Navigator (NVGS) Q2 2026 earnings summary

Executive summary

• Q2 2026 set records for EBITDA ($101.6 million), adjusted EBITDA ($86.4 million), net income ($53.0 million; $0.86/share), operating revenue ($167.9 million), average TCE ($33,946/day) and terminal throughput.

• Revenue rose 29.5% year over year as strong TCE rates and utilization coincided with Middle East supply disruptions and Asian demand for U.S. ethylene and LPG.

• Record terminal volumes and higher TCE rates supported performance; financing was secured for all six newbuild vessels.

• Eight Unigas Pool vessels and the Unigas B.V. stake are being sold for $183 million; the fixed quarterly dividend increases to $0.08/share for Q3.

Financial highlights

• Net income attributable to stockholders was $53.0 million ($0.86/share), versus $21.5 million ($0.31/share) in Q2 2025 and $35.5 million ($0.55/share) in Q1 2026.

• EBITDA was $101.6 million and adjusted EBITDA was $86.4 million, versus $71.9 million and $60.1 million, respectively, in Q2 2025.

• Operating revenue was $167.9 million, up from $129.6 million in Q2 2025 and $140.6 million in Q1 2026.

• Adjusted net income was $53.1 million; adjusted basic EPS was $0.86, versus $22.2 million and $0.32 in Q2 2025.

• Navigator Pegasus sale generated $30.5 million in proceeds and a $15.3 million gain; voyage expenses rose with record revenues and were pass-through costs to customers.

Outlook and guidance

• Q3 TCE rates and utilization are expected to normalize from Q2 records with seasonality, while shipping operations are expected to remain supportive of healthy cash generation.

• Terminal throughput is expected to ease in Q3 due to tighter ethylene arbitrage, seasonal factors and inventory destocking; recovery is expected as arbitrage widens and inventories restock.

• 2026 all-in cash breakeven is estimated at $21,990 per vessel per day, up from $21,230 last quarter, reflecting the planned Unigas fleet sale and lower average fleet size.

• 2026 expense guidance is materially unchanged from Q1 after adjusting for ownership days; OpEx and depreciation are expected to decline with the planned Unigas sale.