NYSE$ASC
Ardmore Shipping Corporation · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
Ardmore Q1 2026: $87.9M revenue, $23.6M net income ($0.58 EPS), dividend doubled to two-thirds of adjusted earnings
Ardmore Shipping Corporation reported Q1 2026 net income attributable to common stockholders of $23.6 million, or $0.58 per basic and diluted share, compared to $5.6 million, or $0.14 per share, in Q1 2025. Revenue rose to $87.9 million from $74.0 million as higher spot charter rates offset fewer spot revenue days. The company operated 26 vessels at quarter-end, including 20 MR tankers and six IMO2 product/chemical tankers. MR tankers earned average spot TCE of $33,705 per day and chemical tankers $22,284 per day in Q1; early Q2 bookings were tracking at $52,100 and $32,500 per day, respectively. Ardmore doubled its dividend payout ratio to two-thirds of adjusted earnings and declared a $0.39 per share quarterly dividend payable June 12, 2026. The company signed contracts for two 40,500 dwt newbuildings at Wuhu Shipyard and agreed to sell the 2014-built Ardmore Engineer for $35.5 million. Liquidity totaled $283.7 million at March 31, 2026.
- Revenue $87.9M (+18.8% YoY); net income $23.6M; EPS $0.58 vs. $0.14 in Q1 2025.
- MR spot TCE averaged $33,705/day in Q1; chemical tankers $22,284/day; Q2 bookings tracking higher.
- Dividend payout ratio doubled to two-thirds of adjusted earnings; declared $0.39/share quarterly dividend.
- Signed two 40,500 dwt newbuilding contracts at $44.9M each; agreed to sell Ardmore Engineer for $35.5M.
- Liquidity of $283.7M including $47.2M cash and $236.5M undrawn revolver capacity.
Headline financials
Revenue & EPS history
Ardmore Shipping · Revenue · Quarterly
$87.9M
Forward guidance
Based on approximately 55% of MR revenue days and 65% of chemical revenue days fixed for Q2 2026, average spot TCE rates were approximately $52,100 per day for MR tankers and $32,500 per day for chemical tankers as of May 7, 2026. Management noted freight rates continued to accelerate but flagged geopolitical uncertainty in the Middle East, Red Sea, and Venezuela as risks to future demand and rates.
Tailwinds
- Second-quarter spot bookings tracking well above Q1 realized TCE rates.
- Robust balance sheet with $283.7M liquidity and low cash breakevens.
Headwinds
- Geopolitical conflicts could reverse favorable trading patterns and reduce tanker demand.
- Higher interest expense from 2025 vessel acquisitions and credit facility drawdowns.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+1.4%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+0.6%
Avg return
30 days after
57%
25 / 44 earnings
Positive
+18.6%
Q4 2019
Best reaction
-17.7%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.2% | +0.9% | -12.5% | |
| Q4 2025 | -3.5% | +3.3% | +0.4% | |
| Q3 2025 | +1.7% | +4.2% | -3.7% | |
| Q2 2025 | +1.4% | +1.9% | +9.8% | |
| Q4 2024 | -7.1% | -9.2% | -14.3% | |
| Q3 2024 | -6.4% | -10.8% | -17.5% | |
| Q1 2024 | +16.1% | +2.3% | +40.4% | |
| Q3 2023 | -3.7% | -3.4% | +0.1% | |
| Q2 2023 | -2.9% | -3.0% | -11.6% | |
| Q1 2023 | -5.5% | -5.2% | -11.4% | |
| Q4 2022 | +14.0% | +8.4% | -8.6% | |
| Q3 2022 | +0.9% | -0.6% | +15.9% | |
| Q2 2022 | -1.6% | +1.3% | +14.3% | |
| Q1 2022 | +6.5% | -11.3% | +15.3% | |
| Q4 2021 | +6.7% | +13.3% | +13.9% | |
| Q3 2021 | +0.5% | -0.5% | -1.2% | |
| Q2 2021 | -7.2% | +0.6% | -10.2% | |
| Q1 2021 | +10.8% | +13.2% | +4.9% | |
| Q4 2020 | +1.6% | +8.8% | +37.0% | |
| Q3 2020 | -4.8% | +7.8% | +17.7% | |
| Q2 2020 | +6.9% | -2.6% | -10.7% | |
| Q1 2020 | -17.7% | -15.0% | -20.4% | |
| Q4 2019 | +18.6% | +26.7% | -16.4% | |
| Q3 2019 | -4.6% | -9.2% | -2.4% | |
| Q2 2019 | -5.3% | -10.0% | -14.4% | |
| Q1 2019 | +10.9% | +9.6% | +0.9% | |
| Q4 2018 | -3.0% | -4.2% | -12.8% | |
| Q3 2018 | +0.8% | -2.7% | -13.5% | |
| Q2 2018 | -4.3% | -2.2% | -1.4% | |
| Q1 2018 | +1.9% | +5.7% | +3.2% | |
| Q4 2017 | +3.1% | +6.9% | +19.1% | |
| Q3 2017 | +5.4% | +1.2% | -4.2% | |
| Q2 2017 | -1.3% | -5.0% | +1.9% | |
| Q1 2017 | -0.7% | -2.0% | -5.3% | |
| Q4 2016 | +1.4% | +4.3% | +0.7% | |
| Q3 2016 | -0.9% | -3.5% | +19.3% | |
| Q2 2016 | +16.4% | +17.4% | +0.6% | |
| Q1 2016 | -3.6% | — | — | |
| Q4 2015 | -12.1% | — | — | |
| Q3 2015 | +17.8% | — | — | |
| Q2 2015 | +4.3% | — | — | |
| Q1 2015 | +3.9% | — | — | |
| Q4 2014 | +4.6% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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