Navigator Gas has released its preliminary financial results for the fourth quarter of 2025.
Fourth Quarter Financial Highlights
- On March 11, 2026, pursuant to the Company’s Capital Return Policy, the Board of Directors of Navigator Holdings Limited., (NYSE: NVGS) (“Navigator Holdings”, “Navigator Gas”, “our”, “we”, “us” or the “Company”) declared a cash dividend of $0.07 per share of the Company’s common stock for the quarter ended December 31, 2025, payable on March 31, 2026, to all shareholders of record as of the close of business U.S. Eastern Time on March 23, 2026 (the “Dividend”).
- Also as part of the Company’s Capital Return Policy for the quarter ended December 31, 2025, the Company expects to repurchase approximately $1.0 million of its common stock between March 13, 2026, and March 31, 2026, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “Share Repurchases”), such that the Dividend and Share Repurchases together equal 30% of net income for the quarter ended December 31, 2025.
- On December 16, 2025 the Company paid a dividend of $0.07 per share of the Company’s common stock to all shareholders of record as of the close of business U.S. Eastern Time on November 25, 2025, totaling $4.6 million, and the Company repurchased 303,180 shares of common stock in the open market between November 7, 2025, and December 31, 2025, at an average price of $17.68 per share, totaling $5.4 million all as part of the Company’s then Capital Return Policy for the quarter ended September 30, 2025.
- The Company reported total operating revenues of $152.8 million for the three months ended December 31, 2025, compared to $144.0 million for the three months ended December 31, 2024.
- Net income attributable to stockholders of the Company was $18.5 million for the three months ended December 31, 2025, compared to $21.6 million for the three months ended December 31, 2024.
- EBITDA1 was $70.9 million for the three months ended December 31, 2025, compared to $68.0 million for the three months ended December 31, 2024.
- Adjusted EBITDA1 was $73.4 million for the three months ended December 31, 2025, compared to $73.4 million for the three months ended December 31, 2024.
- Basic earnings per share attributable to stockholders of the Company were $0.28 for the three months ended December 31, 2025, compared to $0.31 per share for the three months ended December 31, 2024, with the decrease primarily due to a decrease in net income attributable to stockholders of Navigator Holdings Ltd., offset by a lower number of shares of common stock in issue in the three months ended December 31, 2025, compared to the three months ended December 31, 2024.
- Adjusted basic earnings per share1 attributable to stockholders of the Company were $0.32 per share for the three months ended December 31, 2025, compared to $0.39 per share for the three months ended December 31, 2024, driven primarily by a decrease in net income attributable to stockholders of Navigator Holdings Ltd., and adjusting for the profit on sale of vessel.
- The Company reduced its debt by $33.0 million to $900.2 million during the three months ended December 31, 2025, as the Company made net repayments on loan facilities and revolving credit facilities of $33.0 million. The Company reduced its debt by $93.3 million to $933.2 million during the three months ended September 30, 2025, as the Company made net repayments on loan facilities and revolving credit facilities of $93.3 million.
- At December 31, 2025 the Company’s cash, cash equivalents, and restricted cash was $204.9 million, and together with available but undrawn credit facilities of $91.4 million the Company’s total liquidity as of December 31, 2025 was $296.3 million, compared to $308.0 million as of September 30, 2025 and $139.8 million as at December 31, 2024.
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1 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Diluted Earnings per Share represents Adjusted Basic Earnings per Share adjusting the weighted average number of common shares used for calculating Adjusted Basic Earnings per Share for the effects of all potentially dilutive shares. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited. represents net income attributable to stockholders of Navigator Holdings Limited. adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company. EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations or any other GAAP measure.