Scorpio Tankers (STNG) Q2 2026 earnings summary

Executive summary

• Achieved adjusted EBITDA of $300.5 million and adjusted net income of $243.7 million for Q2 2026, with basic EPS of $5.33 and diluted EPS of $4.68, driven by robust market conditions and operational execution.

• Net income for Q2 2026 was $387.5 million, up from $73.5 million in Q2 2025.

• Declared a quarterly dividend of $0.45 per share, payable in August 2026.

• Repurchased nearly 2 million shares for $155 million at an average price of $77.72 per share.

• Issued $605 million in convertible senior notes due 2031 at a yield below 1.75%.

Financial highlights

• Q2 2026 TCE revenue reached $391.8 million, adjusted EBITDA $300.5 million, and adjusted net income $243.7 million.

• Operating cash flow before working capital changes was $300.8 million.

• Net cash position as of July 28, 2026, was $1,307 million, with gross debt outstanding at $1,839 million.

• Cash breakeven rate fell below $11,000 per day, the lowest in company history.

• Significant deleveraging since 2021, reducing net debt from $2.9 billion to net cash.

Outlook and guidance

• Q3 2026 TCE rates booked as of July 28: LR2 at $58,959/day (34% of days booked), MR at $47,327/day (46%), HM at $20,800/day (38%).

• Product tanker rates remain above $30,000 per day, supporting strong free cash flow even in seasonally slower periods.

• Expect global inventory restocking, refinery dislocation, and new trade routes to drive higher seaborne exports, ton-miles, and rates.

• Fleet growth projected at 3%-4% annually over the next three years, with effective supply growth likely lower due to aging and sanctioned vessels.

• No debt maturities until 2028, with strong liquidity and limited newbuild commitments.