Executive Summary
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?
Key Performance Indicators
QoQ: 253.71% | YoY:322.19%
QoQ: 475.04% | YoY:121.85%
QoQ: 90.79% | YoY:-39.63%
QoQ: 91.57% | YoY:-40.00%
Key Insights
Revenue: USD 75.67 million, YoY +16.98%, QoQ +21.07%
Gross Profit: USD 75.67 million (reported) with a gross margin reported as 1.00 in the data, though cost of revenue is USD 44.47 million (data inconsistency observed). EBITDA: USD 43.35 million, EBITDA margin (EBITDA / Revenue) ≈ 57.3%
Operating Income: USD 18.96 million, operating margin ≈ 25.1%
Net Income: USD 15.64 million, net margin ≈ 20.7%
EPS (diluted): USD 0.15
Weighted Avg Shares (diluted): 102.3 million
...
Financial Highlights
Revenue: USD 75.67 million, YoY +16.98%, QoQ +21.07%
Gross Profit: USD 75.67 million (reported) with a gross margin reported as 1.00 in the data, though cost of revenue is USD 44.47 million (data inconsistency observed). EBITDA: USD 43.35 million, EBITDA margin (EBITDA / Revenue) ≈ 57.3%
Operating Income: USD 18.96 million, operating margin ≈ 25.1%
Net Income: USD 15.64 million, net margin ≈ 20.7%
EPS (diluted): USD 0.15
Weighted Avg Shares (diluted): 102.3 million
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
75.67M |
16.98% |
21.07% |
| Gross Profit |
75.67M |
322.19% |
253.71% |
| Operating Income |
18.96M |
121.85% |
475.04% |
| Net Income |
15.64M |
-39.63% |
90.79% |
| EPS |
0.15 |
-40.00% |
91.57% |
Management Commentary
Transcript data not provided for QQ2 2025. No management quotes or thematic highlights available in the supplied material.
Forward Guidance
No explicit forward-looking targets or guidance were published in the QQ2 2025 materials provided. Given the LNG shipping and FLNG backdrop, investors should monitor: (1) charter-rate trajectories and fleet utilization, (2) pace and success of capex-driven fleet expansion and related financing, (3) refinancing needs for maturing debt, (4) LNG trade growth and utilization of FLNG/FSRU assets, and (5) maritime regulatory developments affecting offshore and LNG transport. Qualitatively, a stabilization or uptick in charter rates and higher utilization could improve free cash flow generation and reduce leverage pressure, while continued capex intensity without commensurate cash inflows could sustain near-term negative free cash flow.