Revenue performance has entered a sustained downward trajectory, contracting 9.0% in 2026Q1 as rising COGS of $43.7M continue to compress operating margins to 42.5%.
FLEX LNG Ltd (FLNG) annual income statement — 18-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 |
|---|
| Sales/Revenue | 360.47M | 347.64M | 356.35M | 371.02M | 347.92M | 343.45M | 164.46M | 119.97M | 77.21M | 27.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 1.3% | -2.44% | -3.95% | 6.64% | 1.3% | 108.83% | 37.09% | 55.38% | 182.52% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 174.21M | 163.87M | 148.77M | 143.4M | 138.16M | 134.4M | 82.54M | 57.45M | 43.57M | 36.53M | 2K | 3K | 870K | 0 | -2.26M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 47.14% | 41.75% | 38.65% | 39.71% | 39.13% | 50.19% | 47.89% | 56.44% | 133.68% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 186.26M | 183.77M | 207.58M | 227.62M | 209.76M | 209.04M | 81.92M | 62.51M | 33.64M | -10.24M | -743K | -815K | -870K | -1.16M | 2.26M | 0 | 0 | 0 | 0 |
| Gross Margin % | 51.67% | 52.86% | 58.25% | 61.35% | 60.29% | 60.87% | 49.81% | 52.11% | 43.56% | -37.49% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -11.47% | -8.81% | 8.52% | 0.34% | 155.17% | 31.05% | 85.85% | 428.32% | -1278.87% | 8.83% | 6.32% | 24.68% | -151.06% | - | - | - | - | - |
| Operating Expenses | 7.97M | 7.97M | 9.79M | 10.47M | 9.15M | 7.89M | 6.3M | 7.51M | 4.64M | 3.41M | 727K | 1.41M | 1.51M | -205.47M | 298.83M | 125.72M | 108.9M | 10.66M | 14.77M |
| OpEx % of Revenue | - | 2.29% | 2.75% | 2.82% | 2.63% | 2.3% | 3.83% | 6.26% | 6.01% | 12.47% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.97M | 7.97M | 9.79M | 10.47M | 9.15M | 7.89M | 6.3M | 7.51M | 4.64M | 3.41M | 725K | 1.41M | 1.51M | 3.05M | -12.54M | 13.43M | 10.21M | 0 | 0 |
| SG&A % of Revenue | - | 2.29% | 2.75% | 2.82% | 2.63% | 2.3% | 3.83% | 6.26% | 6.01% | 12.47% | - | - | - | - | - | - | - | - | - |
| Research & Development | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 2K | 3K | -120K | -210.03M | 301.26M | 112.29M | 98.69M | 10.66M | 14.77M |
| Operating Income | 178.29M | 175.8M | 197.79M | 217.16M | 200.62M | 201.16M | 75.62M | 55.01M | 29M | -12.61M | -1.49M | -2.23M | -2.59M | 205.47M | 3.05M | -125.72M | -108.9M | -10.66M | -14.77M |
| Operating Margin % | 49.46% | 50.57% | 55.51% | 58.53% | 57.66% | 58.57% | 45.98% | 45.85% | 37.56% | -46.16% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -11.12% | -8.92% | 8.25% | -0.27% | 166.01% | 37.47% | 89.7% | 329.88% | -749.43% | 33.44% | 13.86% | -101.26% | 6630.17% | 102.43% | -15.45% | -921.22% | 27.78% | - |
| EBITDA | 256.42M | 252.42M | 273.27M | 290.52M | 272.84M | 270.99M | 117.47M | 83.75M | 46.41M | -12.61M | -1.48M | -2.23M | -2.59M | 205.5M | 3.17M | -125.58M | -108.69M | -10.41M | -11.98M |
| EBITDA Margin % | 71.13% | 72.61% | 76.69% | 78.3% | 78.42% | 78.9% | 71.42% | 69.81% | 60.11% | -46.15% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -4.36% | -7.63% | -5.94% | 6.48% | 0.68% | 130.7% | 40.25% | 80.47% | 467.97% | -750.44% | 33.44% | 13.94% | -101.26% | 6384.82% | 102.52% | -15.54% | -943.71% | 13.08% | - |
| D&A (Non-Cash Add-back) | 78.13M | 76.62M | 75.48M | 73.36M | 72.22M | 69.83M | 41.85M | 28.75M | 17.41M | 2K | 2K | 3K | 1K | 32K | 116K | 146K | 211K | 250K | 0 |
| EBIT | 183.71M | 167.52M | 223.4M | 228.84M | 264.74M | 218.53M | 49.99M | 51.02M | 29.55M | -10.16M | -1.48M | -2.21M | -2.59M | -4.59M | -298.74M | -135.87M | -108.68M | -10.27M | -11.98M |
| Net Interest Income | -82.5M | -88.54M | -101.12M | -103.86M | -74.59M | -56.04M | -41.48M | -32.91M | -17.17M | -111K | -305K | -247K | -32K | 18K | 88K | 0 | 0 | 0 | 0 |
| Interest Income | 3.4M | 4.09M | 4.47M | 4.87M | 2M | 41K | 327K | 1.07M | 607K | 123K | 9K | 20K | 3K | 21K | 88K | 0 | 0 | 0 | 0 |
| Interest Expense | 85.9M | 92.63M | 105.59M | 108.72M | 76.6M | 56.22M | 41.8M | 33.88M | 17.78M | 234K | 314K | 267K | 35K | 3K | 0 | -10.15M | 222K | 393K | 2.79M |
| Other Income/Expense | -75.49M | -100.91M | -79.98M | -97.04M | -12.47M | -38.85M | -67.43M | -37.86M | -17.23M | 2.22M | -305K | -247K | -32K | 3K | -301.79M | -10.15M | 222K | 393K | 2.79M |
| Pretax Income | 102.8M | 74.9M | 117.82M | 120.12M | 188.14M | 162.3M | 8.19M | 17.15M | 11.77M | -10.39M | -1.79M | -2.48M | -2.62M | 205.47M | -298.74M | -135.87M | -108.68M | -10.27M | -11.98M |
| Pretax Margin % | 28.52% | 21.54% | 33.06% | 32.37% | 54.08% | 47.26% | 4.98% | 14.29% | 15.24% | -38.02% | - | - | - | - | - | - | - | - | - |
| Income Tax | 68K | 82K | 132K | 78K | 98K | 99K | 84K | 182K | -10K | 17K | -1K | 7K | 13K | 15K | 57K | 88K | 173K | 186K | 0 |
| Effective Tax Rate % | 0.07% | 0.11% | 0.11% | 0.06% | 0.05% | 0.06% | 1.03% | 1.06% | -0.08% | -0.16% | 0.06% | -0.28% | -0.5% | 0.01% | -0.02% | -0.06% | -0.16% | -1.81% | 0% |
| Net Income | 102.73M | 74.81M | 117.68M | 120.04M | 188.04M | 162.21M | 8.11M | 16.97M | 11.78M | -10.41M | -1.79M | -2.48M | -2.63M | 205.46M | -298.8M | -135.96M | -108.66M | -10.16M | -11.98M |
| Net Margin % | 28.5% | 21.52% | 33.02% | 32.35% | 54.05% | 47.23% | 4.93% | 14.14% | 15.26% | -38.08% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 3.69% | -36.43% | -1.96% | -36.16% | 15.93% | 1901.3% | -52.23% | 44.04% | 213.17% | -481.78% | 28.01% | 5.69% | -101.28% | 168.76% | -119.77% | -25.12% | -968.95% | 15.16% | - |
| Net Income (Continuing) | 102.73M | 74.81M | 117.68M | 120.04M | 188.04M | 162.21M | 8.11M | 16.97M | 11.78M | -10.41M | -1.79M | -2.48M | -2.63M | 205.46M | -298.8M | -135.96M | -108.85M | -10.46M | -11.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.15M | 0 |
| EPS (Diluted) | 1.90 | 1.38 | 2.18 | 2.22 | 3.51 | 3.04 | 0.15 | 0.31 | 0.29 | -0.34 | -0.14 | -0.19 | -0.21 | 16.30 | -23.87 | -11.31 | -9.62 | -0.90 | -1.37 |
| EPS Growth % | 3.26% | -36.7% | -1.8% | -36.75% | 15.46% | 1926.67% | -51.61% | 6.9% | 185.29% | -142.86% | 26.32% | 9.52% | -101.29% | 168.29% | -111.05% | -17.57% | -968.89% | 34.31% | - |
| EPS (Basic) | - | 1.38 | 2.19 | 2.24 | 3.53 | 3.04 | 0.15 | 0.31 | 0.29 | -0.34 | -0.14 | -0.20 | -0.21 | 16.30 | -23.90 | -11.31 | -9.62 | -0.90 | -1.37 |
| Diluted Shares Outstanding | 54.09M | 54.09M | 54.03M | 53.99M | 53.52M | 53.34M | 54.27M | 54.25M | 40.59M | 30.76M | 12.79M | 12.78M | 12.66M | 12.6M | 12.52M | 12.02M | 11.29M | 11.29M | 8.77M |
| Basic Shares Outstanding | 54.09M | 54.09M | 53.85M | 53.7M | 53.2M | 53.32M | 54.1M | 54.11M | 40.45M | 30.61M | 12.79M | 12.43M | 12.66M | 12.6M | 12.5M | 12.02M | 11.29M | 11.29M | 8.77M |
| Dividend Payout Ratio | - | 216.89% | 137.38% | 120.78% | 98.96% | 60.99% | 133.47% | 31.89% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FLNG stock.
For fiscal year 2025, FLEX LNG Ltd (FLNG) reported total revenue of $347.6M.
FLEX LNG Ltd (FLNG) is profitable, generating $74.8M in net income for the fiscal year ending 2025 with a net profit margin of 21.5%.
FLEX LNG Ltd (FLNG) reported an operating income of $175.8M, resulting in an operating profit margin of 50.6%. This margin reflects the operational efficiency of the business before interest and taxes.
FLEX LNG Ltd (FLNG) generated $183.8M in gross profit for the year, representing a gross profit margin of 52.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Contract Renewal Timing Risk
Persistent Revenue Contraction Trends
As evidenced by the latest quarterly data, FLNG has experienced a consistent downward trajectory in top-line performance, with revenue declining to $80.5M in 2026Q1, representing a notable 9.0% contraction compared to the prior period and continuing a multi-quarter trend of negative year-over-year growth.
The persistent revenue decline suggests that the company is struggling to maintain pricing power or utilization levels as legacy contracts roll off. Investors should monitor whether this trend reflects a strategic shift toward shorter-term spot market exposure or an inability to secure favorable renewals in the current global LNG shipping environment.
Structural Erosion of Operating Margins
According to the provided financial statements, FLNG's gross margin has compressed from a peak of 61.5% in 2023Q4 to 45.7% in 2026Q1, indicating that rising vessel operating costs are increasingly outpacing the revenue generated from the company's modern fleet of 13 LNG carriers.
The steady decline in both gross and operating margins suggests that the company's cost-pass-through mechanisms may be losing efficacy. This compression warrants further investigation into whether rising maintenance or crewing expenses are becoming a permanent drag on profitability that the current charter rate environment cannot fully offset.
Rising COGS Pressuring Operational Efficiency
Based on reported figures, the cost of goods sold has climbed to $43.7M in 2026Q1, a significant increase from the $37.4M recorded in 2023Q4, which suggests that the company is facing mounting inflationary pressures in its core vessel operations and maintenance activities.
The inability to contain COGS while revenue simultaneously trends downward implies a lack of operational leverage in the current cycle. Management's expense discipline appears to be under strain, as the rising cost base directly threatens the sustainability of the company's dividend-focused capital allocation strategy.
Sustainability of Current Dividend Profile
While the company maintains a cash position of $447M, the combination of declining revenue and contracting margins, as seen in the 2026Q1 data, raises questions about the long-term durability of current payout levels if the current operational headwinds persist throughout the remainder of the fiscal year.
Short-sellers may focus on the divergence between the company's high-efficiency fleet narrative and the actual deterioration in bottom-line performance. The risk remains that the current cash buffer may be prioritized for debt service or fleet maintenance rather than sustaining shareholder distributions if market conditions fail to improve.