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TK

Teekay Corporation

TK

Teekay Corporation • NYSE
$9.71 ▼ -0.82% (-0.08)
Market Cap $827.94 M
52w High $10.60
52w Low $5.65
Dividend Yield 2.00%
P/E 10.91
Volume 305.01K
Outstanding Shares 85.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $231.694M ▲ $20.073M ▲ $62.614M ▼ 27.024% ▼ $0.22 ▼ $95.049M ▼
Q1-2025 $231.639M ▼ $9.712M ▲ $76.032M ▲ 32.823% ▲ $2.2 ▲ $97.446M ▼
Q4-2024 $256.566M ▼ $-14.146M ▼ $25.242M ▲ 9.838% ▲ $0.29 ▲ $105.75M ▲
Q3-2024 $272.619M ▼ $13.938M ▼ $20.072M ▼ 7.363% ▼ $0.22 ▼ $86.852M ▼
Q2-2024 $326.139M $17.989M $33.82M 10.37% $0.36 $124.616M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $711.873M ▲ $2.06B ▲ $212.18M ▲ $1.847B ▲
Q1-2025 $695.59M ▼ $2.023B ▼ $199.006M ▼ $1.824B ▲
Q4-2024 $717.773M ▼ $2.153B ▼ $217.948M ▼ $709.763M ▼
Q3-2024 $743.931M ▼ $2.233B ▼ $229.976M ▼ $804.361M ▼
Q2-2024 $755.283M $2.249B $243.141M $823.212M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $62.614M ▼ $72.441M ▲ $-55.146M ▼ $-42.996M ▼ $-25.665M ▼ $71.443M ▲
Q1-2025 $76.032M ▼ $57.624M ▼ $111.88M ▲ $-8.527M ▲ $160.977M ▲ $57.318M ▼
Q4-2024 $81.5M ▲ $60.58M ▼ $86.294M ▲ $-150.191M ▼ $-3.317M ▼ $60.285M ▲
Q3-2024 $62.106M ▲ $115.658M ▼ $-47.816M ▼ $-65.377M ▼ $2.465M ▼ $51.513M ▼
Q2-2024 $33.82M $160.544M $33.952M $-56.011M $138.485M $157.263M

Revenue by Products

Product Q4-2020Q2-2021Q3-2021Q4-2021
Fpso
Fpso
 $60.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲
Management fees and other
Management fees and other
 $180.00M ▲$50.00M ▼$50.00M ▲$0 ▼
Time charters
Time charters
 $330.00M ▲$140.00M ▼$140.00M ▲$0 ▼
Voyage charters
Voyage charters
 $430.00M ▲$120.00M ▼$120.00M ▲$240.00M ▲
Lease revenue
Lease revenue
 $0 ▲$270.00M ▲$260.00M ▼$0 ▼
Non Lease Component
Non Lease Component
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼
Nonlease and management fee revenue
Nonlease and management fee revenue
 $0 ▲$50.00M ▲$60.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Teekay’s income statement shows a business that has moved from loss-making to consistently profitable, but now coming off a recent peak. Revenue has bounced around over the last five years, reflecting the cyclical nature of tanker markets, with a strong recovery after a weak 2021 and a step down from the very strong 2023 level. Profitability, however, has improved much more steadily: operating profit and cash-style earnings have stayed healthy even as revenue eased, which points to better cost control and more efficient operations. Net income and earnings per share are solidly positive after a sharp loss in 2021, though they have drifted lower from the unusually strong 2022–2023 period. Overall, the earnings profile looks much cleaner and more resilient than earlier in the decade, but still clearly exposed to swings in shipping demand and freight rates.

Balance Sheet

Balance Sheet The balance sheet has been materially de-risked. Total assets are now much lower than a few years ago, indicating portfolio simplification and possible asset sales, but have been broadly stable in the most recent years. Debt has been cut down very aggressively, leaving the company with far less leverage than in the past and a financial structure that leans more on equity than on borrowing. Cash holdings have risen meaningfully versus earlier years and now comfortably exceed debt, which provides a liquidity cushion and flexibility in a volatile industry. The trade-off is a slimmer asset base but a much stronger, more conservative financial foundation than in the past.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has improved sharply from the weak 2021 period and, while a little lower than the standout 2023 year, remains strong relative to recent history. Free cash flow follows a similar pattern, as capital spending needs have been modest and quite stable, allowing most operating cash to fall through to free cash. This combination of solid cash inflows, low investment requirements, and very limited debt obligations gives Teekay considerable room to maneuver through industry cycles. The main risk is that cash flow remains tied to tanker market conditions, which can change quickly.

Competitive Edge

Competitive Edge Teekay occupies a solid niche in energy shipping, particularly through Teekay Tankers, with a reputation built on safety, reliability, and operational discipline. Its scale in mid-sized tankers, in-house ship management, and long-standing relationships with major oil and gas customers create switching frictions that smaller or newer competitors struggle to match. The company also benefits from pooled operations and digital tools that can enhance utilization, transparency, and cost efficiency for both Teekay and its partners. Financially, a much stronger balance sheet and conservative capital approach provide resilience in downturns, which is often a differentiator in shipping. That said, the business still operates in a competitive, commoditized and cyclical market where freight rates, regulation, and fuel costs can rapidly erode advantages.

Innovation and R&D

Innovation and R&D While not a classic high-R&D company, Teekay is innovating in how it operates its fleet and meets environmental rules. It has rolled out propulsion optimization systems to cut fuel use and emissions, adopted digital platforms for dry-docking and crew management, and built commercial dashboards that give partners real-time data on fleet performance. Historically it has been early in adopting advanced vessel designs, such as LNG-fueled and VOC-recovery shuttle tankers, and it is now aligning its fleet renewal with stricter emissions standards. The company’s stated goals around cutting carbon intensity and moving toward net-zero will likely require ongoing investment in new vessel technologies, alternative fuels, and data analytics. Execution risk is meaningful here, but success would support both cost efficiency and regulatory compliance in a tightening environmental landscape.

Summary

Teekay today looks like a leaner, more focused and financially stronger version of its former self. Profitability and cash flow have improved markedly since 2021, even though revenue remains volatile and recent earnings have eased from peak levels. The balance sheet has been significantly de-levered, with high cash and low debt providing a strong buffer against the inherent cycles of energy shipping. Competitively, the company leans on operational excellence, long-term customer ties, and digital tools rather than any single proprietary technology, and it is actively modernizing its fleet and processes to meet tougher environmental standards. The key watchpoints are how well it navigates freight-rate cycles, manages future capital spending for cleaner vessels, and continues to translate its operational and sustainability efforts into stable, long-term cash generation.

NEWS

October 29, 2025 · 4:05 PM UTC

Teekay Tankers Ltd. Reports Third Quarter 2025 Results and Declares Dividend

Read more

October 21, 2025 · 4:05 PM UTC

Teekay Group to Announce Third Quarter 2025 Earnings Results on October 29, 2025

Read more