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Ardmore Shipping Corp (ASC) Annual Reports

Q: Where can I read Ardmore Shipping Corp (ASC) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Ardmore Shipping Corp is listed on NYSE, classified by the SEC under Deep Sea Foreign Transportation of Freight (SIC 4412). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： NYSE
Fiscal year end： 12/31
SEC CIK： 1577437 →

Website：Official site ↗

Financial Highlights

FY2026 Q1 (quarterly, ended 2026-03-31)
	Current	Prior year	YoY
Revenue	$87.9M	$74.0M	+18.8%
Net income	$23.6M	$6.3M	+277.1%
EPS (diluted)	$0.58	$0.14	+314.3%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 87.9 mn Net income 23.6 mn

Show table：Income statement

Item	2011Q4	2012Q4	2013Q4	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1
Revenue	22.4	25.2	35.9	13.8	18.9	22.3	29.6	39.3	47.2	41.8	43.5	39.7	38.0	43.2	49.7	49.9	48.6	47.8	50.5	52.4	48.9	58.4	62.3	55.0	52.1	60.7	65.2	67.9	45.2	41.7	45.5	47.3	47.2	52.5	0.06	107	142	133	118	91.9	86.9	98.9	106	121	96.1	82.0	74.0	72.0	81.3	82.9	87.9
Operating income	0.12	-1.53	-0.35	1.10	1.18	3.04	6.69	10.5	17.4	9.73	11.2	9.02	2.08	1.72	2.67	3.76	0.67	1.42	0.44	-2.04	-5.99	-2.03	4.17	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net income	-2.98	-4.54	-3.84	0.09	0.12	1.86	5.07	7.92	13.6	5.37	6.74	5.50	-4.80	-3.69	-2.17	-1.85	-4.64	-3.83	-5.17	-8.58	-12.2	-17.0	-9.15	-9.94	-5.71	1.95	6.52	13.6	-6.63	-19.5	-8.50	-8.13	-12.3	-7.92	-0.01	29.7	61.8	53.9	44.1	24.5	21.2	27.0	39.2	62.7	24.1	6.94	6.25	9.60	12.8	12.4	23.6

Balance sheet

Quarterly · In mn (USD)

Total assets 790 mn Total liabilities 135 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2011Q4	2012Q4	2013Q4	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1
Current assets	—	19.6	62.0	—	—	72.2	—	70.0	76.6	115	119	137	107	93.8	88.6	99.5	93.2	83.9	81.8	92.3	80.3	109	96.3	93.2	84.3	98.0	109	119	91.4	103	85.9	89.4	90.2	94.2	0.15	164	149	158	145	135	123	127	144	142	133	127	115	120	116	112	146
Total assets	—	180	358	—	—	571	—	706	751	778	776	805	880	884	870	876	862	846	852	855	837	845	810	783	767	772	779	780	762	752	727	733	729	725	0.72	733	720	724	708	696	686	691	704	742	723	705	690	704	800	789	790
Current liabilities	—	11.3	17.1	—	—	31.2	—	42.6	47.1	69.4	75.8	47.4	64.4	59.0	57.9	59.9	59.5	58.3	62.5	65.0	69.4	75.5	61.9	58.4	56.3	60.4	70.1	52.0	54.9	62.9	57.5	58.1	58.9	58.5	0.08	64.9	126	52.9	43.8	38.6	42.6	33.8	73.8	40.7	37.2	29.8	30.9	30.9	26.0	25.9	30.0
Total liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	432	—	399	407	396	0.4	360	267	217	177	155	132	117	99.2	87.3	58.8	69.4	52.0	57.8	144	154	135
Equity	61.6	108	232	—	—	327	330	337	349	348	349	415	408	404	402	400	396	381	378	375	364	347	338	328	323	326	332	345	340	320	313	311	299	292	0.29	336	416	469	494	504	517	537	568	618	627	608	611	618	628	634	655

Cash flow

Quarterly · In mn (USD)

Operating 29.4 mn Investing -1.73 mn Financing -27.3 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2011Q4	2012Q4	2013Q4	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1
Operating	0.4	3.99	8.12	7.01	0.15	5.26	1.18	12.4	14.4	9.67	17.6	10.8	4.20	10.1	0.81	8.92	2.24	6.46	5.00	4.88	-2.41	1.95	1.57	9.61	2.10	7.19	11.9	19.2	15.8	-0.82	-1.11	1.43	-2.62	-0.58	-0.01	8.88	54.6	60.7	56.8	42.1	42.0	18.7	49.2	48.4	39.9	23.0	26.3	11.2	17.9	26.2	29.4
Investing	-56.9	-14.9	-145	-132	-56.8	-21.3	-94.4	-52.9	-45.1	-40.5	-1.00	20.4	-131	-10.8	-0.17	-0.11	-0.17	-1.83	-15.4	-0.02	-1.34	-0.81	16.6	8.57	-1.05	-0.24	-0.61	-0.67	-18.8	-0.96	9.30	-5.65	-1.09	-0.93	0	13.3	24.4	-2.25	-6.18	-5.99	-6.47	-8.19	-13.4	-15.1	-1.30	-3.09	-3.58	-11.1	-104	-1.96	-1.73
Financing	56.8	20.8	178	134	56.6	9.91	55.4	60.3	32.1	27.6	-9.24	24.5	76.5	3.68	-11.3	0.77	-11.1	-11.0	6.21	7.74	-10.9	22.5	-22.8	-15.6	-9.68	-1.45	1.45	-10.1	-11.7	1.93	-16.4	9.44	2.77	2.48	0	-32.2	-73.8	-58.5	-48.7	-37.7	-35.7	-14.5	-33.9	-34.5	-38.4	-20.5	-22.2	1.88	84.0	-24.5	-27.3
Cash at period end	5.46	15.3	56.9	66.0	66.0	59.9	22.1	41.9	43.3	40.1	47.5	103	53.0	56.0	45.2	54.8	45.8	39.5	35.3	47.9	33.3	56.9	52.3	54.8	46.2	51.7	64.5	72.9	58.2	58.4	50.2	55.4	54.5	55.5	0.05	45.4	50.6	50.6	52.5	51.0	50.8	46.8	48.6	47.4	47.6	47.0	47.5	49.5	47.1	46.9	47.2

Profitability

Quarterly · %

Operating margin 6.7% Net margin 26.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2011Q4	2012Q4	2013Q4	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1
Operating margin	0.5%	-6.1%	-1.0%	8.0%	6.3%	13.7%	22.6%	26.6%	36.9%	23.3%	25.7%	22.7%	5.5%	4.0%	5.4%	7.5%	1.4%	3.0%	0.9%	-3.9%	-12.3%	-3.5%	6.7%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net margin	-13.3%	-18.0%	-10.7%	0.7%	0.6%	8.4%	17.1%	20.1%	28.8%	12.8%	15.5%	13.8%	-12.6%	-8.5%	-4.4%	-3.7%	-9.5%	-8.0%	-10.3%	-16.4%	-25.0%	-29.0%	-14.7%	-18.1%	-11.0%	3.2%	10.0%	20.0%	-14.7%	-46.8%	-18.6%	-17.2%	-26.1%	-15.1%	-11.1%	27.7%	43.4%	40.6%	37.3%	26.7%	24.4%	27.3%	36.9%	51.7%	25.1%	8.4%	8.4%	13.3%	15.7%	14.9%	26.8%

Returns & leverage

Quarterly · %

ROE 9.2% ROA 7.9% Debt ratio 17.1%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2011Q4	2012Q4	2013Q4	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1
ROE	—	—	—	—	—	-0.8%	2.5%	4.5%	8.2%	9.5%	9.9%	8.3%	3.4%	1.0%	-1.4%	-3.1%	-3.1%	-3.2%	-4.0%	-5.7%	-7.8%	-11.8%	-13.1%	-13.7%	-12.2%	-6.8%	-2.1%	4.8%	4.7%	-1.9%	-6.5%	-13.0%	-15.2%	-12.0%	-18.1%	2.9%	23.4%	38.2%	76.6%	43.9%	30.8%	23.2%	21.1%	26.8%	26.8%	23.2%	17.0%	7.6%	5.7%	6.6%	9.2%
ROA	—	—	—	—	—	-0.5%	—	2.1%	3.8%	4.7%	4.3%	4.1%	1.6%	0.5%	-0.6%	-1.5%	-1.4%	-1.4%	-1.8%	-2.6%	-3.5%	-5.1%	-5.7%	-5.9%	-5.2%	-2.8%	-0.9%	2.1%	2.0%	-0.8%	-2.8%	-5.7%	-6.5%	-5.0%	-7.8%	1.3%	11.5%	20.1%	53.5%	25.8%	20.4%	16.5%	15.8%	20.9%	21.7%	19.1%	14.3%	6.5%	4.7%	5.5%	7.9%
Debt ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	57.4%	—	54.5%	55.9%	54.6%	55.0%	49.1%	37.0%	30.0%	25.0%	22.3%	19.3%	16.9%	14.1%	11.8%	8.1%	9.8%	7.5%	8.2%	18.0%	19.6%	17.1%

EPS

Quarterly · US$

EPS US$0.58

Show table：EPS

Item	2011Q4	2012Q4	2013Q4	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1
EPS（US$）	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-0.28	-0.30	-0.17	0.06	0.20	0.41	-0.20	-0.58	-0.26	-0.24	-0.37	-0.24	-0.23	0.81	1.52	1.30	1.04	0.57	0.49	0.62	0.92	1.47	0.55	0.13	0.14	0.22	0.30	0.22	0.58

Revenue & profit

Year-to-date · In mn (USD)

Revenue 87.9 mn Net income 23.6 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 790 mn Total liabilities 135 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 29.4 mn Investing -1.73 mn Financing -27.3 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Operating margin 6.7% Net margin 26.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 9.2% ROA 7.9% Debt ratio 17.1%

EPS

Year-to-date · US$

EPS US$0.58

Revenue & profit

Annual · In mn (USD)

Revenue 310 mn Net income 41.0 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	158	164	196	210	230	220	192	382	396	406	310
Operating income	44.3	24.0	8.51	-9.62	—	—	—	—	—	—	—
Net income	31.9	3.75	-12.5	-42.9	-22.9	-6.05	-36.8	145	117	133	41.0

Balance sheet

Annual · In mn (USD)

Total assets 789 mn Total liabilities 154 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	115	93.8	83.9	109	98.0	103	94.2	158	127	127	112
Total assets	778	884	846	845	772	752	725	724	691	705	789
Current liabilities	69.4	59.0	58.3	75.5	60.4	62.9	58.5	52.9	33.8	29.8	25.9
Total liabilities	—	—	—	—	—	432	396	217	117	69.4	154
Equity	348	404	381	347	326	320	292	469	537	608	634

Cash flow

Annual · In mn (USD)

Operating 81.7 mn Investing -121 mn Financing 39.2 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	37.7	42.6	18.4	9.43	20.5	46.1	-2.89	124	160	160	81.7
Investing	-233	-122	-2.28	-17.6	23.9	-21.0	1.63	35.4	-26.8	-33.0	-121
Financing	175	95.5	-32.6	25.6	-49.5	-18.5	-1.66	-164	-137	-127	39.2
Cash at period end	40.1	56.0	39.5	56.9	51.7	58.4	55.5	50.6	46.8	47.0	46.9

Profitability

Annual · %

Operating margin -4.6% Net margin 13.2%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating margin	28.1%	14.6%	4.3%	-4.6%	—	—	—	—	—	—	—
Net margin	20.2%	2.3%	-6.4%	-20.4%	-9.9%	-2.8%	-19.1%	38.0%	29.5%	32.8%	13.2%

Returns & leverage

Annual · %

ROE 6.6% ROA 5.5% Debt ratio 19.6%

Show table：Returns & leverage

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	9.2%	1.0%	-3.2%	-11.8%	-6.8%	-1.9%	-12.0%	38.2%	23.2%	23.2%	6.6%
ROA	4.1%	0.5%	-1.4%	-5.1%	-2.8%	-0.8%	-5.0%	20.1%	16.5%	19.1%	5.5%
Debt ratio	—	—	—	—	—	57.4%	54.6%	30.0%	16.9%	9.8%	19.6%

EPS

Annual · US$

EPS US$0.88

Show table：EPS

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	—	—	—	—	-0.69	-0.17	-1.11	3.40	2.72	3.07	0.88

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	20-F
2025	Open full text →
2024	Open full text →
2023	Open full text →

20-F: annual report of a foreign private issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read Ardmore Shipping Corp (ASC) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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