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Frontline Ltd (FRO) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · OIL & GAS MIDSTREAM · DATA UPDATED 2026-09-19

Frontline Ltd (FRO) operates in the OIL & GAS MIDSTREAM industry and is headquartered in Limassol, Cyprus with about 85 employees. Its market capitalization is roughly $11 billion. In the fiscal year ended 2025-12-31, FRO reported $2.0B in revenue and $379M in net income.

Frontline plc, a shipping company, engages in the ownership and operation of oil and product tankers worldwide. The company owns and operates oil and product tankers, such as very large crude carriers (VLCCs), Suezmax tankers, and LR2/Aframax tankers.

Interactive charts & full statements → Open the FRO valuation workbench →

FRO Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.7B	$2.0B	$2.0B	$1.8B	$1.4B	$749M	$1.2B	$957M	$742M	$646M	$754M	$459M	$242M	$517M	$578M	$723M	$1.2B	$1.1B	$2.2B	$1.4B	$1.6B
Gross Profit	$1.4B	$644M	$706M	$776M	$484M	$27M	$537M	$279M	$90M	$90M	$264M	$189M	$57M	$4M	$45M	$31M	$339M	$521M	$1.4B	$813M	$963M
Gross Margin %	51.5%	32.8%	34.4%	43.1%	33.9%	3.6%	44.0%	29.1%	12.1%	13.9%	35.0%	41.2%	23.4%	0.7%	7.8%	4.3%	29.1%	46.7%	64.1%	57.3%	60.8%
Operating Income (EBIT)	—	$593M	$782M	$747M	$446M	$8M	$508M	$240M	$83M	($196M)	$177M	$287M	$121M	($100M)	$19M	($407M)	$308M	$223M	$850M	$519M	$823M
Operating Margin %	—	30.2%	38.1%	41.4%	31.2%	1.1%	41.6%	25.0%	11.1%	-30.4%	23.5%	62.6%	49.9%	-19.4%	3.3%	-56.2%	26.4%	20.0%	37.9%	36.6%	51.9%
Net Income	$1.5B	$379M	$496M	$656M	$476M	($15M)	$413M	$140M	($9M)	($265M)	$117M	$155M	$149M	($189M)	($83M)	($530M)	$161M	$103M	$699M	$570M	$516M
Net Margin %	54.7%	19.3%	24.2%	36.4%	33.2%	-2.0%	33.8%	14.6%	-1.2%	-41.0%	15.5%	33.7%	61.8%	-36.4%	-14.3%	-73.2%	13.9%	9.2%	31.1%	40.2%	32.6%
EBITDA	—	$947M	$1.1B	$1.1B	$740M	$211M	$630M	$357M	$210M	($51M)	$318M	$328M	$177M	$1M	$139M	($192M)	$528M	$505M	$1.1B	$931M	$300M
Earnings Per Share (EPS)	$6.67	$1.70	$2.23	$2.95	$2.22	$-0.08	$2.09	$0.78	$-0.05	$-1.56	$0.75	$1.29	$1.19	$-11.82	$-5.31	$-34.01	$9.63	$6.59	$45.71	$38.10	$34.48
Shares Outstanding (M)	—	223M	223M	223M	214M	199M	198M	179M	170M	170M	157M	120M	125M	16M	16M	16M	17M	16M	15M	15M	15M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FRO Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$943M	$714M	$625M	$433M	$480M	$428M	$426M	$490M	$556M
Gross Profit	$609M	$396M	$289M	$105M	$144M	$106M	$114M	$152M	$217M
Gross Margin %	64.6%	55.4%	46.3%	24.3%	29.9%	24.8%	26.7%	30.9%	39.0%
Operating Income (EBIT)	—	$370M	$278M	$96M	$132M	$93M	$130M	$145M	$256M
Operating Margin %	—	51.8%	44.5%	22.2%	27.5%	21.8%	30.5%	29.5%	46.0%
Net Income	$659M	$559M	$228M	$40M	$78M	$33M	$67M	$60M	$188M
Net Margin %	69.9%	78.3%	36.5%	9.3%	16.2%	7.8%	15.7%	12.3%	33.7%
EBITDA	—	$676M	$362M	$185M	$220M	$179M	$225M	$232M	$346M
Earnings Per Share (EPS)	$2.96	$2.51	$1.02	$0.18	$0.35	$0.15	$0.30	$0.27	$0.84
Shares Outstanding (M)	—	223M	223M	223M	223M	223M	223M	223M	223M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FRO Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.4B	$682M	$736M	$856M	$371M	$63M	$604M	$280M	$46M	$126M	$286M	$207M	$53M	($43M)	$69M	$57M	$318M	$299M	$807M	$546M	$832M
Capital Expenditures (CapEx)	$664M	$13M	$915M	$1.6B	$318M	$462M	$724M	$196M	$216M	$714M	$622M	$787M	$45M	$7M	$15M	$82M	$549M	$147M	$638M	$338M	$570M
Free Cash Flow (FCF)	$688M	$670M	($179M)	($775M)	$53M	($399M)	($120M)	$84M	($170M)	($588M)	($336M)	($579M)	$8M	($50M)	$54M	($25M)	($231M)	$151M	$169M	$208M	$262M
FCF Margin %	25.3%	34.1%	-8.7%	-43.0%	3.7%	-53.3%	-9.8%	8.8%	-22.9%	-91.0%	-44.6%	-126.2%	3.5%	-9.6%	9.3%	-3.5%	-19.9%	13.6%	7.5%	14.7%	16.5%
Dividends Paid	—	$207M	$434M	$639M	$33M	$0M	$312M	$20M	$0M	$51M	$165M	$39M	$37M	$1M	—	$17M	$156M	$70M	$642M	$656M	$654M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FRO Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$580M	$382M	$283M	$108M	$154M	$138M	$168M	$165M	$233M
Capital Expenditures (CapEx)	$331M	$323M	$7M	$3M	$2M	$0M	$4M	$2M	$9M
Free Cash Flow (FCF)	$249M	$59M	$276M	$104M	$152M	$137M	$164M	$162M	$223M
FCF Margin %	26.4%	8.3%	44.3%	24.1%	31.6%	32.1%	38.4%	33.1%	40.2%
Dividends Paid	—	$229M	$42M	$80M	$40M	$45M	$76M	$138M	$138M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FRO Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$5.8B	$5.8B	$6.2B	$5.9B	$4.8B	$4.1B	$3.9B	$3.7B	$3.1B	$3.1B	$3.0B	$2.9B	$962M	$1.4B	$1.7B	$1.8B	$3.8B	$3.7B	$4.0B	$3.8B	$4.6B
Cash & Cash Equivalents	$321M	$251M	$414M	$308M	$255M	$113M	$175M	$174M	$66M	$104M	$202M	$265M	$64M	$54M	$138M	$161M	$177M	$83M	$191M	$168M	$197M
Total Liabilities	$2.7B	$3.2B	$3.9B	$3.6B	$2.5B	$2.5B	$2.3B	$2.2B	$1.9B	$1.9B	$1.5B	$1.4B	$1.0B	$1.4B	$1.6B	$1.6B	$3.0B	$3.0B	$3.3B	$3.3B	$3.4B
Total Debt (Short + Long-Term)	$2.4B	$3.1B	$3.7B	$3.5B	$2.4B	$2.3B	$2.1B	$2.0B	$1.7B	$1.6B	$1.0B	$893M	$718M	$619M	$73M	$75M	$367M	$410M	$537M	$276M	$310M
Total Shareholders' Equity	$3.2B	$2.5B	$2.3B	$2.3B	$2.3B	$1.7B	$1.6B	$1.5B	$1.2B	$1.2B	$1.5B	$1.4B	($71M)	($27M)	$120M	$201M	$747M	$741M	$702M	$446M	$1.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive FRO viewer.

FRO Metric Deep Dives

Other Companies in OIL & GAS MIDSTREAM

VG · Venture Global, Inc. — $35 billion
PBA · Pembina Pipeline Corp — $28 billion
VNOM · Viper Energy Ut — $15 billion
DTM · DT Midstream Inc — $13 billion
AM · Antero Midstream Partners LP — $10 billion
KNTK · Kinetik Holdings Inc — $9 billion
HESM · Hess Midstream Partners LP — $8 billion
SOBO · South Bow Corporation — $7 billion

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