Teekay (TK) financial statements
Teekay reported revenue of $950M in fiscal 2025, down 9.5% a year over 9 years.
Net income was $98M and the operating margin 31.9%, against 16.5% in 2016.
Free cash flow was $112M, and the company returned $85M in dividends and $5M in net buybacks.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Teekay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $1.9B | $1.7B | $1.3B | $1.1B | $683M | $1.2B | $1.5B | $1.2B | $950M |
| Cost of revenue | $138M | $154M | $410M | $402M | $297M | $315M | $496M | $474M | $406M | $317M |
| Gross profit | $2.2B | $1.7B | $1.3B | $873M | $849M | $367M | $695M | $991M | $815M | $632M |
| Selling, general and admin | $120M | $106M | $97M | $70M | $64M | $74M | $58M | $58M | $61M | $55M |
| Operating income | $384M | $7M | $164M | -$109M | $70M | -$185M | $246M | $532M | $365M | $303M |
| Interest expense | $283M | $268M | $254M | $111M | $89M | $68M | $39M | $28M | $8M | $3M |
| Pre-tax income | $111M | -$517M | -$38M | -$307M | -$19M | -$282M | $211M | $530M | $402M | $347M |
| Income tax | $24M | $12M | $20M | $18M | $6M | -$5M | $1M | $12M | $405,000 | -$5M |
| Net income | -$123M | -$163M | -$79M | -$311M | -$83M | $8M | $78M | $151M | $134M | $98M |
| EPS (diluted) | -$1.62 | -$1.89 | -$0.79 | -$3.08 | -$0.82 | $0.08 | $0.76 | $1.54 | $1.42 | $1.13 |
| Diluted shares | 79M | 86M | 100M | 101M | 101M | 102M | 104M | 97M | 93M | 87M |
| Gross margin | 94.1% | 91.8% | 76.3% | 68.4% | 74.1% | 53.8% | 58.4% | 67.6% | 66.8% | 66.6% |
| Operating margin | 16.5% | 0.4% | 9.5% | -8.6% | 6.1% | -27.2% | 20.6% | 36.3% | 29.9% | 31.9% |
| Net margin | -5.3% | -8.7% | -4.6% | -24.4% | -7.2% | 1.1% | 6.6% | 10.3% | 11.0% | 10.3% |
Balance sheet
Fiscal years, from Teekay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $568M | $445M | $424M | $176M | $129M | $109M | $520M | $653M | $708M | $941M |
| Receivables | $295M | $160M | $174M | $200M | $143M | $60M | $141M | $118M | $83M | $83M |
| Inventory | — | — | — | — | — | $49M | $61M | $53M | $46M | $29M |
| Total current assets | $1.3B | $833M | $898M | $1.1B | $690M | $5.1B | $824M | $922M | $927M | $1.2B |
| Property, plant and equipment | $9.1B | $5.2B | $5.5B | $5.0B | $1.1B | $925M | $430M | $929M | $1.1B | $1.0B |
| Goodwill | $177M | $44M | $44M | $38M | $2M | $2M | $2M | $2M | $2M | $2M |
| Total assets | $12.8B | $8.1B | $8.4B | $8.1B | $6.9B | $6.5B | $2.2B | $2.2B | $2.2B | $2.4B |
| Total current liabilities | $1.6B | $1.4B | $686M | $1.2B | $903M | $3.3B | $232M | $173M | $133M | $135M |
| Long-term debt | $5.6B | $2.6B | $3.1B | $2.3B | $572M | $416M | $0 | $0 | — | — |
| Total liabilities | $8.5B | $5.2B | $5.5B | $5.5B | $4.5B | $4.1B | $795M | $396M | $218M | $197M |
| Shareholders' equity | $4.1B | $2.9B | $2.9B | $2.6B | $2.5B | $2.4B | $1.4B | $1.8B | $1.9B | $2.2B |
| Net debt | $6.1B | $3.0B | $2.9B | $2.7B | $454M | $563M | -$289M | -$480M | -$685M | -$941M |
Cash flow
Fiscal years, from Teekay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $677M | $544M | $182M | $383M | $984M | $78M | $199M | $630M | $467M | $302M |
| Capital spending | $648M | $1.1B | $694M | $12M | $16M | $21M | $0 | $0 | $71M | $190M |
| Free cash flow | $28M | -$510M | -$512M | $372M | $968M | $57M | $199M | $630M | $397M | $112M |
| Dividends paid | $17M | $19M | $22M | $6M | $0 | $0 | $0 | $0 | $85M | $85M |
| Share buybacks (net) | — | $0 | $0 | -$26M | $0 | $0 | -$15M | -$51M | -$66M | -$5M |
| Net borrowing | $1.1B | $294M | $654M | $191M | $525M | $210M | -$57M | -$21M | $0 | $0 |
| Free cash flow margin | 1.2% | -27.1% | -29.6% | 29.2% | 84.4% | 8.3% | 16.7% | 43.0% | 32.5% | 11.7% |
| Dividends per share | $0.22 | $0.22 | $0.22 | $0.05 | — | — | — | — | $0.91 | $0.98 |
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Open TK in InvestinglyQuestions
What was Teekay's revenue in 2025?
$950M in fiscal 2025, from its 10-K filing.
How much free cash flow does Teekay generate?
$112M in fiscal 2025 (operating cash flow minus capital spending).
From Teekay's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.