BW LPG Limited (BWLP) financial statements: income statement, balance sheet and cash flow
BW LPG Limited's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), BW LPG Limited reported revenue of $2.6B (-1.3% year on year).
Income statement
BW LPG Limited income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Revenue - Shipping
$1.0B
$962.8M
Revenue - Product Services
$2.6B
$2.6B
Cost of cargo and delivery expenses - Product Services
($2.5B)
($2.4B)
Voyage expenses - Shipping
($348.2M)
($383.8M)
Vessel operating expenses
($126.3M)
($85.0M)
Time charter contracts (non-lease components)
($15.2M)
($19.7M)
General and administrative expenses
($76.5M)
($71.1M)
Charter hire expenses
($667.0K)
($1.0M)
Fair value (loss)/gain from equity financial asset
($1.2M)
$1.3M
Finance lease income
$895.0K
$635.0K
Other operating (expense)/income - net
($6.5M)
$1.3M
Depreciation
($255.6M)
($201.3M)
Amortisation of intangible assets
($368.0K)
($843.0K)
Gain on disposal of vessels
$56.7M
$20.4M
Loss on derecognition of right-of-use assets
($289.0K)
—
Operating profit
$348.0M
$433.7M
Foreign currency exchange gain/(loss) - net
$1.6M
($1.7M)
Interest income
$9.3M
$15.6M
Interest expense
($53.0M)
($19.8M)
Other finance expenses
($2.0M)
($2.8M)
Finance expenses - net
($44.1M)
($8.7M)
Profit before tax
$303.9M
$425.0M
Income tax expense
($14.2M)
($30.1M)
Equity investments at FVOCI - fair value loss
($11.4M)
($7.0M)
Cash flow hedges - fair value (loss)/gain
($6.6M)
$62.8M
Cash flow hedges - reclassification to profit or loss
($4.0M)
($21.5M)
Currency translation reserve
$2.2M
($1.0M)
Other comprehensive (loss)/income, net of tax
($19.8M)
$33.3M
Equity holders of the Company
$242.3M
$354.3M
Non-controlling interests
$47.4M
$40.6M
Profit after tax
$289.7M
$394.9M
Equity holders of the Company
$222.1M
$387.8M
Non-controlling interests
$47.8M
$40.4M
Total comprehensive income
$269.9M
$428.2M
Basic earnings per share (US$ per share)
$1.60
$2.65
Diluted earnings per share (US$ per share)
$1.60
$2.64
BW LPG Limited income statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Revenue - Shipping
$595.2M
$477.6M
Revenue - Product Services
$1.3B
$1.4B
Cost of cargo and delivery expenses - Product Services
($1.1B)
($1.4B)
Voyage expenses - Shipping
($134.8M)
($182.2M)
Vessel operating expenses
($61.7M)
($61.7M)
Time charter contracts (non-lease components)
($959.0K)
($8.7M)
General and administrative expenses
($50.5M)
($38.0M)
Charter hire expenses
($18.6M)
($1.0M)
Fair value gain/(loss) from equity financial asset
$696.0K
($1.2M)
Finance lease income
$482.0K
$308.0K
Other operating expense - net
$143.0K
($1.6M)
Depreciation
($121.3M)
($125.7M)
Amortisation of intangible assets
($102.0K)
($261.0K)
Operating profit
$360.0M
$137.8M
Foreign currency exchange gain - net
($1.4M)
($386.0K)
Interest income
$2.8M
$4.9M
Interest expense
($17.0M)
($27.9M)
Other finance expenses
($1.5M)
($598.0K)
Finance expenses - net
($17.1M)
($24.0M)
Profit before tax
$343.0M
$113.8M
Income tax expense
($17.7M)
($3.8M)
Equity investments at FVOCI - fair value gain/(loss)
$3.1M
($5.9M)
Cash flow hedges - fair value loss
($29.0M)
($2.0M)
Cash flow hedges - reclassification to profit or loss
$15.7M
($5.8M)
Currency translation reserve
($711.0K)
$1.3M
Other comprehensive loss, net of tax
($10.9M)
($12.4M)
Equity holders of the Company
$284.4M
$81.0M
Non-controlling interests
$40.9M
$29.0M
Profit after tax
$325.3M
$110.0M
Equity holders of the Company
$273.6M
$68.4M
Non-controlling interests
$40.7M
$29.2M
Total comprehensive income
$314.3M
$97.6M
Basic earnings per share (US$ per share)
$1.88
$0.53
Diluted earnings per share (US$ per share)
$1.87
$0.53
Balance sheet
BW LPG Limited balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Intangible assets
$356.0K
$636.0K
Investment in joint venture
$301.0K
$301.0K
Derivative financial instruments
$3.1M
$7.5M
Finance lease receivables
$10.3M
$2.9M
Other receivables
$3.8M
$8.0M
Deferred tax assets
$5.3M
$1.6M
Total other non-current assets
$22.8M
$43.4M
Vessels and dry docking
$2.4B
$2.4B
Right-of-use assets
$116.7M
$216.3M
Other property, plant and equipment
$433.0K
$354.0K
Property, plant and equipment
$2.5B
$2.6B
Total non-current assets
$2.5B
$2.6B
Inventories
$123.9M
$76.7M
Trade and other receivables
$231.2M
$202.9M
Equity financial assets, at FVOCI
$11.7M
$23.1M
Equity financial assets, at FVPL
$1.6M
$2.8M
Derivative financial instruments
$26.0M
$74.6M
Finance lease receivables
$7.2M
$8.3M
Cash and cash equivalents
$242.0M
$279.7M
Total current assets
$643.6M
$677.9M
Total assets
$3.1B
$3.3B
Share capital
$619.9M
$619.9M
Treasury shares
-50.4M
-48.4M
Other reserves
$655.3M
$667.8M
Retained earnings
$605.2M
$565.8M
Shareholders' equity
$1.8B
$1.8B
Non-controlling interests
$95.6M
$132.5M
Total shareholders' equity
$1.9B
$1.9B
Borrowings
$730.4M
$711.7M
Lease liabilities
$72.8M
$60.6M
Derivative financial instruments
$411.0K
$569.0K
Total non-current liabilities
$803.6M
$772.8M
Borrowings
$122.7M
$230.3M
Lease liabilities
$64.3M
$170.7M
Derivative financial instruments
$24.4M
$25.5M
Current income tax liabilities
$1.5M
$14.5M
Trade and other payables
$207.8M
$169.1M
Total current liabilities
$420.7M
$610.1M
Total liabilities
$1.2B
$1.4B
Total shareholders' equity and liabilities
$3.1B
$3.3B
BW LPG Limited balance sheet, quarters
Line item
Jun 30, 2026
Jun 30, 2025
Intangible assets
$254.0K
$374.0K
Derivative financial instruments
$2.9M
$4.3M
Other receivables
$2.1M
$8.8M
Finance lease receivables
$6.5M
—
Deferred tax assets
$4.1M
$4.1M
Total other non-current assets
$15.6M
$34.8M
Vessels and dry docking
$2.3B
$2.5B
Right-of-use assets (vessels)
$101.3M
$97.8M
Other property, plant and equipment
$456.0K
$320.0K
Property, plant and equipment
$2.4B
$2.6B
Total non-current assets
$2.4B
$2.6B
Inventories
$174.3M
$36.8M
Trade and other receivables
$426.2M
$351.8M
Equity financial assets, at FVPL
$2.3M
$1.6M
Derivative financial instruments
$48.2M
$73.8M
Finance lease receivables
$7.4M
$7.1M
Cash and cash equivalents
$303.9M
$321.0M
Total current assets
$962.3M
$792.0M
Total assets
$3.4B
$3.4B
Share capital
$619.9M
$619.9M
Treasury shares
-47.4M
-50.4M
Other reserves
$659.2M
$655.7M
Retained earnings
$686.8M
$540.9M
Shareholders' equity
$1.9B
$1.8B
Non-controlling interests
$136.3M
$145.6M
Total shareholders' equity
$2.1B
$1.9B
Borrowings
$611.6M
$811.0M
Lease liabilities
$53.9M
$41.0M
Total non-current liabilities
$665.6M
$851.9M
Borrowings
$202.6M
$214.6M
Lease liabilities
$64.4M
$67.3M
Derivative financial instruments
$60.4M
$53.5M
Current income tax liabilities
$15.9M
$19.1M
Trade and other payables
$325.3M
$266.8M
Total current liabilities
$668.7M
$621.3M
Total liabilities
$1.3B
$1.5B
Total equity and liabilities
$3.4B
$3.4B
Cash flow statement
BW LPG Limited cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Profit before tax
$303.9M
$425.0M
- amortisation of intangible assets
$368.0K
$843.0K
- depreciation
$255.6M
$201.3M
- gain on disposal of vessels
($56.7M)
($20.4M)
- loss on derecognition of right-of-use assets
$289.0K
—
- interest income
($9.3M)
($15.6M)
- interest expense
$53.0M
$19.8M
- other finance expense
$4.5M
$3.9M
- share-based payments
$1.8M
$2.0M
- finance lease income
($895.0K)
($635.0K)
- fair value loss/(gain) from equity financial asset
$1.2M
($1.3M)
Cash flows from before changes in working capital
$553.7M
$615.0M
- inventories
($47.2M)
$111.9M
- trade and other receivables
($24.5M)
$112.7M
- trade and other payables
$41.2M
($91.1M)
- derivative financial instruments
$42.9M
($57.4M)
- margin account held with broker
$31.5M
$77.7M
Total changes in working capital
$43.9M
$153.8M
Tax paid
($30.2M)
($19.6M)
Net cash from operating activities
$567.4M
$749.1M
Additions in property, plant and equipment
($182.3M)
($602.0M)
Additions in intangible assets
($88.0K)
($237.0K)
Proceeds from sale of vessels
$125.2M
—
Repayment of finance lease receivables
$7.5M
$7.9M
Interest received
$10.2M
$16.3M
Net cash (used in)/from investing activities
($39.4M)
($541.2M)
Proceeds from bank borrowings
$1.0B
$610.9M
Payment of financing fees
($4.4M)
($4.4M)
Repayments of bank borrowings
($1.1B)
($197.4M)
Payment of lease liabilities
($101.8M)
($102.8M)
Interest paid
($51.8M)
($17.8M)
Other finance expense paid
($4.5M)
($3.9M)
Purchase of treasury shares
-2.7M
-100.0K
Drawdown of trust receipts
$1.8B
$2.1B
Repayment of trust receipts
($1.8B)
($2.1B)
Dividend payment
($199.9M)
($388.5M)
Dividend payment to non-controlling interests
($41.1M)
($21.7M)
Contributions from non-controlling interests
$1.2M
$1.6M
Capital returns to non-controlling interests
($41.6M)
($4.5M)
Net cash used in financing activities
($534.2M)
($138.1M)
Net (decrease)/increase in cash and cash equivalents
($6.2M)
$69.9M
Cash and cash equivalents at beginning of the financial year
$231.9M
$162.0M
Cash and cash equivalents at end of the financial year
$225.7M
$231.9M
BW LPG Limited cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Profit before tax
$343.0M
$113.8M
- amortisation of intangible assets
$102.0K
$261.0K
- depreciation charge
$121.3M
$125.7M
- fair value (gain)/loss from equity financial assets
($696.0K)
$1.2M
- interest income
($2.8M)
($4.9M)
- interest expenses
$20.1M
$30.1M
- other finance expenses
$634.0K
$598.0K
- share-based payments
$1.0M
$938.0K
- finance lease income
($482.0K)
($308.0K)
Cash flows from before changes in working capital
$482.2M
$235.6M
- inventories
($50.4M)
$39.9M
- trade and other receivables
($193.1M)
($149.7M)
- trade and other payables
$118.8M
$100.9M
- derivative financial instruments
$691.0K
$23.5M
- margin account held with broker
$14.9M
$14.1M
Total changes in working capital
($109.1M)
$28.8M
Taxes paid
($1.7M)
($3.4M)
Net cash from operating activities
$371.4M
$261.0M
Additions in property, plant and equipment
($24.7M)
($157.6M)
Proceeds from sale of investment in joint venture
$127.0K
—
Repayment of finance lease receivables
$3.6M
$4.1M
Interest received
$3.3M
$5.2M
Sale of equity financial assets, at fair value
$14.8M
—
Net cash from/(used in) investing activities
($2.9M)
($83.2M)
Proceeds from borrowings
$578.2M
$721.5M
Repayments of bank borrowings
($710.4M)
($621.0M)
Payment of lease liabilities
($43.2M)
($50.3M)
Interest paid
($19.8M)
($29.7M)
Other finance expense paid
($634.0K)
($598.0K)
Drawdown of trust receipts
$732.1M
$1.1B
Repayment of trust receipts
($639.7M)
($1.2B)
Dividend payment
($188.3M)
($106.0M)
Net cash (used in)/from financing activities
($291.7M)
($122.3M)
Net increase in cash and cash equivalents
$76.7M
$55.4M
Cash and cash equivalents at beginning of the financial period
$225.7M
$231.9M
Cash and cash equivalents at end of the financial period