Revenue growth has accelerated to 120.1% year-over-year as of 2026Q1, supported by a structural improvement in gross margins to 60.0% driven by the proprietary FLNG conversion strategy.
| 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 |
|---|
| Sales/Revenue | 468.57M | 393.52M | 260.37M | 298.43M | 267.74M | 260.27M | 438.64M | 448.75M | 430.6M | 143.54M | 80.26M | 102.67M | 106.16M | 99.83M | 410.35M | 299.85M | 244.04M | 216.5M | 228.78M | 224.67M | 239.7M | 171.04M | 163.41M | 132.76M | 130.61M | 114.22M | 113.01M |
| Revenue Growth % | 81.68% | 51.14% | -12.75% | 11.46% | 2.87% | -40.66% | -2.25% | 4.21% | 200% | 78.85% | -21.83% | -3.28% | 6.34% | -75.67% | 36.85% | 22.87% | 12.73% | -5.37% | 1.83% | -6.27% | 40.14% | 4.67% | 23.08% | 1.65% | 14.35% | 1.07% | - |
| Cost of Goods Sold | 223.08M | 209.15M | 175.11M | 143.63M | 126.96M | 120.4M | 229.48M | 273.16M | 296.38M | 193.76M | 173.7M | 199.12M | 126.72M | 94.88M | 182.05M | 139.2M | 150.3M | 163.65M | 157M | 123.91M | 110.89M | 92.8M | 78.82M | 32.34M | 28.06M | 24.54M | 20.97M |
| COGS % of Revenue | - | 53.15% | 67.25% | 48.13% | 47.42% | 46.26% | 52.32% | 60.87% | 68.83% | 134.99% | 216.43% | 193.94% | 119.37% | 95.04% | 44.36% | 46.42% | 61.59% | 75.59% | 68.62% | 55.15% | 46.26% | 54.26% | 48.24% | 24.36% | 21.48% | 21.48% | 18.56% |
| Gross Profit | 245.5M | 184.37M | 85.26M | 154.8M | 140.78M | 139.88M | 209.15M | 175.59M | 134.23M | -50.22M | -93.44M | -96.45M | -20.57M | 4.95M | 228.3M | 160.65M | 93.75M | 52.84M | 71.78M | 100.76M | 128.8M | 78.24M | 84.59M | 100.42M | 102.55M | 89.69M | 92.04M |
| Gross Margin % | 52.39% | 46.85% | 32.75% | 51.87% | 52.58% | 53.74% | 47.68% | 39.13% | 31.17% | -34.99% | -116.43% | -93.94% | -19.37% | 4.96% | 55.64% | 53.58% | 38.41% | 24.41% | 31.38% | 44.85% | 53.74% | 45.74% | 51.76% | 75.64% | 78.52% | 78.52% | 81.44% |
| Gross Profit Growth % | - | 116.24% | -44.92% | 9.96% | 0.65% | -33.12% | 19.12% | 30.81% | 367.27% | 46.25% | 3.12% | -368.96% | -515.64% | -97.83% | 42.11% | 71.36% | 77.42% | -26.38% | -28.76% | -21.77% | 64.62% | -7.5% | -15.77% | -2.08% | 14.34% | -2.55% | - |
| Operating Expenses | 51.28M | 48.83M | 39.85M | 72.59M | 46.12M | 37.83M | 44.2M | 57.16M | 73.23M | 50.33M | 45.96M | 33.53M | 19.27M | 22.95M | 25.01M | 33.68M | 22.83M | 19.96M | 17.82M | 18.64M | 13.66M | 12.22M | 8.47M | 38.28M | 37.43M | 39.85M | 44.2M |
| OpEx % of Revenue | - | 12.41% | 15.3% | 24.32% | 17.22% | 14.54% | 10.08% | 12.74% | 17.01% | 35.07% | 57.27% | 32.65% | 18.15% | 22.99% | 6.1% | 11.23% | 9.36% | 9.22% | 7.79% | 8.3% | 5.7% | 7.14% | 5.18% | 28.84% | 28.66% | 34.88% | 39.11% |
| Selling, General & Admin | 32.69M | 29.59M | 27.5M | 33.46M | 38.1M | 35.31M | 35.31M | 52.17M | 51.54M | 50.33M | 45.96M | 33.53M | 19.27M | 22.95M | 25.01M | 33.68M | 22.83M | 19.96M | 17.82M | 18.64M | 13.66M | 12.22M | 8.47M | 7.14M | 6.13M | 8.23M | 7.71M |
| SG&A % of Revenue | - | 7.52% | 10.56% | 11.21% | 14.23% | 13.57% | 8.05% | 11.63% | 11.97% | 35.07% | 57.27% | 32.65% | 18.15% | 22.99% | 6.1% | 11.23% | 9.36% | 9.22% | 7.79% | 8.3% | 5.7% | 7.14% | 5.18% | 5.38% | 4.69% | 7.21% | 6.83% |
| Research & Development | 18.58M | 19.23M | 12.34M | 39.13M | 8.02M | 2.52M | 8.89M | 4.99M | 21.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.89% | 4.74% | 13.11% | 2.99% | 0.97% | 2.03% | 1.11% | 5.04% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.15M | 31.3M | 31.61M | 36.49M |
| Operating Income | 194.22M | 135.55M | 45.42M | 82.21M | 94.67M | 102.04M | 164.95M | 118.42M | 61M | -100.56M | -139.4M | -129.97M | -39.83M | -18M | 203.28M | 126.97M | 70.92M | 32.88M | 53.97M | 82.12M | 115.15M | 66.02M | 76.12M | 62.14M | 65.12M | 47.95M | 47.83M |
| Operating Margin % | 41.45% | 34.44% | 17.44% | 27.55% | 35.36% | 39.21% | 37.61% | 26.39% | 14.17% | -70.06% | -173.69% | -126.59% | -37.52% | -18.04% | 49.54% | 42.34% | 29.06% | 15.19% | 23.59% | 36.55% | 48.04% | 38.6% | 46.58% | 46.8% | 49.86% | 41.98% | 42.33% |
| Operating Income Growth % | - | 198.45% | -44.76% | -13.16% | -7.23% | -38.14% | 39.29% | 94.15% | 160.66% | 27.86% | -7.25% | -226.29% | -121.25% | -108.86% | 60.1% | 79.04% | 115.66% | -39.07% | -34.28% | -28.68% | 74.4% | -13.26% | 22.5% | -4.59% | 35.83% | 0.24% | - |
| EBITDA | 247.14M | 184.8M | 98.94M | 132.5M | 146.38M | 157.41M | 272.88M | 231.46M | 154.69M | -24.04M | -66.43M | -56.24M | 9.98M | 18.87M | 290.71M | 197.25M | 135.99M | 96.36M | 115.97M | 142.28M | 171.97M | 117.01M | 116.62M | 94.86M | 97.39M | 81.72M | 85.68M |
| EBITDA Margin % | 52.74% | 46.96% | 38% | 44.4% | 54.67% | 60.48% | 62.21% | 51.58% | 35.92% | -16.74% | -82.77% | -54.78% | 9.4% | 18.9% | 70.84% | 65.79% | 55.72% | 44.51% | 50.69% | 63.33% | 71.74% | 68.41% | 71.37% | 71.45% | 74.57% | 71.55% | 75.82% |
| EBITDA Growth % | 172.7% | 86.78% | -25.33% | -9.48% | -7.01% | -42.32% | 17.89% | 49.63% | 743.59% | 63.82% | -18.11% | -663.65% | -47.11% | -93.51% | 47.38% | 45.05% | 41.12% | -16.91% | -18.49% | -17.26% | 46.96% | 0.34% | 22.94% | -2.6% | 19.18% | -4.62% | - |
| D&A (Non-Cash Add-back) | 52.92M | 49.26M | 53.53M | 50.29M | 51.71M | 55.36M | 107.92M | 113.03M | 93.69M | 76.52M | 72.97M | 73.73M | 49.81M | 36.87M | 87.42M | 70.29M | 65.08M | 63.48M | 62.01M | 60.16M | 56.82M | 50.99M | 40.5M | 32.72M | 32.27M | 33.78M | 37.85M |
| EBIT | 203.77M | 135.55M | 93.43M | 2.91M | 1.03B | -25.82M | 85.15M | 27.57M | 91.42M | -54.54M | -127.07M | -124.57M | -17.47M | 133.87M | 1.05B | 95.73M | 30.07M | 87.56M | 98.89M | 213.88M | 164.29M | 109.12M | 114.07M | 62.14M | 65.12M | 49.84M | 47.83M |
| Net Interest Income | -21.11M | 1.65M | 32.19M | 54.46M | -17.17M | -38.47M | -74M | -97.27M | -91.26M | -52.6M | -74.12M | -79.56M | -46.15M | -13.83M | -31M | -40.87M | -57.78M | -32.19M | -132.76M | -65.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 36.2M | 34.58M | 37.35M | 56.44M | 12.22M | 128K | 1.57M | 10.48M | 10.13M | 5.89M | 2.06M | 6.9M | 782K | 3.55M | 2.82M | 1.76M | 6.17M | 11.71M | 45.83M | 54.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 57.3M | 32.92M | 5.16M | 1.98M | 29.4M | 38.59M | 75.57M | 91.24M | 101.91M | 59.3M | 50.37M | 86.46M | 14.47M | 17.38M | 33.82M | 25.77M | 49.27M | 57.87M | 178.59M | 120.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 12.27M | -18.66M | 35.36M | -83.48M | 920.4M | -165.38M | -155.91M | -239.78M | -227.94M | -43.22M | -21.97M | -25.07M | -2.75M | 150.31M | 813.92M | -60.4M | -74.93M | -8.09M | -56.74M | 60.34M | -35.17M | -22.17M | -25.3M | -15.14M | -40.37M | -41.62M | -44.82M |
| Pretax Income | 206.49M | 116.88M | 80.78M | -1.27M | 1.02B | -63.33M | 9.04M | -121.35M | -166.95M | -143.77M | -161.37M | -155.04M | -42.58M | 132.31M | 1.02B | 66.57M | -4.01M | 24.79M | -2.77M | 142.45M | 79.98M | 43.85M | 50.81M | 47M | 24.76M | 6.33M | 3.01M |
| Pretax Margin % | 44.07% | 29.7% | 31.02% | -0.43% | 379.12% | -24.33% | 2.06% | -27.04% | -38.77% | -100.17% | -201.07% | -151% | -40.11% | 132.54% | 247.89% | 22.2% | -1.64% | 11.45% | -1.21% | 63.4% | 33.37% | 25.64% | 31.1% | 35.4% | 18.95% | 5.54% | 2.67% |
| Income Tax | 5.05M | 4.31M | -18K | 1.87M | -438K | 1.44M | 981K | 1.02M | 1.27M | 1.5M | -589K | -3.05M | -1.11M | -3.4M | 2.77M | -1.71M | 1.43M | 1.64M | 510K | -299K | 1.26M | 818K | 420K | 375K | -88K | 356K | 78K |
| Effective Tax Rate % | 2.45% | 3.68% | -0.02% | -146.9% | -0.04% | -2.27% | 10.85% | -0.84% | -0.76% | -1.05% | 0.37% | 1.97% | 2.62% | -2.57% | 0.27% | -2.56% | -35.55% | 6.63% | -18.39% | -0.21% | 1.57% | 1.87% | 0.83% | 0.8% | -0.36% | 5.62% | 2.59% |
| Net Income | 141.06M | 65.68M | 50.84M | -46.82M | 674.6M | -161.09M | -273.56M | -211.96M | -231.43M | -179.7M | -186.53M | -171.15M | -43.12M | 135.71M | 971.3M | 46.65M | 384K | 14.73M | -9.99M | 136.2M | 71.67M | 34.53M | 55.83M | 39.57M | 27.14M | 4.37M | -504K |
| Net Margin % | 30.1% | 16.69% | 19.53% | -15.69% | 251.96% | -61.89% | -62.37% | -47.23% | -53.74% | -125.2% | -232.42% | -166.69% | -40.62% | 135.95% | 236.7% | 15.56% | 0.16% | 6.8% | -4.37% | 60.62% | 29.9% | 20.19% | 34.17% | 29.8% | 20.78% | 3.82% | -0.45% |
| Net Income Growth % | 5181.06% | 29.18% | 208.58% | -106.94% | 518.77% | 41.11% | -29.06% | 8.41% | -28.78% | 3.66% | -8.99% | -296.9% | -131.77% | -86.03% | 1982.11% | 12048.44% | -97.39% | 247.43% | -107.33% | 90.04% | 107.57% | -38.16% | 41.1% | 45.82% | 521.55% | 966.27% | - |
| Net Income (Continuing) | 201.44M | 112.58M | 80.79M | -3.14M | 1.02B | -64.77M | 8.06M | -122.38M | -168.21M | -145.28M | -160.78M | -151.99M | -41.47M | 135.71M | 1.01B | 68.28M | -5.44M | 23.15M | -3.28M | 142.75M | 78.72M | 43.03M | 50.39M | 39.57M | 29.61M | 2.76M | -3.94M |
| Discontinued Operations | 0 | 0 | 0 | 266K | -197.83M | 14.87M | -175.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 238.15M | 224.58M | 355.25M | 534.77M | 399.95M | 447.27M | 338.12M | 252.56M | 80.67M | 80.99M | 45.04M | 20.81M | 1.66M | 0 | 180.72M | 78.06M | 188.73M | 162.67M | 41.69M | 36.98M | 32.44M | 27.59M | 26.28M | 18.71M | 13.35M | 25.82M | 26.01M |
| EPS (Diluted) | 1.14 | 0.65 | 0.48 | -0.44 | 6.22 | -1.47 | -2.82 | -2.11 | -2.30 | -1.79 | -1.99 | -1.83 | -0.50 | 1.59 | 11.66 | 0.62 | 0.01 | 0.19 | -0.13 | 1.81 | 0.92 | 0.44 | 0.74 | 0.68 | 0.48 | 0.08 | -0.01 |
| EPS Growth % | 5464.52% | 35.42% | 209.31% | -107.07% | 523.03% | 47.91% | -33.96% | 8.39% | -28.41% | 10.05% | -8.74% | -266% | -131.45% | -86.36% | 1775.5% | 6117% | -94.81% | 246.61% | -107.25% | 97.15% | 109.99% | -40.48% | 8.09% | 41.67% | 500% | 900% | - |
| EPS (Basic) | - | 0.65 | 0.49 | -0.44 | 6.25 | -1.47 | -2.82 | -2.11 | -2.30 | -1.79 | -1.99 | -1.83 | -0.50 | 1.69 | 12.09 | 0.62 | 0.01 | 0.19 | -0.13 | 1.83 | 0.95 | 0.46 | 0.74 | 0.68 | 0.48 | 0.08 | -0.01 |
| Diluted Shares Outstanding | 124M | 101.31M | 105.27M | 106.62M | 108.54M | 109.64M | 96.98M | 100.66M | 100.68M | 100.6M | 93.93M | 93.36M | 87.01M | 85.46M | 84.24M | 75.03M | 67.39M | 76.95M | 76.82M | 75.1M | 75.13M | 75.12M | 75.2M | 58.19M | 56.54M | 54.58M | 50.4M |
| Basic Shares Outstanding | 124M | 101.31M | 104.2M | 106.62M | 107.86M | 109.64M | 96.98M | 100.66M | 100.68M | 100.6M | 93.93M | 93.36M | 87.01M | 80.53M | 80.32M | 74.71M | 67.17M | 76.83M | 76.82M | 74.61M | 74.93M | 74.94M | 74.99M | 58.19M | 56.54M | 54.58M | 50.4M |
| Dividend Payout Ratio | - | 465.69% | 204.78% | - | 8.18% | - | - | - | - | - | - | - | - | 80.3% | 18.11% | 139.38% | 11916.93% | - | - | 108.49% | 3.07% | 20.85% | - | 4.28% | 36.86% | - | - |
Geopolitical and project execution
According to the most recent quarterly data, Golar LNG achieved a significant revenue expansion of 120.1% year-over-year, signaling a successful pivot from cyclical shipping operations toward long-term, project-based FLNG tolling agreements that appear to be driving a more durable and scalable top-line growth profile.
The sharp acceleration in revenue suggests that the company is successfully transitioning its asset base into higher-value infrastructure projects. Investors should monitor whether this growth trajectory remains sustainable as the company moves beyond initial project commissioning and into steady-state operational phases.
As reported in financial statements, Golar LNG's gross margin reached 60.0% in 2026Q1, reflecting a substantial improvement from the 27.7% levels observed in 2024Q2, which suggests that the company's proprietary FLNG conversion strategy is effectively capturing higher premiums compared to traditional LNG shipping services.
The expansion in gross margins appears to validate the company's focus on specialized offshore liquefaction over commodity shipping. This trend warrants further investigation to determine if these margins are sustainable or if they are temporarily inflated by favorable commodity price-linked escalators embedded in current contracts.
Based on Golar LNG's reported figures, operating income has scaled significantly to $67.2 million in 2026Q1, demonstrating that the company is successfully managing its fixed-cost structure as revenue grows, thereby allowing for improved operating efficiency compared to the more volatile periods seen in 2024.
The ability to grow operating income faster than gross profit suggests that the company is achieving meaningful economies of scale in its FLNG operations. This operating leverage appears to be a key driver of the company's improved profitability profile, though it remains sensitive to the successful execution of future vessel conversions.
As indicated by the provided financial data, Golar LNG's net income has experienced significant quarterly volatility, with net margins fluctuating between -53.7% and 85.0%, which suggests that reported earnings are heavily influenced by non-operating items, derivative hedging, and equity earnings from unconsolidated joint ventures.
The wide variance in net income highlights the difficulty in assessing the underlying earnings power of the company without adjusting for non-cash items and JV accounting. Investors should exercise caution when interpreting headline EPS, as the company's complex corporate structure often obscures the true cash-generating capability of its core assets.
While the company's growth appears robust, a critical analysis of the income statement suggests that the reliance on a limited number of large-scale FLNG projects in West Africa creates significant concentration risk, which could lead to material earnings erosion if technical or geopolitical hurdles arise.
Short-term volatility in project timelines, such as potential startup delays for the Gimi vessel, could lead to unexpected mobilization costs and contractual penalties that are not fully captured in current projections. The market may be underestimating the potential for these project-specific risks to disrupt the company's transition into a stable midstream utility.
Quick answers to the most common questions about buying GLNG stock.
For fiscal year 2025, Golar LNG Limited (GLNG) reported total revenue of $393.5M. This represents a 248.2% increase compared to $113.0M in 2000.
Golar LNG Limited (GLNG) is profitable, generating $65.7M in net income for the fiscal year ending 2025 with a net profit margin of 16.7%.
Golar LNG Limited (GLNG) reported an operating income of $135.5M, resulting in an operating profit margin of 34.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Golar LNG Limited (GLNG) generated $184.4M in gross profit for the year, representing a gross profit margin of 46.9%. This demonstrates the company's core pricing power and production efficiency.