Revenue has experienced a sustained decline, culminating in a 29.0% year-over-year contraction in 2025Q2, while gross margins have deteriorated from 47.0% in 2023Q1 to 35.4% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 992.52M | 949.52M | 1.22B | 1.46B | 1.19B | 682.51M | 1.82B | 1.92B | 1.71B | 1.88B | 2.33B | 2.45B | 1.99B | 1.83B | 1.98B | 1.98B | 2.1B | 2.18B | 3.23B | 2.41B | 2.01B | 1.95B | 2.22B | 1.58B | 783.33M | 1.04B | 893.23M | 248.35M | 406.04M | 406.04M | 382.2M |
| Revenue Growth % | -26.05% | -22.19% | -16.7% | 23.09% | 74.38% | -62.41% | -5.55% | 12.57% | -9.18% | -19.25% | -4.97% | 22.89% | 8.95% | -7.61% | 0.24% | -5.71% | -3.94% | -32.45% | 34.19% | 19.54% | 3% | -11.92% | 40.81% | 101.21% | -24.61% | 16.33% | 259.66% | -38.84% | 0% | 6.24% | 55.56% |
| Cost of Goods Sold | 713.37M | 688.12M | 826.52M | 884.34M | 897.15M | 732.24M | 1.26B | 1.46B | 1.39B | 1.49B | 1.69B | 1.61B | 1.43B | 1.45B | 1.46B | 1.07B | 875.64M | 895.61M | 1.41B | 992.72M | 1.18B | 1.09B | 1.11B | 909.98M | 457.44M | 470.41M | 427.92M | 129.46M | 181.91M | 178.08M | 160.92M |
| COGS % of Revenue | - | 72.47% | 67.73% | 60.37% | 75.38% | 107.29% | 69.17% | 75.73% | 81.34% | 79.33% | 72.38% | 65.62% | 71.58% | 79.4% | 73.46% | 54.07% | 41.78% | 41.05% | 43.74% | 41.25% | 58.71% | 55.97% | 49.93% | 57.74% | 58.4% | 45.27% | 47.91% | 52.13% | 44.8% | 43.86% | 42.1% |
| Gross Profit | 279.15M | 261.4M | 393.86M | 580.63M | 293.03M | -49.73M | 559.82M | 466.62M | 318.63M | 388.69M | 643.24M | 842.51M | 566.63M | 376.98M | 501.2M | 885.3M | 1.19B | 1.27B | 1.78B | 1.41B | 831.32M | 860.71M | 1.11B | 666.12M | 325.89M | 568.64M | 465.31M | 118.89M | 224.12M | 204.16M | 175.4M |
| Gross Margin % | 28.13% | 27.53% | 32.27% | 39.63% | 24.62% | -7.29% | 30.83% | 24.27% | 18.66% | 20.67% | 27.62% | 34.38% | 28.42% | 20.6% | 25.3% | 44.8% | 56.94% | 58.28% | 55.15% | 58.75% | 41.29% | 44.03% | 50.07% | 42.26% | 41.6% | 54.73% | 52.09% | 47.87% | 55.2% | 50.28% | 45.89% |
| Gross Profit Growth % | - | -33.63% | -32.17% | 98.14% | 689.27% | -108.88% | 19.97% | 46.44% | -18.02% | -39.57% | -23.65% | 48.69% | 50.31% | -24.78% | -43.39% | -25.81% | -6.16% | -28.6% | 25.96% | 70.08% | -3.42% | -22.54% | 66.81% | 104.4% | -42.69% | 22.21% | 291.38% | -46.95% | 9.78% | 16.4% | 10.8% |
| Operating Expenses | 27M | 54.77M | 28.61M | 48.91M | 47.27M | 135.63M | 179.17M | 81.44M | 154.31M | 381.99M | 258.95M | 217.38M | 139.47M | 314.24M | 592.92M | 298.27M | 259.29M | 1.11B | 939.6M | 1.01B | 811.99M | 365.24M | 289.99M | 373.16M | 206.54M | 185.18M | 137.63M | 224.78M | 116.48M | 109.91M | 100.35M |
| OpEx % of Revenue | - | 5.77% | 2.34% | 3.34% | 3.97% | 19.87% | 9.87% | 4.24% | 9.04% | 20.32% | 11.12% | 8.87% | 6.99% | 17.17% | 29.93% | 15.09% | 12.37% | 50.68% | 29.09% | 42.01% | 40.33% | 18.69% | 13.07% | 23.68% | 26.37% | 17.82% | 15.41% | 90.51% | 28.69% | 27.07% | 26.26% |
| Selling, General & Admin | 56.83M | 54.77M | 61.06M | 57.59M | 57.55M | 74.39M | 79.23M | 81.44M | 96.56M | 106.15M | 119.89M | 133.18M | 140.92M | 140.96M | 202.97M | 223.62M | 452.86M | 212.48M | 856.64M | 238.15M | 177.91M | 159.71M | 130.74M | 85.15M | 57.25M | 48.9M | 37.48M | 27.02M | 21.54M | 19.21M | 16.75M |
| SG&A % of Revenue | - | 5.77% | 5% | 3.93% | 4.84% | 10.9% | 4.36% | 4.24% | 5.65% | 5.65% | 5.15% | 5.44% | 7.07% | 7.7% | 10.25% | 11.32% | 21.61% | 9.74% | 26.53% | 9.9% | 8.84% | 8.17% | 5.89% | 5.4% | 7.31% | 4.71% | 4.2% | 10.88% | 5.31% | 4.73% | 4.38% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -32.45M | -8.68M | -10.28M | 61.24M | 99.94M | 0 | 57.76M | 275.84M | 139.06M | 84.19M | -1.45M | 173.28M | 389.95M | 74.65M | -193.57M | 893.23M | 82.95M | 772.78M | 634.08M | 205.53M | 159.25M | 288.01M | 149.3M | 136.28M | 100.15M | 197.76M | 94.94M | 90.7M | 83.6M |
| Operating Income | 246.51M | 206.64M | 365.25M | 531.73M | 245.77M | -185.35M | 70.2M | -109.18M | 164.32M | 6.7M | 384.29M | 625.13M | 427.16M | 62.75M | -150.39M | 98.11M | 234.12M | 169.79M | 215.72M | 397.9M | 421.85M | 631.78M | 821.19M | 292.96M | 123.87M | 383.46M | 327.68M | -105.89M | 85.63M | 107.64M | 94.26M |
| Operating Margin % | 24.84% | 21.76% | 29.93% | 36.3% | 20.65% | -27.16% | 3.87% | -5.68% | 9.62% | 0.36% | 16.5% | 25.51% | 21.42% | 3.43% | -7.59% | 4.97% | 11.17% | 7.78% | 6.68% | 16.53% | 20.95% | 32.32% | 37% | 18.59% | 15.81% | 36.9% | 36.68% | -42.64% | 21.09% | 26.51% | 24.66% |
| Operating Income Growth % | - | -43.43% | -31.31% | 116.35% | 232.59% | -364.05% | 164.3% | -166.44% | 2352.52% | -98.26% | -38.53% | 46.35% | 580.77% | 141.72% | -253.29% | -58.09% | 37.89% | -21.29% | -45.79% | -5.68% | -33.23% | -23.07% | 180.3% | 136.51% | -67.7% | 17.03% | 409.45% | -223.65% | -20.44% | 14.2% | 25.6% |
| EBITDA | 334.1M | 293.27M | 458.83M | 629.28M | 344.8M | -79.27M | 201.58M | 44.73M | 440.63M | 492.53M | 956.12M | 1.13B | 850.06M | 493.83M | 305.5M | 526.72M | 674.83M | 606.62M | 634.52M | 727.02M | 645.81M | 837.3M | 1.06B | 484.2M | 273.17M | 519.75M | 427.83M | -174.19M | 180.57M | 202.58M | 177.86M |
| EBITDA Margin % | 33.66% | 30.89% | 37.6% | 42.95% | 28.97% | -11.61% | 11.1% | 2.33% | 25.8% | 26.19% | 41.06% | 46.3% | 42.63% | 26.98% | 15.42% | 26.66% | 32.2% | 27.81% | 19.65% | 30.21% | 32.08% | 42.84% | 47.7% | 30.72% | 34.87% | 50.02% | 47.9% | -70.14% | 44.47% | 49.89% | 46.54% |
| EBITDA Growth % | -37.18% | -36.08% | -27.09% | 82.51% | 534.97% | -139.32% | 350.65% | -89.85% | -10.54% | -48.49% | -15.73% | 33.48% | 72.14% | 61.64% | -42% | -21.95% | 11.24% | -4.4% | -12.72% | 12.57% | -22.87% | -20.91% | 118.65% | 77.26% | -47.44% | 21.48% | 345.61% | -196.46% | -10.86% | 13.9% | 2552.58% |
| D&A (Non-Cash Add-back) | 87.58M | 86.63M | 93.58M | 97.55M | 99.03M | 106.08M | 131.38M | 153.91M | 276.31M | 485.83M | 571.83M | 509.5M | 422.9M | 431.09M | 455.9M | 428.61M | 440.7M | 436.83M | 418.8M | 329.11M | 223.97M | 205.53M | 237.5M | 191.24M | 149.3M | 136.28M | 100.15M | -68.3M | 94.94M | 94.94M | 83.6M |
| EBIT | 221.17M | 206.64M | 409.57M | 557.59M | 249.63M | -214.01M | 70.33M | -195.46M | 216.1M | -211.1M | 394.1M | 631.16M | 342.7M | 219.75M | -157.91M | -234.53M | -36.87M | 374.11M | -225.14M | 491.69M | 430.78M | 495.47M | 742.93M | 389.74M | 123.87M | 383.46M | 327.68M | -105.89M | -28.49M | 107.64M | 94.2M |
| Net Interest Income | 28.64M | 33.27M | 29.68M | -3.88M | -31.89M | -68.24M | -87.64M | -107.99M | -245.6M | -262.11M | -278.14M | -236.48M | -201.7M | -171.69M | -161.46M | -127.53M | -123.11M | -121.45M | -193.82M | -312.23M | -115.42M | -98.48M | 0 | -77.08M | 0 | 0 | -61.52M | 0 | 0 | 0 | 0 |
| Interest Income | 31.84M | 36.17M | 37.22M | 24.13M | 6.69M | 169K | 1.44M | 3.4M | 8.53M | 6.29M | 4.82M | 5.99M | 6.83M | 9.71M | 6.16M | 10.08M | 13M | 20M | 97.11M | 110.2M | 56.22M | 33.94M | 0 | 3.92M | 0 | 0 | 13.02M | 0 | 0 | 0 | 0 |
| Interest Expense | 3.19M | 2.9M | 7.54M | 28.01M | 38.58M | 68.41M | 89.08M | 111.4M | 254.13M | 268.4M | 282.97M | 242.47M | 208.53M | 181.4M | 167.62M | 137.6M | 136.11M | 141.45M | 290.93M | 422.43M | 171.64M | 132.43M | 0 | 81M | 11.47M | 10.11M | 74.54M | 4.01M | 11.24M | 2.82M | 0 |
| Other Income/Expense | 32.64M | 140.76M | 36.78M | -2.14M | -34.71M | -97.07M | 0 | 0 | 0 | -523.54M | 0 | -236.44M | 0 | -24.39M | -175.13M | -480.54M | -407.1M | 62.88M | -629M | -216.65M | -159.6M | -136.3M | 0 | -292.96M | -123.87M | -46.95M | -327.68M | 105.89M | -85.63M | -107.64M | -94.26M |
| Pretax Income | 279.16M | 347.4M | 402.02M | 529.59M | 211.05M | -282.43M | 99.97M | -123.5M | -38.02M | -516.84M | 111.13M | 388.69M | 134.18M | 38.35M | -325.52M | -382.43M | -172.97M | 232.67M | -413.28M | 181.25M | 262.24M | 495.47M | 742.93M | 0 | 0 | 336.52M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 28.13% | 36.59% | 32.94% | 36.15% | 17.73% | -41.38% | 5.51% | -6.42% | -2.23% | -27.49% | 4.77% | 15.86% | 6.73% | 2.1% | -16.43% | -19.35% | -8.25% | 10.66% | -12.8% | 7.53% | 13.03% | 25.35% | 33.48% | - | - | 32.39% | - | - | - | - | - |
| Income Tax | -1.64M | -4.58M | 405K | 12.16M | 1.42M | -4.96M | 8.99M | -25.48M | 19.72M | 12.23M | 24.47M | -16.77M | 10.17M | 2.87M | -14.41M | 4.29M | -6.34M | 22.89M | -56.18M | -3.19M | 47.32M | -381.76M | -132M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.59% | -1.32% | 0.1% | 2.3% | 0.67% | 1.76% | 8.99% | 20.63% | -51.87% | -2.37% | 22.02% | -4.31% | 7.58% | 7.49% | 4.43% | -1.12% | 3.67% | 9.84% | 13.59% | -1.76% | 18.05% | -77.05% | -17.77% | - | - | 0% | - | - | - | - | - |
| Net Income | 78.9M | 98.11M | 133.77M | 150.64M | 78.41M | 7.81M | -82.93M | -310.58M | -79.24M | -163.28M | -123.18M | 82.15M | -54.76M | -114.74M | -160.18M | -358.62M | -267.29M | 128.41M | -469.45M | 181.25M | 262.24M | 570.9M | 757.44M | 177.36M | 53.39M | 336.52M | 270.02M | -19.59M | 45.4M | 70.5M | 42.6M |
| Net Margin % | 7.95% | 10.33% | 10.96% | 10.28% | 6.59% | 1.14% | -4.57% | -16.16% | -4.64% | -8.68% | -5.29% | 3.35% | -2.75% | -6.27% | -8.09% | -18.15% | -12.75% | 5.89% | -14.54% | 7.53% | 13.03% | 29.21% | 34.13% | 11.25% | 6.82% | 32.39% | 30.23% | -7.89% | 11.18% | 17.36% | 11.15% |
| Net Income Growth % | -47.4% | -26.66% | -11.2% | 92.13% | 904.45% | 109.41% | 73.3% | -291.96% | 51.47% | -32.55% | -249.95% | 250.03% | 52.28% | 28.37% | 55.33% | -34.17% | -308.15% | 127.35% | -359.01% | -30.88% | -54.06% | -24.63% | 327.05% | 232.2% | -84.13% | 24.63% | 1478% | -143.16% | -35.61% | 65.5% | 46.39% |
| Net Income (Continuing) | 280.8M | 351.99M | 401.62M | 517.42M | 209.64M | -277.46M | -24.3M | -324.71M | -57.75M | -529.07M | 86.66M | 405.46M | 124M | 35.48M | -311.12M | -376.42M | -166.63M | 209.78M | -459.89M | 72.45M | 262.69M | 570.9M | 757.44M | 177.36M | 53.39M | 336.52M | 270.02M | -19.59M | 52.7M | 70.5M | 42.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -20.28M | 274.1M | 115.29M | 175.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.3B | 1.44B | 1.23B | 1.07B | 746.14M | 1.92B | 1.99B | 2.09B | 2.06B | 2.15B | 3.19B | 2.78B | 2.29B | 2.07B | 1.88B | 1.9B | 1.35B | 849.01M | 583.94M | 544.34M | 454.4M | 282.8M | 14.72M | 15.32M | 20.32M | 18.98M | 4.57M | 2.1M | 0 | 0 | 0 |
| EPS (Diluted) | 0.93 | 1.13 | 1.42 | 1.54 | 0.76 | 0.08 | -0.82 | -3.08 | -0.79 | -1.76 | -1.62 | 1.12 | -0.76 | -1.63 | -2.31 | -5.11 | -3.67 | 1.76 | -6.48 | 0.85 | 3.49 | 6.83 | 8.63 | 2.18 | 0.67 | 4.16 | 3.43 | -0.27 | 0.73 | 1.22 | 0.75 |
| EPS Growth % | -42.31% | -20.42% | -7.79% | 102.63% | 850% | 109.76% | 73.38% | -289.87% | 55.11% | -8.64% | -244.64% | 247.37% | 53.37% | 29.44% | 54.79% | -39.24% | -308.52% | 127.16% | -862.35% | -75.64% | -48.9% | -20.86% | 295.87% | 225.37% | -83.89% | 21.28% | 1370.37% | -136.99% | -40.16% | 62.67% | 27.12% |
| EPS (Basic) | - | 1.14 | 1.47 | 1.58 | 0.77 | 0.08 | -0.82 | -3.08 | -0.79 | -1.76 | -1.62 | 1.13 | -0.76 | -1.63 | -2.31 | -5.11 | -3.67 | 1.77 | -6.48 | 0.87 | 3.58 | 7.30 | 9.14 | 2.22 | 0.68 | 4.24 | 3.51 | -0.27 | 0.73 | 1.23 | 0.76 |
| Diluted Shares Outstanding | 85.27M | 86.06M | 93.28M | 96.64M | 102.12M | 102.15M | 101.05M | 100.72M | 99.67M | 86.34M | 79.21M | 73.19M | 72.07M | 70.46M | 69.26M | 70.23M | 72.86M | 73.06M | 72.49M | 74.74M | 75.13M | 83.55M | 87.73M | 81.47M | 80.5M | 80.98M | 78.72M | 72.81M | 57.79M | 56.8M | 49.74M |
| Basic Shares Outstanding | 84.85M | 86.06M | 91.29M | 94.48M | 102.12M | 102.15M | 101.05M | 100.72M | 99.67M | 86.29M | 79.2M | 72.67M | 72.05M | 70.39M | 69.26M | 70.23M | 72.86M | 72.55M | 72.49M | 73.38M | 73.18M | 78.2M | 82.83M | 79.99M | 79.26M | 79.41M | 76.93M | 72.77M | 57.32M | 56.05M | 49.74M |
| Dividend Payout Ratio | - | 86.91% | 63.56% | - | - | 964.62% | - | - | - | - | - | 153.23% | - | - | - | - | - | 71.45% | - | 40% | 24.05% | 8.61% | 5.59% | 20.14% | 63.82% | 10.13% | 12.21% | - | 57.71% | 22.68% | 31.46% |
Revenue contraction and fleet obsolescence
As reported in recent financial statements, Teekay Corporation's revenue has experienced a sustained decline, culminating in a 29.0% year-over-year contraction in 2025Q2, which suggests that the company's core operational footprint is shrinking as it navigates a transition away from its historical asset-heavy business model.
The consistent downward trajectory in top-line figures indicates that the divestment of older vessels is outpacing the company's ability to generate new revenue streams. Investors should monitor whether this trend reflects a strategic pivot toward a leaner holding structure or a fundamental loss of market share in the competitive tanker and lightering segments.
Based on the provided income statement data, Teekay's gross margin has deteriorated from a peak of 47.0% in 2023Q1 to 35.4% in 2025Q2, highlighting the difficulty of maintaining pricing power amidst a shrinking fleet and volatile spot market conditions in the energy shipping sector.
The erosion of gross margins suggests that the company is struggling to offset rising operational costs with sufficient charter rate premiums. This compression warrants further investigation into whether the Marine Services segment can provide the necessary margin stability to offset the inherent volatility of the tanker fleet.
According to quarterly filings, Teekay's net income has exhibited extreme volatility, swinging from a $76.0 million profit in 2025Q1 to a $42.4 million loss in 2025Q2, which suggests that non-operating items and accounting adjustments are significantly distorting the company's underlying operational earning power.
The sharp divergence between operating income and net income in recent periods implies that investors should be cautious of relying on headline EPS figures. The lack of stock-based compensation in recent quarters may improve transparency, but the erratic bottom-line performance makes it difficult to assess the company's true recurring profitability.
Based on the latest income statement, Teekay's operating income has failed to scale with revenue, as evidenced by the 2025Q2 operating margin of 21.4% compared to 43.0% in 2023Q1, indicating that the company is losing the efficiency gains typically associated with its specialized marine services infrastructure.
The inability to maintain operating margins as revenue declines suggests that the company's fixed-cost base is becoming a drag on profitability. This trend may indicate that the current cost structure is misaligned with the reduced scale of operations, necessitating a more aggressive approach to overhead management.
While the company maintains a fortress balance sheet with $941 million in cash, the lack of clear capital deployment, as seen in the recent revenue decline, suggests that the market may be right to apply a conglomerate discount to Teekay's current valuation.
Short-sellers would likely focus on the risk that this idle cash is being eroded by inflation or that management lacks the discipline to deploy it into high-return projects. Without a clear catalyst for acquisition or capital return, the company risks becoming a stagnant vehicle that fails to unlock value for shareholders.
Quick answers to the most common questions about buying TK stock.
For fiscal year 2025, Teekay Corporation (TK) reported total revenue of $949.5M. This represents a 148.4% increase compared to $382.2M in 1996.
Teekay Corporation (TK) is profitable, generating $98.1M in net income for the fiscal year ending 2025 with a net profit margin of 10.3%.
Teekay Corporation (TK) reported an operating income of $206.6M, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Teekay Corporation (TK) generated $261.4M in gross profit for the year, representing a gross profit margin of 27.5%. This demonstrates the company's core pricing power and production efficiency.