Hafnia Limited (HAFN) Income Statement
HAFN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHAFN revenue and net income
Where HAFN's revenue goes
2025Each bar shows an amount and its share of revenue. HAFN kept 14.9% of revenue as net income.
HAFN profit margins
HAFN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −18.1% | +6.8% | +21.9% | — |
| Gross profit | −50.2% | −20.4% | +12.1% | — |
| Operating income | −58.3% | −25.8% | +11.6% | — |
| Net income | −54.8% | −22.5% | +18.6% | — |
| EPS (diluted) | −53.1% | −24.3% | +29.0% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HAFN quarterly EPS vs estimates
Hafnia beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: December 7, 2026.
HAFN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.35B | $2.87B | $2.67B | $1.93B | $811.2M | $874.1M | $827.9M | $368.4M | $346.5M | $302.3M |
| Cost of revenue | $1.93B | $2.02B | $1.82B | $1.09B | $623.6M | $635.0M | $646.5M | $326.1M | $318.2M | $274.7M |
| Gross profit | $423.2M | $849.6M | $852.1M | $840.4M | $187.6M | $239.1M | $181.3M | $42.3M | $28.2M | $27.6M |
| Sales, general & admin | $50.5M | $50.6M | $42.8M | $37.8M | $41.9M | $24.6M | $31.9M | $3.5M | $3.7M | $3.7M |
| Total operating expenses | $87.4M | $43.9M | −$5.8M | $17.2M | $192.4M | $45.6M | $35.7M | $30.1M | −$1.6M | $194.0M |
| Operating income | $335.8M | $805.7M | $857.9M | $823.2M | −$4.9M | $193.6M | $145.6M | $12.2M | $29.9M | −$166.4M |
| Interest income | $13.5M | $16.3M | $17.6M | $7.0M | $2.4M | $2.0M | — | — | — | — |
| Interest expense | $59.8M | $60.5M | $77.4M | $94.2M | $45.6M | $54.1M | $77.5M | $30.3M | $27.3M | $20.8M |
| Income before taxes | $352.2M | $778.5M | $799.5M | $758.3M | −$51.1M | $151.4M | $72.7M | −$19.8M | $3.0M | −$186.6M |
| Income taxes | $2.6M | $4.4M | $6.3M | $6.7M | $4.4M | $2.7M | $1.0M | $24,000 | $20,000 | $6,000 |
| Net income | $349.7M | $774.0M | $793.3M | $751.6M | −$55.5M | $148.8M | $71.7M | −$19.8M | $3.0M | −$186.6M |
| EBITDA | $620.1M | $1.05B | $1.09B | $1.06B | $139.6M | $354.8M | $271.3M | $68.6M | $83.4M | −$108.1M |
| EPS (diluted) | $0.68 | $1.45 | $1.56 | $1.57 | −$0.15 | $0.19 | — | — | — | — |
| Gross margin | 18.0% | 29.6% | 31.9% | 43.6% | 23.1% | 27.4% | 21.9% | 11.5% | 8.2% | 9.1% |
| Operating margin | 14.3% | 28.1% | 32.1% | 42.7% | −0.6% | 22.1% | 17.6% | 3.3% | 8.6% | −55.0% |
| Net margin | 14.9% | 27.0% | 29.7% | 39.0% | −6.8% | 17.0% | 8.7% | −5.4% | 0.9% | −61.7% |
| 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 | $815.8M | $671.2M | $593.2M | $586.9M | $554.2M | $547.9M | $532.9M | $719.7M | $831.2M | $784.9M | $1.16B | $650.8M |
| Cost of revenue | $563.5M | $511.9M | $472.8M | $473.2M | $450.9M | $455.5M | $380.3M | $497.5M | $549.4M | $539.4M | $965.8M | $475.2M |
| Gross profit | $252.2M | $159.3M | $120.5M | $113.7M | $103.2M | $92.4M | $152.6M | $222.3M | $281.8M | $245.5M | $199.0M | $175.6M |
| Sales, general & admin | — | $20.7M | — | $6.4M | $7.0M | $20.7M | $7.5M | $7.3M | $7.6M | $16.7M | $6.6M | $16.1M |
| Total operating expenses | $12.1M | $8.7M | $27.0M | $12.5M | $20.2M | $16.9M | $60.9M | $3.2M | $19.6M | $12.6M | $18.5M | $8.4M |
| Operating income | $240.1M | $150.6M | $93.5M | $101.2M | $83.1M | $75.5M | $91.7M | $219.0M | $262.1M | $232.9M | $180.5M | $167.2M |
| Interest income | $3.5M | $2.3M | $4.7M | $2.7M | $3.4M | $2.7M | $4.6M | $4.5M | $4.5M | $2.8M | $3.1M | $4.1M |
| Interest expense | $10.2M | $12.3M | $14.0M | $10.0M | $12.7M | $14.4M | $13.6M | $9.7M | $13.2M | $22.7M | $10.9M | $26.1M |
| Income before taxes | $279.2M | $180.5M | $107.4M | $92.2M | $78.0M | $64.6M | $79.6M | $216.8M | $260.8M | $221.3M | $178.3M | $147.9M |
| Income taxes | $1.4M | $788,000 | −$2.3M | $699,000 | $2.7M | $1.4M | $61,000 | $1.2M | $1.6M | $1.7M | $1.9M | $932,000 |
| Net income | $277.8M | $179.7M | $109.7M | $91.5M | $75.3M | $63.2M | $79.6M | $215.6M | $259.2M | $219.6M | $176.4M | $146.9M |
| EBITDA | $336.6M | $240.9M | $142.9M | $154.3M | $141.6M | $128.6M | $131.2M | $280.1M | $328.8M | $291.3M | $235.6M | $224.4M |
| EPS (diluted) | $0.56 | $0.29 | $0.22 | $0.18 | $0.15 | $0.13 | $0.13 | $0.39 | $0.50 | $0.43 | $0.35 | $0.29 |
| Gross margin | 30.9% | 23.7% | 20.3% | 19.4% | 18.6% | 16.9% | 28.6% | 30.9% | 33.9% | 31.3% | 17.1% | 27.0% |
| Operating margin | 29.4% | 22.4% | 15.8% | 17.2% | 15.0% | 13.8% | 17.2% | 30.4% | 31.5% | 29.7% | 15.5% | 25.7% |
| Net margin | 34.1% | 26.8% | 18.5% | 15.6% | 13.6% | 11.5% | 14.9% | 30.0% | 31.2% | 28.0% | 15.1% | 22.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HAFN's financial statements (latest annual report filed April 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HAFN financial results
In fiscal year 2025 (ended December 31, 2025), Hafnia reported revenue of $2.3 billion, down 18.1% from the year before. It had net income of $349.7 million (down 54.8%), a net profit margin of 14.9%. Diluted earnings per share came to $0.68. Over five years revenue grew at an average rate of 21.9% a year.
See the HAFN stock overview for the latest quote and news, or the HAFN chart for price history and technical indicators.
HAFN income statement FAQ
What is Hafnia's annual revenue?
Hafnia reported total revenue of $2.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 18.1% from $2.9 billion the previous year.
Is Hafnia profitable?
Yes. Hafnia reported net income of $349.7 million in fiscal 2025, a net profit margin of 14.9%; its operating margin was 14.3%.
What is Hafnia's gross margin?
Hafnia's gross margin was 18.0% in fiscal 2025: for every $100 of revenue, Hafnia kept $18 after the direct cost of its products and services.
How fast is Hafnia growing?
Revenue grew 21.9% a year on average over the last five fiscal years, from $874.1 million to $2.3 billion.
What are Hafnia's earnings per share?
Hafnia earned $0.68 per diluted share in fiscal 2025, compared with $1.45 a year earlier.
When will Hafnia report its next earnings?
Hafnia is expected to report results for the quarter ending September 30, 2026 on December 7, 2026.
When does Hafnia's fiscal year end?
Hafnia's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 17, 2026.