Frontline (FRO) financial statements
Frontline reported revenue of $2.0B in fiscal 2025, up 11.3% a year over 9 years.
Net income was $379M and the operating margin 30.4%, against 23.5% in 2016.
Free cash flow was $670M, and the company returned $207M in dividends.
The diluted share count rose 42% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Frontline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $754M | $646M | $742M | $628M | $428M | $753M | $1.4B | $1.8B | $2.2B | $2.0B |
| Selling, general and admin | $37M | $38M | $37M | $45M | $44M | $26M | $47M | $54M | $36M | $51M |
| Operating income | $177M | -$196M | $83M | $240M | $508M | $8M | $446M | $747M | $782M | $599M |
| Interest expense | $57M | $70M | $93M | $94M | $72M | $0 | $45M | $171M | $295M | $233M |
| Pre-tax income | — | — | — | — | — | -$10M | $476M | $657M | $503M | $385M |
| Income tax | $345,000 | $290,000 | $316,000 | $307,000 | -$14,000 | $5M | $412,000 | $205,000 | $8M | $6M |
| Net income | $117M | -$265M | -$9M | $140M | $413M | -$15M | $476M | $656M | $496M | $379M |
| EPS (diluted) | $0.75 | -$1.56 | -$0.05 | $0.78 | $2.09 | -$0.08 | $2.22 | $2.95 | $2.23 | $1.70 |
| Diluted shares | 157M | 170M | 170M | 179M | 198M | 199M | 214M | 223M | 223M | 223M |
| Operating margin | 23.5% | -30.4% | 11.1% | 38.1% | 118.5% | 1.1% | 31.0% | 40.9% | 36.1% | 30.4% |
| Net margin | 15.5% | -41.0% | -1.2% | 22.3% | 96.4% | -2.0% | 33.1% | 35.9% | 22.9% | 19.2% |
Balance sheet
Fiscal years, from Frontline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $202M | $123M | $67M | $178M | $177M | $113M | $255M | $308M | $414M | $251M |
| Receivables | $49M | $50M | $54M | $63M | $41M | $74M | $139M | $125M | $129M | $134M |
| Inventory | $38M | $62M | $69M | $67M | $58M | $81M | $107M | $135M | $137M | $120M |
| Total current assets | $384M | $322M | $308M | $448M | $378M | $333M | $881M | $728M | $826M | $707M |
| Property, plant and equipment | — | — | $2.5B | — | — | $3.5B | $3.7B | $4.6B | $5.2B | $4.9B |
| Goodwill | $225M | $112M | $112M | $112M | $112M | $112M | $112M | $112M | $112M | $112M |
| Total assets | $3.0B | $3.1B | $3.1B | $3.7B | $3.9B | $4.1B | $4.8B | $5.9B | $6.2B | $5.8B |
| Total current liabilities | $183M | $222M | $214M | $848M | $281M | $287M | $392M | $409M | $596M | $495M |
| Long-term debt | $915M | $1.5B | $1.6B | $1.3B | $2.0B | $2.1B | $2.1B | $3.2B | $3.3B | $2.7B |
| Total liabilities | $1.5B | $1.9B | $1.9B | $2.2B | $2.3B | $2.5B | $2.5B | $3.6B | $3.9B | $3.2B |
| Shareholders' equity | $1.5B | $1.2B | $1.2B | $1.5B | $1.6B | $1.6B | $2.3B | $2.3B | $2.3B | $2.5B |
| Net debt | $780M | $1.5B | $1.7B | $1.5B | $2.0B | $2.2B | $2.1B | $3.1B | $3.3B | $2.8B |
Cash flow
Fiscal years, from Frontline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $286M | $130M | $46M | $280M | $604M | $85M | $385M | $856M | $736M | $682M |
| Capital spending | — | — | — | — | — | $474M | $336M | $1.6B | $915M | $13M |
| Free cash flow | — | — | — | — | — | -$388M | $50M | -$775M | -$179M | $670M |
| Stock-based compensation | — | — | — | — | — | $185,000 | $5M | $11M | -$2M | $6M |
| Dividends paid | $165M | $51M | $386,000 | $20M | $312M | $0 | $33M | $639M | $434M | $207M |
| Net borrowing | $186M | $589M | $126M | -$39M | $455M | $184M | $53M | $1.1B | $287M | -$662M |
| Free cash flow margin | — | — | — | — | — | -51.6% | 3.4% | -42.4% | -8.3% | 34.0% |
| Dividends per share | $1.05 | $0.30 | $0.00 | $0.11 | $1.58 | — | $0.16 | $2.87 | $1.95 | $0.93 |
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Open FRO in InvestinglyQuestions
What was Frontline's revenue in 2025?
$2.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Frontline generate?
$670M in fiscal 2025 (operating cash flow minus capital spending).
From Frontline's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.