Frontline Ltd. (FRO) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
Loading revenue history...
FRO Revenue Growth
Revenue Breakdown (FY 2024)
FRO's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
FRO Revenue Analysis (2013–2024)
As of May 8, 2026, Frontline Ltd. (FRO) generated trailing twelve-month (TTM) revenue of $1.77 billion, reflecting significant decline in growth of -11.8% year-over-year. The most recent quarter (Q3 2025) recorded $432.7 million in revenue, down 9.9% sequentially.
Looking at the longer-term picture, FRO's 5-year compound annual growth rate (CAGR) stands at +16.5%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $2.05 billion in 2024, representing a new all-time high.
Revenue diversification analysis shows FRO's business is primarily driven by Voyage Charter (95%), Time Charter (4%), and Administrative Income (1%). With over half of revenue concentrated in Voyage Charter, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including DHT (+4.2% YoY), INSW (-21.5% YoY), and TEN (-5.3% YoY), FRO has underperformed the peer group in terms of revenue growth. Compare FRO vs DHT →
FRO Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FROCurrent | $1.8B | -11.8% | +16.5% | 38.1% | |
 DHT | $497M | +4.2% | -6.4% | 34.2% | |
 INSW | $843M | -21.5% | +14.9% | 36.3% | |
 TEN | $804M | -5.3% | +6.1% | 34.6% | |
 STNG | $938M | -2.8% | +0.5% | 33.0% | |
 NAT | $350M | -16.0% | +2.0% | 22.1% |
FRO Historical Revenue Data (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $2.05B | +13.8% | $705.7M | 34.4% | $781.7M | 38.1% |
| 2023 | $1.80B | +26.0% | $776.1M | 43.1% | $746.7M | 41.4% |
| 2022 | $1.43B | +90.9% | $484.3M | 33.9% | $445.6M | 31.2% |
| 2021 | $749.4M | -38.6% | $27.2M | 3.6% | $8.5M | 1.1% |
| 2020 | $1.22B | +27.6% | $536.7M | 43.9% | $507.8M | 41.6% |
| 2019 | $957.3M | +29.0% | $278.5M | 29.1% | $239.5M | 25.0% |
| 2018 | $742.3M | +14.8% | $90.1M | 12.1% | $82.7M | 11.1% |
| 2017 | $646.3M | -14.3% | $89.8M | 13.9% | $-196,271,000 | -30.4% |
| 2016 | $754.3M | +64.4% | $264.3M | 35.0% | $177.5M | 23.5% |
| 2015 | $458.9M | +89.8% | $188.9M | 41.2% | $287.2M | 62.6% |
See FRO's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs FRO Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare FRO vs SOC
Side-by-side business, growth, and profitability comparison vs Sable Offshore Corp..
Start ComparisonFRO — Frequently Asked Questions
Quick answers to the most common questions about buying FRO stock.
Is FRO's revenue growth accelerating or slowing?
FRO revenue declined -11.8% year-over-year, contrasting with the 5-year CAGR of +16.5%. TTM revenue fell to $1.8B. This reverses the prior growth trend.
What is FRO's long-term revenue growth rate?
Frontline Ltd.'s 5-year revenue CAGR of +16.5% reflects the variable expansion pattern. Current YoY growth of -11.8% is below this long-term average.
How is FRO's revenue distributed by segment?
FRO reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.