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
-6.1%
TRAILING MARKET
DHT -0.7% vs S&P +5.3%
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 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Adjusted for a $1.3 million non-cash fair value gain related to interest rate derivatives | $1.14 | $1.22 | +6.63% | $285.0M | +19.58% |
| 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% |