Navigator (NVGS) Q3 2026 earnings summary

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.