Dorian LPG demonstrates significant operating leverage, as evidenced by the rapid scaling of operating income from $14.7 million in 2025Q4 to $83.2 million in 2026Q4.
Dorian LPG Ltd. (LPG) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Sales/Revenue | 581.75M | 481.51M | 353.34M | 560.72M | 389.75M | 274.22M | 315.94M | 333.43M | 158.03M | 159.33M | 167.45M | 289.21M | 104.13M | 29.63M | 38.66M |
| Revenue Growth % | 80% | 36.27% | -36.98% | 43.87% | 42.13% | -13.2% | -5.25% | 110.99% | -0.82% | -4.84% | -42.1% | 177.74% | 251.39% | -23.35% | - |
| Cost of Goods Sold | 213.24M | 221.01M | 200.65M | 195.48M | 161.7M | 161.23M | 168.23M | 150.85M | 134.02M | 131.86M | 134.13M | 101.78M | 57.43M | 21.69M | 21.3M |
| COGS % of Revenue | - | 45.9% | 56.79% | 34.86% | 41.49% | 58.79% | 53.25% | 45.24% | 84.8% | 82.75% | 80.1% | 35.19% | 55.15% | 73.18% | 55.08% |
| Gross Profit | 368.51M | 260.5M | 152.69M | 365.24M | 228.05M | 112.99M | 147.71M | 182.58M | 24.02M | 27.48M | 33.32M | 187.43M | 46.7M | 7.95M | 17.37M |
| Gross Margin % | 63.35% | 54.1% | 43.21% | 65.14% | 58.51% | 41.21% | 46.75% | 54.76% | 15.2% | 17.25% | 19.9% | 64.81% | 44.85% | 26.82% | 44.92% |
| Gross Profit Growth % | - | 70.61% | -58.2% | 60.16% | 101.82% | -23.5% | -19.1% | 660.28% | -12.6% | -17.52% | -82.23% | 301.37% | 487.58% | -54.24% | - |
| Operating Expenses | 32.67M | 53.02M | 40.04M | 36.41M | 29.68M | 20.6M | 31.61M | 21.52M | 31.98M | 23.64M | 19.32M | 27.89M | 15.18M | 3.56M | 14.19M |
| OpEx % of Revenue | - | 11.01% | 11.33% | 6.49% | 7.62% | 7.51% | 10.01% | 6.45% | 20.23% | 14.83% | 11.54% | 9.64% | 14.57% | 12% | 36.71% |
| Selling, General & Admin | 49.61M | 53.02M | 42.63M | 39M | 32.09M | 30.23M | 33.89M | 23.36M | 34.46M | 26.19M | 21.73M | 29.84M | 15.27M | 3.56M | 1.98M |
| SG&A % of Revenue | - | 11.01% | 12.06% | 6.96% | 8.23% | 11.02% | 10.73% | 7% | 21.8% | 16.43% | 12.98% | 10.32% | 14.66% | 12% | 5.12% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -2.58M | -2.59M | -2.4M | -9.63M | -2.28M | -1.84M | -2.48M | -2.55M | -2.41M | -1.95M | -93.93K | 0 | 0 |
| Operating Income | 335.84M | 207.48M | 112.64M | 328.83M | 198.36M | 92.4M | 116.1M | 161.07M | -7.96M | 3.84M | 13.99M | 158.42M | 30.09M | 4.39M | 3.36M |
| Operating Margin % | 57.73% | 43.09% | 31.88% | 58.64% | 50.89% | 33.7% | 36.75% | 48.31% | -5.04% | 2.41% | 8.36% | 54.78% | 28.9% | 14.82% | 8.69% |
| Operating Income Growth % | - | 84.19% | -65.74% | 65.77% | 114.68% | -20.41% | -27.92% | 2122.96% | -307.27% | -72.55% | -91.17% | 426.48% | 585.19% | 30.7% | - |
| EBITDA | 405.25M | 279.22M | 182.24M | 397.5M | 261.76M | 158.83M | 193.78M | 229.22M | 57.24M | 69.17M | 79.05M | 201.01M | 44.18M | 11.01M | 15.03M |
| EBITDA Margin % | 69.66% | 57.99% | 51.58% | 70.89% | 67.16% | 57.92% | 61.33% | 68.75% | 36.22% | 43.41% | 47.21% | 69.5% | 42.43% | 37.16% | 38.88% |
| EBITDA Growth % | 182.26% | 53.21% | -54.15% | 51.86% | 64.8% | -18.04% | -15.46% | 300.45% | -17.25% | -12.5% | -60.67% | 354.94% | 301.24% | -26.74% | - |
| D&A (Non-Cash Add-back) | 69.41M | 71.74M | 69.6M | 68.67M | 63.4M | 66.43M | 77.68M | 68.15M | 65.2M | 65.33M | 65.06M | 42.59M | 14.09M | 6.62M | 11.67M |
| EBIT | 355.14M | 222.92M | 123.38M | 345.46M | 202.48M | 91.76M | 114.23M | 144.2M | -14.31M | 7.02M | 23.25M | 139.23M | 24.42M | 3.53M | -2.28M |
| Net Interest Income | -10.25M | -18.11M | -20.59M | -30.99M | -33.99M | -26.72M | -27.17M | -34.65M | -38.89M | -35.22M | -28.83M | -12.61M | 129.51K | -1.15M | 0 |
| Interest Income | 11.28M | 11.14M | 15.22M | 9.49M | 3.81M | 347.08K | 421.46K | 1.46M | 1.76M | 440.06K | 137.56K | 148.36K | 418.6K | 428.2K | 8.02M |
| Interest Expense | 21.53M | 29.25M | 35.81M | 40.48M | 37.8M | 27.07M | 27.6M | 36.11M | 40.65M | 35.66M | 28.97M | 12.76M | 289.09K | 1.58M | 0 |
| Other Income/Expense | -13.97M | -13.81M | -22.47M | -21.38M | -25.92M | -20.46M | -23.54M | -49.23M | -42.98M | -24.24M | -15.44M | -28.73M | -4.83M | -1.56M | -8.21M |
| Pretax Income | 321.87M | 193.67M | 90.17M | 307.45M | 172.44M | 71.94M | 92.56M | 111.84M | -50.95M | -20.4M | -1.44M | 129.69M | 25.26M | 2.83M | -4.85M |
| Pretax Margin % | 55.33% | 40.22% | 25.52% | 54.83% | 44.24% | 26.23% | 29.3% | 33.54% | -32.24% | -12.8% | -0.86% | 44.84% | 24.26% | 9.56% | -12.55% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 321.87M | 193.67M | 90.17M | 307.45M | 172.44M | 71.94M | 92.56M | 111.84M | -50.95M | -20.4M | -1.44M | 129.69M | 25.26M | 2.83M | -4.85M |
| Net Margin % | 55.33% | 40.22% | 25.52% | 54.83% | 44.24% | 26.23% | 29.3% | 33.54% | -32.24% | -12.8% | -0.86% | 44.84% | 24.26% | 9.56% | -12.55% |
| Net Income Growth % | 557.35% | 114.78% | -70.67% | 78.29% | 139.72% | -22.29% | -17.24% | 319.53% | -149.73% | -1314.93% | -101.11% | 413.4% | 791.4% | 158.42% | - |
| Net Income (Continuing) | 321.87M | 193.67M | 90.17M | 307.45M | 172.44M | 71.94M | 92.56M | 111.84M | -50.95M | -20.4M | -1.44M | 129.69M | 25.26M | 2.83M | -4.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.53 | 4.55 | 2.14 | 7.60 | 4.29 | 1.78 | 1.86 | 2.07 | -0.93 | -0.38 | -0.03 | 2.29 | 0.45 | 0.05 | -0.09 |
| EPS Growth % | 556.52% | 112.62% | -71.84% | 77.16% | 141.01% | -4.3% | -10.14% | 322.58% | -144.74% | -1166.67% | -101.31% | 408.89% | 803.61% | 158.59% | - |
| EPS (Basic) | - | 4.55 | 2.14 | 7.63 | 4.31 | 1.79 | 1.86 | 2.08 | -0.93 | -0.38 | -0.03 | 2.29 | 0.45 | 0.05 | -0.09 |
| Diluted Shares Outstanding | 42.73M | 42.6M | 42.14M | 40.45M | 40.21M | 40.37M | 49.83M | 54.12M | 54.51M | 54.04M | 48.06M | 56.63M | 56.18M | 56.88M | 56.88M |
| Basic Shares Outstanding | 42.55M | 42.6M | 42.14M | 40.28M | 40.03M | 40.2M | 49.73M | 53.88M | 54.51M | 53.69M | 48.06M | 56.63M | 56.18M | 56.88M | 56.88M |
| Dividend Payout Ratio | - | 54.22% | 173.45% | 52.78% | 127.92% | 111.33% | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LPG stock.
For fiscal year 2026, Dorian LPG Ltd. (LPG) reported total revenue of $481.5M. This represents a 1145.4% increase compared to $38.7M in 2013.
Dorian LPG Ltd. (LPG) is profitable, generating $193.7M in net income for the fiscal year ending 2026 with a net profit margin of 40.2%.
Dorian LPG Ltd. (LPG) reported an operating income of $207.5M, resulting in an operating profit margin of 43.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Dorian LPG Ltd. (LPG) generated $260.5M in gross profit for the year, representing a gross profit margin of 54.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical Freight Rate Volatility
Metrics are mathematically derived from official filings.
Revenue Volatility Reflects Market Cyclicality
According to the provided quarterly income statements, Dorian LPG experienced significant revenue fluctuations, ranging from a low of $75.9 million in 2025Q4 to a peak of $163.1 million in 2024Q3, illustrating the inherent sensitivity of the company's top-line performance to volatile global LPG shipping market conditions.
The sharp 102% year-over-year revenue growth observed in 2026Q4 suggests a strong recovery in spot market activity or favorable shifts in trade route lengths. However, the preceding periods of contraction indicate that the company's revenue trajectory remains highly dependent on external arbitrage spreads rather than consistent, organic volume expansion.
Structural Margin Resilience Amidst Fluctuations
As reported in the financial data, Dorian LPG maintained a robust gross margin profile, peaking at 72.0% in 2024Q3, which underscores the company's ability to leverage its modern ECO-design fleet to command premium rates even when broader industry conditions face periodic downward pressure on freight pricing.
The wide variance in gross margins, which dipped to 29.4% in 2025Q4, highlights the high operating leverage inherent in the business model. Investors should monitor whether the recent expansion back to 63.0% in 2026Q4 is sustainable or merely a temporary benefit from temporary supply-side constraints like Panama Canal transit restrictions.
Operating Leverage Amplifies Earnings Swings
Based on the income statement figures, Dorian LPG demonstrates significant operating leverage, as evidenced by the rapid scaling of operating income from $14.7 million in 2025Q4 to $83.2 million in 2026Q4, a trend that suggests fixed costs are well-contained relative to the company's high-growth revenue periods.
The ability to keep SG&A expenses relatively stable while revenue nearly doubled in the most recent quarter indicates disciplined overhead management. This operational efficiency suggests that the company is well-positioned to maximize profitability during market upswings, though it leaves the bottom line vulnerable to sharp contractions during industry downturns.
Earnings Quality Impacted by Compensation
Analysis of the reported figures reveals that stock-based compensation remains a recurring line item, reaching $5.0 million in 2026Q2, which warrants investor scrutiny regarding the dilution of shareholder value during periods of high earnings volatility and the potential impact on the quality of reported net income.
While net income has shown strong recovery, the lumpy nature of stock-based compensation suggests that reported EPS may not always reflect pure operational cash generation. Investors should evaluate whether these compensation levels align with long-term performance metrics or if they represent an additional, non-cash burden on the company's profitability.