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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Navigator
Navigator (NVGS) investor relations material
Navigator Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Record Q3 net income of $78.3m and EPS of $1.28 included $48.0m of vessel-sale gains; Adjusted EBITDA was $67.8m in a seasonally softer quarter.
Net debt fell below $500m and leverage to 1.7x; available liquidity was $434m at Oct. 31, and all six newbuilds have financing in place.
Utilization recovered to 94% in September and held firm into October; utilization, TCE and terminal earnings are expected to improve sequentially in Q4.
Financial highlights
Revenue was $155.0m versus $153.1m in Q3 2025; operating income was $84.1m versus $52.9m.
Net income was $78.3m versus $33.2m; basic EPS was $1.28 versus $0.50, including $48.0m of vessel-sale profit.
EBITDA was $120.8m versus $85.7m; Adjusted EBITDA was $67.8m versus $76.5m.
Adjusted net income was $25.4m versus $23.9m; Adjusted EPS was $0.42 versus $0.36.
Vessel opex fell 13% to $42.8m; daily opex was $8,928 versus $9,275 a year earlier. G&A rose $1.2m on project-specific fees.
Outlook and guidance
Q4 utilization, TCE, terminal earnings and Adjusted EBITDA are expected to increase sequentially; utilization was in the mid-90% range at the start of the quarter.
FY 2026 guidance: vessel opex $175m–$177m; cash G&A $39m–$42m; depreciation $123m–$124m; net interest $42m–$43m.
FY 2026 all-in daily cash breakeven is estimated at $21,720 per vessel, including opex, debt amortization and net interest.
First newbuild delivery is scheduled for December 2026 and will begin a time charter; remaining deliveries extend through 2028.
For Oct. 2026–Sep. 2027, ~34% of available days are covered by time charters; midsize vessels are fully chartered, while 93% of ethylene-capable handysize vessel days are expected in spot markets.
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Latest events from Navigator
- Record Q2 earnings and TCE, supported by strong demand and terminal throughput.NVGS
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- Q3 revenue up 2.9%, strong capital returns, and terminal expansion on track despite hurricane impact.NVGSQ3 2024
- Record EBITDA, strong utilization, and capital returns highlight robust Q2 2024 results.NVGSQ2 2024
Next Navigator earnings date
Q4 202610 Mar, 2027
Navigator
Next Navigator earnings date
Q4 202610 Mar, 2027
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Frequently asked questions
Navigator Holdings Ltd is a shipping company that owns and operates a fleet of liquefied gas carriers. The company specializes in the transportation of liquefied petroleum gas (LPG), petrochemical gases, and ammonia for industrial customers worldwide. Navigator’s fleet consists of mid-size and handysize vessels, designed to carry pressurized, semi-refrigerated, and fully refrigerated gases. The company serves a variety of industries, including energy, chemicals, and agriculture, providing reliable maritime logistics solutions for transporting gases across global trade routes. The company is headquartered in London, England, and its shares are listed on the NYSE.