Consolidated gross margins have experienced significant compression, falling from a peak of 33.3% in 2026Q1 to as low as 11.0% in 2025Q2 due to the integration of lower-margin commodity trading activities.
| Sales/Revenue | 3.59B | 3.69B | 3.37B | 3.06B | 1.53B | 1.21B | 892.47M | 818.6M | 490.43M | 496.98M | 494.16M |
| Revenue Growth % | 5.05% | 9.55% | 10.04% | 100.14% | 26.42% | 35.46% | 9.02% | 66.91% | -1.32% | 0.57% | - |
| Cost of Goods Sold | 2.9B | 3.16B | 2.81B | 2.36B | 1.13B | 909.19M | 454.52M | 396.88M | 302.23M | 286.67M | 194.44M |
| COGS % of Revenue | - | 85.57% | 83.53% | 77.16% | 73.81% | 75.21% | 50.93% | 48.48% | 61.62% | 57.68% | 39.35% |
| Gross Profit | 697.29M | 532.23M | 554.25M | 698.47M | 400.3M | 299.71M | 437.94M | 421.72M | 188.2M | 210.31M | 299.72M |
| Gross Margin % | 19.4% | 14.43% | 16.47% | 22.84% | 26.19% | 24.79% | 49.07% | 51.52% | 38.38% | 42.32% | 60.65% |
| Gross Profit Growth % | - | -3.97% | -20.65% | 74.48% | 33.57% | -31.57% | 3.85% | 124.08% | -10.51% | -29.83% | - |
| Operating Expenses | 224.21M | 225.1M | 167.01M | 197.2M | 158.18M | 152.47M | 163.1M | 150.92M | 185.01M | 217.82M | 190.92M |
| OpEx % of Revenue | - | 6.1% | 4.96% | 6.45% | 10.35% | 12.61% | 18.28% | 18.44% | 37.72% | 43.83% | 38.64% |
| Selling, General & Admin | 224.21M | 225.1M | 167.01M | 197.2M | 158.18M | 152.47M | 163.1M | 150.92M | 187.85M | 208.39M | 183.99M |
| SG&A % of Revenue | - | 6.1% | 4.96% | 6.45% | 10.35% | 12.61% | 18.28% | 18.44% | 38.3% | 41.93% | 37.23% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.84M | 9.43M | 6.93M |
| Operating Income | 473.07M | 307.13M | 387.24M | 501.27M | 242.12M | 147.23M | 274.84M | 270.8M | 3.19M | -7.51M | 108.79M |
| Operating Margin % | 13.16% | 8.33% | 11.5% | 16.39% | 15.84% | 12.18% | 30.8% | 33.08% | 0.65% | -1.51% | 22.02% |
| Operating Income Growth % | - | -20.69% | -22.75% | 107.03% | 64.44% | -46.43% | 1.49% | 8378.44% | 142.52% | -106.9% | - |
| EBITDA | 728.22M | 570.58M | 578.19M | 727.38M | 398.49M | 297.4M | 442.45M | 397.29M | 97.82M | 121.18M | 205.85M |
| EBITDA Margin % | 20.26% | 15.47% | 17.18% | 23.78% | 26.07% | 24.6% | 49.58% | 48.53% | 19.95% | 24.38% | 41.66% |
| EBITDA Growth % | 33.73% | -1.32% | -20.51% | 82.53% | 33.99% | -32.78% | 11.37% | 306.14% | -19.28% | -41.13% | - |
| D&A (Non-Cash Add-back) | 255.15M | 263.45M | 190.95M | 226.11M | 156.37M | 150.17M | 167.61M | 126.49M | 94.63M | 128.69M | 97.06M |
| EBIT | 500.48M | 369.47M | 422.8M | 553.65M | 266.74M | 222.27M | 274.84M | 270.8M | 3.19M | -7.51M | 108.79M |
| Net Interest Income | -41.5M | -47.05M | -6.68M | -20.15M | -29.79M | -36.87M | -46.44M | -53.87M | -44.12M | -46.58M | -26.72M |
| Interest Income | 7.73M | 9.58M | 14.75M | 10.5M | 1.9M | 3.35M | 4.55M | 5.36M | 5.09M | 898.45K | 183.43K |
| Interest Expense | 49.23M | 56.63M | 21.43M | 30.66M | 31.69M | 40.22M | 50.99M | 59.23M | 49.21M | 47.48M | 26.9M |
| Other Income/Expense | -21.82M | 5.71M | 14.13M | 21.72M | -7.07M | 34.82M | -6.19M | 5.91M | -71.07M | -37.21M | -85.51M |
| Pretax Income | 451.26M | 312.84M | 401.36M | 522.99M | 235.05M | 182.05M | 268.65M | 276.71M | -67.88M | -44.72M | 23.29M |
| Pretax Margin % | 12.56% | 8.48% | 11.92% | 17.1% | 15.38% | 15.06% | 30.1% | 33.8% | -13.84% | -9% | 4.71% |
| Income Tax | 38.53M | 14.62M | 28.42M | 11.38M | 1.05M | 507.38K | 548.63K | 2.35M | 167.31K | 549.78K | 227.34K |
| Effective Tax Rate % | 8.54% | 4.67% | 7.08% | 2.18% | 0.45% | 0.28% | 0.2% | 0.85% | -0.25% | -1.23% | 0.98% |
| Net Income | 362.5M | 249.43M | 334.62M | 487.7M | 223.04M | 179.99M | 268.11M | 274.31M | -67.11M | -43.14M | 23.69M |
| Net Margin % | 10.09% | 6.76% | 9.94% | 15.95% | 14.59% | 14.89% | 30.04% | 33.51% | -13.68% | -8.68% | 4.79% |
| Net Income Growth % | 38.55% | -25.46% | -31.39% | 118.66% | 23.92% | -32.87% | -2.26% | 508.72% | -55.56% | -282.12% | - |
| Net Income (Continuing) | 412.72M | 298.22M | 372.94M | 511.61M | 234M | 181.55M | 268.11M | 274.36M | -68.04M | -45.27M | 23.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -467.58K | 0 | 0 | 0 |
| Minority Interest | 119.08M | 95.54M | 132.46M | 116.1M | 120.37M | 13.82M | 0 | 0 | 482K | 3.29M | 7.04M |
| EPS (Diluted) | 2.39 | 1.64 | 2.49 | 3.53 | 1.65 | 1.30 | 1.94 | 1.98 | -0.48 | -0.30 | 0.17 |
| EPS Growth % | 26.46% | -34.14% | -29.46% | 113.94% | 26.92% | -32.99% | -2.02% | 512.5% | -60% | -276.47% | - |
| EPS (Basic) | - | 1.65 | 2.50 | 3.53 | 1.65 | 1.30 | 1.94 | 1.98 | -0.48 | -0.30 | 0.17 |
| Diluted Shares Outstanding | 151.8M | 151.9M | 134.19M | 133.03M | 135.42M | 138.95M | 138.23M | 138.72M | 140.22M | 141.78M | 136.58M |
| Basic Shares Outstanding | 151.5M | 151.4M | 134.2M | 133.03M | 135.42M | 138.95M | 138.23M | 138.72M | 140.22M | 141.78M | 136.58M |
| Dividend Payout Ratio | - | 82.48% | 116.09% | 83.14% | 56.81% | 55.29% | 47.23% | 21.73% | - | - | 442.78% |
Commodity Trading Margin Volatility
As reported in recent financial statements, BWLP's revenue trajectory remains highly inconsistent, with quarterly figures fluctuating between $732.7 million and $1.1 billion over the last ten quarters, reflecting the inherent volatility of the Product Services segment's commodity trading activities rather than pure shipping demand.
The revenue profile appears heavily influenced by the gross-up effect of commodity trading, which obscures the underlying performance of the core shipping fleet. Investors should monitor whether the recent revenue contraction in 2026Q1 represents a structural shift in trade volumes or merely a temporary adjustment in commodity price exposure.
Based on the company's reported figures, consolidated gross margins have experienced significant compression, falling from a peak of 33.3% in 2026Q1 to as low as 11.0% in 2025Q2, largely driven by the integration of the lower-margin Product Services trading arm into the traditional shipping model.
The dilution of gross margins suggests that the company is increasingly reliant on high-volume, low-margin trading to drive top-line growth. This shift warrants further investigation into whether the shipping segment's pricing power is being compromised by the strategic focus on commodity arbitrage.
According to the income statement data, operating income has shown extreme sensitivity to gross profit fluctuations, with operating margins ranging from 5.5% to 26.4%, indicating that the company's fixed-cost base in shipping provides limited protection when trading margins contract sharply.
The lack of consistent operating leverage suggests that SG&A expenses are not scaling efficiently relative to the volatile revenue generated by the trading segment. This may indicate that the company's overhead is structured for a larger, more stable shipping operation than the current hybrid model supports.
As indicated by the income statement, the reliance on the Product Services segment introduces significant non-operating volatility, as evidenced by the sharp decline in net income from $161.1 million in 2023Q4 to $35.6 million in 2025Q2, despite relatively stable shipping market conditions.
Short-sellers may focus on the potential for derivative-related losses and counterparty risk inherent in the trading business, which could lead to earnings surprises. The current income statement structure makes it difficult to isolate the profitability of the core shipping assets from the speculative risks of the trading arm.
Quick answers to the most common questions about buying BWLP stock.
For fiscal year 2025, BW LPG Limited (BWLP) reported total revenue of $3.69B. This represents a 646.2% increase compared to $494.2M in 2016.
BW LPG Limited (BWLP) is profitable, generating $249.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
BW LPG Limited (BWLP) reported an operating income of $307.1M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BW LPG Limited (BWLP) generated $532.2M in gross profit for the year, representing a gross profit margin of 14.4%. This demonstrates the company's core pricing power and production efficiency.