NYSE$ASC
Ardmore Shipping Corporation · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Ardmore Shipping earns $12.1M as MR spot TCE averages $24,697 and three new tankers join the fleet
Ardmore Shipping reported net income attributable to common stockholders of $12.1 million, or $0.30 per diluted share, for the third quarter ended September 30, 2025, compared with $23.3 million, or $0.55 per share, in the prior year period. Adjusted earnings were $12.6 million, or $0.31 per share. Net revenue was $81.2 million, down from $96.1 million, as lower spot revenue days and rates offset increased time-charter activity. The fleet averaged a TCE rate of $23,475 per day versus $26,628 a year ago, with MR Eco-Design tankers earning $25,538 and chemical tankers $22,611. The company took delivery of three Korean-built MR tankers for $103.9 million, declared a $0.10 variable dividend, and fully redeemed its Series A preferred stock for $30.6 million in October.
- Net income attributable to common stockholders was $12.1M ($0.30 EPS) versus $23.3M ($0.55) in Q3 2024
- Net revenue was $81.2M with fleet average TCE of $23,475/day; MR Eco-Design spot TCE averaged $25,538
- Adjusted earnings were $12.6M ($0.31 per share) and adjusted EBITDA was $25.4M
- Three modern MR tankers were delivered during the quarter; liquidity was $296.0M at quarter end
- Board declared a $0.10 cash dividend and fully redeemed Series A preferred stock for $30.6M after quarter end
Headline financials
Revenue & EPS history
Ardmore Shipping · Revenue · Quarterly
$81.2M
Forward guidance
Based on roughly 40% of Q4 revenue days fixed, average spot TCE is approximately $24,900/day for MR tankers and $22,200/day for chemical tankers.
Tailwinds
- Earnings increased through Q3 and into Q4 on record refined product volumes
- Two-year time charter secured at $21,250/day with a top-tier oil major
Headwinds
- Lower spot rates and fewer spot revenue days versus prior year quarter
- 83 drydocking days in Q3 with ~92 scheduled in Q4
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2025
+1.4%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+0.6%
Avg return
30 days after
57%
25 / 44 earnings
Positive
+18.6%
Q4 2019
Best reaction
-17.7%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.2% | +0.9% | -12.5% | |
| Q4 2025 | -3.5% | +3.3% | +0.4% | |
| Q3 2025 | +1.7% | +4.2% | -3.7% | |
| Q2 2025 | +1.4% | +1.9% | +9.8% | |
| Q4 2024 | -7.1% | -9.2% | -14.3% | |
| Q3 2024 | -6.4% | -10.8% | -17.5% | |
| Q1 2024 | +16.1% | +2.3% | +40.4% | |
| Q3 2023 | -3.7% | -3.4% | +0.1% | |
| Q2 2023 | -2.9% | -3.0% | -11.6% | |
| Q1 2023 | -5.5% | -5.2% | -11.4% | |
| Q4 2022 | +14.0% | +8.4% | -8.6% | |
| Q3 2022 | +0.9% | -0.6% | +15.9% | |
| Q2 2022 | -1.6% | +1.3% | +14.3% | |
| Q1 2022 | +6.5% | -11.3% | +15.3% | |
| Q4 2021 | +6.7% | +13.3% | +13.9% | |
| Q3 2021 | +0.5% | -0.5% | -1.2% | |
| Q2 2021 | -7.2% | +0.6% | -10.2% | |
| Q1 2021 | +10.8% | +13.2% | +4.9% | |
| Q4 2020 | +1.6% | +8.8% | +37.0% | |
| Q3 2020 | -4.8% | +7.8% | +17.7% | |
| Q2 2020 | +6.9% | -2.6% | -10.7% | |
| Q1 2020 | -17.7% | -15.0% | -20.4% | |
| Q4 2019 | +18.6% | +26.7% | -16.4% | |
| Q3 2019 | -4.6% | -9.2% | -2.4% | |
| Q2 2019 | -5.3% | -10.0% | -14.4% | |
| Q1 2019 | +10.9% | +9.6% | +0.9% | |
| Q4 2018 | -3.0% | -4.2% | -12.8% | |
| Q3 2018 | +0.8% | -2.7% | -13.5% | |
| Q2 2018 | -4.3% | -2.2% | -1.4% | |
| Q1 2018 | +1.9% | +5.7% | +3.2% | |
| Q4 2017 | +3.1% | +6.9% | +19.1% | |
| Q3 2017 | +5.4% | +1.2% | -4.2% | |
| Q2 2017 | -1.3% | -5.0% | +1.9% | |
| Q1 2017 | -0.7% | -2.0% | -5.3% | |
| Q4 2016 | +1.4% | +4.3% | +0.7% | |
| Q3 2016 | -0.9% | -3.5% | +19.3% | |
| Q2 2016 | +16.4% | +17.4% | +0.6% | |
| Q1 2016 | -3.6% | — | — | |
| Q4 2015 | -12.1% | — | — | |
| Q3 2015 | +17.8% | — | — | |
| Q2 2015 | +4.3% | — | — | |
| Q1 2015 | +3.9% | — | — | |
| Q4 2014 | +4.6% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro