Revenue has re-accelerated to $776.8M in Q2 2026, a 40.2% year-over-year increase, with gross margins expanding significantly to 30.0% from a trough of 16.9% in Q1 2025, indicating strong operating leverage.
Hafnia Limited (HAFN) annual income statement — 10-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 |
|---|
| Sales/Revenue | 2.63B | 2.35B | 2.87B | 2.67B | 1.93B | 811.22M | 874.1M | 827.86M | 368.39M | 346.48M | 302.31M |
| Revenue Growth % | 11.61% | -18.12% | 7.37% | 38.68% | 137.49% | -7.19% | 5.59% | 124.72% | 6.32% | 14.61% | - |
| Cost of Goods Sold | 2B | 1.93B | 2.02B | 1.82B | 1.09B | 623.64M | 634.98M | 646.54M | 326.13M | 318.24M | 274.72M |
| COGS % of Revenue | - | 81.98% | 70.38% | 68.11% | 56.38% | 76.88% | 72.64% | 78.1% | 88.53% | 91.85% | 90.87% |
| Gross Profit | 626.18M | 423.2M | 849.63M | 852.14M | 840.42M | 187.57M | 239.12M | 181.31M | 42.26M | 28.24M | 27.59M |
| Gross Margin % | 23.83% | 18.02% | 29.62% | 31.89% | 43.62% | 23.12% | 27.36% | 21.9% | 11.47% | 8.15% | 9.13% |
| Gross Profit Growth % | - | -50.19% | -0.29% | 1.39% | 348.05% | -21.56% | 31.89% | 329.06% | 49.64% | 2.35% | - |
| Operating Expenses | 69.59M | 87.37M | 43.9M | -5.81M | 17.21M | 192.43M | 45.55M | 35.71M | 30.07M | -1.65M | 193.98M |
| OpEx % of Revenue | - | 3.72% | 1.53% | -0.22% | 0.89% | 23.72% | 5.21% | 4.31% | 8.16% | -0.48% | 64.17% |
| Selling, General & Admin | 75.4M | 87.37M | 50.6M | 42.82M | 37.77M | 16.01M | 24.61M | 6.26M | 3.54M | 3.71M | 3.7M |
| SG&A % of Revenue | - | 3.72% | 1.76% | 1.6% | 1.96% | 1.97% | 2.82% | 0.76% | 0.96% | 1.07% | 1.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -6.7M | -48.62M | -20.56M | 176.42M | 20.95M | 29.45M | 26.52M | -5.36M | 190.28M |
| Operating Income | 556.59M | 335.83M | 805.73M | 857.95M | 823.21M | -4.86M | 193.57M | 145.6M | 12.19M | 29.89M | -166.39M |
| Operating Margin % | 21.18% | 14.3% | 28.09% | 32.11% | 42.73% | -0.6% | 22.14% | 17.59% | 3.31% | 8.63% | -55.04% |
| Operating Income Growth % | - | -58.32% | -6.09% | 4.22% | 17049% | -102.51% | 32.94% | 1094.25% | -59.21% | 117.96% | - |
| EBITDA | 751.04M | 543.9M | 1.02B | 1.07B | 1.03B | 146.82M | 350.01M | 277.11M | 69.06M | 84.07M | -106.81M |
| EBITDA Margin % | 28.58% | 23.16% | 35.59% | 40.01% | 53.59% | 18.1% | 40.04% | 33.47% | 18.75% | 24.26% | -35.33% |
| EBITDA Growth % | 11.09% | -46.72% | -4.5% | 3.54% | 603.19% | -58.05% | 26.31% | 301.27% | -17.86% | 178.71% | - |
| D&A (Non-Cash Add-back) | 194.45M | 208.07M | 215.11M | 211.03M | 209.22M | 151.68M | 156.44M | 131.5M | 56.87M | 54.18M | 59.58M |
| EBIT | 599.91M | 335.83M | 830.83M | 876.91M | 849.36M | -12.1M | 198.38M | 139.76M | 11.75M | 29.25M | -167.63M |
| Net Interest Income | -37.79M | -45.91M | -45.13M | -59.76M | -92.69M | -43.31M | -51.86M | -73.71M | -30.03M | -27.19M | -20.22M |
| Interest Income | 13.08M | 13.89M | 15.41M | 17.63M | 1.54M | 2.29M | 2.21M | 3.82M | 241.57K | 105.11K | 587.89K |
| Interest Expense | 50.87M | 59.8M | 60.55M | 77.39M | 94.23M | 45.61M | 54.07M | 77.53M | 30.27M | 27.3M | 20.8M |
| Other Income/Expense | 89.42M | 16.4M | -27.27M | -58.42M | -64.95M | -46.25M | -42.14M | -72.85M | -31.95M | -26.9M | -20.22M |
| Pretax Income | 646.01M | 352.23M | 778.45M | 799.53M | 758.27M | -51.1M | 151.43M | 72.75M | -19.76M | 2.98M | -186.6M |
| Pretax Margin % | 24.58% | 15% | 27.14% | 29.93% | 39.36% | -6.3% | 17.32% | 8.79% | -5.36% | 0.86% | -61.73% |
| Income Tax | 548.38K | 2.57M | 4.42M | 6.25M | 6.68M | 4.39M | 2.65M | 1.01M | 24K | 20K | 6K |
| Effective Tax Rate % | 0.08% | 0.73% | 0.57% | 0.78% | 0.88% | -8.59% | 1.75% | 1.4% | -0.12% | 0.67% | -0% |
| Net Income | 645.46M | 349.66M | 774.03M | 793.27M | 751.59M | -55.49M | 148.78M | 71.73M | -19.78M | 2.96M | -186.61M |
| Net Margin % | 24.56% | 14.89% | 26.98% | 29.69% | 39.01% | -6.84% | 17.02% | 8.67% | -5.37% | 0.86% | -61.73% |
| Net Income Growth % | 48.8% | -54.83% | -2.43% | 5.55% | 1454.39% | -137.3% | 107.4% | 462.64% | -767.6% | 101.59% | - |
| Net Income (Continuing) | 645.46M | 349.66M | 774.03M | 793.27M | 751.59M | -55.49M | 148.78M | 71.73M | -19.78M | 2.96M | -186.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 208.91M |
| EPS (Diluted) | 1.28 | 0.69 | 1.50 | 1.56 | 1.51 | -0.15 | 0.45 | 0.21 | -0.15 | 0.03 | 0.07 |
| EPS Growth % | 50.59% | -54% | -3.85% | 3.31% | 1106.67% | -133.33% | 114.29% | 240% | -649.45% | -60.66% | - |
| EPS (Basic) | - | 0.70 | 1.52 | 1.57 | 1.54 | -0.15 | 0.45 | 0.21 | -0.15 | 0.03 | 0.07 |
| Diluted Shares Outstanding | 506.03M | 504.11M | 515.11M | 508.69M | 489.08M | 363.13M | 364.36M | 349.8M | 122.49M | 109.63M | 109.63M |
| Basic Shares Outstanding | 499.18M | 498.18M | 510.1M | 505.14M | 477.89M | 363.13M | 364.36M | 347.05M | 122.49M | 109.63M | 109.63M |
| Dividend Payout Ratio | - | 58.48% | 90.42% | 68.59% | 32.43% | - | 66.08% | - | - | - | - |
Quick answers to the most common questions about buying HAFN stock.
For fiscal year 2025, Hafnia Limited (HAFN) reported total revenue of $2.35B. This represents a 677.0% increase compared to $302.3M in 2016.
Hafnia Limited (HAFN) is profitable, generating $349.7M in net income for the fiscal year ending 2025 with a net profit margin of 14.9%.
Hafnia Limited (HAFN) reported an operating income of $335.8M, resulting in an operating profit margin of 14.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Hafnia Limited (HAFN) generated $423.2M in gross profit for the year, representing a gross profit margin of 18.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical rate volatility
Revenue Rebound Driven by Rate Recovery
Hafnia's revenue growth has sharply re-accelerated, with Q2 2026 revenue of $776.8M representing a 40.2% year-over-year increase, a significant reversal from the double-digit declines seen throughout 2025.
The company's top line has moved from a period of contraction, with revenue falling as much as 54.3% year-over-year in Q4 2024, to a phase of robust expansion. This inflection suggests a favorable turn in the product tanker market cycle, likely driven by improved charter rates. The durability of this recovery will depend on the sustainability of the current rate environment and fleet utilization.
Margin Expansion Reflects Rate Leverage
Gross margins have expanded significantly, reaching 30.0% in Q2 2026, up from a trough of 16.9% in Q1 2025, indicating strong operating leverage as revenue scales against a largely fixed cost base.
The margin trajectory highlights the high operating leverage inherent in the shipping business model. As revenue per day increases, incremental dollars flow through to gross profit at a high rate, as evidenced by the gross margin expanding by over 1,300 basis points from its recent low. This level of profitability is now approaching the upper end of the peer group, though still below the 46.2% gross margin reported by Scorpio Tankers.
Operating Leverage Amplifies Profitability
Operating income scaled to $211.3M in Q2 2026, a 27.2% operating margin, demonstrating that profitability is growing faster than revenue due to the fixed-cost nature of the fleet operations.
The company's operating leverage is clearly visible in the data, with operating income growing from $75.5M in Q1 2025 to $211.3M in Q2 2026, a 180% increase, while revenue grew 41.8% over the same period. This indicates that management's cost discipline, particularly in SG&A which has remained relatively contained, is allowing a greater portion of revenue gains to reach the bottom line. The current operating margin of 27.2% is competitive within the peer set.
Q2 2026 Marks a Cyclical Turn
The second quarter of 2026 represents a clear operational inflection point, with net income of $264.5M and EPS of $0.52, figures that are multiples higher than the trough levels seen just two quarters prior.
This period marks the most significant positive shift in the company's recent income statement history. The combination of accelerating revenue growth and expanding margins has resulted in a dramatic earnings recovery. The lasting impact of this inflection will be determined by the company's ability to maintain these elevated rates and its strategic decisions regarding fleet deployment and capital allocation during this upcycle.
Cyclicality and Margin Compression Risk
The strongest challenge to the current narrative is the inherent cyclicality of the tanker market, as evidenced by the severe revenue and margin declines experienced from mid-2024 through early 2025, which could recur.
Investors should note that the current strong profitability follows a period where net margins compressed to as low as 11.5% and revenue declined by over 50% year-over-year. The peer group data also shows negative one-year revenue growth for all comparables, suggesting the broader market is in a downturn from prior peaks. This history implies that the current high margins may not be sustainable and are highly sensitive to changes in global trade flows and fleet supply.