Frontline achieved a significant margin recovery, with gross margins expanding to 55.4% in 2026Q1 from a 24.3% low in 2025Q3, driven by increased operational leverage.
| 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 | 2.25B | 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 % | 18.51% | -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 | 933.72M | 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 % | 41.47% | 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 | 58.09M | 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 | 63.94M | 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 | -865K | 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 | 875.63M | 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 % | 38.89% | 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 | 1.2B | 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 % | 53.3% | 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 % | 25.55% | -17.81% | 14.64% | 60.06% | 262.2% | -74.14% | 80.15% | 74.26% | 494.88% | -116.41% | -6.2% | 123.02% | 222178.26% | -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) | 324.52M | 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 | 888.16M | 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 | -194.65M | -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 | 13.89M | 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 | 208.53M | 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 | 33.88M | -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 | 909.5M | 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 % | 40.4% | 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 | 4.59M | 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 % | 0.5% | 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 | 904.91M | 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 % | 40.19% | 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 % | 159.99% | -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) | 904.91M | 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) | 4.06 | 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 % | 160.26% | -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% | - | - | - | - | - |
Spot market rate volatility
According to recent financial filings, Frontline's revenue growth accelerated to 66.9% in 2026Q1, marking a significant departure from the contraction observed in mid-2025. This sharp upward trajectory suggests that the company's expanded fleet capacity is successfully capturing higher spot market rates during favorable shipping cycles.
The recent revenue acceleration appears to be a direct consequence of the integration of the Euronav VLCC fleet, which has significantly increased the company's exposure to high-demand trade routes. Investors should monitor whether this growth is sustainable or if it remains highly sensitive to the seasonal fluctuations that have historically characterized the tanker industry.
As reported in quarterly statements, Frontline achieved a gross margin of 55.4% in 2026Q1, representing a substantial improvement from the 24.3% low recorded in 2025Q3. This expansion suggests that the company is effectively leveraging its modern fleet to command premium pricing power within the current supply-constrained environment.
The significant widening of gross margins indicates that the company's revenue growth is outpacing the variable costs associated with voyage operations. This trend warrants further investigation into whether the company's scrubber-equipped vessels are capturing a larger share of the fuel-spread benefit compared to less efficient peers in the tanker market.
Based on the provided income statement data, Frontline's operating income scaled to $370.0M in 2026Q1, demonstrating high operating leverage as fixed costs remain relatively stable despite the massive revenue increase. This suggests that the company is successfully converting incremental revenue into bottom-line profit with minimal administrative overhead expansion.
The efficiency of the SG&A line, which remained remarkably low at $25.9M despite the significant revenue jump, implies a lean management structure that is well-positioned to benefit from cyclical upturns. However, analysts should remain cautious, as this high operating leverage could work in reverse if spot rates experience a sharp, sustained decline.
Data from recent filings indicates that net income reached $559.1M in 2026Q1, though the presence of non-operating items and potential vessel sale gains suggests that investors should scrutinize the sustainability of these earnings. The absence of stock-based compensation in recent quarters simplifies the assessment of core operational performance.
The high net margin of 78.3% in the most recent quarter appears anomalous and may be influenced by non-recurring items or accounting adjustments related to the recent fleet expansion. A deeper look into the reconciliation of net income to cash flow from operations is necessary to confirm the underlying quality of these reported earnings.
While current figures show strong performance, the historical volatility in EPS growth—ranging from -81.5% to 15.7%—suggests that Frontline remains a high-beta play on global crude demand. As noted in industry reports, the company's reliance on spot market charters exposes it to significant downside risk during economic contractions.
Short-sellers may focus on the potential for margin compression if global oil trade volumes decline or if the current vessel supply-demand imbalance corrects. The company's aggressive dividend policy, while attractive, may also be vulnerable to sudden shifts in the tanker cycle, which warrants a conservative approach to long-term valuation.
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.