EarningsQ2 2026 Earnings Report
MX:FRO1N Q2 2026 EPS Results
Actual EPS$54.15
Consensus EPS$50.11
Beat/MissBeat by +$4.04
One Year Ago EPS$6.40
MX:FRO1N Q2 2026 Revenue Results
Actual Revenue$17.26B
Expected Revenue$13.88B
Beat/MissBeat by +$3.37B
YoY Revenue Growth+96.49%
Earnings Announcement Details
QuarterQ2 2026
Date08/28/2026
TimeBefore Open
Conference CallFriday, August 28, 2026
MX:FRO1N Upcoming Earnings
Frontline's next earnings date is estimated for November 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:FRO1N Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive near-term financial and operational picture: record quarterly earnings, very high TCEs with substantial booking coverage, improved liquidity, lower financing costs, and significant cash generation potential. These positives are tempered by meaningful medium-to-long-term risks — elevated geopolitical insecurity, pronounced market inefficiencies, data blind spots, an elevated orderbook relative to the active fleet and slow scrapping — which introduce uncertainty about sustainability. On balance, the strong earnings, fleet quality, and balance sheet improvements outweigh the risks discussed.Company Guidance
Record Quarterly Profit
Reported profit of $659 million ($2.96 per share) and adjusted profit of $580 million ($2.61 per share) in Q2 2026 — the company's best quarter ever; adjusted profit increased by $235 million versus the prior quarter.
Very Strong TCE Levels and Booking Coverage
Q2 TCEs: VLCC $153,000/day, Suezmax $111,000/day, LR2/Aframax $92,400/day. Booked days so far in Q2 2026: VLCC 86% at $157,000/day, Suezmax 79% at $117,000/day, LR2 70% at $81,000/day.
Substantial Cash Generation Potential and Shareholder Yield
Cash generation potential based on current fleet and spot rates is ~$2.3 billion (~$10.35 per share) representing a ~24% cash flow yield; scenario sensitivity: +30% rates → $3.1 billion ($30.91/share); -30% rates → $1.5 billion ($6.88/share).
Improved Balance Sheet Liquidity and No Near-Term Maturities
Reported strong liquidity including SEK 1.2 billion in cash and equivalents, undrawn revolver capacity (~$91 million) and marketable securities; management stated no meaningful debt maturities until 2030 (no debt maturing until 2028 with material maturities deferred to 2030).
Reduced Financing Costs
Weighted average interest rate margin decreased by ~52 basis points (from 178 bps to 126 bps) versus Q1 2026 — driven by amendments (24 bps), refinancings (21 bps) and newbuilding financing/asset sales (7 bps); adjusted interest expense down ~$4.8 million quarter-on-quarter.
Fleet Quality and Size
Pro forma fleet after deliveries/sales: 40 VLCCs, 19 Suezmax, 18 Aframax/LR2; average age 6.6 years; 100% eco vessels with 69% scrubber-fitted — positioning the company in an efficient, modern fleet.
Lower Operating and Depreciation Costs
Ship operating expenses decreased by $4.3 million QoQ (driven by vessel sales and supplier rebates); administrative expenses down $2.4 million QoQ (excluding synthetic option revaluation); depreciation decreased by $4.7 million QoQ.
Operational OpEx and Breakeven Levels
Estimated cash breakeven (12 months forward): VLCC ~$23.8k/day, Suezmax $25.7k/day, LR2 $22.2k/day; fleet average ~$23.9k/day (excluding dry dock ~$22.3k/day). Reported Q2 OpEx/day: VLCC $9.2k, Suezmax $9.0k, LR2 $13.3k; fleet OpEx excluding dry dock ~$8.7k/day.
MX:FRO1N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed