Revenue growth has accelerated to 96.5% year-over-year in 2026Q2, with gross margins expanding from a trough of 24.3% in 2025Q3 to a cyclical peak of 64.5%, indicating exceptional pricing power in the current market cycle.
Frontline Ltd. (FRO) annual income statement — 30-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'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.71B | 1.97B | 2.05B | 1.8B | 1.43B | 749.38M | 1.22B | 957.32M | 742.27M | 646.33M | 754.31M | 458.93M | 241.83M | 517.19M | 578.36M | 723.5M | 1.17B | 1.12B | 2.25B | 1.42B | 1.56B | 1.5B | 1.84B | 1.16B | 551.6M | 714.61M | 599.94M | 253.21M | 203.86M | 259.7M | 178.2M |
| Revenue Growth % | 48.84% | -4.16% | 13.77% | 26.01% | 90.85% | -38.64% | 27.56% | 28.97% | 14.84% | -14.32% | 64.36% | 89.78% | -53.24% | -10.58% | -20.06% | -37.91% | 4.39% | -50.31% | 58.4% | -9% | 4.17% | -18.83% | 58.95% | 110.2% | -22.81% | 19.11% | 136.93% | 24.21% | -21.5% | 45.74% | 431.94% |
| Cost of Goods Sold | 1.32B | 1.32B | 1.34B | 1.03B | 945.88M | 722.15M | 684.49M | 678.81M | 652.21M | 556.51M | 490.05M | 270.06M | 185.16M | 513.59M | 533.12M | 692.15M | 825.79M | 595.26M | 805.95M | 605.58M | 620.88M | 496.2M | 531.3M | 519.24M | 304.99M | 246.44M | 122.81M | 0 | 0 | 62.3M | 67.7M |
| COGS % of Revenue | - | 67.23% | 65.58% | 56.93% | 66.14% | 96.37% | 56.05% | 70.91% | 87.87% | 86.1% | 64.97% | 58.84% | 76.57% | 99.3% | 92.18% | 95.67% | 70.87% | 53.33% | 35.88% | 42.7% | 39.84% | 33.17% | 28.83% | 44.78% | 55.29% | 34.49% | 20.47% | - | - | 23.99% | 37.99% |
| Gross Profit | 1.4B | 644.05M | 705.68M | 776.11M | 484.33M | 27.23M | 536.7M | 278.51M | 90.06M | 89.81M | 264.26M | 188.88M | 56.67M | 3.6M | 45.24M | 31.35M | 339.43M | 520.96M | 1.44B | 812.52M | 962.99M | 999.78M | 1.31B | 640.2M | 246.6M | 468.17M | 477.14M | 0 | 0 | 197.4M | 110.5M |
| Gross Margin % | 51.53% | 32.77% | 34.42% | 43.07% | 33.86% | 3.63% | 43.95% | 29.09% | 12.13% | 13.9% | 35.03% | 41.16% | 23.43% | 0.7% | 7.82% | 4.33% | 29.13% | 46.67% | 64.12% | 57.3% | 61.79% | 66.83% | 71.17% | 55.22% | 44.71% | 65.51% | 79.53% | - | - | 76.01% | 62.01% |
| Gross Profit Growth % | - | -8.73% | -9.08% | 60.24% | 1678.47% | -94.93% | 92.7% | 209.25% | 0.28% | -66.01% | 39.91% | 233.32% | 1474.49% | -92.04% | 44.31% | -90.76% | -34.85% | -63.83% | 77.27% | -15.63% | -3.68% | -23.78% | 104.88% | 159.61% | -47.33% | -1.88% | - | - | -100% | 78.64% | 411.57% |
| Operating Expenses | 58.94M | 51.37M | -76.03M | 29.45M | 38.71M | 18.76M | 28.9M | 38.99M | 7.35M | 286.08M | 86.78M | -98.34M | -64.05M | 104.03M | 26.33M | 438.13M | 31.51M | 297.92M | 589.88M | 293.33M | 134.09M | 141.64M | 186.52M | 159.22M | 154.56M | 93.7M | 9.33M | 136.21M | 78.23M | 197.4M | 110.5M |
| OpEx % of Revenue | - | 2.61% | -3.71% | 1.63% | 2.71% | 2.5% | 2.37% | 4.07% | 0.99% | 44.26% | 11.5% | -21.43% | -26.48% | 20.11% | 4.55% | 60.56% | 2.7% | 26.69% | 26.26% | 20.68% | 8.6% | 9.47% | 10.12% | 13.73% | 28.02% | 13.11% | 1.55% | 53.79% | 38.38% | 76.01% | 62.01% |
| Selling, General & Admin | 64.92M | 51.37M | 36.09M | 53.53M | 47.37M | 26.42M | 58.81M | 45.02M | 37.29M | 37.6M | 37.03M | 10.58M | 4.94M | 31.63M | 56.36M | 35.89M | 62.45M | 63.66M | 366.36M | 36.41M | 32.14M | 21.05M | 25.6M | 21M | 12.81M | 13.01M | 9.33M | 11.78M | 7.76M | 85M | 77.8M |
| SG&A % of Revenue | - | 2.61% | 1.76% | 2.97% | 3.31% | 3.53% | 4.82% | 4.7% | 5.02% | 5.82% | 4.91% | 2.31% | 2.04% | 6.12% | 9.75% | 4.96% | 5.36% | 5.7% | 16.31% | 2.57% | 2.06% | 1.41% | 1.39% | 1.81% | 2.32% | 1.82% | 1.55% | 4.65% | 3.81% | 32.73% | 43.66% |
| 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 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -112.12M | -24.08M | -8.66M | -7.67M | -29.9M | -6.03M | -29.94M | 248.48M | 49.75M | -108.92M | -68.99M | 72.41M | -30.03M | 402.25M | -30.93M | 234.25M | 223.52M | 256.92M | 101.95M | 120.59M | 160.92M | 138.22M | 141.76M | 80.69M | 0 | 124.43M | 70.47M | 112.4M | 32.7M |
| Operating Income | 1.34B | 592.68M | 781.71M | 746.67M | 445.62M | 8.47M | 507.8M | 239.52M | 82.71M | -196.27M | 177.48M | 287.22M | 120.71M | -100.43M | 18.91M | -406.78M | 307.91M | 223.04M | 850.48M | 519.19M | 803.4M | 858.14M | 1.13B | 480.98M | 92.04M | 374.47M | 467.81M | 117M | 125.63M | 55.4M | -1.1M |
| Operating Margin % | 49.36% | 30.16% | 38.13% | 41.43% | 31.16% | 1.13% | 41.58% | 25.02% | 11.14% | -30.37% | 23.53% | 62.58% | 49.92% | -19.42% | 3.27% | -56.22% | 26.43% | 19.98% | 37.86% | 36.61% | 51.55% | 57.36% | 61.05% | 41.48% | 16.69% | 52.4% | 77.98% | 46.21% | 61.62% | 21.33% | -0.62% |
| Operating Income Growth % | - | -24.18% | 4.69% | 67.56% | 5158.04% | -98.33% | 112% | 189.59% | 142.14% | -210.59% | -38.21% | 137.94% | 220.19% | -631.17% | 104.65% | -232.11% | 38.05% | -73.77% | 63.81% | -35.38% | -6.38% | -23.73% | 133.92% | 422.59% | -75.42% | -19.95% | 299.83% | -6.86% | 126.77% | 5136.36% | -116.18% |
| EBITDA | 1.65B | 921.14M | 1.12B | 977.61M | 610.79M | 168.63M | 652.19M | 362.02M | 207.75M | -52.61M | 320.55M | 341.74M | 153.23M | -69K | 134.3M | -204.26M | 522.2M | 461.64M | 1.07B | 741.25M | 1.01B | 1.06B | 931.02M | 331.21M | -50.12M | 250.51M | 560.69M | 208.44M | 177.29M | -1.6M | -34.9M |
| EBITDA Margin % | 60.91% | 46.88% | 54.66% | 54.25% | 42.71% | 22.5% | 53.41% | 37.82% | 27.99% | -8.14% | 42.5% | 74.46% | 63.37% | -0.01% | 23.22% | -28.23% | 44.82% | 41.36% | 47.84% | 52.27% | 64.63% | 70.66% | 50.52% | 28.57% | -9.09% | 35.06% | 93.46% | 82.32% | 86.97% | -0.62% | -19.58% |
| EBITDA Growth % | 99.15% | -17.81% | 14.64% | 60.06% | 262.2% | -74.14% | 80.15% | 74.26% | 494.88% | -116.41% | -6.2% | 123.02% | - | -100.05% | 165.75% | -139.12% | 13.12% | -57.04% | 44.96% | -26.41% | -4.71% | 13.53% | 181.09% | 760.9% | -120.01% | -55.32% | 169% | 17.57% | 11180.44% | 95.42% | -869.44% |
| D&A (Non-Cash Add-back) | 313.69M | 328.46M | 339.03M | 230.94M | 165.17M | 160.16M | 144.39M | 122.5M | 125.04M | 143.66M | 143.07M | 54.52M | 32.52M | 100.36M | 115.39M | 202.52M | 214.29M | 238.59M | 224.07M | 222.06M | 203.85M | 198.88M | -194.08M | -149.77M | -142.15M | -123.96M | 92.88M | 91.44M | 51.66M | -57M | -33.8M |
| EBIT | 1.35B | 592.68M | 805.58M | 835.12M | 574.66M | 51.18M | 485.15M | 234.75M | 85.19M | -194.22M | 174.55M | 273.16M | 144.84M | -98.88M | 23.24M | -394.17M | 314.14M | 266.82M | 885.19M | 708.53M | 707.75M | 285.86M | 574.24M | -43.32M | -205M | 92.41M | 467.81M | 117M | 125.63M | 55.4M | -1.1M |
| Net Interest Income | -171.51M | -217.4M | -285.54M | -162M | -97.25M | -61.38M | -71.45M | -92.95M | -92.43M | -69.23M | -56.32M | -17.57M | -7.3M | -103.29M | -93.96M | -132.08M | -136.49M | -138.02M | -142.72M | -150.22M | -156.45M | -165.19M | -174.05M | -65.91M | -58.27M | -78.85M | -89.32M | 0 | -56.32M | 0 | -8.6M |
| Interest Income | 13.99M | 15.84M | 16.79M | 16.5M | 1.46M | 121K | 705K | 1.51M | 843K | 588K | 367K | 47K | 118K | 83K | 130K | 3.96M | 13.43M | 22.97M | 41.2M | 54.32M | 47.61M | 40.87M | 31.59M | 9.19M | 13.04M | 12.95M | 6.86M | 0 | 3M | 0 | 0 |
| Interest Expense | 185.5M | 233.23M | 302.32M | 178.5M | 98.71M | 61.51M | 72.16M | 94.46M | 93.28M | 69.81M | 56.69M | 17.62M | 7.42M | 90.72M | 94.09M | 136.04M | 149.92M | 160.99M | 183.93M | 204.53M | 200.4M | 206.06M | 205.64M | 75.1M | 71.31M | 91.8M | 96.17M | 0 | 59.32M | 0 | 8.6M |
| Other Income/Expense | 150.3M | -207.58M | -278.46M | -90.05M | 30.33M | -18.8M | -94.8M | -99.23M | -90.79M | -67.76M | -59.62M | -31.68M | 16.7M | -89.16M | -89.76M | -123.42M | -143.69M | -117.21M | -149.22M | -15.2M | -142.07M | -97.06M | -154.17M | -41.47M | -84.89M | -23.96M | -153.9M | -208.15M | -93.75M | -55.4M | 1.1M |
| Pretax Income | 1.49B | 385.1M | 503.25M | 656.62M | 475.95M | -10.33M | 412.99M | 140.29M | -8.08M | -264.03M | 117.86M | 255.54M | 137.41M | -189.59M | -70.85M | -530.21M | 164.22M | 105.83M | 701.26M | 503.99M | 661.33M | 761.08M | 970.94M | 439.52M | 7.15M | 350.51M | 313.91M | -91.15M | 31.88M | 0 | 0 |
| Pretax Margin % | 54.89% | 19.6% | 24.54% | 36.43% | 33.28% | -1.38% | 33.82% | 14.65% | -1.09% | -40.85% | 15.62% | 55.68% | 56.82% | -36.66% | -12.25% | -73.28% | 14.09% | 9.48% | 31.22% | 35.54% | 42.44% | 50.88% | 52.68% | 37.91% | 1.3% | 49.05% | 52.32% | -36% | 15.64% | - | - |
| Income Tax | 3.62M | 6.02M | 7.67M | 205K | 412K | 4.63M | -14K | 307K | 316K | 290K | 345K | 150K | 0 | 284K | 379K | 532K | 218K | 361K | 310K | 419K | 162K | -19K | 178K | 3K | -22K | 444K | 41K | -9K | 30K | 0 | 0 |
| Effective Tax Rate % | 0.24% | 1.56% | 1.52% | 0.03% | 0.09% | -44.86% | -0% | 0.22% | -3.91% | -0.11% | 0.29% | 0.06% | 0% | -0.15% | -0.53% | -0.1% | 0.13% | 0.34% | 0.04% | 0.08% | 0.02% | -0% | 0.02% | 0% | -0.31% | 0.13% | 0.01% | 0.01% | 0.09% | - | - |
| Net Income | 1.49B | 379.08M | 495.58M | 656.41M | 475.54M | -14.96M | 412.88M | 139.97M | -8.88M | -264.86M | 117.01M | 154.62M | 149.47M | -188.51M | -82.75M | -529.6M | 161.41M | 102.7M | 698.77M | 570.42M | 516M | 606.84M | 1.02B | 409.36M | -8.9M | 382.73M | 313.87M | -86.9M | 31.85M | 17.4M | -14M |
| Net Margin % | 54.76% | 19.29% | 24.17% | 36.42% | 33.25% | -2% | 33.81% | 14.62% | -1.2% | -40.98% | 15.51% | 33.69% | 61.81% | -36.45% | -14.31% | -73.2% | 13.85% | 9.2% | 31.11% | 40.22% | 33.11% | 40.56% | 55.53% | 35.31% | -1.61% | 53.56% | 52.32% | -34.32% | 15.62% | 6.7% | -7.86% |
| Net Income Growth % | 524.55% | -23.51% | -24.5% | 38.04% | 3278.51% | -103.62% | 194.97% | 1676.26% | 96.65% | -326.36% | -24.33% | 3.45% | 179.29% | -127.79% | 84.37% | -428.12% | 57.16% | -85.3% | 22.5% | 10.55% | -14.97% | -40.7% | 150% | 4700.07% | -102.33% | 21.94% | 461.2% | -372.8% | 83.06% | 224.29% | -877.78% |
| Net Income (Continuing) | 1.49B | 379.08M | 495.58M | 656.41M | 475.54M | -14.96M | 413.01M | 139.99M | -8.4M | -264.32M | 117.51M | 255.39M | 137.41M | -189.88M | -71.23M | -530.74M | 164M | 105.47M | 700.95M | 564.98M | 502.49M | 592.74M | 905.76M | 439.51M | 7.17M | 327.22M | 313.87M | -91.14M | 31.85M | 17.4M | -14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -131.01M | -51.16M | -1.2M | -12.54M | 1.73M | 0 | 0 | 0 | 5.44M | 13.51M | 14.1M | 117.62M | 3.61M | -1.93M | 23.96M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -472K | -472K | -472K | -472K | -472K | -472K | -472K | 232K | 417K | 321K | 168K | 61K | 332K | 8.9M | 11.47M | 12.49M | 11.9M | 9.41M | 6.64M | 0 | 541.12M | 470.75M | 328.73M | 0 | 0 | 6.82M | 6.07M | 18.95M | 0 | 0 | 0 |
| EPS (Diluted) | 6.68 | 1.70 | 2.23 | 2.95 | 2.22 | -0.06 | 2.09 | 0.78 | -0.05 | -1.56 | 0.75 | 1.29 | -1.30 | -11.82 | -5.31 | -34.01 | 10.05 | 6.60 | 45.70 | 38.10 | 34.50 | 40.55 | 61.05 | 27.35 | -0.58 | 24.90 | 21.35 | -8.80 | 1.75 | 1.89 | 0.12 |
| EPS Growth % | 523.36% | -23.77% | -24.41% | 32.88% | 4064.29% | -102.68% | 167.95% | 1675.76% | 96.83% | -308% | -41.86% | 199.23% | 89% | -122.6% | 84.39% | -438.41% | 52.27% | -85.56% | 19.95% | 10.43% | -14.92% | -33.58% | 123.22% | 4815.52% | -102.33% | 16.63% | 342.61% | -602.86% | -7.41% | 1475% | -78.18% |
| EPS (Basic) | - | 1.70 | 2.23 | 2.95 | 2.22 | -0.06 | 2.11 | 0.81 | -0.05 | -1.56 | 0.75 | 1.29 | -1.30 | -11.82 | -5.31 | -34.01 | 10.35 | 6.60 | 45.75 | 38.10 | 34.50 | 40.55 | 68.95 | 27.35 | -0.58 | 24.95 | 21.40 | -8.80 | 1.75 | 1.89 | 0.12 |
| Diluted Shares Outstanding | 222.62M | 222.62M | 222.62M | 222.62M | 214.01M | 198.97M | 197.81M | 179.31M | 169.81M | 169.81M | 156.97M | 120.08M | 125.19M | 15.95M | 15.57M | 15.57M | 16.76M | 15.57M | 15.29M | 14.97M | 14.96M | 14.96M | 16.76M | 14.98M | 15.29M | 15.37M | 14.7M | 9.87M | 15.39M | 15.39M | 15.39M |
| Basic Shares Outstanding | 222.62M | 222.62M | 222.62M | 222.62M | 214.01M | 198.97M | 195.64M | 173.58M | 169.81M | 169.78M | 156.97M | 120.08M | 125.19M | 15.95M | 15.57M | 15.57M | 15.57M | 15.57M | 15.27M | 14.96M | 14.96M | 14.96M | 14.84M | 14.98M | 15.29M | 15.34M | 14.67M | 9.87M | 15.39M | 15.39M | 15.39M |
| Dividend Payout Ratio | - | 54.62% | 87.6% | 97.34% | 7.02% | - | 75.66% | 14.07% | - | - | 140.63% | 25.37% | 24.73% | - | - | - | 96.48% | 68.23% | 91.86% | 115% | 126.84% | 149.89% | 101.46% | 82.58% | - | 30.1% | - | - | - | - | - |
Quick answers to the most common questions about buying FRO stock.
For fiscal year 2025, Frontline Ltd. (FRO) reported total revenue of $1.97B. This represents a 1002.8% increase compared to $178.2M in 1996.
Frontline Ltd. (FRO) is profitable, generating $379.1M in net income for the fiscal year ending 2025 with a net profit margin of 19.3%.
Frontline Ltd. (FRO) reported an operating income of $592.7M, resulting in an operating profit margin of 30.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Frontline Ltd. (FRO) generated $644.0M in gross profit for the year, representing a gross profit margin of 32.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Extreme cyclicality and volatility
Revenue Surge Driven by Market Re-Rating
Frontline's revenue growth has accelerated dramatically, with a 96.5% year-over-year increase in 2026Q2, following a period of contraction in mid-2025, suggesting a powerful cyclical upswing in tanker rates.
The revenue trajectory shows a sharp V-shaped recovery, moving from negative growth in 2025Q1-Q2 to explosive positive growth in 2026Q1-Q2. This pattern is characteristic of the highly cyclical tanker market, where revenue is driven by volatile spot rates rather than volume growth. The durability of this acceleration is questionable, as it appears tied to a favorable market environment rather than structural company-specific gains.
Margin Expansion to Cyclical Peaks
Gross margins have expanded from a trough of 24.3% in 2025Q3 to a peak of 64.5% in 2026Q2, indicating exceptional pricing power in the current market cycle.
The gross margin expansion is the primary driver of profitability, with the 2026Q2 margin of 64.5% significantly exceeding the peer average of approximately 35-46%. This suggests Frontline is capturing outsized gains from favorable charter rates. However, the extreme volatility in margins over the past ten quarters underscores the cyclical risk; the current peak is likely unsustainable and will compress as market conditions normalize.
Operating Leverage Amplifies Profitability
Operating income has scaled far faster than gross profit, with operating margins expanding from 22.2% to 63.2% over the last three quarters, demonstrating strong fixed-cost leverage.
The company's cost structure appears to have significant fixed components, as SG&A expenses have remained relatively stable (ranging from $11.2M to $25.9M) despite massive revenue swings. This operational leverage means that incremental revenue flows almost directly to the bottom line during upswings. Conversely, this structure would amplify losses during a market downturn, making profitability highly sensitive to rate fluctuations.
Net Income Boosted by Non-Operating Items
In 2026Q2, net income of $659.2M exceeded operating income of $596.1M, implying a significant positive non-operating contribution that inflates the quality of reported earnings.
The discrepancy between operating and net income suggests the presence of substantial non-operating gains, likely from interest income, derivative settlements, or other items. This makes the reported EPS of $2.96 less reflective of core operational performance. Investors should scrutinize the cash flow statement to assess the sustainability of these non-operating boosts, as they may not recur in future periods.
2026Q2 Marks a Cyclical Inflection Point
The 2026Q2 quarter represents a clear operational inflection, with revenue nearly doubling year-over-year and gross margins reaching a cyclical high, fundamentally altering the company's near-term earnings power.
This inflection was driven by a sharp reversal in market conditions, as evidenced by the move from negative revenue growth in 2025 to near-triple-digit growth in 2026. The lasting impact is a dramatically improved cash generation profile, but the inflection is market-driven rather than company-specific. The key question is whether this represents a new plateau or merely the peak of a volatile cycle.
Cyclicality Masks Structural Vulnerability
The current stellar performance may obscure the company's inherent vulnerability to rate collapses, as evidenced by the 2025 trough where gross margins compressed to 24.3% and EPS growth was negative.
A bearish view would focus on the extreme volatility in the income statement as evidence of a business model with minimal control over its core revenue driver. The rapid expansion in margins and earnings is a function of market rates, not operational improvements. Should rates revert to 2025 levels, the company's high operating leverage would quickly erode profitability, potentially leading to losses given its fixed cost base.