Fundies.
English

FRONTLINE LTD /

EDGAR
FRO Foreign issuer report (6-K) · filed 2026-09-16

Annual consolidated revenue for 2025: about USD 1.971B, using the latest reported figures. The previous period, 2024, was about USD 2.163B.

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Watchlist

Latest fiscal year

Revenue

1.97 billion USD

2025 · USD

Exact inputs and evidence
  • Revenue: 1971173000 USD Source

Operating margin

30.38%

2025 · %

Exact inputs and evidence
  • Operating Income: 598752000 USD Source
  • Revenue: 1971173000 USD Source

Operating cash flow

682 million USD

2025 · USD

Exact inputs and evidence
  • Operating Cash Flow: 682460000 USD Source

Free cash flow

670 million USD

2025 · USD

Exact inputs and evidence
  • Operating Cash Flow: 682460000 USD Source
  • Capital Expenditure: 12531000 USD Source
Cash and cash equivalents
251 million USD Source
Exact value

251347000 USD

Long-term debt including current maturities
2.34 billion USD Source
Exact value

2340514000 USD

Shares outstanding
204 million shares Source
Exact value

203530979 shares

Reported share-count change

2.95% · 5.84 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 197692321 shares · 2020-12-31· Source
  • 203530979 shares · 2021-12-31· Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-09-16.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 8 of 11 periods available· newest 2022-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 5 of 11 periods available· newest 2025-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 7 of 11 periods available· newest 2021-12-31
  • Shares outstanding: 7 of 11 periods available· newest 2021-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    -8.8%

    Prior period

    USD 2.16 billion

    –

    Current period

    USD 1.97 billion

    –

    Exact inputs and evidence

    1971173000 − 2162506000 = -191333000 USD

    2162506000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1971173000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    -7.3%

    Prior period

    USD 736.41 million

    –

    Current period

    USD 682.46 million

    –

    Exact inputs and evidence

    682460000 − 736412000 = -53952000 USD

    736412000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    682460000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Capital expenditure

    -98.6%

    Prior period

    USD 915.25 million

    –

    Current period

    USD 12.53 million

    –

    Exact inputs and evidence

    12531000 − 915248000 = -902717000 USD

    915248000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    12531000 USD · 2025-01-01 – 2025-12-31

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Comparable inputs unavailable for: Net income.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 1.97 billion 100% of revenue
  • Operating costs Derived USD 1.37 billion 70% of revenue
  • Operating income USD 598.75 million 30% of revenue
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income Unavailable An input is unavailable.

Cash

  • Operating cash flow USD 682.46 million 35% of revenue
  • Capital expenditure USD 12.53 million 0.6% of revenue
  • Free cash flow Derived USD 669.93 million 34% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 16%76%
  • 2017 Operating loss: operating costs were 130% of revenue.
  • 2018 Net loss: net income was −1.2% of revenue.
  • 2019 15%10%75%
  • 2020 34%58%
  • 2021 Net loss: net income was −2% of revenue.
  • 2022 Net income was higher than operating income, so the split is not drawn.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-31754306000 576825000 Derived 177481000 60471000 Derived 117010000 Unavailable
Source
2017 2017-01-01 – 2017-12-31646326000 842597000 Derived -196271000 68590000 Derived -264861000 Unavailable
Source
2018 2018-01-01 – 2018-12-31742266000 659555000 Derived 82711000 91591000 Derived -8880000 Unavailable
Source
2019 2019-01-01 – 2019-12-31957322000 717800000 Derived 239522000 99550000 Derived 139972000 Unavailable
Source
2020 2020-01-01 – 2020-12-311221187000 713392000 Derived 507795000 94920000 Derived 412875000 Unavailable
Source
2021 2021-01-01 – 2021-12-31753441000 744966000 Derived 8475000 23436000 Derived -14961000 -388500000 Derived
Source
2022 2022-01-01 – 2022-12-311438248000 992629000 Derived 445619000 -29918000 Derived 475537000 49515000 Derived
Source
2023 2023-01-01 – 2023-12-311826264000 1079598000 Derived 746666000 UnavailableUnavailable-775242000 Derived
Source
2024 2024-01-01 – 2024-12-312162506000 1380793000 Derived 781713000 UnavailableUnavailable-178836000 Derived
Source
2025 2025-01-01 – 2025-12-311971173000 1372421000 Derived 598752000 UnavailableUnavailable669929000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 2B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.3B1.8B1.2B583.9M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue754306000
2017Revenue646326000
2018Revenue742266000
2019Revenue957322000
2020Revenue1221187000
2021Revenue753441000
2022Revenue1438248000
2023Revenue1826264000
2024Revenue2162506000
2025Revenue1971173000

Revenue growth

Change in revenue from the same financial period one year earlier.

-8.8% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.101%64%26%-11%-49%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year64.4%
2017Year over year-14.3%
2018Year over year14.8%
2019Year over year29%
2020Year over year27.6%
2021Year over year-38.3%
2022Year over year90.9%
2023Year over year27%
2024Year over year18.4%
2025Year over year-8.8%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 30.4% 2025
Net margin 33.1% 2022
Free cash flow margin 34% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.49%22%-5%-32%-59%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin23.5%
2017Operating margin-30.4%
2018Operating margin11.1%
2019Operating margin25%
2020Operating margin41.6%
2021Operating margin1.1%
2022Operating margin31%
2023Operating margin40.9%
2024Operating margin36.1%
2025Operating margin30.4%
2016Net margin15.5%
2017Net margin-41%
2018Net margin-1.2%
2019Net margin14.6%
2020Net margin33.8%
2021Net margin-2%
2022Net margin33.1%
2023-12-31Net marginNot reported
2024-12-31Net marginNot reported
2025-12-31Net marginNot reported
2016Free cash flow marginNot reported
2017Free cash flow marginNot reported
2018Free cash flow marginNot reported
2019Free cash flow marginNot reported
2020Free cash flow marginNot reported
2021Free cash flow margin-51.6%
2022Free cash flow margin3.4%
2023Free cash flow margin-42.4%
2024Free cash flow margin-8.3%
2025Free cash flow margin34%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 682.5M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.924.7M693.5M462.3M231.2M0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow286015000
2017Operating cash flow130485000
2018Operating cash flow46171000
2019Operating cash flow280187000
2020Operating cash flow604058000
2021Operating cash flow85261000
2022Operating cash flow385330000
2023Operating cash flow856181000
2024Operating cash flow736412000
2025Operating cash flow682460000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 669.9M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.785.5M366.4M-52.7M-471.8M-890.9M201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flowUnavailable
2017Free cash flowUnavailable
2018Free cash flowUnavailable
2019Free cash flowUnavailable
2020Free cash flowUnavailable
2021Free cash flow-388500000
2022Free cash flow49515000
2023Free cash flow-775242000
2024Free cash flow-178836000
2025Free cash flow669929000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

56.4% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.67%51%34%17%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets49.4%
2017Liabilities / assets62.1%
2018Liabilities / assets62.2%
2019Liabilities / assets59.2%
2020Liabilities / assets59%
2021Liabilities / assets60%
2022Liabilities / assets52.6%
2023Liabilities / assets61.3%
2024Liabilities / assets62.4%
2025Liabilities / assets56.4%

Current assets to current liabilities

Current assets divided by current liabilities.

1.43× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.43×1.82×1.21×0.61×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities2.1×
2017Current assets / current liabilities1.45×
2018Current assets / current liabilities1.44×
2019Current assets / current liabilities0.53×
2020Current assets / current liabilities1.17×
2021Current assets / current liabilities1.16×
2022Current assets / current liabilities2.25×
2023Current assets / current liabilities1.78×
2024Current assets / current liabilities1.39×
2025Current assets / current liabilities1.43×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 117.01 million
Exact value

Exact value: 117010000 USD

2016-01-01 – 2016-12-31: 117010000 USD Inspect Net Income Open source
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USD 286.02 million
Exact value

Exact value: 286015000 USD

2016-01-01 – 2016-12-31: 286015000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2017 2017-01-01 – 2017-12-31
−USD 264.86 million
Exact value

Exact value: -264861000 USD

2017-01-01 – 2017-12-31: -264861000 USD Inspect Net Income Open source
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USD 130.49 million
Exact value

Exact value: 130485000 USD

2017-01-01 – 2017-12-31: 130485000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2018 2018-01-01 – 2018-12-31
−USD 8.88 million
Exact value

Exact value: -8880000 USD

2018-01-01 – 2018-12-31: -8880000 USD Inspect Net Income Open source
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USD 46.17 million
Exact value

Exact value: 46171000 USD

2018-01-01 – 2018-12-31: 46171000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2019 2019-01-01 – 2019-12-31
USD 139.97 million
Exact value

Exact value: 139972000 USD

2019-01-01 – 2019-12-31: 139972000 USD Inspect Net Income Open source
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USD 280.19 million
Exact value

Exact value: 280187000 USD

2019-01-01 – 2019-12-31: 280187000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2020 2020-01-01 – 2020-12-31
USD 412.88 million
Exact value

Exact value: 412875000 USD

2020-01-01 – 2020-12-31: 412875000 USD Inspect Net Income Open source
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USD 604.06 million
Exact value

Exact value: 604058000 USD

2020-01-01 – 2020-12-31: 604058000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
−USD 14.96 million
Exact value

Exact value: -14961000 USD

2021-01-01 – 2021-12-31: -14961000 USD Inspect Net Income Open source
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USD 85.26 million
Exact value

Exact value: 85261000 USD

2021-01-01 – 2021-12-31: 85261000 USD Inspect Operating Cash Flow Open source
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USD 473.76 million
Exact value

Exact value: 473761000 USD

2021-01-01 – 2021-12-31: 473761000 USD Inspect Capital Expenditure Open source
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−USD 388.5 million
Calculation and evidence

85261000 − 473761000 USD

Exact free cash flow: -388500000 USD

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2022 2022-01-01 – 2022-12-31
USD 475.54 million
Exact value

Exact value: 475537000 USD

2022-01-01 – 2022-12-31: 475537000 USD Inspect Net Income Open source
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USD 385.33 million
Exact value

Exact value: 385330000 USD

2022-01-01 – 2022-12-31: 385330000 USD Inspect Operating Cash Flow Open source
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USD 335.82 million
Exact value

Exact value: 335815000 USD

2022-01-01 – 2022-12-31: 335815000 USD Inspect Capital Expenditure Open source
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USD 49.52 million
Calculation and evidence

385330000 − 335815000 USD

Exact free cash flow: 49515000 USD

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2023 2023-01-01 – 2023-12-31
Unavailable Not reported for this period.
USD 856.18 million
Exact value

Exact value: 856181000 USD

2023-01-01 – 2023-12-31: 856181000 USD Inspect Operating Cash Flow Open source
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USD 1.63 billion
Exact value

Exact value: 1631423000 USD

2023-01-01 – 2023-12-31: 1631423000 USD Inspect Capital Expenditure Open source
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−USD 775.24 million
Calculation and evidence

856181000 − 1631423000 USD

Exact free cash flow: -775242000 USD

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2024 2024-01-01 – 2024-12-31
Unavailable Not reported for this period.
USD 736.41 million
Exact value

Exact value: 736412000 USD

2024-01-01 – 2024-12-31: 736412000 USD Inspect Operating Cash Flow Open source
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USD 915.25 million
Exact value

Exact value: 915248000 USD

2024-01-01 – 2024-12-31: 915248000 USD Inspect Capital Expenditure Open source
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−USD 178.84 million
Calculation and evidence

736412000 − 915248000 USD

Exact free cash flow: -178836000 USD

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2025 2025-01-01 – 2025-12-31
Unavailable Not reported for this period.
USD 682.46 million
Exact value

Exact value: 682460000 USD

2025-01-01 – 2025-12-31: 682460000 USD Inspect Operating Cash Flow Open source
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USD 12.53 million
Exact value

Exact value: 12531000 USD

2025-01-01 – 2025-12-31: 12531000 USD Inspect Capital Expenditure Open source
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USD 669.93 million
Calculation and evidence

682460000 − 12531000 USD

Exact free cash flow: 669929000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

193 filings · 2,202 latest values · 2,202 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000913290, 913290, FRO, edgar:913290

Also known as FRONTLINE LTD /, FRONTLINE LTD., FRONTLINE PLC, Frontline Ltd., Frontline plc, LONDON & OVERSEAS FREIGHTERS LTD