Navigator (NVGS) Q1 2026 earnings summary

Executive summary

• Record Q1 2026 net income attributable to stockholders of $35.5M ($0.55/share) and EBITDA of $80.3M; vessel-sale gains contributed to earnings.

• Operating revenue was $140.6M, down 7.1% YoY; adjusted EBITDA was $65.9M, down from $72.8M.

• Fleet utilization reached 90.6%; terminal throughput set a record at 300,537 tons, amid strong international demand.

• Middle East disruptions had no material direct impact on Q1, while trade shifts supported demand for U.S. ethylene and ethane.

Financial highlights

• Net income attributable to stockholders was $35.5M versus $27.0M in Q1 2025; adjusted net income was $33.1M versus $25.5M.

• EBITDA was $80.3M versus $74.3M YoY; adjusted EBITDA was $65.9M versus $72.8M.

• Operating revenue was $140.6M versus $151.4M YoY; operating income was $43.5M versus $39.5M.

• Vessel-sale profit was $12.1M from Navigator Saturn and Happy Falcon; operating cash flow was $41.8M versus $63.3M, reflecting working-capital movements.

• Available liquidity was $241M excluding restricted cash; total liquidity including undrawn facilities was $291.0M at March 31, 2026.

Outlook and guidance

• Q2 2026 average TCE and utilization expected to exceed Q1; April fleet utilization reached 95%.

• Q2 terminal throughput expected to match or exceed Q1 records, supported by strong international demand and favorable arbitrage.

• 2026 expense guidance remained materially unchanged; all-in cash breakeven was $21,230 per vessel per day, with vessel OPEX of $180–183M and net interest expense of $38–40M.

• ~36% of available days from April 1, 2026, were covered by time charters; midsize vessels were fully chartered.