KNOT Offshore Partners LP (KNOP) financial statements: income statement, balance sheet and cash flow
KNOT Offshore Partners LP'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), KNOT Offshore Partners LP reported revenue of $364.4M (+14.4% year on year) and net income of $23.3M (+65.4% year on year).
Income statement
KNOT Offshore Partners LP income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue from contract with customers
$361.7M
$310.5M
$285.9M
$267.5M
Loss of hire insurance recoveries
$607.0K
$6.0M
$2.8M
$758.0K
Other income
$2.2M
$2.1M
$1.9M
$341.0K
Total revenues
$364.4M
$318.6M
$290.7M
$268.6M
Gain from disposal of vessel
$1.3M
$703.0K
—
—
Vessel operating expenses
$132.0M
$108.5M
$93.4M
$86.0M
Voyage expenses and commission
$1.7M
$3.6M
$5.5M
$2.8M
Depreciation
$119.7M
$111.8M
$110.9M
$107.4M
Impairment
$20.3M
$16.4M
$49.6M
$0
General and administrative expenses
$7.4M
$6.1M
$6.1M
$6.1M
Total operating expenses
$281.1M
$246.4M
$265.6M
$202.4M
Operating income
$84.6M
$72.9M
$25.1M
$66.2M
Interest income
$3.6M
$3.6M
$3.5M
$822.0K
Interest expense
($62.0M)
($67.4M)
($72.1M)
($42.6M)
Other finance expense
($755.0K)
($358.0K)
($589.0K)
($628.0K)
Realized and unrealized gain (loss) on derivative instruments
($924.0K)
$6.8M
$5.4M
$35.5M
Net loss on foreign currency transactions
($89.0K)
($943.0K)
($237.0K)
$220.0K
Total finance expense
($60.2M)
($58.2M)
($64.1M)
($6.7M)
Income (loss) before income taxes
$24.4M
$14.7M
($38.9M)
$59.5M
Income tax benefit (expense)
($1.2M)
($631.0K)
$4.6M
($875.0K)
Net income (loss)
$23.3M
$14.1M
($34.3M)
$58.7M
KNOT Offshore Partners LP income statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Jun 30, 2024 · YTD
Jun 30, 2023 · YTD
Revenue from contract with customers
$181.3M
$169.4M
$149.9M
$141.7M
Loss of hire insurance recoveries (Note 5)
$6.4M
$607.0K
$78.0K
$2.3M
Other income
$1.1M
$1.1M
$1.1M
$973.0K
Total revenues
$188.8M
$171.1M
$151.1M
$145.0M
Vessel operating expenses
$69.4M
$63.6M
$52.9M
$44.7M
Voyage expenses and commission
$986.0K
$1.7M
$2.2M
$4.9M
Depreciation
$83.9M
$58.1M
$55.5M
$55.8M
General and administrative expenses
$4.2M
$3.4M
$3.1M
$3.5M
Total operating expenses
$158.5M
$126.8M
$130.0M
$158.6M
Operating income
$30.3M
$45.6M
$21.0M
($13.6M)
Interest income
$1.7M
$1.7M
$1.7M
$1.5M
Interest expense (Note 6)
($27.7M)
($30.2M)
($34.3M)
—
Other finance expense (Note 6)
($431.0K)
($351.0K)
($92.0K)
—
Realized and unrealized gain (loss) on derivative instruments (Note 7)
$2.8M
($1.7M)
$6.8M
$5.8M
Net gain (loss) on foreign currency transactions
($149.0K)
$107.0K
($198.0K)
($27.0K)
Total finance expense
($23.8M)
($30.5M)
($26.1M)
($28.3M)
Income (loss) before income taxes
$6.5M
$15.1M
($5.1M)
($41.9M)
Income tax expense (Note 9)
($435.0K)
($704.0K)
($354.0K)
$196.0K
Net income (loss)
$6.0M
$14.4M
($5.4M)
($41.7M)
Series A Preferred unitholders' interest in net income (loss)
$3.4M
$3.4M
$3.4M
$3.4M
General Partner's interest in net income (loss)
$49.0K
$203.0K
($163.0K)
($832.0K)
Limited Partners' interest in net income (loss)
$2.6M
$10.8M
($8.7M)
($44.3M)
Earnings per unit (basic) (in dollars per share)
$0.08
—
—
—
Earnings per unit (diluted) (in dollars per share)
$0.08
$0.32
-$0.25
-$1.30
General Partner unit (in dollars per share)
$0.08
$0.32
-$0.25
-$1.30
Balance sheet
KNOT Offshore Partners LP balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$89.0M
$66.9M
$63.9M
$47.6M
Amounts due from related parties
$705.0K
$2.2M
$348.0K
$2.0M
Inventories
$4.3M
$3.3M
$3.7M
$5.8M
Derivative assets
$2.3M
$8.1M
$13.0M
$15.1M
Other current assets
$15.2M
$14.8M
$8.8M
$15.5M
Total current assets
$111.4M
$95.4M
$89.8M
$85.9M
Vessels, net of accumulated depreciation
$1.6B
$1.5B
$1.5B
$1.6B
Right-of-use assets
$875.0K
$1.3M
$2.1M
$2.3M
Deferred tax assets
$2.7M
$3.3M
$4.4M
—
Derivative assets
$1.9M
$5.2M
$7.2M
$14.4M
Accrued income
$10.9M
$4.8M
—
—
Total Long-term assets
$1.6B
$1.5B
$1.5B
$1.6B
Total assets
$1.7B
$1.6B
$1.6B
$1.7B
Trade accounts payable
$9.6M
$5.8M
$10.2M
$4.3M
Accrued expenses
$18.4M
$11.5M
$14.8M
$10.7M
Current portion of long-term debt
$381.1M
$256.7M
$99.0M
$369.8M
Current lease liabilities
$406.0K
$1.2M
$982.0K
$715.0K
Current portion of derivative liabilities
$247.0K
—
—
—
Income taxes payable
$46.0K
$60.0K
$44.0K
$699.0K
Current portion of contract liabilities
$9.0M
$2.9M
—
$651.0K
Prepaid charter
$5.7M
$7.3M
$467.0K
$1.5M
Amount due to related parties
$2.4M
$1.8M
$2.1M
$1.7M
Total current liabilities
$426.9M
$287.1M
$127.6M
$390.0M
Long-term debt
$574.0M
$648.1M
$857.8M
$686.6M
Lease liabilities
$469.0K
$97.0K
$1.1M
$1.5M
Derivative liabilities
$909.0K
—
—
—
Contract liabilities
$60.1M
$23.8M
—
—
Deferred tax liabilities
$82.0K
$91.0K
$127.0K
$424.0K
Deferred revenues
$1.4M
$1.9M
$2.3M
$3.2M
Total long-term liabilities
$636.9M
$673.9M
$861.4M
$691.7M
Total liabilities
$1.1B
$961.0M
$989.0M
$1.1B
Series A Convertible Preferred Units
$84.3M
$84.3M
$84.3M
$84.3M
Common unitholders
$527.1M
$517.5M
$513.9M
$557.8M
General partner interest
$9.6M
$9.4M
$9.3M
$10.1M
Total partners' capital
$536.7M
$526.8M
$523.2M
$567.9M
Total liabilities and equity
$1.7B
$1.6B
$1.6B
$1.7B
KNOT Offshore Partners LP balance sheet, quarters
Line item
Jun 30, 2026
Jun 30, 2025
Jun 30, 2024
Jun 30, 2023
Cash and cash equivalents (Note 8)
$95.3M
$66.3M
$56.6M
$63.1M
Amounts due from related parties (Note 14)
$153.0K
$2.0M
$784.0K
—
Inventories (Note 11)
$4.6M
$3.6M
$3.7M
$3.1M
Derivative assets (Notes 7 and 8)
$2.1M
$5.1M
$12.6M
$16.8M
Other current assets (Note 18)
$22.8M
$17.6M
$10.7M
$8.6M
Total current assets
$124.9M
$94.6M
$84.4M
$94.0M
Vessels, net of accumulated depreciation (Notes 10 and 21)
$1.5B
$1.5B
$1.4B
$1.5B
Right-of-use assets (Note 4)
$675.0K
$3.9M
$1.7M
$2.4M
Deferred tax assets (Note 9)
$2.3M
$3.1M
$3.8M
—
Derivative assets (Notes 7 and 8)
$2.3M
$2.4M
$6.4M
$12.1M
Accrued income
$15.4M
$7.5M
—
—
Other long-term assets (Note 20)
$5.3M
—
—
—
Total Long-term assets
$1.5B
$1.5B
$1.4B
$1.6B
Total assets
$1.6B
$1.6B
$1.5B
$1.6B
Trade accounts payable
$8.7M
$5.8M
$5.5M
$6.9M
Accrued expenses (Note 19)
$26.6M
$18.4M
$9.7M
$13.9M
Current portion of long-term debt (Notes 8 and 13)
$313.8M
$179.0M
$89.2M
$188.3M
Current lease liabilities (Note 4)
$419.0K
$1.0M
$1.1M
$886.0K
Income taxes payable (Note 9)
$43.0K
$54.0K
$25.0K
$289.0K
Current portion of contract liabilities (Note 12)
$9.0M
$5.5M
—
$68.0K
Prepaid charter and deferred revenue
$5.7M
$2.1M
$2.4M
$5.3M
Amount due to related parties (Note 14)
$2.8M
$7.2M
$3.9M
—
Total current liabilities
$367.1M
$219.1M
$111.7M
$217.5M
Long-term debt (Notes 8 and 13)
$588.7M
$735.4M
$806.2M
$820.9M
Lease liabilities (Note 4)
$256.0K
$2.9M
$634.0K
$1.5M
Derivative liabilities (Notes 7 and 8)
$161.0K
$1.3M
—
—
Contract liabilities (Note 12)
$55.6M
$43.4M
—
—
Deferred tax liabilities (Note 9)
$83.0K
$103.0K
$121.0K
$150.0K
Deferred revenues
$1.2M
$1.6M
$2.1M
$2.6M
Other long-term liabilities (Note 20)
$5.5M
—
—
—
Total long-term liabilities
$651.5M
$784.7M
$809.1M
$825.1M
Total liabilities
$1.0B
$1.0B
$920.8M
$1.0B
Series A Convertible Preferred Units
$84.3M
$84.3M
$84.3M
$84.3M
Common unitholders
$527.1M
$526.5M
$503.5M
$511.8M
General partner interest
$9.6M
$9.5M
$9.1M
$9.2M
Total partners' capital
$536.7M
$536.0M
$512.6M
$521.0M
Total liabilities and equity
$1.6B
$1.6B
$1.5B
$1.6B
Cash flow statement
KNOT Offshore Partners LP cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$23.3M
$14.1M
($34.3M)
$58.7M
Depreciation
$119.7M
$111.8M
$110.9M
$107.4M
Impairment
$20.3M
$16.4M
$49.6M
$0
Amortization of contract intangibles / liabilities
($6.8M)
($963.0K)
($651.0K)
($1.4M)
Amortization of deferred revenue
($467.0K)
($467.0K)
($467.0K)
—
Amortization of deferred debt issuance cost
$2.4M
$2.2M
$2.5M
$2.7M
Drydocking expenditure
($14.7M)
($553.0K)
($19.4M)
($17.6M)
Income tax (benefit)/expense
$1.2M
$631.0K
($4.6M)
$875.0K
Income taxes paid
($127.0K)
($41.0K)
($665.0K)
($422.0K)
Unrealized loss on derivative instruments
$10.4M
$8.7M
$9.2M
($38.5M)
Unrealized (gain) loss on foreign currency transactions
($609.0K)
$776.0K
$67.0K
$49.0K
Gain from disposal of vessel
($1.3M)
($703.0K)
—
—
Decrease (increase) in amounts due from related parties
$3.2M
($10.4M)
$1.6M
$723.0K
Decrease (increase) in inventories
($1.1M)
$583.0K
$2.1M
($2.2M)
Decrease (increase) in other current assets
$1.3M
($4.4M)
$6.7M
($9.7M)
Decrease (increase) in accrued income
($6.1M)
($4.8M)
—
—
Increase (decrease) in trade accounts payable
$4.3M
($4.4M)
$5.9M
$251.0K
Increase (decrease) in accrued expenses
$4.0M
($4.2M)
$4.1M
$3.5M
Increase (decrease) prepaid charter
($1.6M)
$6.8M
($1.5M)
($4.7M)
Increase (decrease) in amounts due to related parties
($1.4M)
$6.1M
$389.0K
($210.0K)
Net cash provided by operating activities
$155.7M
$137.1M
$131.6M
$100.9M
Additions to vessel and equipment
($281.0K)
($945.0K)
($2.8M)
($3.3M)
Proceeds from asset swap (net cash)
$1.0M
$607.0K
—
—
Acquisition of Daqing Knutsen (net of cash acquired)
($26.0M)
—
—
($32.2M)
Net cash provided by (used in) investing activities
($25.3M)
($338.0K)
($2.8M)
($35.5M)
Proceeds from long-term debt
$117.0M
$60.0M
$250.0M
$167.0M
Repayment of long-term debt
($210.9M)
($182.4M)
($349.6M)
($166.6M)
Payment of debt issuance cost
($1.3M)
($521.0K)
($2.5M)
($889.0K)
Cash distributions
($10.4M)
($10.4M)
($10.4M)
($79.5M)
Repurchase of common units
($3.0M)
—
—
—
Net cash used in financing activities
($108.6M)
($133.3M)
($112.5M)
($80.0M)
Effect of exchange rate changes on cash
$234.0K
($475.0K)
($10.0K)
($174.0K)
Net increase in cash and cash equivalents
$22.1M
$3.0M
$16.3M
($14.7M)
Cash and cash equivalents at the beginning of the period
$66.9M
$63.9M
$47.6M
$62.3M
Cash and cash equivalents at the end of the period