Q1 26 EPS
$0.64
BEAT +3.21%
Est. $0.62
Q1 26 Revenue
$186.5M
BEAT +20.57%
Est. $154.7M
vs S&P Since Q1 26
+3.5%
BEATING MARKET
DHT +3.5% vs S&P -0.1%
Market Reaction
Did DHT Beat Earnings? Q1 2026 Results
DHT Holdings, Inc. Delivered a blowout first quarter for 2026, posting earnings per share of $0.64 against a consensus estimate of $0.60, a beat of 6.37%, while revenue of $186.48 million cleared expectations of $151.07 million by 23.44% and jumped 5… Read more DHT Holdings, Inc. Delivered a blowout first quarter for 2026, posting earnings per share of $0.64 against a consensus estimate of $0.60, a beat of 6.37%, while revenue of $186.48 million cleared expectations of $151.07 million by 23.44% and jumped 57.3% from the year-ago period. The primary engine behind the results was a dramatic acceleration in VLCC spot rates, with spot market vessels earning $91,700 per day, more than double the $36,300 per day realized in Q1 2025, lifting adjusted EBITDA to $133.31 million from $56.37 million a year earlier. Fleet transactions added further lift, as the sale of two older vessels contributed a $59.99 million gain to GAAP net income of $164.53 million. Institutional interest in the company has grown notably alongside the rate environment, reflecting confidence in DHT's earnings visibility. Looking ahead, management has already booked 70% of Q2 spot days at an average of $168,300 per day, with term charter earnings alone expected to cover all forecasted costs, pointing to another strong quarter.
Key Takeaways
- • VLCC spot rates more than doubled year-over-year, with spot rates of $91,700/day in Q1 2026 vs $36,300/day in Q1 2025
- • Time charter rates increased to $61,300/day from $42,700/day year-over-year
- • $60.0 million gain on sale of DHT Europe and DHT China
- • Lower voyage expenses due to fewer vessels in spot market and reduced bunker costs
- • Geopolitical risk premiums on Middle East Gulf trade routes driving significant rate differentials
DHT Forward Guidance & Outlook
For Q2 2026, DHT estimates 997 total term time charter days at an average rate of $73,900/day and 1,025 total spot days, of which 720 have been booked at an average spot rate of $168,300/day (discharge-to-discharge). Overall, 85% of available VLCC days (combined spot and time charter) have been booked at $113,500/day. Spot P&L breakeven for Q2 is effectively zero as term time charter earnings alone are expected to exceed forecasted costs. The fourth VLCC newbuilding is scheduled for delivery in June 2026. DHT Bauhinia is expected to be delivered to its new owner in June/July 2026 with an expected gain of approximately $34.2 million. Management sees several future catalysts including potential sanctions relief on Venezuelan and Iranian crude shifting volumes to compliant operators, accelerated retirement of the aging shadow fleet, and heightened energy security driving crude inventory building.
DHT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
DHT Revenue by Segment
With YoY comparisons, source: SEC Filings
DHT Earnings Trends
DHT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DHT EPS Trend
Earnings per share: estimate vs actual
DHT Revenue Trend
Quarterly revenue: estimate vs actual
DHT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.62 | $0.64 | +3.21% | $186.5M | +20.57% |
| Q4 25 BEAT FY | $0.40 | $0.41 | +1.38% | $144.2M | +23.98% |
| FY Full Year | $0.99 | $1.31 | +32.64% | $498.4M | +35.36% |
| Q3 25 BEAT | $0.17 | $0.28 | +60.18% | $107.3M | +35.46% |
| Q2 25 BEAT | $0.25 | $0.35 | +40.90% | $128.3M | +36.88% |
| Q1 25 BEAT | $0.15 | $0.27 | +77.28% | $118.6M | +48.20% |