preferred shares	0	0	(87,927)
Redemption of Series B preferred shares	0	0	(20,388)
Cash dividends	(60,141)	(71,817)	(61,861)
Net Cash provided by (used in) Financing Activities	110,313	105,540	(190,583)
Net (decrease) increase in cash and cash equivalents and restricted cash	(50,183)	(28,382)	67,255
Cash and cash equivalents and restricted cash at beginning of period	348,312	376,694	309,439
Cash and cash equivalents and restricted cash at end of period	298,129	348,312	376,694
Interest paid
Cash paid for interest net of amounts capitalized	94,003	108,648	101,344
Current Assets:
Cash and cash equivalents	293,312	343,373	372,032
Restricted cash	4,817	4,939	4,662
Total Cash and cash equivalents and restricted cash	$ 298,129	$ 348,312	$ 376,694

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 293,312	$ 343,373
Restricted cash	4,817	4,939
Margin deposits	4,270	4,270
Time deposits	5,000	0
Trade accounts receivable, net (Note 1(f))	41,079	26,451
Capitalized voyage expenses	777	1,437
Due from related parties (Note 2)	$ 0	$ 2,842
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Advances and other	$ 19,461	$ 36,284
Inventories	12,591	18,948
Investments In Debt Securities held to maturity, short-term	15,141	0
Investment In Debt Securities, available for sale	15,494	0
Prepaid insurance and other	8,627	8,380
Receivable, short-term (Note 3)	12,767	4,370
Current portion of financial instruments-Fair value (Note 14)	1,296	509
Total current assets	434,632	451,803
FINANCIAL INSTRUMENTS-FAIR VALUE, net of current portion	0	84
RIGHT OF USE ASSETS UNDER OPERATING LEASES (Note 3)	7,770	15,937
LONG-TERM RECEIVABLE (Note 3)	0	8,183
INVESTMENT IN DEBT SECURITIES HELD TO MATURITY (Note 9)	25,233	25,230
FIXED ASSETS (Note 4)
Advances for vessels under construction	301,868	246,392
Vessels	4,344,691	4,030,874
Accumulated depreciation	(1,188,616)	(1,111,091)
Vessels Net Book Value	3,156,075	2,919,783
Total fixed assets	3,457,943	3,166,175
DEFERRED CHARGES AND LEASEHOLD IMPROVEMENTS, net (Note 5)	27,503	39,110
Total assets	3,953,081	3,706,522
CURRENT LIABILITIES:
Current portion of long-term debt and other financial liabilities (Note 6)	301,734	251,752
Payables	42,676	55,846
Due to related parties (Note 2)	$ 3,170	$ 880
Accounts Payable, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Dividends payable	$ 15,064	$ 0
Accrued liabilities	68,117	49,901
Unearned revenue (Note 1(m))	17,273	37,410
Current portion of obligations under operating leases (Note 3)	7,770	11,608
Current portion of financial liability under operating leases (Note 3)	249	1,097
Current portion of financial instruments-Fair value (Note 14)	1,987	25
Total current liabilities	458,040	408,519
LONG-TERM DEBT AND OTHER FINANCIAL LIABILITIES, net of current portion (Note 6)	1,619,241	1,495,342
LONG-TERM OBLIGATIONS UNDER OPERATING LEASES (Note 3)	0	4,329
LIABILITIES ASSUMED FROM TIME CHARTERS ATTACHED (Note 15)	12,322	31,135
Derivative Liability, Noncurrent	473	0
Preferred Shares, $ 1.00 par value; 25,000,000 shares authorized, 4,745,947 Series E Preferred Shares and 6,747,147 Series F Preferred Shares issued and outstanding at December 31, 2025 and December 31, 2024	11,493	11,493
Common shares, $ 5.00 par value; 60,000,000 shares authorized at December 31, 2025 and December 31, 2024; 30,805,776 shares issued and 30,127,603 shares outstanding at December 31, 2025 and December 31, 2024	151,541	151,541
Additional paid-in capital	926,769	919,718
Cost of treasury stock	(6,791)	(6,791)
Accumulated other comprehensive loss	(1,886)	(904)
Retained earnings	738,350	652,651
Total Tsakos Energy Navigation Limited stockholders equity	1,819,476	1,727,708
Non-controlling interest	43,529	39,489
Total stockholders equity	1,863,005	1,767,197
Total liabilities and stockholders equity	$ 3,953,081	$ 3,706,522