Top Ships Inc. (TOPS) Revenue History
Annual and quarterly revenue from 2002 to present
TOPS Revenue Over Time (2002–2025)
TOPS Revenue Growth History
13 of 23 years with positive growth- FY2002 revenue growth
- N/A
- FY2003 revenue growth
- +102.0%
- FY2004 revenue growth
- +306.5%
- FY2005 revenue growth
- +160.3%
- FY2006 revenue growth
- +27.0%
- FY2007 revenue growth
- -18.6%
- FY2008 revenue growth
- +2.0%
- FY2009 revenue growth
- -58.0%
- FY2010 revenue growth
- -15.8%
- FY2011 revenue growth
- -54.1%
- FY2012 revenue growth
- -24.6%
- FY2013 revenue growth
- -36.1%
- FY2014 revenue growth
- -82.1%
- FY2015 revenue growth
- +263.0%
- FY2016 revenue growth
- +117.5%
- FY2017 revenue growth
- +38.4%
- FY2018 revenue growth
- +4.3%
- FY2019 revenue growth
- +61.0%
- FY2020 revenue growth
- -8.9%
- FY2021 revenue growth
- -6.4%
- FY2022 revenue growth
- +43.1%
- FY2023 revenue growth
- +2.8%
- FY2024 revenue growth
- +3.8%
- FY2025 revenue growth
- -6.6%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $36.6M | — |
| Q2 2025 | $43.8M | — |
| Q4 2023 | $41.8M | +100.0% |
| Q2 2023 | $41.1M | +111.8% |
| Q4 2022 | $20.9M | +34.6% |
| Q2 2022 | $19.4M | +53.5% |
| Q4 2021 | $15.5M | +12.4% |
| Q2 2021 | $12.7M | -22.3% |
Revenue Breakdown (FY 2025)
TOPS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
TOPS Revenue Analysis (2002–2025)
Current Revenue & Growth
As of July 7, 2026, Top Ships Inc. (TOPS) generated trailing twelve-month (TTM) revenue of $163.4 million. The most recent quarter (Q4 2025) recorded $36.6 million in revenue, down 16.5% sequentially.
Historical Growth Trajectory
TOPS's 5-year compound annual growth rate (CAGR) stands at +6.0%, indicating steady revenue expansion. The 3-year CAGR of -0.1% is below the 5-year average, signalling a growth deceleration in recent years. Top Ships Inc.'s highest annual revenue of $310.0 million was recorded in 2006.
Revenue by Segment
TOPS's revenue is primarily driven by Tanker Segment (100%). With over half of revenue concentrated in Tanker Segment, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Industrials sector peers — including SBLK (-11.6% YoY), SHIP (-7.5% YoY), and CTRM (+25.0% YoY). Compare TOPS vs SBLK →
TOPS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TOPSCurrent | $163M | - | +6.0% | 32.7% | |
 SBLK | $1.0B | -11.6% | +8.5% | 13.5% | |
 SHIP | $158M | -7.5% | +20.1% | 26.0% | |
 CTRM | $82M | +25.0% | +45.6% | -0.1% | |
 PSHG | $84M | -3.7% | +14.9% | 38.7% | |
 TNK | $952M | -12.8% | +1.4% | 22.6% |
TOPS Historical Revenue Data (2002–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $80.4M | -6.6% | $36.9M | 45.9% | $26.3M | 32.7% |
| 2024 | $86.1M | +3.8% | $37.7M | 43.7% | $27.9M | 32.4% |
| 2023 | $82.9M | +2.8% | $48.5M | 58.4% | $28.7M | 34.6% |
| 2022 | $80.7M | +43.1% | $36.3M | 44.9% | $32.6M | 40.4% |
| 2021 | $56.4M | -6.4% | $20.5M | 36.4% | $16.0M | 28.3% |
| 2020 | $60.2M | -8.9% | $24.9M | 41.3% | $11.1M | 18.4% |
| 2019 | $66.1M | +61.0% | $28.7M | 43.4% | $16.9M | 25.5% |
| 2018 | $41.0M | +4.3% | $11.6M | 28.3% | $-3,889,000 | -9.5% |
| 2017 | $39.4M | +38.4% | $11.2M | 28.5% | $1.6M | 4.1% |
| 2016 | $28.4M | +117.5% | $6.4M | 22.7% | $4.8M | 17.1% |
| 2015 | $13.1M | +263.0% | $811K | 6.2% | $-4,335,000 | -33.2% |
| 2014 | $3.6M | -82.1% | $1.6M | 45.6% | $-588,000 | -16.3% |
| 2013 | $20.1M | -36.1% | $12.3M | 61.2% | $7.6M | 38.0% |
| 2012 | $31.4M | -24.6% | $18.2M | 58.0% | $-52,774,000 | -167.9% |
| 2011 | $41.7M | -54.1% | $32.2M | 77.3% | $-7,268,000 | -17.4% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
24+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
TOPS — Frequently Asked Questions
Quick answers to the most common questions about buying TOPS stock.
Is TOPS's revenue growth accelerating or slowing?
TOPS TTM revenue: $163M. YoY growth: N/A. 5-year CAGR: +6.0%.
What is TOPS's revenue history from 2002 to 2026?
Top Ships Inc. (TOPS) revenue history spans 2002 to 2026. TTM revenue as of 2026 is $163M, growing at N/A YoY. The 5-year CAGR is +6.0%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is TOPS's long-term revenue growth rate (CAGR)?
Top Ships Inc.'s 5-year revenue CAGR of +6.0% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of N/A is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for TOPS.
Why does TOPS's quarterly revenue fluctuate?
TOPS quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Top Ships Inc.'s revenue data from 2002 to 2026 shows full historical quarterly detail on this page.
How is TOPS's revenue distributed by segment?
TOPS reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does TOPS's revenue compare to industry peers?
Top Ships Inc. (TOPS) with TTM revenue of $163M and N/A YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.