Scorpio Tankers Inc. (STNG) Income Statement

The 2026Q2 top line reflects a spike in charter earnings that the 2026Q3 figure partially unwinds, suggesting revenue is tracking spot tanker rates rather than contracted volume. Year-over-year growth in 2026Q3 of 10.4% looks respectable, but it compares against a depressed 2025Q3 base and does not yet confirm a sustained upcycle. Investors should monitor whether the 2026Q3 level holds into subsequent quarters before extrapolating growth.

The wide margin range across ten quarters points to a business where cost of operations is relatively fixed while revenue absorbs market rate volatility, so incremental revenue drops almost fully to gross profit when rates are high. This is structurally favorable in upcycles but implies that margins can compress quickly when charter rates weaken. Relative to the peer set, STNG's current gross margin screens well above TORM, Hafnia, and Ardmore, though the peers' lower margins may reflect different fleet mixes and charter structures.

SG&A has stayed in a narrow band while revenue has ranged from roughly $205M to $409M, which means overhead absorption is strongly favorable at peak revenue and unfavorable at trough. This operating leverage amplifies both upside and downside and makes the operating margin a poor standalone indicator of underlying efficiency. The reported figures do not isolate vessel operating costs from overhead, so the true cost base behind this leverage cannot be fully assessed from the supplied data.