Revenue rebounded sharply with 63.0% YoY growth in 2026Q2 to $379.5M, while gross margin expanded to 54.0% from 26.3% a year earlier, driving operating income up 245% YoY to $189.7M.
Teekay Tankers Ltd. (TNK) annual income statement — 21-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 |
|---|
| Sales/Revenue | 1.15B | 951.8M | 1.23B | 1.47B | 1.18B | 542.37M | 886.43M | 943.92M | 755.76M | 431.18M | 526.9M | 514.19M | 226.47M | 162.41M | 185.93M | 215.07M | 139.48M | 113.3M | 144.17M | 146.31M | 153.09M | 125.37M |
| Revenue Growth % | 8.88% | -22.58% | -16.58% | 25.11% | 117.19% | -38.81% | -6.09% | 24.9% | 75.28% | -18.17% | 2.47% | 127.04% | 39.45% | -12.65% | -13.55% | 54.2% | 23.1% | -21.41% | -1.46% | -4.43% | 22.11% | - |
| Cost of Goods Sold | 658.09M | 690.22M | 835.04M | 892.03M | 871.99M | 600.38M | 635.01M | 778.09M | 707.76M | 383.9M | 401.63M | 305.64M | 175.32M | 154.01M | 170.15M | 91.58M | 47M | 36.33M | 32.97M | 69.21M | 68.19M | 50.52M |
| COGS % of Revenue | - | 72.52% | 67.93% | 60.53% | 74.03% | 110.7% | 71.64% | 82.43% | 93.65% | 89.03% | 76.23% | 59.44% | 77.41% | 94.83% | 91.51% | 42.58% | 33.69% | 32.06% | 22.87% | 47.3% | 44.54% | 40.3% |
| Gross Profit | 494.8M | 261.58M | 394.3M | 581.67M | 305.97M | -58.01M | 251.42M | 165.83M | 48M | 47.28M | 125.26M | 208.56M | 51.16M | 8.4M | 15.78M | 123.49M | 92.48M | 76.98M | 111.2M | 77.1M | 84.91M | 74.85M |
| Gross Margin % | 42.92% | 27.48% | 32.07% | 39.47% | 25.97% | -10.7% | 28.36% | 17.57% | 6.35% | 10.97% | 23.77% | 40.56% | 22.59% | 5.17% | 8.49% | 57.42% | 66.31% | 67.94% | 77.13% | 52.7% | 55.46% | 59.7% |
| Gross Profit Growth % | - | -33.66% | -32.21% | 90.11% | 627.42% | -123.07% | 51.61% | 245.45% | 1.53% | -62.26% | -39.94% | 307.68% | 509.08% | -46.78% | -87.22% | 33.53% | 20.14% | -30.78% | 44.23% | -9.2% | 13.44% | - |
| Operating Expenses | 48.01M | 46.57M | 14.16M | 34.9M | 42.15M | 136.08M | 109.85M | 41.95M | 39.77M | 32.88M | 18.21M | 17.35M | 11.96M | 12.59M | 14.93M | 90.61M | 57.11M | 35.35M | 30.61M | 28.14M | 27.76M | 22.11M |
| OpEx % of Revenue | - | 4.89% | 1.15% | 2.37% | 3.58% | 25.09% | 12.39% | 4.44% | 5.26% | 7.63% | 3.46% | 3.38% | 5.28% | 7.75% | 8.03% | 42.13% | 40.94% | 31.2% | 21.23% | 19.23% | 18.13% | 17.64% |
| Selling, General & Admin | 48.01M | 46.57M | 46.6M | 43.67M | 41.11M | 43.72M | 39.01M | 36.4M | 39.77M | 32.88M | 18.21M | 17.35M | 11.96M | 12.59M | 14.93M | 16.13M | 9.79M | 6.69M | 7.67M | 12.47M | 12.14M | 8.97M |
| SG&A % of Revenue | - | 4.89% | 3.79% | 2.96% | 3.49% | 8.06% | 4.4% | 3.86% | 5.26% | 7.63% | 3.46% | 3.38% | 5.28% | 7.75% | 8.03% | 7.5% | 7.02% | 5.91% | 5.32% | 8.52% | 7.93% | 7.16% |
| Research & Development | 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 | 0 | 0 | -32.45M | -8.76M | 1.03M | 92.37M | 70.84M | 5.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -377K | 47.32M | 28.66M | 22.94M | 15.67M | 15.61M | 13.14M |
| Operating Income | 446.8M | 215.01M | 380.14M | 546.76M | 263.82M | -194.09M | 141.57M | 123.88M | 7.2M | 1.42M | 86.46M | 187.2M | 58.27M | 3.41M | -340.19M | -44.45M | 35.37M | 41.62M | 80.58M | 48.96M | 57.15M | 52.74M |
| Operating Margin % | 38.75% | 22.59% | 30.92% | 37.1% | 22.4% | -35.79% | 15.97% | 13.12% | 0.95% | 0.33% | 16.41% | 36.41% | 25.73% | 2.1% | -182.97% | -20.67% | 25.36% | 36.74% | 55.9% | 33.46% | 37.33% | 42.07% |
| Operating Income Growth % | - | -43.44% | -30.47% | 107.25% | 235.92% | -237.1% | 14.28% | 1619.64% | 408.76% | -98.36% | -53.82% | 221.26% | 1608.33% | 101% | -665.39% | -225.65% | -15.01% | -48.35% | 64.59% | -14.34% | 8.37% | - |
| EBITDA | 532.25M | 301.64M | 473.73M | 644.32M | 362.86M | -88.01M | 258.79M | 247.88M | 125.72M | 101.9M | 190.6M | 260.96M | 108.42M | 51.24M | -267.83M | 30.04M | 80.83M | 70.28M | 103.53M | 64.63M | 72.77M | 65.88M |
| EBITDA Margin % | 46.17% | 31.69% | 38.54% | 43.72% | 30.8% | -16.23% | 29.19% | 26.26% | 16.63% | 23.63% | 36.18% | 50.75% | 47.87% | 31.55% | -144.05% | 13.97% | 57.95% | 62.03% | 71.81% | 44.17% | 47.53% | 52.54% |
| EBITDA Growth % | 47.75% | -36.33% | -26.48% | 77.57% | 512.28% | -134.01% | 4.4% | 97.18% | 23.38% | -46.54% | -26.96% | 140.69% | 111.58% | 119.13% | -991.73% | -62.84% | 15.01% | -32.11% | 60.19% | -11.19% | 10.46% | - |
| D&A (Non-Cash Add-back) | 85.45M | 86.63M | 93.58M | 97.55M | 99.03M | 106.08M | 117.21M | 124M | 118.51M | 100.48M | 104.15M | 73.76M | 50.15M | 47.83M | 72.36M | 74.48M | 45.45M | 28.66M | 22.94M | 15.67M | 15.61M | 13.14M |
| EBIT | 600.69M | 350.16M | 411.54M | 560.2M | 273.42M | -209.27M | 212.42M | 126.83M | 15.52M | -1.36M | 97.61M | 204.42M | 69.51M | 7.75M | -350.17M | -72.54M | 23.82M | 45.95M | 90.68M | 48.95M | 57.14M | 52.74M |
| Net Interest Income | 32.06M | 26.79M | 16.6M | -16.76M | -34.4M | -34.91M | -50.33M | -64.49M | -57.77M | -30.39M | -29.67M | -17.27M | 277K | -2.62M | -8.46M | -29.14M | -45.74M | -12.01M | -16.43M | -11.11M | -15.74M | -6.92M |
| Interest Income | 34.69M | 29.69M | 24.08M | 10.95M | 1.34M | 122K | 1.2M | 871K | 879K | 907K | 117K | 107K | 9.4M | 7.83M | 11.55M | 71K | 97K | 70K | 475K | 0 | 0 | 0 |
| Interest Expense | 2.63M | 2.9M | 7.47M | 27.71M | 35.74M | 35.03M | 51.52M | 65.36M | 58.65M | 31.29M | 29.78M | 17.39M | 9.13M | 10.45M | 20.01M | 40.54M | 7.51M | 7.01M | 29.27M | 6.46M | 15.74M | 6.92M |
| Other Income/Expense | 151.26M | 132.25M | 23.93M | -14.28M | -26.16M | -50.21M | -46.97M | -62.42M | -50.34M | -54.11M | -18.63M | -168K | -1.67M | -11.55M | -29.99M | -120.17M | -58.52M | 462K | 49K | -6.47M | -15.75M | -6.91M |
| Pretax Income | 598.06M | 347.26M | 404.07M | 532.48M | 237.66M | -244.3M | 94.6M | 61.47M | -52.55M | -58.02M | 62.85M | 179.63M | 57.14M | -8.14M | -370.18M | -113.08M | 23.73M | 45.88M | 80.63M | 42.49M | 41.4M | 45.83M |
| Pretax Margin % | 51.87% | 36.48% | 32.87% | 36.13% | 20.18% | -45.04% | 10.67% | 6.51% | -6.95% | -13.46% | 11.93% | 34.94% | 25.23% | -5.01% | -199.1% | -52.58% | 17.01% | 40.49% | 55.93% | 29.04% | 27.05% | 36.55% |
| Income Tax | 6.05M | -3.92M | 405K | 12.59M | 2.24M | -1.93M | 7.28M | 20.1M | 59.75M | 5.33M | 7.51M | 7.57M | 1.13M | 0 | 0 | 29.47M | 19.07M | 2.69M | 28.75M | 6.47M | 1.25M | 1.93M |
| Effective Tax Rate % | 1.01% | -1.13% | 0.1% | 2.36% | 0.94% | 0.79% | 7.7% | 32.71% | -113.71% | -9.19% | 11.95% | 4.21% | 1.98% | 0% | 0% | -26.06% | 80.36% | 5.86% | 35.65% | 15.23% | 3.02% | 4.22% |
| Net Income | 592M | 351.19M | 403.67M | 519.89M | 235.43M | -242.37M | 87.32M | 41.36M | -52.55M | -58.02M | 62.85M | 179.63M | 57.14M | -8.14M | -370.18M | -113.08M | 16.31M | 38.93M | 51.84M | 42.49M | 40.15M | 43.89M |
| Net Margin % | 51.35% | 36.9% | 32.84% | 35.28% | 19.99% | -44.69% | 9.85% | 4.38% | -6.95% | -13.46% | 11.93% | 34.94% | 25.23% | -5.01% | -199.1% | -52.58% | 11.69% | 34.36% | 35.95% | 29.04% | 26.23% | 35.01% |
| Net Income Growth % | 103.74% | -13% | -22.36% | 120.83% | 197.13% | -377.58% | 111.1% | 178.71% | 9.44% | -192.31% | -65.01% | 214.37% | 802.16% | 97.8% | -227.38% | -793.33% | -58.11% | -24.89% | 22% | 5.81% | -8.52% | - |
| Net Income (Continuing) | 592M | 351.19M | 403.67M | 519.89M | 235.43M | -242.37M | 87.32M | 41.36M | -52.55M | -58.02M | 60.14M | 165.22M | 60.54M | -8.14M | -370.18M | -113.08M | 16.31M | 38.93M | 51.84M | 40.55M | 40.15M | 43.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.96 | 10.10 | 11.61 | 15.04 | 6.68 | -7.16 | 2.57 | 0.63 | -1.57 | -2.48 | 3.20 | 10.00 | 5.28 | -0.78 | -37.23 | -14.89 | 2.96 | 10.24 | 16.24 | 22.08 | 21.44 | 23.41 |
| EPS Growth % | 110.81% | -13.01% | -22.81% | 125.15% | 193.3% | -378.6% | 307.94% | 140.13% | 36.69% | -177.5% | -68% | 89.39% | 776.92% | 97.9% | -150.03% | -603.04% | -71.09% | -36.95% | -26.45% | 2.99% | -8.42% | - |
| EPS (Basic) | - | 10.15 | 11.70 | 15.22 | 6.74 | -7.17 | 2.59 | 0.63 | -1.57 | -2.48 | 3.20 | 10.08 | 5.36 | -0.80 | -37.24 | -14.89 | 2.96 | 10.24 | 16.24 | 22.08 | 21.44 | 23.41 |
| Diluted Shares Outstanding | 34.91M | 34.78M | 34.71M | 34.57M | 34.29M | 33.86M | 33.92M | 33.73M | 33.56M | 23.4M | 21.29M | 18.06M | 10.78M | 10.45M | 9.94M | 7.6M | 5.29M | 3.58M | 3.13M | 1.92M | 1.88M | 1.88M |
| Basic Shares Outstanding | 34.8M | 34.6M | 34.41M | 34.16M | 34M | 33.8M | 33.72M | 33.62M | 33.47M | 23.4M | 21.26M | 17.99M | 10.74M | 10.17M | 9.94M | 7.6M | 5.29M | 3.58M | 3.13M | 1.92M | 1.88M | 1.88M |
| Dividend Payout Ratio | - | 19.65% | 25.47% | 11.45% | - | - | - | - | - | - | 74.53% | 8.43% | 17.79% | - | - | - | 338.73% | 129.32% | 134.32% | 1029.97% | - | - |
Quick answers to the most common questions about buying TNK stock.
For fiscal year 2025, Teekay Tankers Ltd. (TNK) reported total revenue of $951.8M. This represents a 659.2% increase compared to $125.4M in 2005.
Teekay Tankers Ltd. (TNK) is profitable, generating $351.2M in net income for the fiscal year ending 2025 with a net profit margin of 36.9%.
Teekay Tankers Ltd. (TNK) reported an operating income of $215.0M, resulting in an operating profit margin of 22.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Teekay Tankers Ltd. (TNK) generated $261.6M 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
Fleet age and rate volatility
Revenue Rebound After Cyclical Trough
TNK's revenue surged 63.0% year-over-year in 2026Q2 to $379.5M, reversing a multi-quarter decline, according to the latest income statement data, signaling a potential cyclical upturn.
The 63.0% YoY growth in 2026Q2 marks a sharp acceleration from the -26.4% contraction in 2025Q4, suggesting a strong recovery in tanker rates. This rebound appears driven by improved spot market conditions, as voyage charters dominate revenue. The sequential increase from $286.1M in 2026Q1 to $379.5M in 2026Q2 indicates momentum, but sustainability depends on global oil demand and ton-mile dynamics.
Gross Margin Expansion Reflects Rate Strength
Gross margin expanded to 54.0% in 2026Q2, up from 26.3% a year earlier, as reported in financial statements, indicating strong pricing power in the current tanker market.
The gross margin improvement from 26.3% in 2025Q2 to 54.0% in 2026Q2 is substantial, driven by higher TCE rates and controlled voyage costs. This margin level exceeds peers like Frontline (32.8%) and International Seaways (42.3%), highlighting TNK's operational efficiency and niche focus on mid-size tankers. However, margins remain highly cyclical, and investors should monitor whether this expansion is sustainable or a peak-cycle phenomenon.
Operating Leverage Amplifies Earnings
Operating income grew 245% year-over-year in 2026Q2 to $189.7M, far outpacing revenue growth, as per the income statement, demonstrating significant operating leverage.
With SG&A relatively stable at $15.3M, the surge in gross profit to $205.0M flowed through to operating income, which rose from $55.0M in 2025Q2. This operating leverage is a key feature of the tanker business, where fixed costs are high and incremental revenue drops to the bottom line. The 50.0% operating margin in 2026Q2 is exceptional, but it also implies that a downturn in rates could compress margins just as quickly.
Net Income Boosted by Non-Operating Items
Net income of $225.9M in 2026Q2 exceeded operating income by $36.2M, per the income statement, suggesting gains from vessel sales or other non-operating items.
The gap between net income and operating income indicates that non-operating items, likely gains on asset sales or tax benefits, are inflating reported earnings. This is consistent with the company's history of selling older vessels. While these gains enhance EPS, they are not recurring, so investors should adjust for them when assessing normalized earnings power. The effective tax rate appears low, further contributing to the net margin of 59.5%.
COGS Volatility Drives Margin Fluctuations
COGS as a percentage of revenue fell to 46.0% in 2026Q2 from 73.7% in 2025Q2, as reported in the income statement, reflecting lower voyage expenses and improved rate environment.
The cost structure is dominated by voyage expenses, including bunker fuel, which vary with charter rates. The sharp decline in COGS ratio indicates that TNK is either benefiting from lower fuel prices or passing costs to charterers. SG&A remains lean at around 4-5% of revenue, showing disciplined overhead management. However, the aging fleet may require higher maintenance costs, which could pressure future margins.
Cyclical Peak or Structural Shift?
Despite the strong 2026Q2 results, the 22.6% revenue decline over the trailing twelve months and fleet age raise concerns about sustainability, as per the income statement data.
Short-sellers might argue that the current margin expansion is cyclical and unsustainable, given the historical volatility in tanker rates. The aging fleet could face chartering discrimination and regulatory costs, potentially eroding the cash pile. Additionally, the net income boost from non-operating items masks underlying operational performance. If spot rates retreat, the high operating leverage could lead to sharp margin compression, as seen in 2025Q1 when operating margin fell to 32.1% despite lower revenue.