Scorpio Tankers (STNG) Q1 2026 earnings summary

Executive summary

• Achieved adjusted EBITDA of $214.1 million and adjusted net income of $150.9 million for Q1 2026, with basic EPS of $3.20 and diluted EPS of $3.02, reflecting strong operational discipline and balance sheet strength.

• Net income for Q1 2026 was $216.3 million, up from $58.2 million in Q1 2025.

• Cash position at $1.4 billion, expected to reach $2 billion by early summer, with daily cash breakeven around $11,000.

• Announced a new $500 million share buyback authorization and a $0.45 per share quarterly dividend.

• Issued $375 million in convertible senior notes due 2031 at a 1.75% coupon rate.

Financial highlights

• Q1 2026 TCE revenue reached $303 million, adjusted EBITDA $214 million, and adjusted net income $151 million.

• Net debt reduced to $876 million pro forma as of May 1, 2026, down from $2.9 billion in 2021.

• Strong liquidity position with $2.52 billion in total cash and liquidity as of May 1, 2026.

• IFRS net income of $216 million in Q1 2026, including a $66 million gain on vessel sales.

• No debt maturities until 2028 and limited newbuilding commitments.

Outlook and guidance

• Product tanker rates at unprecedented levels, with average clean tanker earnings over $70,000 per day.

• Expect refined product demand to rebound by 2.4 MMbpd in Q3 after a Q2 decline.

• Anticipate significant inventory restocking and continued strong fundamentals for the tanker market.

• Fleet growth expected to average approximately 3% over the next three years, potentially lower.

• Guidance for Q2 described as extraordinary, with expectations for continued strong performance.