10-K · May 27, 2026
Dorian LPG Ltd. reported robust financials for fiscal year 2026 with revenue increasing 36.3% to $481.5 million, primarily driven by a rise in average time charter equivalent (TCE) rates. The company achieved an…
Earnings analysis · 10-Q
LPG earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Dorian LPG reported exceptionally strong fiscal Q1 results, with revenue of $187.9 million, diluted EPS of $3.24 and operating income of $142.7 million, materially ahead of the $167.0 million revenue and $1.95 EPS…
Read full summary
Dorian LPG reported exceptionally strong fiscal Q1 results, with revenue of $187.9 million, diluted EPS of $3.24 and operating income of $142.7 million, materially ahead of the $167.0 million revenue and $1.95 EPS consensus estimates. The improvement was driven by TCE rising to $75,926 per available day from $39,726 and by available days increasing to 2,469 from 2,086, although earnings also included a $30.1 million vessel-sale gain. Liquidity remains strong at $342.1 million of cash and debt declined to $512.4 million, but the $211.9 million Helios Pool receivable is a significant working-capital and counterparty exposure.
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.
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
- $3.24
- Operating margin
- 75.93%
- Segment
- Single LPG transportation segment: total revenue $187.9 million; operating income $142.7 million; net income $138.3 million.
What stood out
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Revenue more than doubled year over year
Revenue rose $103.7 million, or 123.1% year over year, to $187.9 million, driven primarily by higher spot rates and more available days. Revenue was also 22.8% above the immediately preceding quarter's $153 million and 12.5% above the $167.0 million consensus estimate.
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EPS decisively beat consensus
Diluted EPS increased to $3.24 from $0.24 a year earlier and from $1.90 in the prior quarter, exceeding the $1.95 consensus estimate by $1.29. Net income reached $138.3 million versus $10.1 million a year ago.
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Operating leverage drove margin expansion
Operating income increased to $142.7 million from $15.6 million, lifting operating margin to 75.9% from 18.5% in the prior quarter. Results included a $30.1 million gain on the Cobra vessel sale.
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Spot-market strength lifted vessel economics
TCE increased $36,200 per available day to $75,926, while available days rose to 2,469 from 2,086. The Baltic LPG Index averaged $199.694 per metric ton, compared with $63.500 a year earlier.
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Cash generation supported deleveraging
Operating cash flow was $30.5 million versus $0.8 million a year ago; vessel capex was only $0.2 million, implying approximately $30.3 million of free cash flow. Cash increased to $342.1 million from $327.4 million at March 31 despite $42.5 million of dividends and $53.4 million of debt repayment.
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Asset sales unlock cash and shareholder returns
July vessel sales generated $166.4 million of net proceeds for Corsair and Constellation, with an expected cumulative gain of approximately $63.5 million. The board also declared a further irregular $1.00-per-share dividend totaling approximately $42.8 million.
What to watch
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Earnings contain sizable vessel-sale gains
The $3.24 diluted EPS includes a $30.1 million gain on disposal of the Cobra; without this realized gain, operating income and earnings would be materially lower. The company expects an additional approximately $63.5 million cumulative gain from the July Corsair and Constellation sales.
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Helios Pool receivable concentration increased
Net receivables from the Helios Pool increased to $211.9 million at June 30 from $123.4 million at March 31. Management states its maximum exposure to losses from the pool is limited to these receivables, and operating cash flow was constrained by a $90.0 million increase in amounts due from related parties.
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Debt, capex commitments and rate sensitivity
Debt obligations remained $512.4 million, including $158.7 million due within 12 months. The company also expects approximately $115.3 million of newbuilding payments through the expected Q3 2029 delivery, while a 40% reduction in 10-year historical-average daily TCE rates could trigger approximately $4.0 million of vessel impairment.
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No material risk-factor updates
The filing states there were no material changes to risk factors from the March 31, 2026 10-K. Nonetheless, management estimates special-survey drydock cash costs of $2.1 million to $2.3 million per VLGC, excluding capital improvements.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. Management expects to satisfy at least the next 12 months of liquidity needs using $342.1 million of cash, operating cash flow and, if needed, revolver drawdowns; it also has $115.3 million of commitments for a dual-fuel Panamax VLGC expected in Q3 calendar 2029.
Earlier filings 4
10-Q · February 5, 2026
Dorian LPG Ltd. reported Q3 2026 results with revenues of $120M, surpassing estimates of $112.54M. However, EPS of $1.11 fell short of the expected $1.17. The company noted strong liquidity with a $29.9 million dividend…
10-Q · November 6, 2025
Dorian LPG Ltd. reported a notable increase in revenues for Q2 2026, totaling $124.1 million, up 50.5% compared to the same quarter last year, driven primarily by increased charter rates. Despite a dip in EPS at $1.30…
10-Q · August 4, 2025
Dorian LPG Ltd. reported a significant decline in revenues and earnings for Q1 2026, with total revenues of $84.2 million, down 26.4% year-over-year from $114.4 million. The company experienced operating income of $15.6…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.