Dorian LPG (LPG) FY2026 results: revenue $482 million, up 36.3% on the year
Dorian LPG Ltd. (LPG) reported revenue of $482 million for fiscal 2026, the year ended 31 March 2026, up 36.3% on the year before. Net income was $194 million, up 114.8%, and diluted earnings per share $4.54. The figures are the company's own, from the 10-K it filed with the SEC on 27 May 2026.
Revenue
$482 million
+36.3% on the year
FY2019FY2026
Operating margin
43.6%
31.9% a year earlier
FY2019FY2026
Net income
$194 million
+114.8% on the year
FY2019FY2026
Diluted EPS
$4.54
+112.1% on the year
FY2019FY2026
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Revenue rose 102.0% on spot rates: Revenues were $153.3 million, up $77.4 million or 102.0% from $75.9 million. Management attributed the TCE rise mainly to higher spot rates, partly offset by higher bunker prices.
Quarterly net income and EPS rose: Net income was $81.0 million, or $1.90 per diluted share, against $8.1 million or $0.19 a year earlier. Adjusted EPS was $1.89, against $0.25.
Daily operating expenses fell: Vessel operating expenses were $18.6 million, or $9,780 per vessel per day, down from $12,671. Excluding drydock-related costs, daily expenses were $9,548, against $11,001.
LPG spot index rose on the quarter: The Baltic LPG index for the Ras Tanura-Chiba route averaged $90.453 per metric ton in the quarter, against $51.715 a year earlier.
Middle East transit disrupted in March: The U.S./Israel-Iran conflict disrupted Strait of Hormuz transit for much of March 2026. Saudi Aramco had halted Juaymah NGL exports after pipe damage in late February.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Operating cash flow
210
173
388
+21.5%
Cash from investing
-93.8
-7.4
-34.8
Cash from financing
-106
-131
-220
Depreciation and amortisation
71.7
69.6
68.7
+3.1%
Share-based compensation
11.0
10.4
8.3
+5.8%
Buybacks
7.0
6.3
3.9
+11.9%
Dividends paid
105
156
162
-32.9%
Dividend per share
$2.45
$3.70
$4.00
-33.8%
Diluted shares, weighted
43m
42m
40m
+0.9%
Shares outstanding at period end
43m
43m
41m
+0.1%
Balance sheet
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Shareholders' equity
1,139
1,046
1,024
+8.9%
Debt
560
553
605
+1.3%
Operating lease liabilities
102
124
159
-18.0%
Other liabilities
70.2
54.9
49.8
+28.0%
Total liabilities and equity
1,872
1,779
1,838
+5.2%
Fixed assets
1,216
1,187
1,232
+2.4%
Investments
n/a
n/a
11.5
Cash and equivalents
327
317
283
+3.3%
Receivables
2.0
1.4
0.7
+50.2%
Inventory
2.4
2.5
2.4
-2.7%
Other assets
324
271
308
+19.6%
Total assets
1,872
1,779
1,838
+5.2%
10-K for the year ended 31 March 2026, filed 27 May 2026: the filing.