Revenue rebounded 187% YoY to $664.9M in 2026Q2 with gross margin at 57.6%, but this follows a 22.19% YoY contraction in the prior year, indicating a volatile, rate-driven trajectory rather than durable growth.
Teekay Corporation (TK) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 1.48B | 949.52M | 1.22B | 1.46B | 1.19B | 682.51M | 1.15B | 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 % | 49.48% | -22.19% | -16.7% | 23.09% | 74.38% | -40.46% | -40.38% | 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 | 711.78M | 688.12M | 826.52M | 884.34M | 897.15M | 732.24M | 896.89M | 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% | 78.25% | 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 | 771.81M | 261.4M | 393.86M | 580.63M | 293.03M | -49.73M | 249.37M | 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 % | 52.02% | 27.53% | 32.27% | 39.63% | 24.62% | -7.29% | 21.75% | 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% | -119.94% | -46.56% | 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 | 40.97M | 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% | 15.63% | 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 | 66.49M | 54.77M | 61.06M | 57.59M | 57.55M | 74.39M | 64.15M | 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% | 5.6% | 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 | -4M | 0 | -32.45M | -8.68M | -10.28M | 61.24M | 115.02M | 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 | 538.48M | 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 % | 36.3% | 21.76% | 29.93% | 36.3% | 20.65% | -27.16% | 6.12% | -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 | 645.43M | 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 % | 43.5% | 30.89% | 37.6% | 42.95% | 28.97% | -11.61% | 17.59% | 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 % | 87.51% | -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) | 106.95M | 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 | 721.01M | 350.3M | 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 | 46.2M | 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 | 47.48M | 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 | 1.29M | 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 | 256.2M | 140.76M | 36.78M | -2.14M | -34.71M | -97.07M | -88.94M | 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 | 794.68M | 347.4M | 402.02M | 529.59M | 211.05M | -282.43M | -18.75M | -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 % | 53.56% | 36.59% | 32.94% | 36.15% | 17.73% | -41.38% | -1.64% | -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 | 10.16M | -4.58M | 405K | 12.16M | 1.42M | -4.96M | 5.56M | -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 % | 1.28% | -1.32% | 0.1% | 2.3% | 0.67% | 1.76% | -29.66% | 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 | 240.25M | 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 % | 16.19% | 10.33% | 10.96% | 10.28% | 6.59% | 1.14% | -7.24% | -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 % | 204.48% | -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) | 784.52M | 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 | 1.67B | 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) | 2.73 | 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 % | 205.37% | -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 | 88.04M | 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 | 87.56M | 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% |
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.
Key Metrics
Top Statement Risk
Revenue contraction and fleet aging
Revenue Rebound Masks Underlying Decline
Revenue surged 187% YoY in 2026Q2 to $664.9M, but this follows a 22.19% YoY contraction in the prior year, suggesting a volatile, rate-driven trajectory rather than durable growth.
The 2026Q2 spike appears driven by a sharp uptick in spot tanker rates, as evidenced by the 187% YoY growth, yet the preceding quarters showed consistent declines (e.g., -29% in 2025Q2). This pattern indicates that revenue is highly sensitive to charter rates, not volume expansion. Investors should monitor whether this rebound is sustainable or a cyclical peak, especially given the absence of management guidance.
Gross Margin Expansion Reflects Rate Spike
Gross margin jumped to 57.6% in 2026Q2 from 35.4% a year earlier, per reported figures, indicating that revenue gains flowed disproportionately to the bottom line due to fixed operating costs.
The margin expansion is consistent with a high fixed-cost structure where incremental revenue from higher spot rates drops directly to gross profit. However, the 2025Q2 gross margin of 35.4% and 2024Q4's 21.9% highlight the cyclicality. Teekay's gross margin now exceeds peers like Frontline (32.8%) and International Seaways (42.3%), suggesting superior operating leverage in the current rate environment, but this may normalize as rates correct.
Operating Leverage Amplifies Rate Upside
Operating income scaled to $368.0M in 2026Q2, a 642% increase from $49.6M in 2025Q2, with SG&A only $28.2M, demonstrating significant operating leverage in a high-rate environment.
The minimal SG&A relative to gross profit (7.4% in 2026Q2) indicates that Teekay's cost base is predominantly variable with vessel operations, not overhead. This amplifies earnings volatility: when rates fall, operating income contracts sharply, as seen in 2025Q2's 21.4% operating margin. The company's ability to maintain this leverage depends on keeping SG&A disciplined, which appears to be the case.
Net Income Boosted by Non-Operating Items
Net income of $117.2M in 2026Q2 is lower than operating income of $368.0M, implying significant non-operating charges or losses, while 2026Q1 net income exceeded operating income, suggesting one-off gains.
The discrepancy between operating and net income in 2026Q2 (net margin 17.6% vs operating margin 55.3%) suggests substantial below-the-line items, possibly interest expense, impairments, or non-controlling interest adjustments. Conversely, 2026Q1 net income of $153.6M on operating income of $147.2M indicates a gain, likely from asset sales. These fluctuations warrant scrutiny, as they obscure recurring earning power. The absence of stock-based compensation in most quarters is notable, but not a concern given the data.
COGS Volatility Drives Margin Swings
COGS as a percentage of revenue fell to 42.4% in 2026Q2 from 64.6% in 2025Q2, reflecting the fixed-cost nature of vessel operations and the impact of rate changes on cost coverage.
The absolute COGS remained relatively stable around $200M in 2024, but dropped to $128.5M in 2026Q1 and $281.6M in 2026Q2, indicating variable costs like fuel and port charges fluctuate with voyage activity. The 2026Q2 COGS spike likely reflects increased voyage expenses due to higher utilization. Management's expense discipline appears strong, with SG&A consistently below $30M, but the primary cost driver is the tanker fleet's operating expenses, which are largely fixed.
2026Q2 Marks a Cyclical Peak
The 2026Q2 quarter represents a clear inflection point, with revenue and margins at decade highs, driven by a spike in tanker rates, but the sustainability of this level is uncertain.
The jump from $231.7M revenue in 2025Q2 to $664.9M in 2026Q2 is unprecedented in the provided data, indicating a dramatic shift in market conditions. This inflection appears rate-driven, not structural, as the company's fleet and service offerings remain unchanged. The lasting impact will depend on whether management redeploys its $941M cash pile to renew the aging fleet, which could sustain earnings power, or if the current peak is followed by a downturn as seen in 2024-2025.
Revenue Spike May Be Unsustainable
The 187% YoY revenue surge in 2026Q2 could be a temporary rate spike, as prior quarters showed consistent declines, and the company's aging fleet may require significant capex that could erode cash.
Short-sellers might argue that the current earnings peak is cyclical and that Teekay's revenue contraction in 2024-2025 (-22.19% YoY) indicates a shrinking core business. The aging fleet at Teekay Tankers could necessitate large capital expenditures, potentially depleting the $941M cash balance. Additionally, the lack of management guidance and the absence of share repurchases or dividends suggest uncertainty about future cash flows. If tanker rates normalize, operating leverage could work in reverse, compressing margins sharply.