FLEX LNG Ltd.

FLEX LNG Ltd. Earnings Recaps

FLNG Energy 3 recaps
Q1 2026 May 14, 2026

Shares fell 3.3% as investors reacted negatively to the cautious outlook highlighted by geopolitical risks and looming supply uncertainties, despite an increased full-year guidance in revenues and TCE rates. The market appears to discount ongoing medium-term headwinds and uncertainties around fleet newbuild deliveries.

Key takeaways
  • Updated full-year 2026 guidance increased revenues by ~10% to $345–370 million and TCE rates by 8% to $73,000–$78,000 per day, reflecting near-term market strength.
  • Adjusted EBITDA guidance raised by 11% to $255–280 million, supported by expanded contract backlog and stronger spot market fundamentals early in the year.
  • Fleet utilization was partially impacted by scheduled drydockings of three vessels, with associated higher voyage expenses increasing bunker and repositioning costs by $2 million versus Q4.
  • Management flagged heightened geopolitical risks (Iran conflict, Qatar LNG shutdown) and heavy newbuilding deliveries as reasons for medium-term uncertainty, maintaining a cautious "orange" market outlook.
  • Dividend held steady at $0.75 per share quarterly, with yield near 9.2%, reflecting commitment to shareholder returns amid prevailing risks but no upside surprise to alleviate concerns.
Full recap
Q3 2025 Nov 13, 2025

Flex LNG reported strong third-quarter results, achieving net income of $16.8 million and maintaining a robust cash balance of $479 million, despite challenges in the spot market.

Key takeaways
  • Revenues of $85.7 million and a time charter equivalent of $70,900 per day, demonstrating resilience despite a softer LNG market.
  • Adjusted net income increased to $23.5 million ($0.43 EPS), reflecting effective cost management and refinancing benefits.
  • Maintained a substantial cash position with no debt maturities until 2029 and declared a consistent dividend of $0.75 per share, yielding 11%.
  • Strong contract backlog of 53 years, with the potential for growth to 80 years if options are exercised, ensuring revenue stability.
  • Successfully completed critical dry dockings for multiple vessels, enhancing operational reliability and readiness for future opportunities.
Full recap
Q2 2025 Aug 20, 2025

Flex LNG reported solid Q2 results with revenues of $86 million, driven by a resilient balance sheet and a strong contract backlog, despite some pressure from seasonal spot market conditions.

Key takeaways
  • Adjusted net income reached $24.8 million, translating to adjusted EPS of $0.46, reflecting strong operational performance despite market headwinds.
  • The company launched a $15 million share buyback program and reaffirmed its full-year 2025 revenue guidance of $350 million to $370 million.
  • Successful refinancing of Flex Courageous generated $43 million in net proceeds, bolstering the cash position to $413 million, with additional financings expected to add another $90 million.
  • Flex LNG declared a quarterly dividend of $0.75 per share, supported by a robust balance sheet and a strong backlog providing earnings visibility.
  • The company remains cautiously optimistic about the LNG market, maintaining a significant charter backlog with potential earnings visibility extending up to 85 years.
Full recap