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Dorian LPG (LPG) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Dorian LPG (LPG) Q2 FY27 earnings results →

Q2 FY27 Revenue up 78% year over year to $221M · 97¢ of every $1 of revenue kept as net profit · operating margin 97.3%

Dorian LPG made $221M in Q2 FY27 (+78% Y/Y). Operating margin 97.3%, net earnings $214M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$221M
Year over year+78%
Operating margin97.3%
Net earnings$214M
Operating cash flow$205M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $221.3M in Q2 FY27, up 78% year over year and up 18% from the previous quarter.

Operating profit was $215.5M, a 97.3% margin (up 49.5 points year over year). Of the extra revenue versus Q2 FY26, 160% reached operating profit, above the 48% margin then. Total costs fell 91% while revenue rose 78%. Net earnings were $213.9M, up 286% year over year. The effective tax rate was 0.0%.

Operating cash flow was $204.9M (up 342% year over year), 96% of net earnings. Non-cash charges added back $15.8M of depreciation and amortization and $5.8M of share-based compensation. Working capital and other items used $30.6M. Capital expenditures of $57.1M left free cash flow of $147.8M.

Quarterly history

Dorian LPG revenue by quarterDorian LPG revenue by quarter$75.9MQ4 FY25$84.2MQ1 FY26$124MQ2 FY26$120MQ3 FY26$153MQ4 FY26$188MQ1 FY27$221MQ2 FY27
Dorian LPG net earnings by quarterDorian LPG net earnings by quarter$8.1MQ4 FY25$10.1MQ1 FY26$55.4MQ2 FY26$47.2MQ3 FY26$81.0MQ4 FY26$138MQ1 FY27$214MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$221M+78%97.3%$214M$205M
Q1 FY2710-QAug 5, 2026$188M+123%75.9%$138M$30.5M
Q4 FY2610-KMay 27, 2026$153M+102%54.8%$81.0M$82.1M
Q3 FY2610-QFeb 5, 2026$120M+49%42.8%$47.2M$80.8M
Q2 FY2610-QNov 6, 2025$124M+50%47.8%$55.4M$46.4M
Q1 FY2610-QAug 4, 2025$84.2M-26%18.5%$10.1M$814K
Q4 FY2510-KMay 29, 2025$75.9M-46%19.4%$8.1M$50.2M

Charts

Dorian LPG: revenue growth, year over year and quarter over quarterDorian LPG: revenue growth, year over year and quarter over quarterY/YQ/Q-46%Q4 FY25-26%+11%Q1 FY26+50%+47%Q2 FY26+49%-3%Q3 FY26+102%+28%Q4 FY26+123%+23%Q1 FY27+78%+18%Q2 FY27
Latest (Q2 FY27): Y/Y +78%, Q/Q +18%.
Dorian LPG: where the cash came from (+) and went (−), TTM to Q2 FY27Dorian LPG: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$398MNet borrowing (+) / repaid (−)−$337MCash drawn (+) / kept (−)−$310MOther financing$286MDividends−$143MOther investing$112MBuybacks−$4.7MExchange rates−$195K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Dorian LPG: profit against cash, quarter by quarterDorian LPG: profit against cash, quarter by quarterNet incomeOperating cash flow$21.4M$24.3MQ3 FY25$8.1M$50.2MQ4 FY25$10.1M$814KQ1 FY26$55.4M$46.4MQ2 FY26$47.2M$80.8MQ3 FY26$81.0M$82.1MQ4 FY26$138M$30.5MQ1 FY27$214M$205MQ2 FY27
Latest (Q2 FY27): Net income $214M, Operating cash flow $205M.
Dorian LPG: diluted shares by fiscal yearDorian LPG: diluted shares by fiscal year50MFY2140MFY2240MFY2340MFY2442MFY2543MFY26
-14.5% since FY21: buybacks shrank the count.
Dorian LPG: long-term debt falling due (FY26)Dorian LPG: long-term debt falling due (FY26)$100M2027$50.5M2028$96.6M2029$145M2030$50.5M2031$124MLater
Cash $327M, short-term investments —, long-term debt $560M at 2026-03-31.
Dorian LPG in its industry: growth against margin (4 companies, SIC 4412)Dorian LPG in its industry: growth against margin (4 companies, SIC 4412)revenue growth, year over year →↑ operating marginmedian +78%median 29%PANLGNKSMHILPG (+78%, 97%)
Deep Sea Foreign Transportation of Freight; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Dorian LPG

Unless otherwise indicated, references to "Dorian," the "Company," "we," "our," "us," or similar terms refer to Dorian LPG Ltd. and its subsidiaries. We use the term "VLGC" to refer to very large gas carriers and “VLGC/AC” to refer to very large gas carriers that are purpose built to transport full ammonia cargoes in addition to LPG. We use the term "LPG" to refer to liquefied petroleum gas and we use the term "cbm" to refer to cubic meters in describing the carrying capacity of our vessels. Unless otherwise indicated, all references to "U.S. dollars," "USD," and "$" in this report are to the lawful currency of the United States of America.

In its own words, from its 10-K, filed May 27, 2026.

Dorian LPG against its Deep Sea Foreign Transportation of Freight peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +78% against the peers' median +78%. Operating margin: 97.3% against the peers' median 29.1%.

CompanyQuarterRevenueY/YOp. margin
LPG Dorian LPGQ2 FY27$221M+78%97.3%
PANL Pangaea Logistics SolutionsQ3 2026$219M+30%19.9%
GNK Genco Shipping & TradingQ3 2026$152M+90%29.1%
SMHI Seacor Marine HoldingsQ3 2026$57.3M-3%-2.4%

Source: Dorian LPG 10-Q on SEC EDGAR · CIK 1596993 · Deep Sea Foreign Transportation of Freight

Guidance and outlook

Dorian LPG: what its forward-looking statements are about (10-Q filed 2026-11-05)Dorian LPG: what its forward-looking statements are about (10-Q filed 2026-11-05)Financing3Capital spending2Buybacks & dividends1Deals1Costs1Other1
9 statements; tone +0.22 (−1 all cautious, +1 all confident); 3 hedged.
Dorian LPG: outlook statements against the filing beforeDorian LPG: outlook statements against the filing beforeConfident2

More on LPG

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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