Flex LNG Q3 2026 earnings review

Q3 vessel operating revenues were $97.4M, the company’s strongest third quarter, and a dividend of $0.75 a share was declared.

Flex LNG · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources

Flex LNG Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Flex LNG (FLNG) Q3 2026 earnings review

Q3 vessel operating revenues were $97.4M, the company’s strongest third quarter, and a dividend of $0.75 a share was declared

  1. 1.Net income was $42.8M, or $0.79 a share, compared with the $0.61 Yahoo Finance EPS consensus
  2. 2.Adjusted EBITDA was $72.1M, and adjusted net income was $35.0M, or $0.65 a share
  3. 3.The TCE rate was $78,875 a day; revenues excluding EU Allowances were $95.2M
  4. 4.This is the 21st consecutive ordinary quarterly dividend of $0.75 a share, or about $41M in total
  5. 5.Shares were +0.0% at the Nov 11 regular-session close of $25.31

Note: TCE is time charter equivalent. “Strongest third quarter revenues ever” is the company’s description. The Yahoo Finance EPS estimate of $0.61 is from the earnings-history line for the quarter ended Sep 30, 2026, fetched Nov 11, 2026; Yahoo had already rolled its current-quarter estimates to Dec 2026, so no Q3 revenue consensus is shown.Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; Yahoo Finance, Nov 11, 2026; CNBC, Nov 11, 2026 close

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2 · Executive summary

Q3 diluted EPS was $0.79, above the $0.61 Yahoo Finance consensus (Nov 11, 2026)

Q3 2026 earnings vs. Yahoo Finance consensus (Nov 11, 2026)

MetricActualConsensusVarianceResult
Q3 diluted EPS$0.79$0.61+0.18 / +29.5%Beat

Share price, Nov 10 regular close to Nov 11 regular-session close

Flex LNG Ltd. (NYSE)Nov 10 closeNov 11 close, 4:10 PM ESTChange ($)Change (%)
FLNG$25.31$25.31+$0.00+0.0%

Both prices are from the CNBC quote page. The Nov 11 figure is the regular-session close. CNBC does not state a reason for the move.

Note: The Yahoo Finance EPS estimate of $0.61 is compared with official diluted EPS of $0.79, because Yahoo’s Q2 2026 actual of $0.79 matches official Q2 basic and diluted EPS. Official adjusted basic EPS was $0.65. Yahoo did not display a Q3 2026 revenue consensus (current-quarter estimates had rolled to Dec 2026).Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; Yahoo Finance, Nov 11, 2026; CNBC, Nov 11, 2026 close

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3 · Q3 results vs. consensus

Vessel operating revenues were $97.4M, up from $85.7M a year earlier, with a TCE rate of $78,875 a day

Vessel operating revenues

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $86Mv · Q3 2026: $97MQ3 2025Q3 2026$0M$25M$50M$75M$100M$120M$86M$97M
“We are Flexcited to present our strongest third quarter revenues ever.” Marius Foss, CEO

Note: TCE is time charter equivalent. Vessel operating revenues include $2.2 million of EUA-related income (Q2 2026: $4.1 million). Excluding EU Allowances, Q3 revenues were $95.2 million. The year-on-year comparison in the chart is from the income statement (DeepCell calculation). The sequential decline versus Q2 is as discussed in the release and is attributed mainly to lower spot revenues from Flex Volunteer.Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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4 · Revenue and TCE

The time charter equivalent rate was $78,875 a day, up from $70,921 a year earlier and down from $86,119 in the second quarter

TCE rate

$ per day, Q3 2025 vs Q3 2026

v · Q3 2025: 70,921v · Q3 2026: 78,875Q3 2025Q3 2026025,00050,00075,00090,00070,92178,875
Fleet onhire days were 1,196, and operating expenses per day were $16,267

Note: TCE rate is vessel operating revenues less voyage expenses, divided by onhire days. Opex per day is vessel operating expenses divided by available days. Both are non-GAAP measures as defined in the release. Labels for these daily rates end with ($) so they are not shown in millions.Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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5 · Charter equivalent rate

Net income was $42.8M, or $0.79 a share, and Adjusted EBITDA was $72.1M

Net income

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $16.8Mv · Q3 2026: $42.8MQ3 2025Q3 2026$0M$10M$20M$30M$40M$50M$16.8M$42.8M
Adjusted net income was $35.0M, or $0.65 a share. A $10.2M gain on derivatives is excluded from Adjusted EBITDA and adjusted net income.

Note: Adjusted net income excludes extinguishment costs, changes in derivative instruments and foreign-exchange gains or losses, as reconciled in Appendix B of the release. Sequential comparisons versus Q2 2026 are as stated in the highlights table.Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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6 · Earnings and Adjusted EBITDA

A dividend of $0.75 a share was declared, the 21st consecutive ordinary quarterly dividend at that rate

  1. The cash distribution is about $41 millionDividends paid in the quarter were $40.6M, and the company says the new dividend is equivalent to an aggregate distribution of approximately $41M.
  2. Cash declined from June 30Cash and cash equivalents were $370.8M at Sep 30, 2026, compared with $397.4M at June 30. Operating cash flow was $41.8M.
  3. Debt was reduced on scheduleTotal long-term debt was $1,766.2M, down from $1,793.7M at June 30, after scheduled repayments.

Cash, debt and distributions

$M unless notedPriorCurrent
Operating cash flow (Q3 2025 / Q3 2026)$37.2M$41.8M
Dividends paid (Q3 2025 / Q3 2026)$40.6M$40.6M
Cash and cash equivalents (Dec 31, 2025 / Sep 30, 2026)$447.6M$370.8M
Total long-term debt (Dec 31, 2025 / Sep 30, 2026)$1,848.2M$1,766.2M
Total equity (Dec 31, 2025 / Sep 30, 2026)$719.3M$704.7M

Note: Operating cash flow and dividends paid are for Q3 2025 and Q3 2026; cash, debt and equity are as of Dec 31, 2025 and Sep 30, 2026. Dividends paid of $40.6 million are the official cash outflows (shown without a minus sign). Including special dividends, the company says it will have returned more than $900 million to shareholders since 2021. Cash includes fully drawn revolving tranches under the $270 million, $290 million and Flex Enterprise $150 million facilities. The stated debt figure of $1,766.2 million matches the sum of the current and non-current long-term debt lines ($1,766.224 million).Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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7 · Dividend, cash and debt

Firm contract coverage is about 92% for the rest of 2026, and the firm backlog is 48 years

  1. Thirteen vessels, two still in the spot marketThe fleet list has 13 vessels. Flex Artemis and Flex Volunteer traded mainly in the spot market in the third quarter and are being marketed for long-term charters.
  2. Backlog can extend with optionsThe aggregate firm contract backlog is 48 years and may increase to 75 years if all extension options are exercised. Technical uptime was 100%, excluding drydock off-hire.
  3. Two financing transactions were announcedTerms improved on the $330 million Artemis and Amber sale and leaseback. Flex Enterprise was signed at $145.5M, to close in Q4.

Coverage and refinancing

MetricLatest reading
Firm contract coverage, remainder of 202692%
Firm contract backlog, years48
Backlog if all options are exercised, years75
Flex Enterprise sale and leaseback, sale price$145.5M

Note: Coverage and backlog figures are as of the date of the release. The Flex Enterprise transaction is subject to final documentation and customary closing conditions.Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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8 · Fleet, coverage and refinancing

Spot exposure, a muted freight market and 2027 vessel deliveries are the main watch items

Indicator
What to watch
Implication
Latest reading
Spot and short-term exposure
Flex Artemis and Flex Volunteer are still being marketed for long-term charters
The TCE rate fell from $86,119 in the second quarter
TCE rate $78,875 a day
The near-term freight market
Management expects the spot market to remain muted, but potentially volatile, for the rest of 2026
Shipbroker rates for modern tonnage are about $30,000–$50,000 a day
Coverage about 92% for the rest of 2026
The orderbook and 2027 deliveries
The company cites an orderbook of about 290 vessels, or about 35% of the existing fleet
93 deliveries are expected in 2027, which can cap term rates
Firm backlog 48 years

TCE is time charter equivalent. Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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9 · Key risks to the outlook

10 · Appendix: Income detail

11 · Appendix: Non-GAAP items

Appendix: dividend and contract coverage

ClaimEvidenceCalculation
Dividend declared, per share$0.7521st consecutive ordinary quarterly dividend of $0.75
Aggregate dividend, approximately$41MAs stated
Firm contract coverage, rest of 202692%As of the date of the release
Firm contract backlog48 yearsUp to 75 years with options

Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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12 · Appendix: Coverage and dividend

13 · Appendix: Liquidity

Appendix: income statement detail

Revenues and costs

$M unless notedQ3 2025Q3 2026YoY
Vessel operating revenues$85.7M$97.4M13.7%
Voyage expenses-$3.7M-$3.0Mn.m.
Vessel operating expenses-$18.8M-$19.5Mn.m.
Operating income$42.0M$52.2M24.3%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Net income$16.8M$42.8M154.7%
Adjusted EBITDA$61.2M$72.1M17.7%
Adjusted net income$23.5M$35.0M48.7%
TCE rate ($/day)$70,921$78,87511.2%

Note: TCE is time charter equivalent. n.m. means a percentage change is not shown for expense lines stored as negatives. YoY rates in this appendix are DeepCell calculations from the statements.Source: Flex LNG official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data

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14 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (official company earnings release PDF, Nov 11, 2026) — https://mb.cision.com/Main/22886/4422836/4366865.pdf
  • Investor relations earnings-release page — https://www.flexlng.com/flex-lng-third-quarter-2026-earnings-release/
  • Consensus: Yahoo Finance analysis and earnings history, Nov 11, 2026 — https://finance.yahoo.com/quote/FLNG/analysis/
  • Share price: CNBC FLNG quote, Nov 10, 2026 regular close $25.31 and Nov 11, 2026 regular-session close $25.31 at 4:10 PM EST, unchanged (UNCH), rechecked after the close — https://www.cnbc.com/quotes/FLNG
  • A Form 6-K for these results had not appeared on EDGAR when the page was built. Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. Non-GAAP figures follow the company’s Appendix B reconciliations. Daily TCE and operating-expense rates are not shown in millions.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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15 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Flex LNG Ltd.’s official Third Quarter 2026 Earnings Release dated November 11, 2026, as posted on the company’s investor-relations site and issued as a Cision PDF. A Form 6-K had not appeared on EDGAR at the time of writing. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025. Some narrative comparisons are also made with the second quarter of 2026, as in the release.

Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session closes on November 10, 2026 and November 11, 2026.

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16 · Disclosures

Sources

Not investment advice; no rating or price target.

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