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Marine shipping · Industrials
Golar LNG reported revenue of $394M in the fiscal year ended Dec 2025, up 51.1% from the year before. Operating income was $100M, an operating margin of 25.3%, and net income was $66M. Net debt was $1.6B.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 260 | 268 | 298 | 260 | 394 |
| Research & development | 2.5 | 8.0 | 39.1 | 12.3 | 19.2 |
| Operating income | 307 | 524 | 15.8 | 62.2 | 99.7 |
| Interest expense | 34.5 | 19.3 | 0.0 | 0.0 | 32.9 |
| Pre-tax income | −64.4 | 996 | −1.3 | 80.8 | 117 |
| Income tax | 1.4 | −0.4 | 1.9 | −0.0 | 4.3 |
| Net income | 414 | 788 | −46.8 | 50.8 | 65.7 |
| Diluted shares | 110 | 109 | 107 | 105 | 109 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 232 | 879 | 679 | 566 | 1,151 |
| Inventory | 0.5 | 0.7 | – | – | – |
| Current assets | 926 | 1,259 | 816 | 740 | 1,414 |
| Net PP&E | 1,264 | 1,137 | 1,078 | 1,080 | 931 |
| Total assets | 4,948 | 4,280 | 4,084 | 4,368 | 5,326 |
| Payables | 4.9 | 9.0 | 7.5 | 199 | 124 |
| Deferred revenue | 4.2 | 8.4 | 4.2 | 4.2 | 4.1 |
| Current liabilities | 1,307 | 414 | 546 | 842 | 555 |
| Short-term debt | 703 | 345 | 343 | 521 | 301 |
| Long-term debt | 920 | 845 | 874 | 931 | 2,457 |
| Total liabilities | 2,770 | 1,379 | 1,482 | 1,998 | 3,258 |
| Shareholders' equity | 1,731 | 2,500 | 2,068 | 2,014 | 1,843 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 254 | – | – | – | – |
| Depreciation & amortisation | 54.9 | 51.3 | 49.8 | 53.1 | 48.3 |
| Stock-based compensation | 1.4 | 2.0 | 2.7 | 3.6 | 6.5 |
| Share buybacks | 24.5 | – | – | – | – |
| Dividend per share | 0.00 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.9% | 11.5% | −12.8% | 51.1% |
| Operating income growth (YoY) | – | 70.9% | −97.0% | 293.6% | 60.4% |
| Operating margin | 117.8% | 195.7% | 5.3% | 23.9% | 25.3% |
| Net margin | 159.0% | 294.2% | −15.7% | 19.5% | 16.7% |
| Return on equityBlank when equity is negative | 23.9% | 31.5% | −2.3% | 2.5% | 3.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.4% | 13.6% | 0.4% | 1.8% | 2.1% |
| Cash conversion (CFO ÷ net income) | 0.61x | – | – | – | – |
| Interest cover | 8.89x | 27.2x | – | – | 3.03x |
| Debt ÷ equity | 0.94x | 0.48x | 0.59x | 0.72x | 1.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,391 | 310 | 538 | 886 | 1,607 |
| Current ratio | 0.71x | 3.04x | 1.49x | 0.88x | 2.55x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.