FLEX LNG Ltd. Q3 2026 Earnings Recap

Flex LNG’s shares rose 2.1%, a broadly neutral reaction. The quarter included record revenue, but management expects full-year results in the mid-to-lower end of its existing guidance and flagged a soft spot market and increased vessel exposure to spot.

Key Takeaways

• Q3 revenue was $97.4 million ($95.2 million excluding EUAs); net income was $42.8 million, or $0.79 per share. Adjusted net income was $35.0 million, or $0.65 per share.
• Fleet-average TCE was close to $79,000 per day. Revenue decreased from Q2, mainly because Flex Volunteer had earned a higher spot rate for much of the prior quarter.
• Full-year guidance was maintained: revenue of $345 million–$370 million, TCE of $73,000–$78,000 per day, and adjusted EBITDA of $255 million–$280 million. Management expects results toward the mid-to-lower end of those ranges.
• Full-year OPEX guidance increased from $16,000 to $16,200 per day, with management citing, among other factors, higher travel and crew-change costs related to the Middle East conflict.
• The board declared another $0.75-per-share dividend. Flex LNG ended Q3 with $371 million in cash and 48 years of minimum firm backlog, though it flagged a soft spot market, next year’s newbuild deliveries, and greater spot exposure.