NYSE$NVGS
Navigator Holdings Ltd · Q3 2025 earnings
Q3 2025 earnings · · After market close · Investor relations
Briefing
Navigator Holdings Ltd. reported its preliminary financial results for the third quarter ended September 30, 2025, showing significant growth in revenue and net income.
Navigator Holdings Ltd. delivered a strong third quarter in 2025, with total operating revenues increasing by 7.9% to $153.1 million and net income attributable to stockholders surging by 82.4% to $33.2 million. This performance was driven by higher average daily time charter equivalent (TCE) rates and an increase in vessel available days, despite a slight decrease in fleet utilization.
- Total operating revenues increased by 7.9% to $153.1 million for Q3 2025, compared to $141.8 million in Q3 2024.
- Net income attributable to stockholders rose significantly by 82.4% to $33.2 million in Q3 2025, up from $18.2 million in Q3 2024.
- Basic earnings per share increased to $0.50 for Q3 2025, a substantial rise from $0.26 per share in Q3 2024.
- The average daily time charter equivalent (TCE) rate across the fleet improved to $30,966 for Q3 2025, compared to $29,079 for Q3 2024.
Headline financials
Revenue & EPS history
Navigator · Revenue · Quarterly
$153M
Forward guidance
Navigator Holdings Ltd. anticipates continued strong performance in the fourth quarter of 2025, particularly in the ethylene export markets, and is actively pursuing strategic investments and capital return initiatives.
Tailwinds
- Expects Q4 2025 Ethylene Export Terminal throughput to be similar to Q3 2025, supported by strong demand from Europe and easing trade tariff tensions.
- Two new multi-year offtake contracts related to the expanded Ethylene Export Terminal capacity have been signed, with additional capacity expected to be contracted in 2025 and 2026.
- Increased quarterly cash dividend to $0.07 per share and plans for additional share repurchases, aiming to return 30% of net income to shareholders.
- Acquired an additional 15.1% interest in the Navigator Greater Bay Joint Venture, increasing ownership to 75.1%, demonstrating strategic growth.
- Entered into a joint venture for two new ammonia-fueled liquefied ammonia carriers, with deliveries scheduled for 2028, positioning for future green fuel transportation.
Headwinds
- The handysize 12-month forward-looking market assessment for fully refrigerated vessels remained unchanged at $775,000 pcm.
- The handysize 12-month forward-looking market assessment for ethylene-capable vessels remained flat at $1,100,000 pcm.
- Increased domestic U.S. ethylene prices due to elevated feedstock costs, lower inventory levels, and higher domestic demand could impact future margins.
- Ongoing investigation into allegations of corruption involving a former director of PT Navigator Khatulistiwa, though not expected to have a material impact.
- The company's debt covenants require maintaining a certain level of cash and equity ratio, which could limit financial flexibility if not met.
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 Q3 2025
+1.3%
Avg return
Earnings day
+2.4%
Avg return
5 days after
+1.9%
Avg return
30 days after
52%
26 / 50 earnings
Positive
+30.8%
Q4 2016
Best reaction
-13.4%
Q2 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -11.2% | +3.3% | -4.1% | |
| Q3 2025 | +3.5% | +6.7% | +8.4% | |
| Q2 2025 | -1.4% | -1.8% | +3.3% | |
| Q1 2025 | +2.1% | +3.3% | +6.3% | |
| Q4 2024 | +0.6% | +1.6% | -9.4% | |
| Q1 2024 | -1.8% | +1.5% | -3.8% | |
| Q4 2023 | +2.0% | -2.0% | -1.7% | |
| Q3 2023 | -1.1% | +0.2% | +0.6% | |
| Q2 2023 | -4.0% | -3.3% | -0.2% | |
| Q1 2023 | +13.0% | +1.0% | -3.2% | |
| Q4 2022 | +14.0% | +10.6% | +19.2% | |
| Q3 2022 | -6.5% | -2.4% | -4.6% | |
| Q2 2022 | -6.1% | -1.0% | -5.2% | |
| Q1 2022 | -2.7% | -3.3% | -21.0% | |
| Q4 2021 | -0.2% | -6.7% | +13.3% | |
| Q3 2021 | +13.7% | +19.9% | +9.6% | |
| Q2 2021 | -3.8% | -5.2% | -4.1% | |
| Q1 2021 | +3.8% | +7.7% | -3.3% | |
| Q4 2020 | -5.9% | -13.8% | -6.6% | |
| Q3 2020 | -5.7% | -0.1% | +12.0% | |
| Q2 2020 | +1.4% | +4.3% | +4.1% | |
| Q1 2020 | +14.0% | +34.7% | +1.8% | |
| Q4 2019 | -1.6% | +7.6% | +52.3% | |
| Q3 2019 | +12.1% | +11.4% | +11.6% | |
| Q2 2019 | -5.0% | -4.2% | -4.5% | |
| Q1 2019 | -7.2% | -9.7% | -15.9% | |
| Q4 2018 | +1.6% | +1.8% | +2.3% | |
| Q3 2018 | -1.3% | -0.7% | -2.5% | |
| Q2 2018 | -2.8% | -3.2% | -2.4% | |
| Q1 2018 | -4.0% | -3.1% | -3.6% | |
| Q4 2017 | +8.1% | +9.9% | +0.0% | |
| Q3 2017 | +0.5% | +0.0% | -2.5% | |
| Q2 2017 | +6.2% | +7.2% | +14.9% | |
| Q1 2017 | -9.5% | -19.5% | -35.3% | |
| Q4 2016 | +30.8% | +26.2% | +28.5% | |
| Q3 2016 | +5.1% | +17.4% | +41.3% | |
| Q2 2016 | -13.4% | -8.6% | -27.2% | |
| Q1 2016 | +3.4% | — | — | |
| Q4 2015 | +13.3% | — | — | |
| Q3 2015 | -3.2% | — | — | |
| Q2 2015 | +3.7% | — | — | |
| Q4 2014 | +1.3% | — | — | |
| Q3 2014 | +3.3% | — | — | |
| Q2 2014 | -3.4% | — | — | |
| Q4 2013 | +0.5% | — | — | |
| Q4 2012 | +0.5% | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -0.8% | — | — | |
| Q3 2012 | +7.5% | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | +1.7% | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — |
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