Q2 26 EPS Adjusted
$1.22
BEAT +6.63%
Est. $1.14
Adjusted for a $1.3 million non-cash fair value gain related to interest rate derivatives
Q2 26 Revenue
$285.0M
BEAT +19.58%
Est. $238.3M
vs S&P Since Q2 26
+2.4%
BEATING MARKET
DHT +3.0% vs S&P +0.6%
Market Reaction
Did DHT Beat Earnings? Q2 2026 Results
DHT Holdings, Inc. Posted a blowout second quarter for 2026, beating Wall Street on both the top and bottom lines and extending its consecutive EPS beat streak to five straight quarters. The VLCC tanker operator reported adjusted EPS of $1.22, ahead … Read more DHT Holdings, Inc. Posted a blowout second quarter for 2026, beating Wall Street on both the top and bottom lines and extending its consecutive EPS beat streak to five straight quarters. The VLCC tanker operator reported adjusted EPS of $1.22, ahead of the $1.14 consensus by 6.63%, while revenue of $285.01 million cleared estimates by 19.58% and more than doubled year-over-year, rising 122.1% from the prior-year period. The primary driver was a dramatic surge in day rates rather than fleet growth; DHT's spot market VLCCs earned $162,600 per day on average during the quarter, roughly triple the $48,700 per day recorded a year ago, as Middle East geopolitical tensions extended trade routes and tightened effective tanker supply. Adjusted EBITDA reached $231.00 million, and under DHT's 100% payout policy, the adjusted result translated directly into the quarterly dividend. Looking ahead, 79% of combined Q3 2026 VLCC days have already been booked at an average of $104,400 per day, offering meaningful near-term earnings visibility as favorable market conditions persist.
Key Takeaways
- • VLCC spot rates surged to $162,600/day from $48,700/day year-over-year
- • Time charter rates increased to $90,800/day from $42,800/day year-over-year
- • Higher revenue per day contributed $156.3 million of the revenue increase versus Q2 2025
- • Geopolitical friction and Middle East hostilities forcing longer trade routes, increasing ton-mile demand
- • Structural supply consolidation following fleet aggregation by a private aggregator reduced fragmented spot supply
- • Spot exposure reduced to 48.4% of operating days from 60.1% in Q2 2025
DHT Forward Guidance & Outlook
For Q3 2026, DHT has 1,020 total term time charter days at an average rate of $75,900/day and 1,029 total spot days. Of the spot days, 600 (58%) have been booked at an average rate of $152,700/day on a discharge-to-discharge basis. Combined, 79% of available VLCC days (spot and time charter) have been booked at an average rate of $104,400/day. The spot P&L break-even for Q3 is below zero as term time charter earnings are expected to exceed forecasted costs. The company expects to record a $34.2 million gain on the sale of DHT Bauhinia in Q3 2026. Key catalysts include potential normalization of Iranian crude exports from a US-Iran conflict resolution (shifting volumes from shadow fleet to compliant operators), and global energy security initiatives driving strategic reserve replenishment.
DHT YoY Financials
Q2 2026 vs Q2 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% |