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Marine shipping · Industrials · Fiscal year ends Dec 31
Teekay Tankers reported revenue of $952M in the fiscal year ended Dec 2025, down 22.6% from the year before. Operating income was $309M, an operating margin of 32.5%, and net income was $351M. Operating cash flow of $306M less capital expenditure of $190M left free cash flow of $116M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 542 | 1,178 | 1,474 | 1,229 | 952 |
| Cost of revenue | 315 | 496 | 474 | 406 | 317 |
| Gross profit | 227 | 682 | 999 | 824 | 634 |
| Operating income | −194 | 264 | 547 | 380 | 309 |
| Interest expense | 35.0 | 35.8 | 27.7 | 7.5 | 2.9 |
| Pre-tax income | −244 | 238 | 532 | 404 | 347 |
| Income tax | −1.9 | 2.2 | 12.6 | 0.4 | −3.9 |
| Net income | −242 | 235 | 520 | 404 | 351 |
| Diluted EPS | −7.16 | 6.87 | 15.04 | 11.63 | 10.10 |
| Diluted shares | 33.9 | 34.3 | 34.6 | 34.7 | 34.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 70.6 | 207 | 391 | 512 | 831 |
| Receivables | 41.1 | 117 | 115 | 82.4 | 82.8 |
| Inventory | 49.0 | 60.8 | 53.2 | 46.0 | 29.4 |
| Current assets | 245 | 460 | 667 | 748 | 1,079 |
| Net PP&E | 925 | 430 | 929 | 1,132 | 1,000 |
| Goodwill | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 |
| Total assets | 1,619 | 1,784 | 1,942 | 1,974 | 2,242 |
| Payables | 34.8 | 42.4 | 33.9 | 25.6 | 19.9 |
| Current liabilities | 157 | 170 | 168 | 132 | 135 |
| Short-term debt | 15.5 | 0.0 | – | – | – |
| Long-term debt | 305 | 0.0 | – | – | – |
| Total liabilities | 780 | 714 | 392 | 217 | 198 |
| Shareholders' equity | 848 | 1,092 | 1,550 | 1,757 | 2,044 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −107 | 200 | 631 | 472 | 306 |
| Capital expenditure | 21.4 | 0.0 | 0.0 | 70.5 | 190 |
| Free cash flow | −129 | 200 | 631 | 401 | 116 |
| Depreciation & amortisation | 106 | 99.0 | 97.6 | 93.6 | 86.6 |
| Dividends paid | 0.0 | 0.0 | 59.5 | 103 | 69.0 |
| Dividend per share | 0.00 | 0.00 | 1.75 | 3.00 | 2.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 117.2% | 25.1% | −16.6% | −22.6% |
| Operating income growth (YoY) | – | – | 107.2% | −30.5% | −18.7% |
| EPS growth (YoY) | – | – | 118.9% | −22.7% | −13.2% |
| Gross margin | 41.9% | 57.9% | 67.8% | 67.0% | 66.7% |
| Operating margin | −35.8% | 22.4% | 37.1% | 30.9% | 32.5% |
| Net margin | −44.7% | 20.0% | 35.3% | 32.8% | 36.9% |
| Return on equityBlank when equity is negative | −28.6% | 21.6% | 33.5% | 23.0% | 17.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.3% | 16.4% | 30.8% | 20.6% | 14.7% |
| Free cash flow margin | −23.7% | 17.0% | 42.8% | 32.7% | 12.1% |
| Cash conversion (CFO ÷ net income) | 0.44x | 0.85x | 1.21x | 1.17x | 0.87x |
| Receivable days | 28 | 36 | 28 | 24 | 32 |
| Inventory days | 57 | 45 | 41 | 41 | 34 |
| Payable days | 40 | 31 | 26 | 23 | 23 |
| Interest cover | −5.54x | 7.38x | 19.7x | 50.9x | 107x |
| Debt ÷ equity | 0.38x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 250 | −207 | – | – | – |
| Current ratio | 1.56x | 2.70x | 3.97x | 5.66x | 7.98x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.