FLEX LNG (FLNG) financial statements
FLEX LNG reported revenue of $348M in fiscal 2025, up 37.4% a year over 8 years.
Net income was $75M and the operating margin 50.6%, against -46.2% in 2017.
The diluted share count rose 76% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FLEX LNG's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27M | $77M | $120M | $164M | $343M | $348M | $371M | $356M | $348M |
| Selling, general and admin | $3M | $5M | $8M | $6M | $8M | $9M | $10M | $10M | $8M |
| Operating income | -$13M | $29M | $55M | $76M | $201M | $201M | $217M | $198M | $176M |
| Interest expense | $234,000 | $18M | $34M | $42M | $56M | $77M | $109M | $106M | $93M |
| Pre-tax income | -$10M | $12M | $17M | $8M | $162M | $188M | $120M | $118M | $75M |
| Income tax | $17,000 | -$10,000 | $182,000 | $84,000 | $99,000 | $98,000 | $78,000 | $132,000 | $82,000 |
| Net income | -$10M | $12M | $17M | $8M | $162M | $188M | $120M | $118M | $75M |
| EPS (diluted) | -$0.34 | $0.29 | $0.31 | $0.15 | $3.04 | $3.51 | $2.22 | $2.18 | $1.38 |
| Diluted shares | 31M | 41M | 54M | 54M | 53M | 54M | 54M | 54M | 54M |
| Operating margin | -46.2% | 37.6% | 45.9% | 46.0% | 58.6% | 57.7% | 58.5% | 55.5% | 50.6% |
| Net margin | -38.1% | 15.3% | 14.1% | 4.9% | 47.2% | 54.0% | 32.4% | 33.0% | 21.5% |
Balance sheet
Fiscal years, from FLEX LNG's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $10M | $55M | $129M | $129M | $201M | $332M | $411M | $437M | $448M |
| Receivables | — | $0 | $5M | $4M | $5M | $5M | $447,000 | $1M | $392,000 |
| Inventory | — | $915,000 | $3M | $4M | $6M | $5M | $5M | $5M | $9M |
| Total current assets | — | $60M | $144M | $158M | $225M | $354M | $443M | $474M | $503M |
| Property, plant and equipment | — | $812M | $1.1B | $1.9B | $2.3B | $2.3B | $2.2B | $2.2B | $2.1B |
| Total assets | — | $1.3B | $1.6B | $2.3B | $2.6B | $2.7B | $2.7B | $2.7B | $2.6B |
| Total current liabilities | — | $35M | $58M | $132M | $132M | $153M | $153M | $159M | $166M |
| Long-term debt | — | $432M | $744M | $1.3B | $1.6B | $1.6B | $1.7B | $1.7B | $1.7B |
| Total liabilities | — | $467M | $802M | $1.5B | $1.7B | $1.8B | $1.9B | $1.9B | $1.9B |
| Shareholders' equity | $520M | $827M | $839M | $835M | $889M | $907M | $848M | $807M | $719M |
| Net debt | -$10M | $400M | $650M | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
Cash flow
Fiscal years, from FLEX LNG's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18M | $36M | $52M | $89M | $215M | $220M | $175M | $183M | $141M |
| Capital spending | $4M | $232M | $0 | $0 | — | — | — | — | — |
| Free cash flow | -$22M | -$197M | $52M | $89M | — | — | — | — | — |
| Stock-based compensation | $115,000 | $202,000 | $324,000 | $284,000 | -$1M | $331,000 | $2M | $1M | $76,000 |
| Dividends paid | $0 | $0 | $5M | $11M | $99M | $186M | $181M | $162M | $162M |
| Share buybacks (net) | — | $0 | $0 | -$2M | -$8M | $0 | $0 | — | — |
| Net borrowing | -$117M | $299M | $668M | $634M | $311M | $660M | $539M | $328M | $425M |
| Free cash flow margin | -78.8% | -254.8% | 43.0% | 54.3% | — | — | — | — | — |
| Dividends per share | — | — | $0.10 | $0.20 | $1.85 | $3.48 | $3.36 | $2.99 | $3.00 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FLNG.
Open FLNG in InvestinglyQuestions
What was FLEX LNG's revenue in 2025?
$348M in fiscal 2025, from its 10-K filing.
From FLEX LNG's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.