FLEX LNG (FLNG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached $80.5 million ($78 million excluding EUAs), net income was $19.5 million, and adjusted net income was $16.9 million; EPS was $0.36 and adjusted EPS $0.31.

• Fleet average TCE was $65,729 per day; 91% of 2026 days are fixed, with a contract backlog of at least 54 years, potentially up to 81 years if all options are exercised.

• Significant contract extensions and new charters secured: Flex Resolute and Flex Courageous extended to 2032, Flex Aurora fixed for a two-year charter with options up to eight years, and Flex Constellation began a 15-year charter.

• Three dry dockings scheduled for 2026, with two completed ahead of schedule and the third (Flex Vigilant) set for May; average cost per dry docking is $6 million.

• 19th consecutive quarterly dividend of $0.75 per share declared, totaling $3 per share over the last 12 months (9.2% yield).

Financial highlights

• Revenues for Q1 2026 were $78 million (excluding EUAs), down sequentially due to fewer available days and scheduled drydockings.

• Net income was $19.5 million ($0.36 per share); adjusted net income was $16.9 million ($0.31 per share), excluding unrealized gains from interest rate swaps and FX.

• Adjusted EBITDA for Q1 2026 was $53.2 million; FY2026 guidance raised to $255–$280 million, up 11%.

• Cash and cash equivalents at quarter-end were $389 million; $28 million in scheduled debt repayments and $41 million distributed to shareholders.

• Vessel OPEX guidance maintained at $16,000 per day for 2026; Q1 2026 OPEX was $15,953 per day.

Outlook and guidance

• Full-year 2026 revenue guidance increased to $345–$370 million (up ~10%), TCE guidance raised to $73,000–$78,000 per day (up 8%), and adjusted EBITDA expected at $255–$280 million.

• Short-term outlook: firm spot market; next 12–18 months: high tonnage availability; long-term: structural demand remains strong.

• Market outlook remains cautious (orange level) due to geopolitical risks and newbuilding delivery schedule, but long-term demand outlook is robust.