Golar LNG Limited reported QQ2 2025 results showing meaningful topline growth with revenue of USD 75.67 million, up 16.98% year-over-year and 21.07% quarter-over-quarter, underpinned by ongoing activity in LNG carrier operations and FLNG/FSRU projects. EBITDA of USD 43.35 million highlights the asset-light, cash-generative nature of the business despite a capital-intensive fleet, and operating income of USD 18.96 million signals positive operating leverage at current utilization levels. However, net income declined on a YoY basis to USD 15.64 million (down ~39.6% vs. QQ2 2024) even as QoQ momentum improved, reflecting non-operating and non-cash items that can influence earnings dispersion across quarters.
The company also demonstrates strong liquidity, ending QQ2 2025 with approximately USD 893 million in cash and equivalents and a total debt load of USD 1.945 billion, generating a net debt position of roughly USD 1.055 billion. Free cash flow remained negative at approximately USD -200.9 million largely due to meaningful capital expenditures of USD -288.2 million aimed at fleet deployment and expansions. The financing activities contributed a net inflow of USD 425.7 million, supporting liquidity for capex and debt management.
Overall, Golar’s QQ2 2025 results reflect a healthy operating framework with solid EBITDA and a positive near-term trajectory in revenue, but the cash flow profile remains burdened by capex and leverage, underscoring a pivotal investment question: will future charter-rate cycles and fleet utilisation offset capex-driven outflows to generate sustainable free cash flow?