Frontline Ltd. (FRO) Income Statement
FRO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFRO revenue and net income
Where FRO's revenue goes
2025Each bar shows an amount and its share of revenue. FRO kept 19.3% of revenue as net income.
FRO profit margins
FRO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.2% | +11.2% | +10.0% | +15.7% |
| Gross profit | −8.7% | +10.0% | +3.7% | +13.1% |
| Operating income | −24.2% | +10.0% | +3.1% | +7.5% |
| Net income | −23.5% | −7.3% | −1.7% | +9.4% |
| EPS (diluted) | −1.1% | +4.6% | −3.8% | −4.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FRO quarterly EPS vs estimates
Frontline beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 20, 2026.
FRO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.97B | $2.05B | $1.80B | $1.43B | $749.4M | $1.22B | $957.3M | $742.3M | $646.3M | $754.3M |
| Cost of revenue | $1.32B | $1.34B | $1.03B | $945.9M | $722.1M | $684.5M | $678.8M | $652.2M | $556.5M | $490.0M |
| Gross profit | $644.0M | $705.7M | $776.1M | $484.3M | $27.2M | $536.7M | $278.5M | $90.1M | $89.8M | $264.3M |
| Sales, general & admin | $51.4M | $36.1M | $53.5M | $47.4M | $26.4M | $58.8M | $45.0M | $37.3M | $37.6M | $37.0M |
| Total operating expenses | $51.4M | −$76.0M | $29.4M | $38.7M | $18.8M | $28.9M | $39.0M | $7.3M | $286.1M | $86.8M |
| Operating income | $592.7M | $781.7M | $746.7M | $445.6M | $8.5M | $507.8M | $239.5M | $82.7M | −$196.3M | $177.5M |
| Interest income | $15.7M | $16.8M | $12.2M | $1.5M | $37.0M | $94.9M | $99.6M | $91.3M | $69.0M | $52.6M |
| Interest expense | $233.2M | $302.3M | $178.5M | $98.7M | $61.5M | $72.2M | $94.5M | $93.3M | $69.8M | $56.7M |
| Income before taxes | $385.1M | $503.3M | $656.6M | $475.9M | −$10.3M | $413.0M | $140.3M | −$8.1M | −$264.0M | $117.9M |
| Income taxes | $6.0M | $7.7M | $205,000 | $412,000 | $4.6M | −$14,000 | $307,000 | $316,000 | $290,000 | $345,000 |
| Net income | $379.1M | $495.6M | $656.4M | $475.5M | −$15.0M | $412.9M | $140.0M | −$8.9M | −$264.9M | $117.0M |
| EBITDA | $946.8M | $1.14B | $1.07B | $739.8M | $211.3M | $629.5M | $357.2M | $210.2M | −$50.6M | $317.6M |
| EPS (diluted) | $1.76 | $1.78 | $2.63 | $1.54 | −$0.23 | $2.14 | $0.77 | −$0.14 | −$0.03 | $1.14 |
| Gross margin | 32.8% | 34.4% | 43.1% | 33.9% | 3.6% | 43.9% | 29.1% | 12.1% | 13.9% | 35.0% |
| Operating margin | 30.2% | 38.1% | 41.4% | 31.2% | 1.1% | 41.6% | 25.0% | 11.1% | −30.4% | 23.5% |
| Net margin | 19.3% | 24.2% | 36.4% | 33.2% | −2.0% | 33.8% | 14.6% | −1.2% | −41.0% | 15.5% |
| 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 | $943.3M | $714.2M | $624.5M | $432.7M | $480.1M | $427.9M | $425.6M | $490.3M | $556.0M | $578.4M | $415.0M | $377.1M |
| Cost of revenue | $334.7M | $318.3M | $335.6M | $327.3M | $336.5M | $321.6M | $312.1M | $338.6M | $339.0M | $355.0M | $263.1M | $247.4M |
| Gross profit | $608.6M | $396.0M | $288.9M | $105.3M | $143.5M | $106.3M | $113.6M | $151.7M | $217.0M | $223.4M | $151.9M | $129.7M |
| Sales, general & admin | $12.5M | $25.9M | $11.2M | $15.3M | $11.5M | $13.3M | $1.7M | $7.0M | $12.6M | $14.8M | $13.9M | $15.3M |
| Total operating expenses | $12.5M | $25.9M | $11.2M | $9.4M | $11.7M | $13.1M | −$16.1M | $6.9M | −$38.9M | −$27.9M | $13.9M | $14.9M |
| Operating income | $596.1M | $370.0M | $277.7M | $96.0M | $131.9M | $93.2M | $129.7M | $144.8M | $255.9M | $251.3M | $138.0M | $114.8M |
| Interest income | $4.7M | $2.7M | $2.3M | $4.1M | $4.8M | $4.5M | $3.9M | $5.1M | $5.6M | $2.2M | $5.4M | $3.8M |
| Interest expense | $35.2M | $40.2M | $51.0M | $59.0M | $58.3M | $62.8M | $75.1M | $82.4M | $73.4M | $71.4M | $55.4M | $38.1M |
| Income before taxes | $659.7M | $559.7M | $229.1M | $41.6M | $79.1M | $35.3M | $66.5M | $65.3M | $189.1M | $182.4M | $118.5M | $107.7M |
| Income taxes | $554,000 | $570,000 | $1.2M | $1.3M | $1.5M | $2.0M | −$214,000 | $4.8M | $1.5M | $1.5M | $226,000 | $4,000 |
| Net income | $659.2M | $559.1M | $227.9M | $40.3M | $77.5M | $33.3M | $66.7M | $60.5M | $187.6M | $180.8M | $118.4M | $107.7M |
| EBITDA | $667.5M | $675.9M | $362.3M | $183.5M | $219.5M | $179.3M | $224.8M | $231.8M | $346.2M | $341.8M | $198.1M | $204.1M |
| EPS (diluted) | $0.36 | $1.55 | $1.03 | $0.19 | $0.36 | $0.18 | $0.20 | $0.34 | $0.62 | $0.62 | $0.46 | $0.36 |
| Gross margin | 64.5% | 55.4% | 46.3% | 24.3% | 29.9% | 24.8% | 26.7% | 30.9% | 39.0% | 38.6% | 36.6% | 34.4% |
| Operating margin | 63.2% | 51.8% | 44.5% | 22.2% | 27.5% | 21.8% | 30.5% | 29.5% | 46.0% | 43.4% | 33.3% | 30.4% |
| Net margin | 69.9% | 78.3% | 36.5% | 9.3% | 16.2% | 7.8% | 15.7% | 12.3% | 33.7% | 31.3% | 28.5% | 28.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FRO's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FRO financial results
In fiscal year 2025 (ended December 31, 2025), Frontline reported revenue of $2.0 billion, down 4.2% from the year before. It had net income of $379.1 million (down 23.5%), a net profit margin of 19.3%. Diluted earnings per share came to $1.76. Over five years revenue grew at an average rate of 10.0% a year.
See the FRO stock overview for the latest quote and news, or the FRO chart for price history and technical indicators.
FRO income statement FAQ
What is Frontline's annual revenue?
Frontline reported total revenue of $2.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 4.2% from $2.1 billion the previous year.
Is Frontline profitable?
Yes. Frontline reported net income of $379.1 million in fiscal 2025, a net profit margin of 19.3%; its operating margin was 30.2%.
What is Frontline's gross margin?
Frontline's gross margin was 32.8% in fiscal 2025: for every $100 of revenue, Frontline kept $33 after the direct cost of its products and services.
How fast is Frontline growing?
Revenue grew 10.0% a year on average over the last five fiscal years, from $1.2 billion to $2.0 billion.
What are Frontline's earnings per share?
Frontline earned $1.76 per diluted share in fiscal 2025, compared with $1.78 a year earlier.
When will Frontline report its next earnings?
Frontline is expected to report results for the quarter ending September 30, 2026 on November 20, 2026.
When does Frontline's fiscal year end?
Frontline's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 27, 2026.