Flex LNG - Fourth Quarter 2025 Earnings Release
Rhea-AI Summary
Flex LNG (NYSE:FLNG) reported unaudited results for Q4 and FY2025. Q4 vessel operating revenues were $87.5M and net income was $21.6M (basic EPS $0.40). Adjusted EBITDA for Q4 was $61.8M and for FY2025 was $251.1M.
The Board declared a $0.75 per share quarterly dividend payable ~March 12, 2026 (record Feb 27, 2026). The company closed 2025 with $448M cash, completed $530M of refinancings releasing $137M net proceeds, and reduced full-year interest expense to $92.6M.
Positive
- Q4 vessel operating revenues of $87.5 million
- Q4 net income of $21.6 million (EPS $0.40)
- FY2025 adjusted EBITDA of $251.1 million, slightly above guidance
- Completed refinancings totaling $530 million and released $137 million net proceeds
- Cash balance of $448 million and no debt maturities before 2029
Negative
- Spot exposure for up to three open vessels in 2026, including Flex Aurora redelivery
- Q4 average TCE $70,119/day, slightly below prior quarter and near guidance lower range
- Interest expense still material at $92.6 million for full-year 2025 despite reductions
Key Figures
Market Reality Check
Peers on Argus
FLNG was modestly higher (+0.19%) while peers showed mixed moves (e.g., LPG -0.82%, NVGS +1.63%, DHT +0.70%), indicating stock-specific dynamics around these earnings rather than a broad midstream energy move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -5.7% | Reported Q3 2025 results with dividend, strong cash and new financings. |
| Aug 20 | Q2 2025 earnings | Positive | -1.4% | Q2 2025 results with $0.75 dividend, financings and strong cash balance. |
| Jun 05 | Q1 2025 dividend ex-date | Positive | +1.3% | Announced Q1 2025 dividend schedule and ex‑dividend dates for both listings. |
| Feb 19 | Q4 2024 dividend ex-date | Positive | +3.7% | Outlined Q4 2024 dividend ex‑date and payment details across exchanges. |
| Feb 04 | Q4 2024 presentation | Neutral | +1.2% | Announced webcast and materials for the Q4 2024 financial results presentation. |
Earnings and dividend-related announcements have produced mixed reactions, with some positive dividend events aligning with gains and recent core earnings releases seeing negative next-day moves.
Over the past year, Flex LNG’s earnings and dividend-related releases have highlighted steady distributions of $0.75 per share, recurring adjusted EBITDA in the low $60M range, and a strong balance sheet with no debt maturities before 2029. Q2 and Q3 2025 earnings reported solid cash positions and financing activity but were followed by modest share price declines. Dividend ex‑date announcements in Q1 2025 and Q4 2024 coincided with share gains, underscoring investor focus on income stability around these events.
Historical Comparison
In the last 5 earnings/dividend-tagged events, FLNG’s average next-day move was about -0.16%, showing historically muted price shifts around these announcements.
Same-tag history shows a consistent pattern of quarterly earnings updates and dividend declarations at $0.75 per share, supported by recurring adjusted EBITDA in the low $60M range and a focus on long-term charters and balance sheet strength.
Market Pulse Summary
This announcement details Q4 2025 results with vessel operating revenues of $87.5 million, net income of $21.6 million, and adjusted EBITDA of $61.8 million, alongside a maintained quarterly dividend of $0.75 per share. Full-year adjusted EBITDA reached $251.1 million, and year-end cash stood at $448 million. Historically, earnings and dividend events have produced modest average moves of about -0.16%, so investors may focus on contract backlog, spot exposure for a few vessels, and the sustainability of these dividend levels and cash generation.
Key Terms
time charter equivalent technical
adjusted ebitda financial
liquefaction capacity technical
fid technical
revolving credit facilities financial
AI-generated analysis. Not financial advice.
HAMILTON, Bermuda, Feb. 11, 2026 /PRNewswire/ -- Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the three months and year ended December 31, 2025.
Highlights:
- Vessel operating revenues of
$87.5 million for the fourth quarter 2025, compared to$85.7 million for the third quarter 2025. - Net income of
$21.6 million and basic earnings per share of$0.40 for the fourth quarter 2025, compared to net income of$16.8 million and basic earnings per share of$0.31 for the third quarter 2025. - Average Time Charter Equivalent ("TCE") rate of
$70,119 per day for the fourth quarter 2025, compared to$70,921 per day for the third quarter 2025. - Adjusted EBITDA of
$61.8 million for the fourth quarter 2025, compared to$61.2 million for the third quarter 2025. - Adjusted net income of
$23.3 million for the fourth quarter 2025, compared to$23.5 million for the third quarter 2025. - Adjusted basic earnings per share of
$0.43 for the fourth quarter 2025, compared to$0.43 for the third quarter 2025. - The Company declared a dividend for the fourth quarter 2025 of
$0.75 per share. The dividend is payable on or about March 12, 2026 to shareholders, on record as of February 27, 2026.
Marius Foss, CEO of Flex LNG Management AS, commented:
"We are pleased to deliver financial performance for 2025 in line with our guidance. Our Time Charter Equivalent rate for the fleet came in at
The long-term LNG story remains compelling, and we view 2025 as the start of the third wave of new liquefaction capacity coming online. In 2025, global LNG exports grew by approximately
The short- to medium-term outlook for LNG shipping is expected to be impacted by deliveries of newbuildings ahead of liquefaction projects coming on stream. We anticipate continued volatility in the spot market over the next 12–18 months. In this period our contract backlog, currently a minimum of 50 years and potentially extending to 75 years if charterers exercise all extension options, provides us with earnings visibility. In 2026 we will remain exposed to a softer spot market for up to three open vessels, including the redelivery of Flex Aurora later in the first quarter of 2026.
Our 2026 financial guidance reflects the current soft market for our spot exposed ships, with wider ranges for TCE, revenues, and adjusted EBITDA. At the same time, we have strengthened our balance sheet to navigate these conditions. We completed three refinancings worth
We are committed to shareholder return, and the Board has declared an ordinary quarterly dividend of
Fourth Quarter 2025 Result Presentation
In connection with the earnings release, a video webcast will be held today at 15:00 CET (09:00 a.m. EST).
In order to watch the webcast, use the following link:
Fourth Quarter 2025 Earnings Presentation
A Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session.
The presentation material which will be used in the live video webcast can be downloaded on www.flexlng.com and replay details will also be available at this website.
For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "forecast," "anticipate," "aim," "commit," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. As such, these forward-looking statements are not guarantees of the Company's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically declines any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures, the strength of world economies and currencies, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG tanker market, the Company's business strategy and expected and unexpected capital spending and operating expenses, including drydocking, surveys, repairs, upgrades, insurance costs and bunker costs, the fuel efficiency of the Company's vessels, the market for the Company's vessels, availability of financing and refinancing, ability to comply with covenants in such financing arrangements, failure of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those that may limit the commercial useful lives of LNG tankers, customers' increasing emphasis on environmental and safety concerns, potential liability from pending or future litigation, global and regional economic and political conditions and developments, armed conflicts, including the war between Russia and Ukraine, and possible cessation of such war in Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attack in the Red Sea and Gulf of Aden, threats by Iran to close the Strait of Hormuz, trade wars, tariffs, embargoes and strikes, the impact of restrictions on trade, including the imposition of new tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the European Union on the United States, business disruptions, including supply chain disruption and congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, public health threats or political events, potential cybersecurity or other privacy threats and data security breaches, vessel breakdowns and instances of offhire, and other factors, including those that may be described from time to time in the reports and other documents that the Company files with or furnishes to the U.S. Securities and Exchange Commission ("Other Reports"). For a more complete discussion of certain of these and other risks and uncertainties associated with the Company, please refer to the Other Reports.
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The following files are available for download:
Flex LNG - Earnings Release Q4 2025 |
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SOURCE Flex LNG
