Revenue growth rebounded by 23.5% in 2026Q1, supported by a significant recovery in gross margins to 47.3% from the 19.2% trough observed in 2024Q4.
| 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 | 1.01B | 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 % | -12.83% | -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 | 655.24M | 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 | 351.02M | 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 % | 34.88% | 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 | 38.91M | 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 | 47.24M | 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 | -1000K | 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 | 312.11M | 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 % | 31.02% | 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 | 397.69M | 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 % | 39.52% | 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 % | -3.84% | -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) | 85.58M | 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 | 367.1M | 215.01M | 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 | 29.27M | 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 | 31.88M | 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 | 2.61M | 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 | 117.14M | 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 | 429.25M | 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 % | 42.66% | 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 | 545K | -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 % | 0.13% | -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 | 428.7M | 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 % | 42.6% | 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 % | 26.43% | -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) | 428.7M | 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) | 12.28 | 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 % | 30.16% | -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 | 34.76M | 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% | - | - |
Cyclical spot rate volatility
As reported in recent financial statements, TNK experienced a 23.5% year-over-year revenue increase in 2026Q1, reversing a multi-quarter trend of contraction that saw top-line figures decline by as much as 37.1% in early 2025, highlighting the extreme sensitivity of the fleet to spot market rate fluctuations.
The recent revenue acceleration suggests a potential tightening in mid-size tanker supply or favorable shifts in regional trade flows that benefit the Aframax and Suezmax segments. Investors should monitor whether this growth is sustainable or merely a temporary spike driven by seasonal demand or geopolitical disruptions that increase ton-mile requirements.
According to the latest quarterly data, TNK achieved a gross margin of 47.3% in 2026Q1, a significant recovery from the 19.2% trough observed in 2024Q4, indicating that the company is successfully leveraging its specialized fleet to capture higher daily charter rates during periods of market tightness.
The ability to expand margins so rapidly suggests that the company's cost structure, while fixed in nature, becomes highly accretive once daily rates exceed the cash break-even threshold. This performance appears to validate the strategic focus on mid-size tankers, which may offer superior pricing power compared to larger, less flexible vessel classes.
Based on reported figures, TNK's net margin of 53.7% in 2026Q1 significantly outpaced its operating margin of 43.7%, suggesting that non-operating gains or tax-related adjustments are playing a material role in inflating the bottom line relative to core operational performance.
The persistent gap between operating and net income warrants further investigation into the nature of these non-operating items, which may include gains from vessel sales or reversals of prior impairments. Analysts should focus on operating income as a more reliable indicator of the underlying health of the shipping business.
As evidenced by the company's financial disclosures, the near-total elimination of interest-bearing debt has fundamentally altered the income statement, allowing operating income to flow directly to the bottom line without the historical drag of significant interest expenses that typically plague the capital-intensive marine shipping industry.
This deleveraging strategy appears to have created a unique competitive advantage, insulating the company from interest rate volatility and providing a substantial buffer during cyclical downturns. The resulting financial flexibility may allow management to pursue fleet renewal or capital returns without the constraints of debt service obligations.
While the current income statement reflects strong profitability, the lack of significant investment in new tonnage, as implied by the absence of major capital expenditure trends, suggests that TNK may face future margin compression due to the rising costs of maintaining an aging fleet under stricter environmental regulations.
Short-sellers might argue that the current cash accumulation is a defensive necessity rather than a strategic war chest, potentially masking the looming capital requirements for fleet modernization. If the company fails to renew its vessels, it may face 'chartering discrimination' from major oil companies, which would permanently impair its ability to command premium rates.
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.