Teekay (NYSE: TK) boosts Q1 2026 profit and declares $1.00 special dividend
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Teekay Corporation reported strong first quarter 2026 results, with U.S. GAAP net income attributable to shareholders of $47.7 million, or $0.55 per share. Revenue was $285.8 million, up from $231.2 million a year earlier, and income from operations rose to $147.2 million.
The company declared a special cash dividend of $1.00 per common share, payable on June 2, 2026 to shareholders of record on May 26, 2026. Teekay Parent held cash, cash equivalents and short-term investments of $127.4 million as of March 31, 2026, and its investment in Teekay Tankers was valued at $780.4 million.
Teekay Tankers advanced its fleet renewal plan, acquiring three 2016-built Aframax tankers for $141.5 million and selling two older Suezmax tankers for proceeds of $73 million, recording gains on sales of $22.7 million. It also agreed to buy two Korean resale Suezmax newbuildings for $190 million and sold another 2009-built Suezmax for $53.5 million. Teekay Tankers declared a regular quarterly dividend of $0.25 per share plus a special dividend of $1.00 per share for the quarter ended March 31, 2026.
Positive
- Strong earnings growth: Q1 2026 net income attributable to shareholders rose to $47.7 million, or $0.55 per share, compared with $14.9 million and $0.17 per share in Q1 2025.
- Material shareholder distributions: Teekay declared a $1.00 per-share special dividend, while Teekay Tankers declared a combined quarterly dividend of $1.25 per share.
- Valuable Tankers stake: Teekay Parent’s investment in Teekay Tankers was valued at $780.4 million as of March 31, 2026, supported by a Teekay Tankers Class A share price of $73.32.
Negative
- None.
Insights
Teekay posts stronger Q1 results and announces significant cash returns.
Teekay Corporation delivered higher profitability in Q1 2026, with revenue of $285.8 million and net income attributable to shareholders of $47.7 million. Income from operations increased to $147.2 million, indicating stronger operating performance versus the comparable 2025 period.
Balance sheet metrics at Teekay Parent show cash, cash equivalents and short-term investments of $127.4 million and a Teekay Tankers stake valued at $780.4 million as of March 31, 2026. The appreciation of the Teekay Tankers holding is tied to the higher share price disclosed.
Capital allocation is notable: Teekay declared a $1.00 per-share special dividend, and Teekay Tankers declared a combined $1.25 per-share dividend for the quarter. Teekay Tankers is simultaneously refreshing its fleet through $141.5 million of Aframax purchases and $190 million of Suezmax newbuilding commitments, balanced by asset sales and realized gains.
Key Figures
Revenue: $285.8M
Net income attributable to shareholders: $47.7M
Earnings per common share: $0.55/share
+5 more
8 metrics
Revenue
$285.8M
Three months ended March 31, 2026 (U.S. GAAP)
Net income attributable to shareholders
$47.7M
Three months ended March 31, 2026
Earnings per common share
$0.55/share
Basic EPS for Q1 2026
Teekay special dividend
$1.00/share
Payable June 2, 2026 to holders of record on May 26, 2026
Teekay Parent cash
$127.4M
Cash, cash equivalents and short-term investments as of March 31, 2026
Value of Teekay Tankers stake
$780.4M
Market value as of March 31, 2026
Aframax acquisitions
$141.5M
Three 2016-built Aframax tankers acquired in Q1 2026
Gains on vessel sales
$22.7M
Gains from sale of two Suezmax tankers in Q1 2026
Key Terms
special cash dividend, Aframax tankers, Suezmax tanker, equity-accounted investment, +2 more
6 terms
special cash dividend financial
"Teekay has declared a special cash dividend of $1.00 per common share"
A special cash dividend is a one-time, extra cash payment a company gives to its shareholders in addition to its regular dividends, like a bonus check sent out when a business has more cash than usual. It matters to investors because it delivers immediate cash value, can signal that the company has strong short-term cash or limited opportunities to reinvest, and typically reduces the company’s cash reserves and may affect the stock price and tax treatment for recipients.
Aframax tankers technical
"acquired three 2016-built Aframax tankers for a total of $141.5 million"
Suezmax tanker technical
"completed the sales of a 2007-built and a 2009-built Suezmax tanker"
A suezmax tanker is a medium-large oil tanker built to the maximum size that can pass through the Suez Canal fully loaded, typically around 120,000–200,000 deadweight tons. For investors, its importance lies in route flexibility and cost: these ships can take shorter, cheaper canal passages instead of longer ocean detours, so their availability, operating efficiency and charter rates directly affect shipping companies’ revenue and the price of moving crude oil—similar to how having a fleet of trucks sized to fit key highways influences a logistics firm's costs and competitiveness.
equity-accounted investment financial
"gain on distribution from equity-accounted investment"
ship-to-ship transfer business technical
"owns a ship-to-ship transfer business that performs full-service lightering"
forward-looking statements regulatory
"This update contains forward-looking statements within the meaning of Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 6-K
_________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Date of Report: May 13, 2026
Commission file number 1-12874
_________________________
TEEKAY CORPORATION LTD.
(Exact name of Registrant as specified in its charter)
_________________________
2nd Floor, Swan Building
26 Victoria Street,
Hamilton, HM 12 Bermuda
(Address of principal executive office)
_________________________
| Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. | ||
Form 20-F ý Form 40-F ¨ | ||
Item 1 — Information Contained in this Form 6-K Report
Attached as Exhibit 1 is a copy of an announcement of Teekay Corporation Ltd. dated May 13, 2026.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TEEKAY CORPORATION LTD. | |||||||||||
| Date: May 13, 2026 | By: | /s/ Brody Speers | |||||||||
| Brody Speers Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||||||
 |  | ||||
Exhibit 1
TEEKAY CORPORATION LTD.
FIRST QUARTER 2026 UPDATE
Highlights
•U.S. GAAP net income attributable to shareholders of Teekay of $47.7 million, or $0.55 per share, in the first quarter of 2026.
•Teekay has declared a special cash dividend of $1.00 per common share, payable on June 2, 2026 to all of Teekay Corporation's shareholders of record on May 26, 2026.
•As part of Teekay Tankers' fleet renewal plan, during the first quarter of 2026, Teekay Tankers completed the following previously-announced transactions: (1) acquired three 2016-built Aframax tankers for a total of $141.5 million and (2) completed the sales of a 2007-built and a 2009-built Suezmax tanker for total proceeds of $73 million and recorded related gains on sales of $22.7 million.
•In addition, in April 2026, Teekay Tankers agreed to purchase two Korean resale Suezmax tanker newbuildings for a total of $190 million with expected deliveries in 2027 and, in May 2026, sold one 2009-built Suezmax vessel for $53.5 million.
•Consistent with Teekay Tankers’ dividend policy, Teekay Tankers declared a regular, fixed quarterly cash dividend of $0.25 per share for the quarter ended March 31, 2026. In addition, Teekay Tankers declared a special dividend of $1.00 per share, for a combined dividend of $1.25 per common share, payable in June 2026.
Hamilton, Bermuda, May 13, 2026 - Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK) today provided an update for the three months ended March 31, 2026, including certain unaudited U.S. GAAP results. These results include those of the Company’s publicly-listed consolidated subsidiary, Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK), and of all remaining subsidiaries and equity-accounted investments. Teekay, together with its subsidiaries other than Teekay Tankers, is referred to in this release as Teekay Parent. Please refer to the first quarter of 2026 earnings release of Teekay Tankers, which is available on Teekay's website at www.teekay.com, for additional information on Teekay Tankers' results.
Financial Summary
| Three Months Ended | ||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||
| (in thousands of U.S. dollars, except per share amounts) | 2026 | 2025 | 2025 | |||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| TEEKAY CORPORATION LTD. CONSOLIDATED | ||||||||||||||
| GAAP FINANCIAL COMPARISON | ||||||||||||||
| Revenues | 285,821 | 257,702 | 231,150 | |||||||||||
| Income from operations | 147,213 | 109,661 | 71,324 | |||||||||||
Net income attributable to the shareholders of Teekay (1) | 47,684 | 34,969 | 14,938 | |||||||||||
Earnings per common share of Teekay (1)(2) | 0.55 | 0.40 | 0.17 | |||||||||||
| As at | As at | As at | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||
| (in thousands of U.S. dollars, except number of shares) | 2026 | 2025 | 2025 | |||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| TEEKAY PARENT | ||||||||||||||
Cash and cash equivalents, and short-term investments (3) | 127,378 | 120,165 | 177,394 | |||||||||||
Market value of investment in Teekay Tankers (4) | 780,441 | 568,619 | 407,358 | |||||||||||
| Number of outstanding common shares at end of period | 87,004,134 | 86,056,804 | 83,467,936 | |||||||||||
1
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(1)For the quarters ended March 31, 2026 and December 31, 2025, includes $7.4 million, or $0.08 per share, and $7.0 million, or $0.08 per share, respectively, related to gains on Teekay Tankers' vessel sales. For the quarter ended March 31, 2026, also includes $0.5 million or $0.01 per share, related to Teekay Tankers' gain on distribution from equity-accounted investment. For the quarter ended March 31, 2025, includes $3.4 million, or $0.04 per share, related to the net impact of gains on Teekay Tankers' vessel sales less Teekay Tankers' unrealized loss on marketable securities.
(2)Basic per share amounts.
(3)Teekay Parent's cash position increased compared to December 31, 2025, primarily due to the receipt from Teekay Tankers of cash dividends of $2.7 million and changes in working capital.
(4)As at March 31, 2026, December 31, 2025, and March 31, 2025, Teekay Parent owned 10.6 million Teekay Tankers Class A and B common shares, and the closing prices of Teekay Tankers' Class A common shares were $73.32 per share, $53.42 per share, and $38.27 per share, respectively.
Conference Call
Teekay and Teekay Tankers (collectively, the Teekay Group) plan to host a conference call on Thursday, May 14, 2026 at 11:00 a.m. (ET) to discuss the Teekay Group's results for the first quarter of 2026. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:
•By dialing 1(800) 330-6710, or 1(647) 361-1999 if outside of North America, and quoting conference ID code 1992591.
•By accessing the webcast, which will be available on Teekay Tankers’ website at www.teekay.com (the archive will remain on the website for a period of one year).
An accompanying Teekay Group First Quarter of 2026 Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time.
About Teekay
Teekay is a leading provider of international crude oil marine transportation and other marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers, a leading owner and operator of mid-sized crude tankers. Teekay Tankers has a fleet of 33 double-hull tankers (including 14 Suezmax tankers and 18 Aframax / LR2 tankers, and 1 VLCC) and has three time chartered-in tankers. In addition, Teekay Tankers manages and operates vessels for the Australian government and Australian energy companies as part of the marine services provided by Teekay Tankers and owns a ship-to-ship transfer business that performs full-service lightering and lightering support operations in the U.S. Gulf and Caribbean.
Teekay’s common shares trade on the New York Stock Exchange under the symbol “TK”.
2
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Forward-Looking Statements
This update contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this update, other than statements of historical fact, are forward-looking statements. When used in this update, the words “expect,” “believe,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will”, “should” or similar words are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Forward-looking statements contained in this update include, among others, statements regarding: the timing of payments of cash dividends by Teekay Corporation and Teekay Tankers; and the timing of a vessel delivery by Teekay Tankers.
The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: payment by Teekay Corporation and Teekay Tankers of their declared cash dividends; completion of transaction to acquire newbuilding contracts delivering in 2027, potential delays in vessel deliveries by and to Teekay Tankers; and other factors discussed in Teekay’s filings from time to time with the United States Securities and Exchange Commission (or SEC), including its Annual Report on Form 20-F for the fiscal year ended December 31, 2025. Teekay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Teekay’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
3
FAQ
How did Teekay (TK) perform financially in the first quarter of 2026?
Teekay reported U.S. GAAP net income attributable to shareholders of $47.7 million, or $0.55 per share, on revenue of $285.8 million in Q1 2026. Income from operations was $147.2 million, reflecting stronger operating performance versus the prior-year quarter.
What dividend did Teekay (TK) declare in this update?
Teekay declared a special cash dividend of $1.00 per common share. It will be payable on June 2, 2026 to shareholders of record on May 26, 2026, representing a significant cash return alongside the company’s improving earnings profile.
What dividends did Teekay Tankers declare for the quarter ended March 31, 2026?
Teekay Tankers declared a regular, fixed quarterly cash dividend of $0.25 per share plus a special dividend of $1.00 per share, for a combined dividend of $1.25 per common share, payable in June 2026 in line with its dividend policy.
What fleet renewal actions did Teekay Tankers complete in early 2026?
Teekay Tankers bought three 2016-built Aframax tankers for $141.5 million, sold two older Suezmax tankers for proceeds of $73 million, and recorded gains on sales of $22.7 million. It later agreed to purchase two Korean resale Suezmax newbuildings for $190 million.
What is the value of Teekay Parent’s investment in Teekay Tankers as of March 31, 2026?
As of March 31, 2026, Teekay Parent owned 10.6 million Teekay Tankers Class A and B shares, with a disclosed market value of about $780.4 million, based on a Teekay Tankers Class A share price of $73.32.
What is Teekay Parent’s cash position as of March 31, 2026?
Teekay Parent reported $127.4 million in cash, cash equivalents and short-term investments as of March 31, 2026. This was aided by receiving $2.7 million of cash dividends from Teekay Tankers and changes in working capital over the period.