Revenue held in a $37.6M to $41.8M range over ten quarters with gross margin between 47.0% and 56.5%, suggesting stable contracted vessel economics though net income volatility from $10.7M to $18.7M warrants further investigation.
Dynagas LNG Partners LP (DLNG) annual income statement — 15-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 |
|---|
| Sales/Revenue | 160.6M | 156.62M | 156.4M | 160.48M | 131.66M | 137.75M | 137.16M | 130.9M | 127.14M | 138.99M | 169.85M | 145.2M | 107.09M | 85.68M | 77.5M | 52.55M |
| Revenue Growth % | 1.36% | 0.14% | -2.54% | 21.89% | -4.42% | 0.42% | 4.79% | 2.96% | -8.53% | -18.17% | 16.98% | 35.59% | 24.99% | 10.56% | 47.48% | - |
| Cost of Goods Sold | 77.97M | 72.67M | 70.24M | 87.35M | 77.33M | 64.01M | 63.62M | 61.74M | 65.6M | 67.2M | 59.89M | 50.44M | 36.91M | 27.17M | 34.91M | 26.28M |
| COGS % of Revenue | - | 46.4% | 44.91% | 54.43% | 58.74% | 46.47% | 46.38% | 47.17% | 51.6% | 48.35% | 35.26% | 34.73% | 34.47% | 31.72% | 45.05% | 50.02% |
| Gross Profit | 82.63M | 83.95M | 86.16M | 73.13M | 54.33M | 73.74M | 73.54M | 69.16M | 61.54M | 71.79M | 109.96M | 94.77M | 70.18M | 58.51M | 42.58M | 26.27M |
| Gross Margin % | 51.45% | 53.6% | 55.09% | 45.57% | 41.26% | 53.53% | 53.62% | 52.83% | 48.4% | 51.65% | 64.74% | 65.27% | 65.53% | 68.28% | 54.95% | 49.98% |
| Gross Profit Growth % | - | -2.56% | 17.81% | 34.62% | -26.33% | 0.27% | 6.34% | 12.39% | -14.28% | -34.71% | 16.04% | 35.03% | 19.96% | 37.39% | 62.13% | - |
| Operating Expenses | 8.69M | 8.62M | 8.74M | 8.42M | 8.99M | 9.13M | 9.28M | 9.24M | 8.56M | 7.85M | 7.88M | 6.67M | 5.52M | 3.12M | 2.92M | 2.58M |
| OpEx % of Revenue | - | 5.51% | 5.59% | 5.25% | 6.83% | 6.63% | 6.77% | 7.06% | 6.73% | 5.65% | 4.64% | 4.6% | 5.15% | 3.65% | 3.76% | 4.92% |
| Selling, General & Admin | 5.27M | 8.62M | 2.14M | 2.03M | 2.79M | 3.1M | 2.53M | 2.71M | 2.21M | 1.69M | 1.89M | 1.8M | 1.95M | 387K | 278K | 54K |
| SG&A % of Revenue | - | 5.51% | 1.37% | 1.27% | 2.12% | 2.25% | 1.84% | 2.07% | 1.74% | 1.21% | 1.11% | 1.24% | 1.82% | 0.45% | 0.36% | 0.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 6.6M | 6.39M | 6.2M | 6.02M | 6.75M | 6.54M | 6.35M | 6.16M | 6M | 4.87M | 3.57M | 2.74M | 2.64M | 2.53M |
| Operating Income | 73.94M | 75.33M | 77.42M | 64.71M | 45.34M | 64.61M | 64.26M | 59.92M | 52.98M | 63.94M | 102.08M | 88.09M | 64.66M | 55.38M | 39.67M | 23.68M |
| Operating Margin % | 46.04% | 48.09% | 49.5% | 40.32% | 34.44% | 46.91% | 46.85% | 45.77% | 41.67% | 46.01% | 60.1% | 60.67% | 60.38% | 64.64% | 51.18% | 45.07% |
| Operating Income Growth % | - | -2.7% | 19.63% | 42.74% | -29.83% | 0.54% | 7.26% | 13.09% | -17.14% | -37.36% | 15.88% | 36.23% | 16.76% | 39.61% | 67.5% | - |
| EBITDA | 106.07M | 107.61M | 109.57M | 96.66M | 77.14M | 96.32M | 96.06M | 90.6M | 83.31M | 94.26M | 132.47M | 112.48M | 82.48M | 68.96M | 53.28M | 37.26M |
| EBITDA Margin % | 66.05% | 68.7% | 70.06% | 60.23% | 58.59% | 69.93% | 70.03% | 69.21% | 65.53% | 67.82% | 77.99% | 77.46% | 77.03% | 80.49% | 68.75% | 70.91% |
| EBITDA Growth % | -2.73% | -1.79% | 13.36% | 25.3% | -19.91% | 0.27% | 6.03% | 8.74% | -11.62% | -28.84% | 17.78% | 36.36% | 19.61% | 29.42% | 43% | - |
| D&A (Non-Cash Add-back) | 32.13M | 32.28M | 32.15M | 31.95M | 31.81M | 31.71M | 31.8M | 30.68M | 30.33M | 30.32M | 30.39M | 24.39M | 17.82M | 13.58M | 13.62M | 13.58M |
| EBIT | 85.53M | 81.69M | 81.63M | 73.26M | 79.67M | 72.02M | 58.2M | 50.25M | 50.5M | 57.11M | 99.74M | 85.98M | 63.9M | 53.87M | 38.39M | 22.61M |
| Net Interest Income | -17.76M | -20.04M | -28.63M | -36.62M | -27.08M | -21.42M | -26.84M | -48.76M | -49.44M | -46.08M | -34.99M | -27.94M | -14.3M | -9.73M | -9.41M | -3.97M |
| Interest Income | 0 | 0 | 1.41M | 2.59M | 829K | 0 | 221K | 2.33M | 1.05M | 203K | 0 | 0 | 221K | 0 | 1K | 4K |
| Interest Expense | 17.76M | 20.04M | 30.04M | 39.21M | 27.91M | 21.42M | 27.06M | 51.09M | 50.49M | 46.28M | 34.99M | 27.94M | 14.52M | 9.73M | 9.41M | 3.79M |
| Other Income/Expense | -6.19M | -13.68M | -25.83M | -28.84M | 8.67M | -11.35M | -30.21M | 0 | -49.37M | -46.6M | -35.23M | -28.04M | -14.1M | -9.76M | -9.83M | -4.86M |
| Pretax Income | 67.75M | 61.64M | 51.59M | 35.87M | 54.01M | 53.26M | 34.05M | 3.61M | 3.61M | 17.34M | 66.85M | 60.05M | 50.56M | 45.62M | 29.84M | 18.82M |
| Pretax Margin % | 42.18% | 39.36% | 32.99% | 22.35% | 41.02% | 38.67% | 24.83% | 2.76% | 2.84% | 12.47% | 39.36% | 41.36% | 47.21% | 53.25% | 38.5% | 35.82% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1555.96% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 67.75M | 61.64M | 51.59M | 35.87M | 54.01M | 53.26M | 34.05M | 3.61M | 3.61M | 17.34M | 66.85M | 60.05M | 50.56M | 45.62M | 29.84M | 18.82M |
| Net Margin % | 42.18% | 39.36% | 32.99% | 22.35% | 41.02% | 38.67% | 24.83% | 2.76% | 2.84% | 12.47% | 39.36% | 41.36% | 47.21% | 53.25% | 38.5% | 35.82% |
| Net Income Growth % | 20.1% | 19.49% | 43.82% | -33.58% | 1.41% | 56.41% | 842.49% | 0% | -79.16% | -74.06% | 11.33% | 18.77% | 10.83% | 52.9% | 58.53% | - |
| Net Income (Continuing) | 67.75M | 61.64M | 51.59M | 35.87M | 54.01M | 53.26M | 34.05M | 0 | 3.61M | 17.34M | 66.85M | 60.05M | 50.56M | 45.62M | 29.84M | 18.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 206K | 180K | 138K | 102K | 78K | 36K | -5K | -28K | -16K | 47K | 97K | 95K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.86 | 1.69 | 1.05 | 0.66 | 1.15 | 1.14 | 0.63 | -1.48 | 0.10 | 0.27 | 1.69 | 1.60 | 1.58 | 2.95 | 0.99 | 0.63 |
| EPS Growth % | 20.78% | 60.95% | 59.09% | -42.61% | 0.88% | 80.95% | 142.57% | -1580% | -62.96% | -84.02% | 5.63% | 1.27% | -46.44% | 197.98% | 57.14% | - |
| EPS (Basic) | - | 1.69 | 1.05 | 0.66 | 1.15 | 1.14 | 0.63 | -1.48 | 0.10 | 0.27 | 1.69 | 1.60 | 1.58 | 2.95 | 0.99 | 0.63 |
| Diluted Shares Outstanding | 36.38M | 36.56M | 36.78M | 36.8M | 36.8M | 36.5M | 35.55M | 35.49M | 35.49M | 34.55M | 20.5M | 20.5M | 32.95M | 7.73M | 29.97M | 29.97M |
| Basic Shares Outstanding | 36.38M | 36.56M | 36.78M | 36.8M | 36.8M | 36.5M | 35.55M | 35.49M | 35.49M | 34.55M | 20.5M | 20.5M | 32.95M | 7.73M | 29.97M | 29.97M |
| Dividend Payout Ratio | - | 27.4% | 28.65% | 32.23% | 21.41% | 21.71% | - | 453.67% | 1340.22% | 385.59% | 100% | 103.59% | 85.07% | - | - | - |
Quick answers to the most common questions about buying DLNG stock.
For fiscal year 2025, Dynagas LNG Partners LP (DLNG) reported total revenue of $156.6M. This represents a 198.1% increase compared to $52.5M in 2011.
Dynagas LNG Partners LP (DLNG) is profitable, generating $61.6M in net income for the fiscal year ending 2025 with a net profit margin of 39.4%.
Dynagas LNG Partners LP (DLNG) reported an operating income of $75.3M, resulting in an operating profit margin of 48.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Dynagas LNG Partners LP (DLNG) generated $84.0M in gross profit for the year, representing a gross profit margin of 53.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Concentrated Charter Revenue Exposure
Flat Top Line Masks Stable Charter Base
Based on reported quarterly figures, DLNG's revenue moved within a narrow $37.6M to $41.8M band over ten quarters, with trailing year-over-year growth ranging from -19.6% to +12.8%, indicating largely fixed contracted economics.
The revenue profile looks more like a contracted vessel charter stream than a cyclical shipping business, since quarterly swings are small and mostly reflect timing and fleet availability rather than rate exposure. The single large decline in 2024Q3 and rebound in 2024Q4 suggest a timing effect rather than a durable change in earnings power. Investors should monitor charter renewal terms, since the apparent stability depends on contract coverage that the income statement alone does not disclose.
Gross Margins Oscillate Within Narrow Range
According to reported quarterly figures, DLNG's gross margin ranged from 47.0% to 56.5% across the period, with the most recent quarter at 52.6%, a band that points to relatively predictable vessel-level cost structure.
The margin range of roughly 9.5 percentage points is modest for a shipping operator, which is consistent with long-dated charter arrangements that cap exposure to spot rate volatility. The dip to 47.0% in 2026Q1 coincided with higher cost of revenue against flat revenue, which may reflect vessel operating expense or dry-docking timing rather than a structural shift. Without disclosure of voyage cost versus vessel operating expense splits, the drivers of the quarterly fluctuation remain unclear.
Net Income Diverges From Operating Trend
Based on DLNG's reported figures, net income swung between $10.7M and $18.7M while operating income stayed in a tighter $16.5M to $19.8M range, suggesting non-operating items materially influence reported earnings.
Net margin reached 48.0% in 2025Q3 and 43.6% in 2026Q1, both above the operating margin in those quarters, which points to non-operating income or financing-related items lifting the bottom line. Because the income statement provides no breakdown of interest expense, foreign exchange, or derivative effects, the composition of this gap cannot be verified from the supplied data. EPS volatility of 0.29 to 0.51 therefore warrants further investigation before treating reported earnings as a clean measure of recurring profitability.
Minimal SG&A Preserves Operating Margin
As reported in the income statement, DLNG's SG&A fell from $588K in 2024Q2 to $405K in 2025Q3 before rising to $2.3M in 2026Q1, leaving operating margin in a 41.3% to 50.8% band.
The shift in SG&A from sub-$600K quarters to roughly $2M+ in the latest periods is a material change in overhead intensity that the reported figures do not explain. Operating income has stayed broadly flat despite this step-up, which suggests the cost increase has been absorbed by stable gross profit rather than reflecting operating deleverage. Investors should monitor whether the higher overhead level persists, since it may signal a reclassification or a rising corporate cost base.
Concentration and Earnings Quality Risks
Based on reported figures, the stable margin profile may be vulnerable to charter counterparty concentration and non-operating earnings components that the income statement does not fully explain.
The consistency of revenue and margins could reflect a small number of long-term charters, meaning a single counterparty default or early redelivery could compress revenue sharply, a risk not visible in quarterly totals. Net income has exceeded operating income in several quarters, and if those gains are non-recurring, the reported EPS base overstates sustainable earnings power. Peer comparison shows FLNG and CLCO carrying higher operating margins, so DLNG's profitability relies more on contract structure than operating efficiency.