Revenue growth remains highly erratic, surging 57.3% in 2026Q1, while structural margin expansion is evidenced by a gross margin improvement to 60.4% from the 32.5% trough in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 566.07M | 497.2M | 571.77M | 560.56M | 454.14M | 295.85M | 691.04M | 535.07M | 375.94M | 355.05M | 356.01M | 365.11M | 150.79M | 87.01M | 97.19M | 100.12M | 89.68M | 102.58M | 114.6M | 81.43M | 86.79M | 103.53M | 135.97M | 66.19M | 38.84M | 36.6M |
| Revenue Growth % | 4.19% | -13.04% | 2% | 23.43% | 53.5% | -57.19% | 29.15% | 42.33% | 5.88% | -0.27% | -2.49% | 142.14% | 73.3% | -10.48% | -2.93% | 11.64% | -12.57% | -10.49% | 40.74% | -6.18% | -16.17% | -23.85% | 105.41% | 70.44% | 6.11% | - |
| Cost of Goods Sold | 297.38M | 307.45M | 258.22M | 350M | 382.57M | 298.85M | 347M | 381.41M | 341.17M | 282.49M | 211.54M | 207.36M | 137.22M | 76.51M | 74.18M | 38.25M | 30.22M | 30.03M | 21.41M | 19.42M | 18.69M | 18.11M | 15.6M | 0 | 0 | 0 |
| COGS % of Revenue | - | 61.84% | 45.16% | 62.44% | 84.24% | 101.01% | 50.21% | 71.28% | 90.75% | 79.56% | 59.42% | 56.79% | 91% | 87.93% | 76.32% | 38.2% | 33.7% | 29.28% | 18.68% | 23.85% | 21.53% | 17.49% | 11.47% | - | - | - |
| Gross Profit | 268.69M | 189.75M | 313.56M | 210.56M | 71.58M | -3M | 344.04M | 153.66M | 34.77M | 72.56M | 144.47M | 157.76M | 13.57M | 10.5M | 23.02M | 61.88M | 59.46M | 72.54M | 93.19M | 62M | 68.1M | 85.43M | 120.37M | 66.19M | 38.84M | 36.6M |
| Gross Margin % | 47.47% | 38.16% | 54.84% | 37.56% | 15.76% | -1.01% | 49.79% | 28.72% | 9.25% | 20.44% | 40.58% | 43.21% | 9% | 12.07% | 23.68% | 61.8% | 66.3% | 70.72% | 81.32% | 76.15% | 78.47% | 82.51% | 88.53% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -39.49% | 48.92% | 194.16% | 2487.56% | -100.87% | 123.9% | 341.87% | -52.08% | -49.77% | -8.43% | 1062.46% | 29.21% | -54.37% | -62.8% | 4.06% | -18.03% | -22.16% | 50.3% | -8.96% | -20.28% | -29.03% | 81.84% | 70.44% | 6.11% | - |
| Operating Expenses | -14.82M | 19.89M | 102.92M | 17.45M | -2.63M | -3.2M | 30.45M | 14.79M | 15.05M | 17.18M | 19.39M | 21.61M | 18.06M | 8.83M | 9.79M | 39.43M | 36.26M | 31.35M | 30.71M | 21.05M | 19.3M | 24.45M | 25.03M | -30.83M | -21.55M | -18.94M |
| OpEx % of Revenue | - | 4% | 18% | 3.11% | -0.58% | -1.08% | 4.41% | 2.76% | 4% | 4.84% | 5.45% | 5.92% | 11.98% | 10.14% | 10.07% | 39.38% | 40.43% | 30.56% | 26.8% | 25.85% | 22.24% | 23.61% | 18.41% | -46.57% | -55.48% | -51.74% |
| Selling, General & Admin | 19.3M | 19.89M | 18.94M | 17.45M | 16.89M | 16.57M | 17.89M | 14.79M | 15.05M | 17.18M | 19.39M | 21.61M | 18.06M | 8.83M | 9.79M | 9.15M | 7.87M | 4.59M | 4.77M | 3.77M | 2.39M | 6.5M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 4% | 3.31% | 3.11% | 3.72% | 5.6% | 2.59% | 2.76% | 4% | 4.84% | 5.45% | 5.92% | 11.98% | 10.14% | 10.07% | 9.14% | 8.77% | 4.47% | 4.16% | 4.64% | 2.75% | 6.28% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | 83.97M | 0 | -19.51M | -19.77M | 12.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.28M | 28.39M | 26.76M | 25.95M | 17.27M | 16.91M | 17.94M | 25.03M | -30.83M | -21.55M | -18.94M |
| Operating Income | 283.51M | 169.85M | 210.64M | 193.11M | 74.2M | 202K | 313.59M | 138.87M | 16.3M | 43.3M | 40.51M | 135.34M | 27.41M | 1.01M | -89.5M | -33.55M | 23.2M | 41.19M | 62.48M | 40.96M | 48.8M | 60.98M | 95.33M | 35.36M | 17.29M | 17.66M |
| Operating Margin % | 50.08% | 34.16% | 36.84% | 34.45% | 16.34% | 0.07% | 45.38% | 25.95% | 4.33% | 12.2% | 11.38% | 37.07% | 18.18% | 1.16% | -92.09% | -33.51% | 25.87% | 40.16% | 54.52% | 50.3% | 56.22% | 58.9% | 70.12% | 53.43% | 44.52% | 48.26% |
| Operating Income Growth % | - | -19.36% | 9.08% | 160.24% | 36634.65% | -99.94% | 125.82% | 752.1% | -62.37% | 6.88% | -70.07% | 393.81% | 2621.75% | 101.13% | -166.75% | -244.64% | -43.68% | -34.07% | 52.55% | -16.07% | -19.98% | -36.03% | 169.58% | 104.51% | -2.09% | - |
| EBITDA | 388.25M | 276.23M | 322.52M | 302.01M | 197.46M | 128.84M | 437.84M | 254.45M | 119.77M | 140.06M | 124.85M | 214.04M | 74.41M | 27.95M | -57.1M | -3.03M | 51.59M | 72.2M | 88.43M | 58.4M | 65.87M | 79.4M | 113.14M | 66.19M | 38.84M | 36.6M |
| EBITDA Margin % | 68.59% | 55.56% | 56.41% | 53.88% | 43.48% | 43.55% | 63.36% | 47.55% | 31.86% | 39.45% | 35.07% | 58.62% | 49.35% | 32.12% | -58.75% | -3.02% | 57.53% | 70.39% | 77.16% | 71.71% | 75.9% | 76.69% | 83.21% | 100% | 100% | 100% |
| EBITDA Growth % | 23.25% | -14.35% | 6.79% | 52.95% | 53.26% | -70.57% | 72.07% | 112.44% | -14.49% | 12.18% | -41.67% | 187.66% | 166.25% | 148.94% | -1786.36% | -105.87% | -28.55% | -18.35% | 51.43% | -11.35% | -17.03% | -29.83% | 70.93% | 70.44% | 6.11% | - |
| D&A (Non-Cash Add-back) | 104.75M | 106.37M | 111.88M | 108.9M | 123.25M | 128.64M | 124.25M | 115.58M | 103.48M | 96.76M | 84.34M | 78.7M | 47M | 26.94M | 32.4M | 30.53M | 28.39M | 31.01M | 25.95M | 17.44M | 17.07M | 18.41M | 17.81M | 30.83M | 21.55M | 18.94M |
| EBIT | 345.38M | 225.54M | 212.47M | 195.11M | 88.76M | 14.58M | 305.59M | 129.14M | 7.37M | 46.84M | 44.42M | 139.07M | 27.26M | 865K | -86.56M | -32.74M | 19.89M | 34.98M | 64.05M | 41.92M | 48.8M | 59.58M | 136.21M | 66.19M | 38.84M | 36.6M |
| Net Interest Income | -10.36M | -11.03M | -26.48M | -28.58M | -25.12M | -25.72M | -38.2M | -54.26M | -53.87M | -39.97M | -35.04M | -33.98M | -15.03M | -4.93M | -7.09M | -7.49M | -17.06M | -17.83M | -20.33M | -13.49M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.13M | 3.14M | 3.92M | 4.49M | 1.08M | 6K | 212K | 1.08M | 345K | 140K | 66K | 141K | 409K | 182K | 272K | 91K | 131K | 298K | 1.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.49M | 14.17M | 30.4M | 33.06M | 26.2M | 25.73M | 38.41M | 55.33M | 54.21M | 40.11M | 35.07M | 34.12M | 15.44M | 5.11M | 7.33M | 7.58M | 13.48M | 18.13M | 21.9M | 13.49M | 13.05M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 48.39M | 41.52M | -28.57M | -31.06M | -11.64M | -11.35M | -46.41M | -65.91M | -63.14M | -36.57M | -31.16M | -29.91M | -14.44M | -4.93M | -4.39M | -6.54M | -16.79M | -24.35M | -20.33M | -13.49M | -13.05M | -7.87M | -8.64M | 0 | 0 | 0 |
| Pretax Income | 331.89M | 211.38M | 182.07M | 162.05M | 62.57M | -11.15M | 267.18M | 72.96M | -46.84M | 6.73M | 9.35M | 105.43M | 12.97M | -3.92M | -93.89M | -40.09M | 6.41M | 34.68M | 42.15M | 27.46M | 35.75M | 53.11M | 86.69M | 0 | 0 | 0 |
| Pretax Margin % | 58.63% | 42.51% | 31.84% | 28.91% | 13.78% | -3.77% | 38.66% | 13.64% | -12.46% | 1.9% | 2.63% | 28.88% | 8.6% | -4.5% | -96.6% | -40.04% | 7.15% | 33.81% | 36.78% | 33.73% | 41.19% | 51.3% | 63.76% | - | - | - |
| Income Tax | 455K | 413K | 608K | 649K | 587K | 360K | 900K | 131K | 83K | 131K | 95K | 128K | 86K | 207K | 161K | 181K | 33K | 12.73M | 0 | 0 | 0 | 0 | 8.64M | 5.93M | 8.85M | 11.55M |
| Effective Tax Rate % | 0.14% | 0.2% | 0.33% | 0.4% | 0.94% | -3.23% | 0.34% | 0.18% | -0.18% | 1.95% | 1.02% | 0.12% | 0.66% | -5.28% | -0.17% | -0.45% | 0.51% | 36.71% | 0% | 0% | 0% | 0% | 9.97% | - | - | - |
| Net Income | 331.49M | 211.09M | 181.38M | 161.35M | 61.52M | -11.52M | 266.27M | 73.68M | -46.93M | 6.6M | 9.26M | 105.3M | 12.89M | -4.13M | -94.05M | -40.27M | 6.38M | 16.85M | 42.15M | 27.46M | 35.75M | 53.11M | 86.69M | 29.43M | 8.44M | 6.12M |
| Net Margin % | 58.56% | 42.46% | 31.72% | 28.78% | 13.55% | -3.89% | 38.53% | 13.77% | -12.48% | 1.86% | 2.6% | 28.84% | 8.55% | -4.74% | -96.77% | -40.22% | 7.11% | 16.42% | 36.78% | 33.73% | 41.19% | 51.3% | 63.76% | 44.46% | 21.74% | 16.71% |
| Net Income Growth % | 85.6% | 16.38% | 12.41% | 162.28% | 633.98% | -104.33% | 261.39% | 257.01% | -810.8% | -28.7% | -91.21% | 717.12% | 412.34% | 95.61% | -133.55% | -731.52% | -62.15% | -60.03% | 53.47% | -23.18% | -32.69% | -38.74% | 194.55% | 248.54% | 38.09% | - |
| Net Income (Continuing) | 331.44M | 210.96M | 181.46M | 161.4M | 61.98M | -11.51M | 266.28M | 72.83M | -46.93M | 5.8M | 9.26M | 105.3M | 12.89M | -4.13M | -94.05M | -40.27M | 6.38M | 16.85M | 42.15M | 27.46M | 35.75M | 53.11M | 86.69M | 29.43M | 8.44M | 6.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 73K | 71K | 4.46M | 4.51M | 5.01M | 34K | 19K | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.06 | 1.31 | 1.12 | 0.99 | 0.37 | -0.07 | 1.61 | 0.51 | -0.33 | 0.05 | 0.10 | 1.04 | 0.18 | -0.24 | -7.83 | -7.70 | 1.56 | 4.32 | 14.04 | 10.92 | 14.28 | 21.24 | 34.67 | 11.77 | 3.38 | 2.45 |
| EPS Growth % | 87.27% | 16.96% | 13.13% | 167.57% | 643.32% | -104.23% | 215.69% | 254.55% | -760% | -50% | -90.38% | 477.78% | 175% | 96.93% | -1.69% | -593.59% | -63.89% | -69.23% | 28.57% | -23.53% | -32.77% | -38.74% | 194.56% | 248.22% | 37.96% | - |
| EPS (Basic) | - | 1.31 | 1.12 | 0.99 | 0.37 | -0.07 | 1.71 | 0.51 | -0.33 | 0.05 | 0.10 | 1.13 | 0.18 | -0.24 | -7.83 | -7.70 | 1.56 | 4.32 | 14.04 | 10.92 | 14.28 | 21.24 | 34.67 | 11.77 | 3.38 | 2.45 |
| Diluted Shares Outstanding | 161.22M | 160.77M | 161.44M | 162.36M | 164.85M | 169.09M | 170.05M | 168.16M | 143.43M | 124.54M | 93.38M | 112.1M | 73.21M | 17.56M | 12.01M | 5.23M | 4.06M | 3.86M | 3M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M |
| Basic Shares Outstanding | 161.03M | 160.69M | 161.35M | 162.18M | 164.69M | 169.09M | 155.71M | 143.44M | 143.43M | 124.54M | 93.38M | 92.79M | 73.15M | 17.54M | 12.01M | 5.23M | 4.06M | 3.86M | 3M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M |
| Dividend Payout Ratio | - | 56.33% | 88.98% | 115.69% | 31.99% | - | 80.62% | 38.93% | - | 353.35% | 716.68% | 46.72% | 46.65% | - | - | - | 231.16% | 142.16% | 99.42% | 172.73% | 146.04% | - | - | - | - | - |
Spot market rate volatility
As evidenced by the quarterly data, DHT's revenue trajectory remains highly erratic, with a notable 57.3% growth spike in 2026Q1 following a period of contraction, suggesting that the company's top-line performance is heavily tethered to the inherent cyclicality of global VLCC spot market freight rates.
The sharp revenue fluctuations indicate that DHT's reliance on spot market exposure creates significant quarter-over-quarter variance that may obscure underlying demand trends. Investors should monitor whether the recent growth surge represents a sustainable shift in ton-mile demand or merely a temporary tightening of vessel supply in key trade corridors.
According to the latest financial statements, DHT achieved a gross margin of 60.4% in 2026Q1, reflecting a substantial improvement from the 32.5% trough observed in 2025Q3, which suggests that the company is successfully leveraging its modern, scrubber-fitted fleet to capture premium rates during favorable market conditions.
The expansion in gross margins appears to be driven by the company's ability to optimize its fleet utilization and benefit from the Hi-5 fuel spread. This margin profile suggests a high degree of operational leverage, where incremental revenue gains flow disproportionately to the bottom line due to the fixed-cost nature of vessel operations.
Based on the reported figures, DHT's net margin of 88.2% in 2026Q1 significantly outpaced its operating margin of 57.7%, indicating that non-operating income, likely from vessel disposals or financial derivatives, is currently playing a disproportionate role in the company's reported bottom-line profitability and overall earnings quality.
The divergence between operating and net margins warrants caution, as it suggests that core shipping operations may not be the sole driver of recent earnings growth. Analysts should adjust for these non-recurring items to assess the true underlying cash-generating capability of the fleet and avoid overestimating the sustainability of current net income levels.
As reported in recent filings, DHT has maintained SG&A expenses at a remarkably stable level, averaging approximately $4.8 million per quarter, which demonstrates a high degree of management discipline in controlling administrative overhead despite the significant volatility observed in the company's top-line revenue and gross profit figures.
The ability to keep SG&A costs flat while revenue fluctuates suggests a lean organizational structure that is well-aligned with the capital-intensive nature of the tanker industry. This cost discipline provides a necessary buffer during cyclical downturns, ensuring that the company's break-even requirements remain manageable even when spot rates are under pressure.
Quick answers to the most common questions about buying DHT stock.
For fiscal year 2025, DHT Holdings, Inc. (DHT) reported total revenue of $497.2M. This represents a 1258.4% increase compared to $36.6M in 2000.
DHT Holdings, Inc. (DHT) is profitable, generating $211.1M in net income for the fiscal year ending 2025 with a net profit margin of 42.5%.
DHT Holdings, Inc. (DHT) reported an operating income of $169.9M, resulting in an operating profit margin of 34.2%. This margin reflects the operational efficiency of the business before interest and taxes.
DHT Holdings, Inc. (DHT) generated $189.7M in gross profit for the year, representing a gross profit margin of 38.2%. This demonstrates the company's core pricing power and production efficiency.