10-K · February 27, 2026
Excelerate Energy reports material top-line growth in 2025 with full-year revenue of $1,229.0 million (sum of quarterly revenues) and materially higher free cash flow of $299.0 million versus $131.0 million in 2024. The…
Earnings analysis · 10-Q
EE earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Excelerate Energy reported Q1 2026 results highlighting revenue growth of 37.5% year-over-year, reaching $433.4 million, although EPS of $0.37 fell short of expectations by 19.6%. Adjusted EBITDA increased by 21.7%,…
Read full summary
Excelerate Energy reported Q1 2026 results highlighting revenue growth of 37.5% year-over-year, reaching $433.4 million, although EPS of $0.37 fell short of expectations by 19.6%. Adjusted EBITDA increased by 21.7%, driven by strong long-term sales agreements despite challenges from geopolitical risks affecting the LNG market.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.37
What stood out
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Strong Revenue Growth
Revenue grew by 37.5% to $433.4 million from $315.1 million in Q1 2025.
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Adjusted EBITDA Up 21.7%
Adjusted EBITDA increased to $122.2 million, up from $100.4 million year-over-year.
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Improved Gross Margin
Gross margin rose to $106.3 million, an increase of $15.5 million compared to Q1 2025.
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Successful Charter Party Agreement
Executed a nine-month charter agreement enhancing earnings while awaiting Iraq terminal.
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Cash Position Sturdy
Maintained $540.1 million in unrestricted cash and equivalents as of Q1 2026.
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Terminal Services Revenue Growth
Terminal services revenue increased to $158.3 million, from $148.4 million in Q1 2025.
What to watch
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Increased Interest Expenses
Interest expense surged to $24.5 million, an increase of $13.4 million compared to Q1 2025.
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Geopolitical Supply Risks
Ongoing conflicts in the Middle East disrupted LNG supply, impacting operational stability.
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Net Income Decline
Net income decreased to $50.0 million from $52.1 million in Q1 2025, primarily due to increased costs.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · May 8, 2025
Excelerate reported Q1 2025 revenue of $315,090 (in thousands) and diluted EPS of $0.46, driven by a large YoY increase in gas sales. Operating margin compressed slightly to 20.9% while operating cash flow strengthened…
10-Q · August 9, 2024
Excelerate reported Q2 revenue of $183,333,000 (three months ended June 30, 2024), down materially from $432,372,000 a year earlier, driven by a sharp reduction in gas sales. Operating income remained resilient at…
10-Q · November 9, 2023
Excelerate reported Q3 total revenue of $275,471,000 (three months ended Sept 30, 2023) — a large decline from $803,261,000 in Q3 2022 — driven by a steep drop in gas sales. Operating income improved to $67,498,000 and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.