$TNK

TEEKAY TANKERS LTD.

CIK:0001419945|SEC Filings

Consolidated Statements of (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Total revenues	$ 951,797	$ 1,229,336	$ 1,473,699
Voyage expenses (note 8)	(317,373)	(405,546)	(474,371)
Vessel operating expenses (note 14a)	(240,961)	(261,114)	(249,273)
Time-charter hire expenses (note 10)	(45,257)	(74,795)	(70,836)
Depreciation and amortization	(86,630)	(93,582)	(97,551)
General and administrative expenses	(46,568)	(46,604)	(43,667)
Gain on sale and write-down of assets (note 15)	99,659	38,080	10,360
Restructuring charges (note 16)	(5,568)	(5,632)	(1,597)
Income from operations	309,099	380,143	546,764
Interest expense	(2,896)	(7,472)	(27,713)
Interest income	29,689	24,076	10,952
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0	449
Equity income and gain on distribution from equity-accounted investment	9,617	2,767	3,432
Other income (expense) (note 17)	1,753	4,558	(1,402)
Net income before income tax	347,262	404,072	532,482
Income tax recovery (expense) (note 18)	3,924	(405)	(12,592)
Net income	$ 351,186	$ 403,667	$ 519,890
Per common share amounts (note 19)
• Basic earnings per share	$ 10.15	$ 11.73	$ 15.22
• Diluted earnings per share	$ 10.10	$ 11.63	$ 15.04
Weighted-average number of Class A and Class B common shares outstanding (note 19)
• Basic (in shares)	34,604,637	34,406,223	34,159,818
• Diluted (in shares)	34,775,458	34,705,472	34,568,160
• Cash dividends declared (in dollars per share)	$ 2.00	$ 3.00	$ 1.75
Voyage charter
REVENUES
Total revenues	$ 785,239	$ 1,066,963	$ 1,321,487
Time-charter revenues
REVENUES
Total revenues	23,415	25,915	31,149
Other
REVENUES
Total revenues	$ 143,143	$ 136,458	$ 121,063

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income	$ 351,186,000	$ 403,667,000	$ 519,890,000
Non-cash items:
Depreciation and amortization	86,630,000	93,582,000	97,551,000
Write-down / sale of vessels	(99,659,000)	(38,080,000)	(10,360,000)
Unrealized loss on derivative instruments (note 11)	0	0	3,709,000
Other	5,939,000	4,516,000	9,550,000
Change in operating assets and liabilities (note 20)	(3,792,000)	(42,658,000)	(23,263,000)
Expenditures For Dry Docking	(20,591,000)	(28,495,000)	(16,230,000)
Net operating cash flow	305,894,000	471,912,000	631,245,000
FINANCING ACTIVITIES
Proceeds from short-term debt	0	0	50,000,000
Prepayments of short-term debt	0	0	(50,000,000)
Proceeds from long-term debt (note 9)	0	0	1,000,000
Payments of Debt Issuance Costs	0	0	4,536,000
Prepayments of long-term debt (note 9)	0	0	(1,000,000)
Scheduled repayments of obligations related to finance leases	0	(5,213,000)	(34,113,000)
Prepayment of obligations related to finance leases	0	(136,955,000)	(364,201,000)
Proceeds from Issuance of Common Stock	1,719,000	2,895,000	0
Payments of Distributions to Affiliates	0	(5,000,000)	(5,374,000)
Payments of Dividends	(68,998,000)	(102,819,000)	(59,518,000)
Business combination, consideration transferred	0	(92,195,000)	0
Other	(1,256,000)	(4,111,000)	(2,386,000)
Net financing cash flow	(68,535,000)	(343,398,000)	(470,128,000)
INVESTING ACTIVITIES
Proceeds from sale of vessels (note 15)	343,093,000	88,778,000	23,561,000
Proceeds from equity method investment, net distributions	25,235,000	0	0
Payments to Acquire Assets, Investing Activities	2,995,000	4,841,000	10,198,000
Expenditures for vessels and equipment	(190,259,000)	(70,504,000)	0
Escrow Deposit Disbursements Related to Property Acquisition	(99,016,000)	0	0
Payments to Acquire Marketable Securities	(2,348,000)	(21,041,000)	0
Proceeds from Sale and Maturity of Marketable Securities	26,251,000	0	0
Net investing cash flow	78,341,000	(5,108,000)	17,263,000
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect, Discontinued Operation	315,700,000	123,406,000	178,380,000
Cash, cash equivalents and restricted cash, beginning of the year	515,561,000	392,155,000	213,775,000
Cash, cash equivalents and restricted cash, end of the year (note 20c)	831,261,000	515,561,000	392,155,000
Increase (Decrease) in Notes Receivable, Related Parties	380,000	2,500,000	3,900,000
Payments to Acquire Short-Term Investments	83,000,000	0	0
Proceeds from Sale of Short-Term Investments	61,000,000	0	0
Equity income and gain on distribution from equity-accounted investment	(9,617,000)	(2,767,000)	(3,432,000)
(Recovery) provision for uncertain tax position	$ (11,786,000)	$ (3,169,000)	$ 7,304,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents	$ 830,569	$ 511,888
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Current	22,000	0
Restricted Cash - Current (note 16)	692	3,673
Marketable Securities, Current	0	22,442
Accounts receivable, net of allowance of $4.4 million (2024 - $5.3 million)	82,781	82,440
Assets held for sale (notes 15 and 22)	26,834	0
Due from affiliates, current	2,804	5,230
Bunker and lube oil inventory	29,409	45,990
Prepaid expenses	17,013	12,800
Accrued revenue (note 4)	52,005	57,605
Other Assets, Current	15,351	5,873
Total current assets	1,079,458	747,941
Restricted Cash - long-term (note 16)	0	0
At cost, less accumulated depreciation of $487.7 million (2024 - $570.9 million) (notes 9, 15 and 22)	1,000,483	1,132,109
Operating lease right-of-use assets (notes 10 and 15)	38,161	52,162
Property plant and equipment including operating lease right of use assets	1,038,644	1,184,271
Investment in and advances to equity-accounted joint venture (note 6)	0	15,998
Intangible Assets, Net (Including Goodwill)	2,426	2,733
Other Assets, Noncurrent	121,146	23,025
Total assets	2,241,674	1,973,968
Supplemental Balance Sheet Elements [Abstract]
Accounts Receivable, after Allowance for Credit Loss	4,400	5,300
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	487,700	570,900
Current
Accounts payable	19,926	25,550
Accrued liabilities (notes 8 and 16)	84,724	75,668
Current portion of operating lease liabilities (note 10)	21,107	24,875
Other Current Liabilities [Member]	595	152
Other current liabilities	8,938	5,797
Total current liabilities	135,290	132,042
Long-term operating lease liabilities (note 10)	17,054	28,716
Other long-term liabilities (notes 8, 16 and 18)	45,714	56,660
Total liabilities	198,058	217,418
Commitments and contingencies (notes 9, 10, 11, 12 and 21)
Equity
Common stock, shares authorized (in shares)	585,000,000.0	585,000,000.0
Common shares and paid-in capital (585.0 million shares authorized, 29.9 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2025 and 585.0 million shares authorized, 29.7 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2024) (note 13)	$ 1,314,640	$ 1,309,495
Accumulated surplus	728,976	447,055
Total equity	2,043,616	1,756,550
Total liabilities and equity	$ 2,241,674	$ 1,973,968
Class A
Equity
Common stock, shares authorized (in shares)	485,000,000.0	485,000,000.0
Common Stock, Shares, Issued	29,921,732	29,734,640
Common Stock, Shares, Outstanding	29,921,732	29,734,640
Common Class B [Member]
Equity
Common stock, shares authorized (in shares)	100,000,000.0	100,000,000.0
Common Stock, Shares, Issued	4,625,997	4,625,997
Common Stock, Shares, Outstanding	4,625,997	4,625,997