BW LPG Limited (BWLP) Income Statement
BWLP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBWLP revenue and net income
Where BWLP's revenue goes
2025Each bar shows an amount and its share of revenue. BWLP kept 6.8% of revenue as net income.
BWLP profit margins
BWLP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.6% | +34.1% | +32.8% | — |
| Gross profit | −4.0% | +10.0% | +4.0% | — |
| Operating income | −20.7% | +8.3% | +2.2% | — |
| Net income | −25.5% | +3.8% | −1.4% | — |
| EPS (diluted) | −39.8% | −1.8% | −1.9% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BWLP quarterly EPS vs estimates
BW LPG beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 23, 2026 (estimate $1.42).
BWLP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.69B | $3.37B | $3.06B | $1.53B | $1.21B | $892.5M | $818.6M | $490.4M | $497.0M | $494.2M |
| Cost of revenue | $3.16B | $2.81B | $2.36B | $1.13B | $909.2M | $454.5M | $396.9M | $302.2M | $286.7M | $194.4M |
| Gross profit | $532.2M | $554.3M | $698.5M | $400.3M | $299.7M | $437.9M | $421.7M | $188.2M | $210.3M | $299.7M |
| Sales, general & admin | $76.5M | $30.1M | $169.3M | $158.2M | $152.5M | $163.1M | $150.9M | — | — | — |
| Total operating expenses | $225.1M | $167.0M | $197.2M | $158.2M | $152.5M | $163.1M | $150.9M | $185.0M | $217.8M | $190.9M |
| Operating income | $307.1M | $387.2M | $501.3M | $242.1M | $147.2M | $274.8M | $270.8M | $3.2M | −$7.5M | $108.8M |
| Interest income | $10.2M | $16.3M | $10.4M | $2.5M | $4.5M | $6.0M | — | — | — | — |
| Interest expense | $56.6M | $21.4M | $30.7M | $31.7M | $40.2M | $51.0M | $59.2M | $49.2M | $47.5M | $26.9M |
| Income before taxes | $312.8M | $401.4M | $523.0M | $235.1M | $182.1M | $268.7M | $276.7M | −$67.9M | −$44.7M | $23.3M |
| Income taxes | $14.6M | $28.4M | $11.4M | $1.1M | $507,376 | $548,628 | $2.3M | $167,313 | $549,782 | $227,338 |
| Net income | $249.4M | $334.6M | $487.7M | $223.0M | $180.0M | $268.1M | $274.3M | −$67.1M | −$43.1M | $23.7M |
| EBITDA | $632.9M | $625.0M | $771.5M | $426.2M | $372.4M | $442.4M | $397.3M | $97.8M | $121.2M | $205.9M |
| EPS (diluted) | $1.60 | $2.66 | $3.54 | $1.69 | $1.34 | $1.76 | $1.98 | −$0.51 | −$0.30 | $0.17 |
| Gross margin | 14.4% | 16.5% | 22.8% | 26.2% | 24.8% | 49.1% | 51.5% | 38.4% | 42.3% | 60.7% |
| Operating margin | 8.3% | 11.5% | 16.4% | 15.8% | 12.2% | 30.8% | 33.1% | 0.7% | −1.5% | 22.0% |
| Net margin | 6.8% | 9.9% | 15.9% | 14.6% | 14.9% | 30.0% | 33.5% | −13.7% | −8.7% | 4.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $963.6M | $842.0M | $732.7M | $954.2M | $1.06B | $906.7M | $817.2M | $814.6M | $882.4M | $1.01B | $937.8M | $699.2M |
| Cost of revenue | $762.7M | $561.4M | $559.7M | $828.0M | $947.1M | $798.7M | $721.8M | $636.1M | $748.3M | $835.9M | $694.0M | $531.0M |
| Gross profit | $200.9M | $280.6M | $173.0M | $126.2M | $117.6M | $107.9M | $95.4M | $178.5M | $134.1M | $173.7M | $243.7M | $168.2M |
| Sales, general & admin | $32.0M | $18.5M | $19.2M | $19.3M | $17.1M | $20.8M | $25.7M | $10.9M | $45.5M | $42.7M | $4.0M | $42.1M |
| Total operating expenses | $70.1M | $58.3M | $55.9M | $55.0M | $55.0M | $58.3M | $50.1M | $36.5M | $45.5M | $42.7M | $56.1M | $42.1M |
| Operating income | $130.7M | $222.3M | $117.1M | $71.2M | $62.6M | $49.6M | $45.3M | $142.0M | $88.7M | $131.0M | $187.7M | $126.1M |
| Interest income | $1.8M | $1.5M | $2.3M | $2.7M | $2.1M | $3.1M | $3.4M | $3.4M | $4.9M | $4.6M | $2.5M | $3.0M |
| Interest expense | $8.7M | $9.5M | $12.9M | $13.7M | $13.1M | $16.5M | $7.4M | $4.8M | $4.9M | $5.2M | $6.8M | $8.6M |
| Income before taxes | $125.0M | $212.5M | $129.9M | $60.9M | $48.0M | $70.2M | $40.5M | $140.2M | $90.0M | $150.9M | $182.4M | $120.0M |
| Income taxes | −$6.3M | $24.4M | $6.9M | $3.5M | $3.7M | $199,825 | $2.0M | $18.3M | $4.5M | $5.3M | $10.3M | $104,866 |
| Net income | $114.4M | $164.9M | $104.3M | $57.7M | $35.6M | $48.5M | $29.9M | $105.9M | $77.4M | $138.0M | $161.1M | $110.7M |
| EBITDA | $188.9M | $282.5M | $207.3M | $140.2M | $125.0M | $153.3M | $103.0M | $195.0M | $142.2M | $203.7M | $246.9M | $182.7M |
| EPS (diluted) | $0.79 | $1.08 | $0.69 | $0.38 | $0.23 | $0.30 | $0.22 | $0.79 | $0.58 | $1.07 | $1.14 | $0.85 |
| Gross margin | 20.8% | 33.3% | 23.6% | 13.2% | 11.0% | 11.9% | 11.7% | 21.9% | 15.2% | 17.2% | 26.0% | 24.1% |
| Operating margin | 13.6% | 26.4% | 16.0% | 7.5% | 5.9% | 5.5% | 5.5% | 17.4% | 10.0% | 13.0% | 20.0% | 18.0% |
| Net margin | 11.9% | 19.6% | 14.2% | 6.0% | 3.3% | 5.3% | 3.7% | 13.0% | 8.8% | 13.7% | 17.2% | 15.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BWLP's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BWLP financial results
In fiscal year 2025 (ended December 31, 2025), BW LPG reported revenue of $3.7 billion, up 9.6% from the year before. It had net income of $249.4 million (down 25.5%), a net profit margin of 6.8%. Diluted earnings per share came to $1.60. Over five years revenue grew at an average rate of 32.8% a year.
See the BWLP stock overview for the latest quote and news, or the BWLP chart for price history and technical indicators.
BWLP income statement FAQ
What is BW LPG's annual revenue?
BW LPG reported total revenue of $3.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.6% from $3.4 billion the previous year.
Is BW LPG profitable?
Yes. BW LPG reported net income of $249.4 million in fiscal 2025, a net profit margin of 6.8%; its operating margin was 8.3%.
What is BW LPG's gross margin?
BW LPG's gross margin was 14.4% in fiscal 2025: for every $100 of revenue, BW LPG kept $14 after the direct cost of its products and services.
How fast is BW LPG growing?
Revenue grew 32.8% a year on average over the last five fiscal years, from $892.5 million to $3.7 billion.
What are BW LPG's earnings per share?
BW LPG earned $1.60 per diluted share in fiscal 2025, compared with $2.66 a year earlier.
When will BW LPG report its next earnings?
BW LPG is expected to report results for the quarter ending September 30, 2026 on November 23, 2026 before the market opens.
When does BW LPG's fiscal year end?
BW LPG's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.