FLEX LNG (FLNG) Q3 2026 earnings summary

Executive summary

• Record Q3 vessel operating revenue of $97.4m, or $95.2m excluding EUAs; adjusted EBITDA was $72.1m and adjusted net income was $35.0m.

• Net income was $42.8m and basic EPS was $0.79; adjusted EPS was $0.65.

• Minimum firm charter backlog was 48 years, potentially 75 years with all extension options exercised.

Financial highlights

• Q3 revenue was $97.4m versus $106.8m in Q2; revenue excluding EUAs was $95.2m versus $102.7m. Lower Flex Volunteer spot revenue drove the decline.

• Q3 operating income was $52.2m versus $59.5m in Q2; adjusted EBITDA was $72.1m versus $79.0m.

• 9M revenue was $284.6m versus $260.1m in 2025; net income was $107.2m versus $53.3m.

• 9M adjusted EBITDA was $204.2m versus $189.3m; adjusted net income was $94.5m versus $77.8m.

• Cash was $370.8m at September 30, versus $397.4m at June 30; long-term debt was $1,766.2m.

Outlook and guidance

• FY2026 guidance maintained: revenue excluding EUAs of $345m–$370m, TCE of $73,000–$78,000/day and adjusted EBITDA of $255m–$280m; results expected in the mid-to-lower end of ranges.

• Firm contract coverage was 92% for the remainder of 2026; backlog was 48 years, potentially 75 years with extension options. Vessel firm charters run through 2026–2041.

• Flex Volunteer is in spot through Q1; Flex Ranger is expected back in Q1. Flex Freedom’s charter extension option is due later in the quarter.

• Flex Artemis and Flex Volunteer are being marketed for long-term charters while continuing spot and short-term trading.

• Spot freight markets are expected to remain muted but potentially volatile through year-end; longer term, LNG export growth is expected to lift shipping demand.