TEEKAY TANKERS LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TEEKAY TANKERS LTD. 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	551	431	776	944	886	542	1,178	1,474	1,229	952
Cost of revenue	53.6	77.4	381	402	297	315	496	474	406	317
Gross profit	497	354	395	542	589	227	682	999	824	634
General and administrative	33.2	32.9	39.8	36.4	39	43.7	41.1	43.7	46.6	46.6
Operating income	96.8	1.42	7.2	124	142	-194	264	547	380	309
Interest expense	29.8	31.3	58.7	65.4	51.5	35	35.8	27.7	7.47	2.9
Interest income	0.12	0.91	0.88	0.87	1.2	0.12	1.46	11	24.1	29.7
Other non-operating income	1.53	0.33	3.18	0.7	0.47	-1.76	2.71	-1.4	4.56	1.75
Pre-tax income		-52.7	-43.1	61.5	94.6	-244	238	532	404	347
Income tax		-5.33	9.41	20.1	7.28	-1.93	2.24	12.6	0.41	-3.92
Net income	67.8	-58	-52.5	41.4	87.3	-242	235	520	404	351
EBITDA	201	102	126	248	259	-88	363	644	474	396
EPS, basic	3.20	-2.48	-1.57	1.23	2.59	-7.16	6.92	15.22	11.73	10.15
EPS, diluted	3.20	-2.48	-1.57	1.23	2.57	-7.16	6.87	15.04	11.63	10.10
Shares, basic (weighted)	21.3	23.4	33.6	33.6	33.7	33.9	34	34.2	34.4	34.6
Shares, diluted (weighted)	21.3	23.4	33.6	33.7	33.9	33.9	34.3	34.6	34.7	34.8
Dividend per share	1.44	0.96	0.24	0.00	0.00	0.00	0.00	1.75	3.00	2.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	94.2	71.4	54.9	88.8	97.2	70.6	207	391	512	831
Short-term investments								0	22.4	0
Receivables	33.8	19.3	17.4	95.6	36.2	41.1	117	115	82.4	82.8
Inventory			23.2	49.8	34.6	49	60.8	53.2	46	29.4
Other current assets	21.3	0	17.9	10.3	9.74	10.2	10.2	0	5.87	15.4
Total current assets	258	177	226	421	245	245	460	667	748	1,079
Property, plant and equipment	1,605	1,738	1,884	1,770	1,105	925	430	929	1,132	1,000
Lease right-of-use assets			0	19.6	2.53	14.3	42.9	76.3	52.2	38.2
Goodwill	8.06	8.06	8.06	2.43	2.43	2.43	2.4	2.4	2.4	2.4
Intangible assets	17.7	14.6	11.6	2.55	1.99	1.49	1.05	0.66	0.31	0
Other non-current assets	0.11	0.13	0.07	1.92	0.9	1.42	3.45	21.4	23	121
Total assets	1,964	2,197	2,161	2,229	1,840	1,619	1,784	1,942	1,974	2,242
Accounts payable	14.4	7.86	11.1	71	31.1	34.8	42.4	33.9	25.6	19.9
Accrued liabilities	28.7	34.6	40.9	59.7	55.1	32.6	47.5	71.7	75.7	84.7
Deferred revenue	4.46	0.56	0
Short-term debt	171	167	106	43.6	10.9	15.5	0
Total current liabilities	256	237	198	280	197	157	170	168	132	135
Long-term debt	762	786	629	516	232	305	0
Lease liabilities			0	3.27	0.32	4.87	26.9	40.4	28.7	17.1
Other non-current liabilities	13.7	26.8	32.8	51	49.6	46.1	44	64	56.7	45.7
Total liabilities	1,032	1,191	1,214	1,240	761	780	714	392	217	198
Total debt	933	952	735	560	243	320	0
Paid-in capital	1,103	1,295	1,296	1,298	1,299	1,301	1,304	1,306	1,309	1,315
Retained earnings	-183	-288	-349	-308	-220	-463	-234	220	447	729
Shareholders' equity	933	1,007	947	990	1,079	848	1,092	1,550	1,757	2,044
Total equity	933	1,007	947	990	1,079	848	1,092	1,550	1,757	2,044
Total liabilities and equity	1,964	2,197	2,161	2,229	1,840	1,619	1,784	1,942	1,974	2,242

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	67.8	-58	-52.5	41.4	87.3	-242	235	520	404	351
Depreciation and amortization	104	100	119	124	117	106	99	97.6	93.6	86.6
Deferred income tax							0.89	-1.22	-2.06	-0.98
Change in inventory		-8.32	15.6	28.6	-13.6	17.6	-11.8	6.15	6.13	7.97
Change in payables	-26.8	-14	-9.78	-83.2	50	13.9	21.2	-16.3	-9.85	-3.12
Cash from operations	207	80.5	-7.26	118	348	-107	200	631	472	306
Capital expenditures	-9.23	-4.73	-5.83	-11.6	-16	-21.4	0	0	-70.5	-190
Acquisitions	0
Purchases of investments							0	0	-21	-2.35
Sales and maturities of investments								0	0	26.3
Cash from investing	21.8	78.8	-4.49	8.38	74.5	38.1	51.2	17.3	-5.11	78.3
Debt issued	906	233	81.4	57.1	575	221	0	1	0	0
Debt repaid			-165	-101	-13.2	-11.2	-56.9	0	0
Stock issued	0	5	0	0			0	0	2.9	1.72
Dividends paid	-46.8	-20.7	-8.05	0	0	0	0	-59.5	-103	-69
Cash from financing	-291	-178	-3.45	-89.8	-416	22	-113	-470	-343	-68.5
Net change in cash	-62.5	-19.2	-15.2	36.3	6.36	-47.2	138	178	123
Free cash flow	197	75.8	-13.1	106	332	-129	200	631	401	116
Interest paid	38.5	26.4	47.6	61.8	47.9	34.3	29.4	20.2	5.6	1.9
Income taxes paid								5.3	6.2	7.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $94.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.7%	Gross profit / revenue.
Operating margin	32.5%	Operating income / revenue.
EBITDA margin	41.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	36.5%	Pre-tax income / revenue.
Net margin	36.9%	Net income / revenue.
FCF margin	12.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	32.1%	Cash from operations / revenue.
Effective tax rate	-1.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.7%	Net income / average total assets.
Return on invested capital (ROIC)	19.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	20.0%	Capital expenditures / revenue.
D&A / revenue	9.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-22.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-23.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.4%	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	1.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-18.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.4%	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	16.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-13.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.3%	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	32.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-13.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	31.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-35.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.3%	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	-2.5%	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	-71.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-16.6%	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	-19.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-33.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	16.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	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	4.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	7.98x	Current assets / current liabilities.
Quick ratio	6.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	6.14x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	8.8%	Total liabilities / total assets.
Interest coverage	107x	Operating income / interest expense.
Working capital	$944.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	0.89x	Revenue / average property, plant and equipment.
Inventory turnover	8.42x	Cost of revenue / average inventory.
Days inventory	43 days	365 x average inventory / cost of revenue.
Receivables turnover	11.5x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	49 days	Days inventory + days sales outstanding - days payables.
FCF conversion	32.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	62.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.10	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$10.15	Net income per basic share, as reported (split-adjusted).
Revenue per share	$27.37	Revenue / diluted weighted shares.
FCF per share	$3.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.80	Cash from operations / diluted weighted shares.
Book value per share	$58.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$58.70	Tangible book value / shares outstanding.
Cash per share	$23.88	(Cash + short-term investments) / shares outstanding.
Dividend per share	$2.00	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	19.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	59.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.26B	Share price x shares outstanding.
Enterprise value	$2.43B	Market cap + total debt - cash - short-term investments.
P/E	9.28x	Market cap / net income. Only when net income is positive.
P/S	3.42x	Market cap / revenue.
P/B	1.59x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.60x	Market cap / tangible book value, when positive.
P/FCF	28.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.7x	Market cap / cash from operations, when positive.
EV/Sales	2.55x	Enterprise value / revenue.
EV/EBIT	7.86x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.14x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	10.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.1%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was TEEKAY TANKERS LTD.'s revenue in fiscal 2025?

TEEKAY TANKERS LTD. reported revenue of $951.8M for fiscal 2025, 22.6% lower than the year before.

Was TEEKAY TANKERS LTD. profitable in fiscal 2025?

Yes. Net income was $351.2M, a net margin of 36.9%.

How much free cash flow did TEEKAY TANKERS LTD. generate in fiscal 2025?

Cash from operations of $305.9M minus capital expenditures of $190.3M left free cash flow of $115.6M.

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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