Seapeak LLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Seapeak LLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	396	433	511	601	591	598	624	727	711	637
Cost of revenue	1.66	8.2	28.2	21.4	17.4	28.2	34.6	21.4	11.6	12.1
Gross profit	395	424	483	580	574	570	590	705	699	625
General and administrative	19.2	18.1	28.5	22.5	26.9	41	25.5	30.9	29.1	34.5
Operating income	153	149	148	299	226	246	177	315	-94.5	131
Interest expense	58.8	80.9	128	165	133	119	137	188	178	165
Interest income	2.58	2.92	3.76	3.99	6.88	5.95	8.13	11.4	14.1
Other non-operating income	1.54	1.56	-51.4	-2.45	-16.9	-3.88	-8.19	21.1	-16	-21.5
Pre-tax income	159	49.7	30.1	172	101	262	250	328	-98.3	29.1
Income tax	0.97	0.82	3.21	7.48	3.49	6.89	8.19	10.2	-2.49	3.12
Net income to minority interests	17.5	14.9	1.49	-11.8	-9.96		-17.5	13.2	27.7	16.4
Net income	158	48.9	26.9	165	97.3	256	198	280	-93.2	17.3
EBITDA	249	254	272	436	356	377	306	461	48.2	275
Dividend per share		0.56	0.56	0.71	0.94	1.11

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	126	244	149	160	207	92.1	216	168	154	123
Receivables	25.2	24.1	20.8	13.5	7.63	45.5	50.7	31.3	29.1	30.6
Other current assets	3.72	0	2.31	0.24	0.24	6.03	4.15	1.29	6.62	16.5
Total current assets	346	349	319	514	262	217	440	307	290	299
Property, plant and equipment	2,216	2,906	3,330	1,335	1,220	1,187	1,016	932	731	329
Lease right-of-use assets			0	34.2	20.8	6.75	15	7.77	0
Goodwill	35.6	35.6	34.8	34.8	34.8	34.8	40.3	40.3	37.3	37.3
Intangible assets	69.9	61.1	52.2	43.4	34.5	25.7	42.1	30.4	20.4	13.5
Other non-current assets	5.53	8.04	11.4	14.7	22.4	26.7	47.1	34.9	28.9	33.7
Total assets	4,315	5,019	5,385	5,410	4,854	4,799	5,769	5,662	5,379	5,138
Accounts payable	5.56	3.51	3.83	5.09	4.88	10.2	52	6.69	7.09	8.52
Accrued liabilities	35.9	45.8	74.8	76.8	81.7	71.9	89	89.9	100	127
Deferred revenue	17	25.9	30.1	28.8	30.3	20	32.7	38.3	34.7	29.3
Short-term debt	189	552	136	393	251	156	477	108	177	296
Total current liabilities	375	834	352	633	521	367	803	440	477	707
Long-term debt	1,603	1,246	1,834	1,438	1,222	1,224	927	960	882	596
Lease liabilities			0	20.8	6.75	0	9.91	0
Other non-current liabilities	60.6	58.2	43.8	49.2	56.1	60.9	83.1	78.6	88.8	71.5
Total liabilities	2,538	3,088	3,502	3,533	3,108	2,870	3,407	2,985	3,072	2,948
Total debt	1,791	1,798	1,970	1,831	1,472	1,380	1,404	1,068	1,060	892
Other comprehensive income	0.58	4.48	2.72	-57.3	-104	-53.2	40.5	31.3	36.1	19
Total liabilities and equity	4,315	5,019	5,385	5,410	4,854	4,799	5,769	5,662	5,379	5,138

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	158	48.9	26.9	165	97.3	256	242	318	-95.8	26
Depreciation and amortization	95.5	106	124	137	130	131	128	146	143	144
Deferred income tax	0.01	-2.73	0.85	0.65	-0.9	0.63	1.79	6.53	-3.74	-0.98
Change in receivables	5.49	1.62	3.54	6.18	5.83	-21.9	-4.37	19.4	2.21	-1.56
Cash from operations	194	219	131	299	614	199	277	363	395	273
Capital expenditures	-346	-709	-686	-97.9	-10.5	-42	-108	-148	-258	-61.3
Acquisitions					0	0	-223	-3	0	0
Purchases of investments								0	0	-9.2
Cash from investing	-343	-766	-633	-159	-1.47	-31	-280	-70.4	-200	-49.2
Debt issued	574	363	1,135	187	604	670	368	190	551	427
Debt repaid	-316	-194	-506	-133	-256	-353	-111	-243	-107	-196
Share buybacks	0	0	-3.79	-25.7	-15.6	0	0
Dividends paid	-45.5	-56.7	-70.3	-82.4	-104	-124	-25.6	-74.9	-275	-125
Cash from financing	178	644	385	-110	-607	-284	127	-374	-192	-266
Net change in cash	23.7	118	-117	30.4	4.65	-116	124	-81.6	3.57
Free cash flow	-151	-490	-555	201	603	157	169	215	138	212
Interest paid	101	123	168	193	170	176	156	187	175	168
Income taxes paid	4.9	2.9	6	3.7	3.5	6.9	2.2	3.2	1.7	6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $25.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	98.1%	Gross profit / revenue.
Operating margin	20.5%	Operating income / revenue.
EBITDA margin	43.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.6%	Pre-tax income / revenue.
Net margin	2.7%	Net income / revenue.
FCF margin	33.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	42.8%	Cash from operations / revenue.
Effective tax rate	10.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	0.3%	Net income / average total assets.
Capex / revenue	9.6%	Capital expenditures / revenue.
D&A / revenue	22.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-9.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-10.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	470.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-55.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-29.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-31.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-15.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	53.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-18.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.42x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / assets	17.4%	Total debt / total assets.
Liabilities / assets	57.4%	Total liabilities / total assets.
Net debt	$769.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.80x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.79x	Operating income / interest expense.
Working capital	-$407.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.
Fixed asset turnover	1.20x	Revenue / average property, plant and equipment.
Receivables turnover	21.3x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.
Days payables	236 days	365 x average accounts payable / cost of revenue.
FCF conversion	1,222.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	722.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	59.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.04B	Share price x shares outstanding.
Enterprise value	$2.81B	Market cap + total debt - cash - short-term investments.
P/E	118x	Market cap / net income. Only when net income is positive.
P/S	3.20x	Market cap / revenue.
P/FCF	9.64x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.47x	Market cap / cash from operations, when positive.
EV/Sales	4.41x	Enterprise value / revenue.
EV/EBIT	21.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.4%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).
Dividend yield	6.1%	Dividends paid over the period / market cap.
Shareholder yield	6.1%	(Dividends paid + share buybacks) / market cap.

What was Seapeak LLC's revenue in fiscal 2025?

Seapeak LLC reported revenue of $637.0M for fiscal 2025, 10.4% lower than the year before.

Was Seapeak LLC profitable in fiscal 2025?

Yes. Net income was $17.3M, a net margin of 2.7%.

How much free cash flow did Seapeak LLC generate in fiscal 2025?

Cash from operations of $272.9M minus capital expenditures of $61.3M left free cash flow of $211.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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