Revenue growth remains highly erratic, peaking at 102.2% in 2025Q3, while operating margins have fluctuated between 16.6% and 30.9% due to the pass-through nature of LNG procurement costs.
| Revenue | 1.35B | 1.23B | 851.44M | 1.16B | 2.47B | 888.55M | 430.84M | 544.4M |
| Revenue Growth % | 39.34% | 44.26% | -26.53% | -53.13% | 178.31% | 106.24% | -20.86% | - |
| Cost of Revenue | 903.89M | 832.85M | 443.36M | 746.56M | 2.21B | 688.15M | 254.65M | 334.93M |
| Gross Profit | 442.72M | 395.41M | 408.08M | 412.4M | 259.68M | 200.41M | 176.2M | 209.47M |
| Gross Margin % | 32.88% | 32.19% | 47.93% | 35.58% | 10.5% | 22.55% | 40.9% | 38.48% |
| Gross Profit Growth % | - | -3.11% | -1.05% | 58.81% | 29.58% | 13.74% | -15.89% | - |
| Operating Expenses | 159.1M | 94.49M | 193.09M | 201.8M | 73M | 61.06M | 42.94M | 35.51M |
| Other Operating Expenses | - | - | - | - | - | - | - | - |
| EBITDA | 416.66M | 430.41M | 315.79M | 326.7M | 315.7M | 267.75M | 249.8M | 277.95M |
| EBITDA Margin % | 30.94% | 35.04% | 37.09% | 28.19% | 12.77% | 30.13% | 57.98% | 51.06% |
| EBITDA Growth % | 24.37% | 36.3% | -3.34% | 3.49% | 17.91% | 7.18% | -10.13% | - |
| Depreciation & Amortization | 133.05M | 129.49M | 100.8M | 116.1M | 129.01M | 128.4M | 116.55M | 103.98M |
| D&A / Revenue % | 9.88% | 10.54% | 11.84% | 10.02% | 5.22% | 14.45% | 27.05% | 19.1% |
| Operating Income (EBIT) | 283.62M | 300.92M | 215M | 210.6M | 186.69M | 139.34M | 133.26M | 173.97M |
| Operating Margin % | 21.06% | 24.5% | 25.25% | 18.17% | 7.55% | 15.68% | 30.93% | 31.96% |
| Operating Income Growth % | - | 39.97% | 2.08% | 12.81% | 33.97% | 4.57% | -23.4% | - |
| Interest Expense | 4M | 94.14M | 61.02M | 67M | 59.54M | 80.81M | 89.43M | 101.87M |
| Interest Coverage | - | 3.07x | 3.52x | 3.14x | 2.82x | 1.77x | 1.52x | 1.61x |
| Interest / Revenue % | 0.3% | 7.66% | 7.17% | 5.78% | 2.41% | 9.09% | 20.76% | 18.71% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 196.2M | 194.91M | 179.13M | 160.09M | 108.32M | 62.36M | 46.83M | 61.97M |
| Pretax Margin % | 14.57% | 15.87% | 21.04% | 13.81% | 4.38% | 7.02% | 10.87% | 11.38% |
| Income Tax | 31.33M | 27.89M | 26.1M | 33.25M | 28.33M | 21.17M | 13.94M | 13.72M |
| Effective Tax Rate % | 15.97% | 14.31% | 14.57% | 20.77% | 26.15% | 33.95% | 29.76% | 22.14% |
| Net Income | 68.93B | 39.2M | 32.88M | 30.41M | 26.27M | 41.12M | 38.75M | 54.83M |
| Net Margin % | 5118.46% | 3.19% | 3.86% | 2.62% | 1.06% | 4.63% | 8.99% | 10.07% |
| Net Income Growth % | 91175.54% | 19.23% | 8.11% | 15.75% | -36.1% | 6.1% | -29.32% | - |
| EPS (Diluted) | 2089.80 | 1.28 | 1.27 | 1.16 | 3.05 | 1.72 | 1.59 | 2.25 |
| EPS Growth % | -16.33% | 0.79% | 9.48% | -61.97% | 77.33% | 8.18% | -29.33% | - |
| EPS (Basic) | - | 1.31 | 1.29 | 1.16 | 3.05 | 1.72 | 1.59 | 2.25 |
| Diluted Shares Outstanding | 32.98M | 30.62M | 25.84M | 26.26M | 26.26M | 23.85M | 24.38M | 24.38M |
High geographic and commodity exposure
According to the provided financial data, Excelerate Energy experienced significant revenue fluctuations, peaking at 102.2% growth in 2025Q3 before moderating, suggesting that top-line performance remains heavily tethered to commodity-linked LNG sales rather than purely stable, long-term infrastructure charter agreements typical of traditional regulated utility models.
The revenue trajectory appears highly sensitive to seasonal demand and commodity price pass-throughs, which complicates the assessment of underlying infrastructure growth. Investors should monitor whether the company can transition toward more predictable, long-term terminal use agreements to decouple its revenue base from the inherent volatility of global LNG markets.
As reported in the quarterly income statements, operating margins have fluctuated between 16.6% and 30.9%, indicating that the company's reliance on LNG procurement as a pass-through cost creates significant noise that may obscure the true profitability of its core FSRU infrastructure leasing operations.
The lack of consistent operating margin expansion suggests that the company's cost structure is heavily influenced by the procurement of gas, which is often passed through to customers. This structure warrants further investigation into whether the company retains sufficient pricing power to protect its margins during periods of extreme commodity price inflation.
Based on the reported figures, EPS growth has shown extreme variance, ranging from a 185.7% increase in 2024Q4 to an 89.1% decline in 2023Q4, which suggests that reported net income may be significantly impacted by non-recurring items or accounting adjustments rather than sustainable regulated earnings power.
The wide delta between operating income and net income suggests that interest expenses and non-controlling interest distributions are exerting meaningful pressure on the bottom line. Analysts should be cautious in extrapolating current EPS trends, as the volatility appears to stem from the company's complex corporate structure and commodity-linked business model.
Financial statements for Excelerate Energy appear to mask the underlying credit risk associated with its heavy reliance on sovereign entities in emerging markets, as the reported net margins of 3.19% provide a thin buffer against potential payment delays or contract renegotiations in these volatile jurisdictions.
The income statement fails to explicitly disclose the potential for future impairment charges or credit losses that could arise from the fiscal instability of key off-takers. Investors should remain skeptical of the current earnings profile until the company demonstrates a more diversified and credit-worthy customer base in more stable regulatory environments.
Quick answers to the most common questions about buying EE stock.
For fiscal year 2025, Excelerate Energy, Inc. (EE) reported total revenue of $1.23B. This represents a 125.6% increase compared to $544.4M in 2019.
Excelerate Energy, Inc. (EE) is profitable, generating $39.2M in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.
Excelerate Energy, Inc. (EE) reported an operating income of $300.9M, resulting in an operating profit margin of 24.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Excelerate Energy, Inc. (EE) generated $395.4M in gross profit for the year, representing a gross profit margin of 32.2%. This demonstrates the company's core pricing power and production efficiency.