Revenue accelerated 122.1% YoY in 2026Q2 to $285.0M, with gross margin expanding to 73.3% from 37.0% a year earlier, reflecting strong operating leverage and scrubber-driven cost advantages.
DHT Holdings, Inc. (DHT) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 722.77M | 497.2M | 571.77M | 560.56M | 454.14M | 295.85M | 691.04M | 535.07M | 375.94M | 355.05M | 356.01M | 365.11M | 150.79M | 87.01M | 97.19M | 100.12M | 89.68M | 102.58M | 114.6M | 81.43M | 86.79M | 103.53M | 135.97M | 66.19M | 38.84M | 36.6M |
| Revenue Growth % | 38.89% | -13.04% | 2% | 23.43% | 53.5% | -57.19% | 29.15% | 42.33% | 5.88% | -0.27% | -2.49% | 142.14% | 73.3% | -10.48% | -2.93% | 11.64% | -12.57% | -10.49% | 40.74% | -6.18% | -16.17% | -23.85% | 105.41% | 70.44% | 6.11% | - |
| Cost of Goods Sold | 292.69M | 307.45M | 258.22M | 350M | 382.57M | 298.85M | 347M | 381.41M | 341.17M | 282.49M | 211.54M | 207.36M | 137.22M | 76.51M | 74.18M | 38.25M | 30.22M | 30.03M | 21.41M | 19.42M | 18.69M | 18.11M | 15.6M | 0 | 0 | 0 |
| COGS % of Revenue | - | 61.84% | 45.16% | 62.44% | 84.24% | 101.01% | 50.21% | 71.28% | 90.75% | 79.56% | 59.42% | 56.79% | 91% | 87.93% | 76.32% | 38.2% | 33.7% | 29.28% | 18.68% | 23.85% | 21.53% | 17.49% | 11.47% | - | - | - |
| Gross Profit | 430.07M | 189.75M | 313.56M | 210.56M | 71.58M | -3M | 344.04M | 153.66M | 34.77M | 72.56M | 144.47M | 157.76M | 13.57M | 10.5M | 23.02M | 61.88M | 59.46M | 72.54M | 93.19M | 62M | 68.1M | 85.43M | 120.37M | 66.19M | 38.84M | 36.6M |
| Gross Margin % | 59.5% | 38.16% | 54.84% | 37.56% | 15.76% | -1.01% | 49.79% | 28.72% | 9.25% | 20.44% | 40.58% | 43.21% | 9% | 12.07% | 23.68% | 61.8% | 66.3% | 70.72% | 81.32% | 76.15% | 78.47% | 82.51% | 88.53% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -39.49% | 48.92% | 194.16% | 2487.56% | -100.87% | 123.9% | 341.87% | -52.08% | -49.77% | -8.43% | 1062.46% | 29.21% | -54.37% | -62.8% | 4.06% | -18.03% | -22.16% | 50.3% | -8.96% | -20.28% | -29.03% | 81.84% | 70.44% | 6.11% | - |
| Operating Expenses | 3.65M | 19.89M | 102.92M | 17.45M | -2.63M | -3.2M | 30.45M | 14.79M | 15.05M | 17.18M | 19.39M | 21.61M | 18.06M | 8.83M | 9.79M | 39.43M | 36.26M | 31.35M | 30.71M | 21.05M | 19.3M | 24.45M | 25.03M | -30.83M | -21.55M | -18.94M |
| OpEx % of Revenue | - | 4% | 18% | 3.11% | -0.58% | -1.08% | 4.41% | 2.76% | 4% | 4.84% | 5.45% | 5.92% | 11.98% | 10.14% | 10.07% | 39.38% | 40.43% | 30.56% | 26.8% | 25.85% | 22.24% | 23.61% | 18.41% | -46.57% | -55.48% | -51.74% |
| Selling, General & Admin | 20.31M | 19.89M | 18.94M | 17.45M | 16.89M | 16.57M | 17.89M | 14.79M | 15.05M | 17.18M | 19.39M | 21.61M | 18.06M | 8.83M | 9.79M | 9.15M | 7.87M | 4.59M | 4.77M | 3.77M | 2.39M | 6.5M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 4% | 3.31% | 3.11% | 3.72% | 5.6% | 2.59% | 2.76% | 4% | 4.84% | 5.45% | 5.92% | 11.98% | 10.14% | 10.07% | 9.14% | 8.77% | 4.47% | 4.16% | 4.64% | 2.75% | 6.28% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 83.97M | 0 | -19.51M | -19.77M | 12.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.28M | 28.39M | 26.76M | 25.95M | 17.27M | 16.91M | 17.94M | 25.03M | -30.83M | -21.55M | -18.94M |
| Operating Income | 426.43M | 169.85M | 210.64M | 193.11M | 74.2M | 202K | 313.59M | 138.87M | 16.3M | 43.3M | 40.51M | 135.34M | 27.41M | 1.01M | -89.5M | -33.55M | 23.2M | 41.19M | 62.48M | 40.96M | 48.8M | 60.98M | 95.33M | 35.36M | 17.29M | 17.66M |
| Operating Margin % | 59% | 34.16% | 36.84% | 34.45% | 16.34% | 0.07% | 45.38% | 25.95% | 4.33% | 12.2% | 11.38% | 37.07% | 18.18% | 1.16% | -92.09% | -33.51% | 25.87% | 40.16% | 54.52% | 50.3% | 56.22% | 58.9% | 70.12% | 53.43% | 44.52% | 48.26% |
| Operating Income Growth % | - | -19.36% | 9.08% | 160.24% | 36634.65% | -99.94% | 125.82% | 752.1% | -62.37% | 6.88% | -70.07% | 393.81% | 2621.75% | 101.13% | -166.75% | -244.64% | -43.68% | -34.07% | 52.55% | -16.07% | -19.98% | -36.03% | 169.58% | 104.51% | -2.09% | - |
| EBITDA | 532.78M | 276.23M | 322.52M | 302.01M | 197.46M | 128.84M | 437.84M | 254.45M | 119.77M | 140.06M | 124.85M | 214.04M | 74.41M | 27.95M | -57.1M | -3.03M | 51.59M | 72.2M | 88.43M | 58.4M | 65.87M | 79.4M | 113.14M | 66.19M | 38.84M | 36.6M |
| EBITDA Margin % | 73.71% | 55.56% | 56.41% | 53.88% | 43.48% | 43.55% | 63.36% | 47.55% | 31.86% | 39.45% | 35.07% | 58.62% | 49.35% | 32.12% | -58.75% | -3.02% | 57.53% | 70.39% | 77.16% | 71.71% | 75.9% | 76.69% | 83.21% | 100% | 100% | 100% |
| EBITDA Growth % | 65.71% | -14.35% | 6.79% | 52.95% | 53.26% | -70.57% | 72.07% | 112.44% | -14.49% | 12.18% | -41.67% | 187.66% | 166.25% | 148.94% | -1786.36% | -105.87% | -28.55% | -18.35% | 51.43% | -11.35% | -17.03% | -29.83% | 70.93% | 70.44% | 6.11% | - |
| D&A (Non-Cash Add-back) | 106.36M | 106.37M | 111.88M | 108.9M | 123.25M | 128.64M | 124.25M | 115.58M | 103.48M | 96.76M | 84.34M | 78.7M | 47M | 26.94M | 32.4M | 30.53M | 28.39M | 31.01M | 25.95M | 17.44M | 17.07M | 18.41M | 17.81M | 30.83M | 21.55M | 18.94M |
| EBIT | 489.94M | 225.54M | 212.47M | 195.11M | 88.76M | 14.58M | 305.59M | 129.14M | 7.37M | 46.84M | 44.42M | 139.07M | 27.26M | 865K | -86.56M | -32.74M | 19.89M | 34.98M | 64.05M | 41.92M | 48.8M | 59.58M | 136.21M | 66.19M | 38.84M | 36.6M |
| Net Interest Income | -12.38M | -11.03M | -26.48M | -28.58M | -25.12M | -25.72M | -38.2M | -54.26M | -53.87M | -39.97M | -35.04M | -33.98M | -15.03M | -4.93M | -7.09M | -7.49M | -17.06M | -17.83M | -20.33M | -13.49M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.32M | 3.14M | 3.92M | 4.49M | 1.08M | 6K | 212K | 1.08M | 345K | 140K | 66K | 141K | 409K | 182K | 272K | 91K | 131K | 298K | 1.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.7M | 14.17M | 30.4M | 33.06M | 26.2M | 25.73M | 38.41M | 55.33M | 54.21M | 40.11M | 35.07M | 34.12M | 15.44M | 5.11M | 7.33M | 7.58M | 13.48M | 18.13M | 21.9M | 13.49M | 13.05M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 47.81M | 41.52M | -28.57M | -31.06M | -11.64M | -11.35M | -46.41M | -65.91M | -63.14M | -36.57M | -31.16M | -29.91M | -14.44M | -4.93M | -4.39M | -6.54M | -16.79M | -24.35M | -20.33M | -13.49M | -13.05M | -7.87M | -8.64M | 0 | 0 | 0 |
| Pretax Income | 474.23M | 211.38M | 182.07M | 162.05M | 62.57M | -11.15M | 267.18M | 72.96M | -46.84M | 6.73M | 9.35M | 105.43M | 12.97M | -3.92M | -93.89M | -40.09M | 6.41M | 34.68M | 42.15M | 27.46M | 35.75M | 53.11M | 86.69M | 0 | 0 | 0 |
| Pretax Margin % | 65.61% | 42.51% | 31.84% | 28.91% | 13.78% | -3.77% | 38.66% | 13.64% | -12.46% | 1.9% | 2.63% | 28.88% | 8.6% | -4.5% | -96.6% | -40.04% | 7.15% | 33.81% | 36.78% | 33.73% | 41.19% | 51.3% | 63.76% | - | - | - |
| Income Tax | 488K | 413K | 608K | 649K | 587K | 360K | 900K | 131K | 83K | 131K | 95K | 128K | 86K | 207K | 161K | 181K | 33K | 12.73M | 0 | 0 | 0 | 0 | 8.64M | 5.93M | 8.85M | 11.55M |
| Effective Tax Rate % | 0.1% | 0.2% | 0.33% | 0.4% | 0.94% | -3.23% | 0.34% | 0.18% | -0.18% | 1.95% | 1.02% | 0.12% | 0.66% | -5.28% | -0.17% | -0.45% | 0.51% | 36.71% | 0% | 0% | 0% | 0% | 9.97% | - | - | - |
| Net Income | 473.73M | 211.09M | 181.38M | 161.35M | 61.52M | -11.52M | 266.27M | 73.68M | -46.93M | 6.6M | 9.26M | 105.3M | 12.89M | -4.13M | -94.05M | -40.27M | 6.38M | 16.85M | 42.15M | 27.46M | 35.75M | 53.11M | 86.69M | 29.43M | 8.44M | 6.12M |
| Net Margin % | 65.54% | 42.46% | 31.72% | 28.78% | 13.55% | -3.89% | 38.53% | 13.77% | -12.48% | 1.86% | 2.6% | 28.84% | 8.55% | -4.74% | -96.77% | -40.22% | 7.11% | 16.42% | 36.78% | 33.73% | 41.19% | 51.3% | 63.76% | 44.46% | 21.74% | 16.71% |
| Net Income Growth % | 148.86% | 16.38% | 12.41% | 162.28% | 633.98% | -104.33% | 261.39% | 257.01% | -810.8% | -28.7% | -91.21% | 717.12% | 412.34% | 95.61% | -133.55% | -731.52% | -62.15% | -60.03% | 53.47% | -23.18% | -32.69% | -38.74% | 194.55% | 248.54% | 38.09% | - |
| Net Income (Continuing) | 473.75M | 210.96M | 181.46M | 161.4M | 61.98M | -11.51M | 266.28M | 72.83M | -46.93M | 5.8M | 9.26M | 105.3M | 12.89M | -4.13M | -94.05M | -40.27M | 6.38M | 16.85M | 42.15M | 27.46M | 35.75M | 53.11M | 86.69M | 29.43M | 8.44M | 6.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 75K | 71K | 4.46M | 4.51M | 5.01M | 34K | 19K | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.94 | 1.31 | 1.12 | 0.99 | 0.37 | -0.07 | 1.61 | 0.51 | -0.33 | 0.05 | 0.10 | 1.04 | 0.18 | -0.24 | -7.83 | -7.70 | 1.56 | 4.32 | 14.04 | 10.92 | 14.28 | 21.24 | 34.67 | 11.77 | 3.38 | 2.45 |
| EPS Growth % | 149.15% | 16.96% | 13.13% | 167.57% | 643.32% | -104.23% | 215.69% | 254.55% | -760% | -50% | -90.38% | 477.78% | 175% | 96.93% | -1.69% | -593.59% | -63.89% | -69.23% | 28.57% | -23.53% | -32.77% | -38.74% | 194.56% | 248.22% | 37.96% | - |
| EPS (Basic) | - | 1.31 | 1.12 | 0.99 | 0.37 | -0.07 | 1.71 | 0.51 | -0.33 | 0.05 | 0.10 | 1.13 | 0.18 | -0.24 | -7.83 | -7.70 | 1.56 | 4.32 | 14.04 | 10.92 | 14.28 | 21.24 | 34.67 | 11.77 | 3.38 | 2.45 |
| Diluted Shares Outstanding | 161.27M | 160.77M | 161.44M | 162.36M | 164.85M | 169.09M | 170.05M | 168.16M | 143.43M | 124.54M | 93.38M | 112.1M | 73.21M | 17.56M | 12.01M | 5.23M | 4.06M | 3.86M | 3M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M |
| Basic Shares Outstanding | 161.09M | 160.69M | 161.35M | 162.18M | 164.69M | 169.09M | 155.71M | 143.44M | 143.43M | 124.54M | 93.38M | 92.79M | 73.15M | 17.54M | 12.01M | 5.23M | 4.06M | 3.86M | 3M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M |
| Dividend Payout Ratio | - | 56.33% | 88.98% | 115.69% | 31.99% | - | 80.62% | 38.93% | - | 353.35% | 716.68% | 46.72% | 46.65% | - | - | - | 231.16% | 142.16% | 99.42% | 172.73% | 146.04% | - | - | - | - | - |
Quick answers to the most common questions about buying DHT stock.
For fiscal year 2025, DHT Holdings, Inc. (DHT) reported total revenue of $497.2M. This represents a 1258.4% increase compared to $36.6M in 2000.
DHT Holdings, Inc. (DHT) is profitable, generating $211.1M in net income for the fiscal year ending 2025 with a net profit margin of 42.5%.
DHT Holdings, Inc. (DHT) reported an operating income of $169.9M, resulting in an operating profit margin of 34.2%. This margin reflects the operational efficiency of the business before interest and taxes.
DHT Holdings, Inc. (DHT) generated $189.7M in gross profit for the year, representing a gross profit margin of 38.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings quality from non-operating gains
Cyclical Rebound Accelerates Sharply
Revenue surged 122.1% YoY in 2026Q2 to $285.0M, according to the latest quarterly report, marking a sharp acceleration from the prior quarter's 57.3% growth and signaling a robust tanker upcycle.
The sequential acceleration from 57.3% to 122.1% YoY growth indicates a powerful inflection in spot rates, likely driven by favorable ton-mile demand and a tight VLCC supply. The prior quarters showed negative growth (e.g., -24.5% in 2025Q3), so this rebound appears to be a cyclical upswing rather than a one-off. Investors should monitor whether this pace is sustainable, as tanker rates are notoriously volatile and could reverse quickly.
Gross Margin Expansion Reflects Scrubber Advantage
Gross margin jumped to 73.3% in 2026Q2 from 37.0% a year earlier, as reported in the income statement, suggesting DHT's scrubber-fitted fleet is capturing a wider Hi-5 spread and driving superior cost efficiency.
The 36.3 percentage point YoY expansion in gross margin is dramatic and likely reflects both higher TCE rates and lower fuel costs due to scrubber adoption. DHT's gross margin of 73.3% far exceeds peers like Scorpio Tankers (46.2%) and International Seaways (42.3%), underscoring its structural cost advantage. However, such margins are cyclical and may compress as the market normalizes, so investors should not extrapolate this peak level.
Operating Leverage Amplifies Rate Upside
Operating income grew to $203.2M in 2026Q2, up from $60.3M in the year-ago quarter, per the latest financials, with SG&A remaining flat at ~$5.6M, demonstrating significant operating leverage.
SG&A has stayed remarkably stable around $4-6M per quarter despite revenue swings, indicating a lean overhead structure. As revenue more than doubled, operating margin expanded to 71.3% from 47.0% a year ago, showing that incremental revenue flows almost entirely to the bottom line. This leverage cuts both ways: in a downturn, fixed costs will pressure margins, but the current upcycle is amplifying earnings.
Non-Operating Gains Mask Core Earnings
Net margin of 69.6% in 2026Q2 is below operating margin of 71.3%, but in prior quarters net margin exceeded operating margin (e.g., 88.2% vs 57.7% in 2026Q1), indicating non-operating income, per the income statement.
The recurring pattern of net income exceeding operating income (e.g., 2026Q1 net margin 88.2% vs operating margin 57.7%) suggests significant gains from vessel sales or derivatives, which are not part of core operations. In 2026Q2, net income of $198.3M is close to operating income of $203.2M, but the earlier quarters show a larger gap. This reliance on non-operating items may inflate reported EPS and warrants scrutiny; investors should adjust for these items to assess sustainable earnings power.
COGS Volatility Drives Margin Swings
COGS rose to $76.2M in 2026Q2 from $80.9M a year earlier, but as a percentage of revenue it fell to 26.7% from 63.0%, per the income statement, highlighting the variable nature of voyage costs.
COGS is the primary cost driver and is highly variable, tied to fuel prices and voyage expenses. The sharp decline in COGS as a percentage of revenue (from 63.0% to 26.7% YoY) reflects both higher revenue and potentially lower fuel costs due to scrubbers. SG&A remains minimal, so cost discipline is centered on managing voyage expenses. The company's ability to control COGS during rate downturns will be critical to maintaining margins.
2026Q2 Marks Cyclical Inflection Point
The 2026Q2 quarter represents a clear inflection, with revenue jumping 122.1% YoY and gross margin expanding to 73.3% from 37.0%, as per the latest financials, signaling a decisive turn in the tanker cycle.
After a trough in 2025Q3 (revenue -24.5% YoY, gross margin 32.5%), the subsequent quarters show a steady recovery, culminating in the explosive growth of 2026Q2. This inflection appears driven by a tightening VLCC supply-demand balance, possibly due to low orderbook and increased ton-mile demand. The lasting impact is that DHT's earnings power is now resetting at a higher level, but the cyclicality means the next downturn will test the durability of this improvement.
What Could Invalidate the Base Case
Despite the strong rebound, the reliance on non-operating income and the cyclicality of tanker rates pose risks; net margin exceeded operating margin in several quarters, suggesting core earnings may be weaker than headline figures imply.
Short-sellers might argue that the recent earnings surge is unsustainable, as it is partly driven by non-operating gains (e.g., vessel sales) and a cyclical peak in spot rates. The 13.04% revenue decline in the prior year and the volatility in gross margins (from 29.2% to 73.3%) highlight the inherent instability. Additionally, the extremely low debt-to-equity ratio of 0.38% could indicate a data anomaly or an overly conservative capital structure that limits growth, and the market may be overvaluing the current earnings power without adjusting for these factors.