Teekay Corporation Ltd.: financial statements

TKNYSEIndustrials · Deep Sea Foreign Transportation of Freight

Price

$13.64

November 13, 2026Market cap $1.2B

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The full history: 16 fiscal years, from 2010
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The full analysis, 18 a month
More questions to the chat on its filings
Excel with every year
An email when it reports, changes its dividend or an officer buys

Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

Click a line to see it on the chart.

Revenue

-19.5% a year over 2 years

Line	2023	2024	2025	Average a year
Revenue	$1.5B	$1.2B	$950M	-19.5%
Cost of revenue	$474M	$406M	$317M	-18.2%
Gross profit	$991M	$815M	$632M	-20.1%
Operating income	$532M	$365M	$303M	-24.5%
Net income	$151M	$134M	$98M	-19.3%
Earnings per share	$1.54	$1.42	$1.13	-14.3%
Earnings per share, basic	$1.59	$1.47	$1.14	-15.3%
Margins
Gross margin	67.6%	66.8%	66.6%
Operating margin	36.3%	29.9%	31.9%
Net margin	10.3%	11.0%	10.3%

Financial statements

TK's revenue, profits and cash flows from 2010 to 2022, 13 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Segment	2023	2024	2025	Share 2025
Tankers	$1.4B	$1.1B	$824M	87%
Marine Services And Other	$101M	$114M	$126M	13%

By segment

TK's revenue by segment from 2022 to 2022, 1 more fiscal year

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From the XBRL of 11 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$38M Leases1.5% Effective tax rate

Leases

Dec 31, 2025

Operating leases

$38M

Finance leases

–

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Goodwill by segment

Dec 31, 2025

Total goodwill

$2.4M

The company does not state its goodwill by segment, at December 31, 2025. The filing

From the statutory to the effective tax rate, 2024

Dec 31, 2024

Statutory rate

21.0%

Effective rate

1.5%

-19.5 pts

The company paid 1.5% in tax on its profit, 19.5 points below the US federal rate (21.0%). Below, the reasons it gives.

The lines the company states do not reach its effective rate, so we do not show them. Both rates are the filing's. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$1.4B ahead of the shares123% of market value

Besides its $38M of debt, $1.4B of other claims rank ahead of the shares, about 123% of the market value.

Ahead of the shares

at Dec 31, 2025: $1.4B

From the balance sheet of December 31, 2025. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Where the change in earnings per share came from

Diluted earnings per share went from $1.43 in the fiscal year to Dec 31, 2024 to $1.13 in the year to Dec 31, 2025, a change of -$0.30.

Measured by size, 50.6% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.

: -$0.29
: +$0.07
: +$0.03
: +$0.02
: -$0.23
: +$0.09

Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.

Receivables and inventory against sales are not shown: a figure it needs is missing from the company's structured filings.

The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.

The tax part is not shown: a figure it needs is missing from the company's structured filings.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Teekay's filings show?

These are Teekay's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Questions about TK's financials

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How much revenue did TK have in 2025?

Teekay had revenue of $950M and net income of $98M in fiscal 2025, a net margin of 10.3%.

How much debt does TK have?

On December 31, 2025 Teekay had total assets of $2.4B, debt of – and shareholders' equity of $2.2B.

How much free cash flow does TK have?

In fiscal 2025 Teekay had cash from operations of $302M and spent $190M on capital expenditure, leaving $112M of free cash flow.

Where are the figures from?

From Teekay Corporation Ltd.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.