$TK

TEEKAY CORP

CIK:0000911971|SEC Filings

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues	$ 949,520	$ 1,220,374	$ 1,464,975
Voyage expenses	(317,373)	(405,546)	(474,371)
Vessel operating expenses	(238,856)	(252,594)	(241,585)
Charter hire expenses	(45,257)	(74,795)	(70,836)
Depreciation and amortization	(86,630)	(93,582)	(97,551)
General and administrative expenses	(54,767)	(61,058)	(57,590)
Gain on sale and write-down of assets (note 14)	101,745	38,080	10,360
Restructuring charges (note 15)	(5,568)	(5,632)	(1,677)
Income from operations	302,814	365,247	531,725
Interest income	36,166	37,218	24,128
Interest expense	(2,896)	(7,542)	(28,009)
Equity income and gain on distribution from equity-accounted investment	9,617	2,767	3,432
Other - net (note 16)	1,700	4,334	(1,691)
Income before income taxes	347,401	402,024	529,585
Income tax recovery (expense) (note 17)	4,584	(405)	(12,162)
Net income	351,985	401,619	517,423
Net income attributable to non-controlling interests (note 1)	(253,874)	(267,849)	(366,782)
Net income attributable to the shareholders of Teekay Corporation	$ 98,111	$ 133,770	$ 150,641
Dividends			$ 0
Earnings Per Share [Abstract]
• Basic income attributable to shareholders of Teekay Corporation	$ 1.14	$ 1.47	1.59
• Diluted income attributable to shareholders of Teekay Corporation	$ 1.13	$ 1.42	1.54
Dividends			$ 0
Weighted average number of common shares outstanding (note 18)
Basic (shares)	86,040,867	91,285,538	94,484,659
Diluted (shares)	86,705,537	93,275,031	96,644,969
S2024Q4
Dividends		$ 1.00
Earnings Per Share [Abstract]
Dividends		$ 1.00
S2025Q2Dividends
Dividends	$ 1.00
Earnings Per Share [Abstract]
Dividends	$ 1.00

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income	$ 351,985	$ 401,619	$ 517,423
Non-cash and non-operating items:
Depreciation and amortization	86,630	93,582	97,551
Gain on sale and write-down of assets (note 14)	(101,745)	(38,080)	(10,360)
(Recovery) provision for uncertain tax position	(11,786)	(3,169)	7,304
Other	(3,738)	5,001	11,563
Increase (Decrease) in Other Operating Assets and Liabilities, Net	(19,579)	8,232	6,339
Net operating cash flow	301,767	467,185	629,820
FINANCING ACTIVITIES
Issuance costs, net of proceeds from issuance of long-term debt	0	0	(3,536)
Prepayments of long-term debt	0	0	(1,000)
Scheduled repayments of long-term debt and settlement of related swaps (note 8)	0	0	(21,184)
Proceeds from short-term debt	0	0	50,000
Prepayments of short-term debt	0	0	(50,000)
Prepayments of obligations related to finance leases	0	(136,955)	(364,201)
Scheduled repayments of obligations related to finance leases	0	(5,213)	(34,113)
Purchase of Teekay Tankers common shares (note 13)	0	(50,015)	(4,765)
Distributions from subsidiaries to non-controlling interests	(47,709)	(73,222)	(42,543)
Payments of Dividends	(85,269)	(85,018)	0
Repurchase of Teekay Corporation common shares	(4,946)	(66,280)	(50,713)
Proceeds from Issuance of Common Stock	13,186	5,737	5,833
Proceeds from (Payment for) Other Financing Activity	(5,032)	(5,482)	(4,192)
Net financing cash flow	(129,770)	(416,448)	(520,414)
INVESTING ACTIVITIES
Payments to Acquire Short-Term Investments	93,000	93,579	290,871
Proceeds from Sale of Short-Term Investments	71,000	256,183	328,267
Payments to Acquire Marketable Securities	(2,348)	(21,041)	0
Proceeds from Sale and Maturity of Marketable Securities	26,251	0	0
Proceeds from Sales of Business, Affiliate and Productive Assets	345,178	88,778	23,561
Payments to Acquire Property, Plant, and Equipment	(190,259)	(70,504)	0
Escrow Deposit Disbursements Related to Property Acquisition	(99,016)	0	0
Payments to Acquire Assets, Investing Activities	(2,995)	(4,841)	(10,198)
Proceeds from Divestiture of Interest in Joint Venture	25,235	0	0
Increase (Decrease) in Notes Receivable, Related Parties	380	2,500	3,900
Net investing cash flow	80,426	157,496	54,659
Increase in cash, cash equivalents and restricted cash	252,423	208,233	164,065
Cash, cash equivalents and restricted cash, beginning of the year	689,004	480,771	316,706
Cash, cash equivalents and restricted cash, end of the year	$ 941,427	$ 689,004	$ 480,771

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents (notes 11 and 19)	$ 940,735	$ 685,331
Short-term investments	32,000	10,000
Marketable Securities (notes 11 and 16)	0	22,442
Restricted cash – current (notes 11 and 19)	692	3,673
Accounts receivable, net of allowance of $4.4 million (2024 - $5.3 million)	83,168	83,317
Accrued revenue	52,005	57,605
Bunker and lube oil inventory	29,409	45,990
Asset held for sale (notes 14 and 19)	26,834	0
Prepaid expenses	16,993	12,828
Other current assets (note 6)	15,351	5,873
Total current assets	1,197,187	927,059
Vessels and equipment (note 8)
At cost, less accumulated depreciation of $487.7 million (2024 – $570.9 million)	1,000,483	1,132,109
Operating lease right-of-use assets (note 9)	38,161	52,162
Total vessels and equipment	1,038,644	1,184,271
Investment in and loan to equity-accounted investment (note 5)	0	15,998
Goodwill, intangibles (note 6)	2,426	2,733
Other non-current assets (note 6)	121,813	23,054
Total assets	2,360,070	2,153,115
Current
Accounts payable	20,001	25,706
Accrued liabilities (note 7)	84,663	76,204
Current portion of operating lease liabilities (note 9)	21,107	24,875
Other current liabilities	8,938	5,796
Total current liabilities	134,709	132,581
Long-term operating lease liabilities (note 9)	17,054	28,716
Other long-term liabilities (note 7)	45,704	56,651
Total liabilities	197,467	217,948
Equity
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 86,056,804 shares outstanding and 86,056,804 shares issued (2024 – 84,059,952 shares outstanding and 85,163,078 shares issued)) (note 12)	879,562	876,635
Accumulated deficit	(155,033)	(166,872)
Non-controlling interest	1,438,074	1,225,404
Total equity	2,162,603	1,935,167
Total liabilities and equity	2,360,070	2,153,115
Supplemental Balance Sheet Elements [Abstract]
Accounts Receivable, Allowance for Credit Loss	4,400	5,300
Accumulated depreciation	$ 487,700	$ 570,900
Common stock, share authorized (in shares)	725,000,000	725,000,000
Common Stock, Shares, Outstanding	86,056,804	84,059,952
Common stock, share issued (in shares)	86,056,804	85,163,078
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001