GOLAR LNG LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GOLAR LNG LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	80.3	144	431	449	261	260	268	298	260	394
Research and development	8.66	12.3	21.7	4.99	8.62	2.52	8.02	39.1	12.3	19.2
General and administrative	37.3	38	51.5	52.2	34.4	35.3	38.1	33.5	27.5	29.6
Operating expenses						158	249	221	238	258
Operating income	-141	-85.5	114	60.7	61.1	307	524	15.8	62.2	99.7
Interest expense	71.2	59.3	102	103	39.2	34.5	19.3	0	0	32.9
Interest income	2.97	5.89						46.1	37.4	34.6
Other non-operating income	-8.62	-0.08	0	0	5.68	-362	413	-52.5	-7	30
Pre-tax income	-209	-118	-9.31	-75.6	-23.9	-64.4	996	-1.27	80.8	117
Income tax	-0.59	1.51	1.27	1.02	0.58	1.44	-0.44	1.87	-0.02	4.31
Net income to minority interests					106	147	151	43.9	30	46.9
Net income	-187	-180	-231	-212	-274	414	788	-46.8	50.8	65.7
EBITDA	-68.1	-8.94	208	173	169	362	575	65.6	115	148
EPS, basic	-1.99	-1.79	-2.30	-2.11	-2.82
EPS, diluted	-1.99	-1.79	-2.30	-2.11	-2.82
Shares, basic (weighted)	93.9	101	101	101	97.6	110	108	107	104	103
Shares, diluted (weighted)	93.9	101	101	101	97.6	110	109	107	105	109
Dividend per share	0.60	0.20	0.28	0.45	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	224	215	218	180	86	232	879	679	566	1,151
Inventory	7.26	7.41	7.01	1.23	1.53	0.54	0.69
Other current assets	7.51	6.05	18.7	9.28	8.68	544	315	72	47.9	32
Total current assets	426	473	650	371	538	926	1,259	816	740	1,414
Property, plant and equipment	235	392	140	419	2,983	1,264	1,137	1,078	1,080	931
Lease right-of-use assets			0	9.85	14.6	10.3	5.65	7.39	6.77	6.2
Intangible assets								0	2.35	2.07
Other non-current assets	56.4	158	139	80.4	27.9	141	512	500	160	63.1
Total assets	4,257	4,764	4,807	4,632	4,314	4,948	4,280	4,084	4,368	5,326
Accounts payable	24.6	70.4	9.7	13.9	10.6	4.93	8.98	7.45	199	124
Accrued liabilities	78.5	106	133	81	89.4	32.9	32.8	145	66.1	102
Deferred revenue					9.95	4.22	8.4	4.22	4.22	4.09
Short-term debt	451	1,385	730	1,241	983	703	345	343	521	301
Total current liabilities	769	1,632	1,000	1,444	1,180	1,307	414	546	842	555
Long-term debt	1,526	1,026	1,835	1,295	1,368	920	845	874	931	2,457
Lease liabilities				6.48	10.6	7.14	3.59	5.88	5.12	4.65
Other non-current liabilities	52.2	133	146	143	135	93	120	61.6	226	246
Total liabilities	2,347	2,968	2,981	2,881	2,684	2,770	1,379	1,482	1,998	3,258
Total debt	1,977	2,411	2,565	2,536	2,351	1,623	1,189	1,217	1,452	2,758
Paid-in capital	1,489	1,538	1,857	1,876	1,970	1,973	1,937	1,691	1,705	1,718
Retained earnings	104	-95.7	-364	-605	-931	-540	262	77	10.3	-173
Treasury stock	-20.5	-20.5	-20.5	-39.1	0				0	-0.68
Other comprehensive income	-9.54	-7.77	-28.5	-34.9	-56.1	-10.8	-5.81	-5.07	-5.74	-1.94
Shareholders' equity	1,863	1,715	1,745	1,498	1,293	1,731	2,500	2,068	2,014	1,843
Minority interests	46.6	81	80.7	253	338	447	400	535	355	225
Total equity	1,910	1,796	1,826	1,751	1,631	2,176	2,900	2,602	2,369	2,068
Total liabilities and equity	4,257	4,764	4,807	4,632	4,314	4,948	4,280	4,084	4,368	5,326
Shares outstanding	101	101	101	101	110	108	107	105	105	101

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-161	-145	-168	-122	-168	561	939	-2.85	80.8	113
Depreciation and amortization	73	76.5	93.4	113	107	54.9	51.3	49.8	53.1	48.3
Stock-based compensation	5.83	8.78	11.7	7.15	2.27	1.43	1.97	2.71	3.65	6.53
Deferred income tax	0.09	0.03	0.43	0.12	0.2	-0.01	-0.96	1.35	-0.74	0.69
Change in receivables	-0.57	-11.4	-49.9	39.4	-4.18	-1.25
Change in inventory	0.99	-0.15	0.4	5.78	-0.31	1
Cash from operations	-115	-35.1	117	-38.2	-177	254
Capital expenditures	0
Purchases of investments	-10.2	-123	-95.5	-1.26	-10.2
Cash from investing	3.85	-420	-202	-1.26	-10.2
Debt issued	406	928	1,178	524	730	580
Debt repaid	-272	-447	-995	-552	-935	-557
Stock issued	170	0	0	0	99.8	0
Share buybacks	-8.21	0	0	-18.6	-16.7	-24.5
Cash from financing	234	427	177	-136	-162	-51.6
Net change in cash	123	-27.5	91.6	-294	-118	112	675	-241	-54.9	499
Free cash flow	-115
Interest paid	24.8	34.5	29.8	148	56.3	48.2	92.6	24.3	29.8	99
Income taxes paid	0.56	1.24	1.47	0.66	1.18	0.69		0.86	0.77	3.46

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $49.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	25.3%	Operating income / revenue.
EBITDA margin	37.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.7%	Pre-tax income / revenue.
Net margin	16.7%	Net income / revenue.
Effective tax rate	3.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	3.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.9%	Research and development expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	12.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	51.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	60.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-42.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	28.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-36.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	29.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-56.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-8.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	21.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.55x	Current assets / current liabilities.
Quick ratio	2.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	51.8%	Total debt / total assets.
Liabilities / assets	61.2%	Total liabilities / total assets.
Net debt	$1.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	10.9x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.03x	Operating income / interest expense.
Working capital	$858.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Fixed asset turnover	0.39x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
Revenue per share	$3.59	Revenue / diluted weighted shares.
Book value per share	$18.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.17	Tangible book value / shares outstanding.
Cash per share	$11.36	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.04B	Share price x shares outstanding.
Enterprise value	$6.65B	Market cap + total debt - cash - short-term investments.
P/E	76.7x	Market cap / net income. Only when net income is positive.
P/S	12.8x	Market cap / revenue.
P/B	2.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.74x	Market cap / tangible book value, when positive.
EV/Sales	16.9x	Enterprise value / revenue.
EV/EBIT	66.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	44.9x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).

What was GOLAR LNG LTD's revenue in fiscal 2025?

GOLAR LNG LTD reported revenue of $393.5M for fiscal 2025, 51.1% higher than the year before.

Was GOLAR LNG LTD profitable in fiscal 2025?

Yes. Net income was $65.7M, a net margin of 16.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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