Teekay Corporation (NYSE: TK) posts $69.5M Q2 profit, Tankers at record rates
Rhea-AI Filing Summary
Teekay Corporation Ltd. reported second quarter 2026 U.S. GAAP net income attributable to shareholders of $69.5 million, or $0.79 per share, on consolidated revenues of $379.1 million. This compares with net income of $47.7 million, or $0.55 per share, on revenues of $285.8 million for the first quarter of 2026. Income from operations was $220.8 million in the quarter, and net income included $10.5 million, or $0.12 per share, of gains from Teekay Tankers’ vessel sales.
At Teekay Parent, cash and cash equivalents plus short-term investments totaled $56.4 million as of June 30, 2026. The decrease from March 31, 2026 was primarily driven by payment of a $1.00 per share cash dividend, totaling $87.4 million, partially offset by $13.3 million of dividends received from Teekay Tankers and other cash inflows. Teekay Parent held 10.6 million Teekay Tankers shares, with a market value of $690.5 million based on a $64.87 closing price.
Teekay Tankers achieved the highest quarterly adjusted net income in its history in the second quarter of 2026, supported by record spot rates, with Suezmax tankers averaging $109,200 per day and Aframax/LR2 tankers averaging $74,100 per day. To date in the third quarter of 2026, Suezmax and Aframax/LR2 spot rates are averaging $104,800 and $59,900 per day, respectively, for approximately 44% of spot days booked. As part of a fleet renewal plan, Teekay Tankers acquired two Korean Suezmax newbuilding contracts for $190 million with expected 2027 delivery and completed two vessel sales for total proceeds of $138 million, including a $32.3 million gain on a 2009-built Suezmax and an expected $22.9 million gain on a 2013-built VLCC. Teekay Tankers declared a regular quarterly cash dividend of $0.25 per share for the quarter ended June 30, 2026, payable in August 2026, while Teekay’s common shares continue to trade on the NYSE under the symbol TK.
Positive
- Teekay Tankers delivered its highest quarterly adjusted net income in history alongside record spot rates, with Suezmax at $109,200 per day and Aframax/LR2 at $74,100 per day, indicating exceptionally strong tanker market conditions.
Negative
- None.
Key Figures
Q2 2026 Revenues: 379,115 (in thousands of U.S. dollars)
Q2 2026 Net Income Attributable to Shareholders: 69,467 (in thousands of U.S. dollars)
Q2 2026 Earnings Per Common Share: 0.79 per share
+5 more
8 metrics
Q2 2026 Revenues
379,115 (in thousands of U.S. dollars)
Teekay Corporation consolidated revenues for the three months ended June 30, 2026
Q2 2026 Net Income Attributable to Shareholders
69,467 (in thousands of U.S. dollars)
Net income attributable to the shareholders of Teekay for the three months ended June 30, 2026
Q2 2026 Earnings Per Common Share
0.79 per share
Basic earnings per common share of Teekay for the quarter ended June 30, 2026
Teekay Parent Cash and Short-Term Investments
56,402 (in thousands of U.S. dollars)
Teekay Parent cash and cash equivalents, and short-term investments as at June 30, 2026
Market Value of Teekay Tankers Investment
690,497 (in thousands of U.S. dollars)
Teekay Parent’s market value of investment in Teekay Tankers as at June 30, 2026
Teekay Corporation Dividend Paid June 2026
$1.00 per share; $87.4 million total
Cash dividend of $1.00 per outstanding common share of Teekay Corporation paid in June 2026
Q2 2026 Suezmax Spot Rate
$109,200 per day
Average Teekay Tankers Suezmax spot rate in the second quarter of 2026
Suezmax Newbuilding Contracts
$190.0 million
Total consideration for two Korean Suezmax tanker newbuilding contracts with expected 2027 delivery
Key Terms
U.S. GAAP, Suezmax, Aframax / LR2, time chartered-in, +2 more
6 terms
U.S. GAAP financial
"including certain unaudited U.S. GAAP results"
U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.
Suezmax technical
"record spot rates with Suezmax and Aframax/LR2 averaging $109,200 per day"
Suezmax is the classification for the largest oil tanker size that can pass through the Suez Canal fully loaded; think of it as the biggest truck that still fits down a narrow highway. It matters to investors because ship size influences shipping costs, route choices and supply-chain flexibility — factors that affect oil transport expenses, freight rates and the profitability of energy and shipping companies.
Aframax / LR2 technical
"Suezmax and Aframax/LR2 averaging $109,200 per day and $74,100 per day"
Aframax and LR2 are two common size categories of oil tankers: Aframax vessels typically carry about 80,000–120,000 tonnes and LR2 (Long Range 2) tankers roughly 80,000–160,000 tonnes, so they often overlap. Investors watch these classes because the number and availability of such ships affect freight rates, fuel supply logistics and shipping company revenue—like how the mix of midsize and long-haul trucks shapes delivery costs in a road freight market.
time chartered-in financial
"and has three time chartered-in tankers"
Time chartered-in means a company has leased a ship from its owner for a set period and pays regular hire fees while using the vessel to carry cargo. The owner typically keeps responsibility for the crew and maintenance, while the charterer directs where and when the ship sails for commercial use. For investors, this affects a firm's operating costs, fleet capacity and flexibility—like renting a delivery truck for months instead of buying it, with predictable fees but exposure to market shipping rates and contract obligations.
ship-to-ship transfer technical
"owns a ship-to-ship transfer business that performs full-service lightering"
A ship-to-ship transfer is the moving of cargo—often crude oil, refined fuels, liquefied gas or bulk goods—directly between two vessels while at sea instead of using a port terminal. Think of it like transferring freight from one truck to another on the road to bypass a busy depot; for investors it matters because these transfers affect supply timing and costs, carry safety and insurance risks, and can raise regulatory or sanctions concerns that impact a company’s operations and valuation.
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Teekay (TK) perform financially in the second quarter of 2026?
Teekay reported U.S. GAAP net income of $69.5 million, or $0.79 per share, on revenues of $379.1 million for Q2 2026. Income from operations was $220.8 million, and results included $10.5 million of gains from Teekay Tankers’ vessel sales.
What spot charter rates did Teekay Tankers achieve in Q2 2026?
Teekay Tankers achieved record spot rates in Q2 2026, with Suezmax tankers averaging $109,200 per day and Aframax/LR2 tankers averaging $74,100 per day. Early in Q3 2026, rates are averaging $104,800 and $59,900 per day, respectively, for about 44% of days booked.
What fleet renewal actions did Teekay Tankers take according to the TK 6-K?
Since May 2026, Teekay Tankers acquired two Korean Suezmax newbuilding contracts for $190 million with expected 2027 delivery and completed two vessel sales for total proceeds of $138 million, generating a $32.3 million gain and an expected $22.9 million gain.
What dividends were highlighted for Teekay (TK) and Teekay Tankers?
Teekay paid a $1.00 per share cash dividend in June 2026, totaling $87.4 million. Teekay Tankers declared a regular quarterly cash dividend of $0.25 per share for the quarter ended June 30, 2026, payable in August 2026.
How did Teekay Parent’s cash position and Teekay Tankers investment look at June 30, 2026?
Teekay Parent held $56.4 million in cash and short-term investments at June 30, 2026. Its 10.6 million Teekay Tankers shares had a market value of $690.5 million, based on a $64.87 per-share closing price for Teekay Tankers’ Class A common shares.
What gains from vessel sales affected Teekay’s Q2 2026 results?
Net income for Q2 2026 included $10.5 million, or $0.12 per share, of gains from Teekay Tankers’ vessel sales. These relate to the disposal of a 2009-built Suezmax tanker and an expected gain on a 2013-built VLCC sold in the third quarter.
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 under
the Securities Exchange Act of 1934
Date of Report: July 29, 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 of 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 July 29, 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: July 29, 2026 | By: | /s/ Brody Speers | |||||||||
| Brody Speers Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||||||
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Exhibit 1
TEEKAY CORPORATION LTD.
SECOND QUARTER 2026 UPDATE
Highlights
•U.S. GAAP net income attributable to shareholders of Teekay of $69.5 million, or $0.79 per share, in the second quarter of 2026.
•Teekay Tankers reported the highest quarterly adjusted net income in its history in the second quarter of 2026, and record spot rates with Suezmax and Aframax/LR2 averaging $109,200 per day and $74,100 per day, respectively. To-date in the third quarter of 2026, Suezmax and Aframax/LR2 spot rates are averaging $104,800 per day and $59,900 per day, respectively, for approximately 44% of third quarter spot days booked to date.
•As part of Teekay Tankers' fleet renewal plan, since reporting earnings in May 2026, Teekay Tankers completed the following previously-announced transactions: (1) acquired two Korean Suezmax tanker newbuilding contracts for a total of $190.0 million with expected delivery in 2027; and (2) completed two vessel sales for total proceeds of $138.0 million, consisting of a 2009-built Suezmax tanker in the second quarter of 2026 for a gain on sale of $32.3 million and a 2013-built VLCC in the third quarter of 2026 for an expected gain on sale of $22.9 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 June 30, 2026, payable in August 2026.
Hamilton, Bermuda, July 29, 2026 - Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK) today provided an update for the three months ended June 30, 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. Teekay, together with its subsidiaries other than Teekay Tankers, is referred to in this release as Teekay Parent. Please refer to the second 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 | |||||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||||
| (in thousands of U.S. dollars, except per share amounts) | 2026 | 2026 | 2025 | ||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||
| TEEKAY CORPORATION LTD. CONSOLIDATED | |||||||||||||||||
| GAAP FINANCIAL COMPARISON | |||||||||||||||||
| Revenues | 379,115 | 285,821 | 232,183 | ||||||||||||||
| Income from operations | 220,791 | 147,213 | 52,663 | ||||||||||||||
Net income attributable to the shareholders of Teekay (1) | 69,467 | 47,684 | 18,652 | ||||||||||||||
Earnings per common share of Teekay (1)(2) | 0.79 | 0.55 | 0.22 | ||||||||||||||
| As at | As at | As at | ||||||||||||
| June 30 | March 31, | December 31, | ||||||||||||
| (in thousands of U.S. dollars, except number of shares) | 2026 | 2026 | 2025 | |||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| TEEKAY PARENT | ||||||||||||||
Cash and cash equivalents, and short-term investments (3) | 56,402 | 127,378 | 120,165 | |||||||||||
Market value of investment in Teekay Tankers (4) | 690,497 | 780,441 | 568,619 | |||||||||||
| Number of outstanding common shares at end of period | 87,691,370 | 87,004,134 | 86,056,804 | |||||||||||
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(1)For the quarters ended June 30, 2026, March 31, 2026 and June 30, 2025, includes $10.5 million, or $0.12 per share, $7.4 million, or $0.08 per share, $4.6 million, or $0.05 per share, respectively, related to gains on Teekay Tankers' vessel sales.
(2)Basic per share amounts.
(3)Teekay Parent's cash position decreased compared to March 31, 2026, primarily due to the payment of a cash dividend of $1.00 per outstanding common share of Teekay Corporation for a total of $87.4 million in June 2026, partially offset by the receipt from Teekay Tankers of cash dividends of $13.3 million, cash receipts from stock option exercises, and changes in working capital.
(4)As at June 30, 2026, March 31, 2026, and December 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 $64.87 per share, $73.32 per share, and $53.42 per share, respectively.
Conference Call
Teekay and Teekay Tankers (collectively, the Teekay Group) plan to host a conference call on Thursday, July 30, 2026 at 11:00 a.m. (ET) to discuss the Teekay Group's results for the second 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 6229932.
•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 Second 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 34 double-hull tankers (including 14 Suezmax tankers and 18 Aframax / LR2 tankers, and two Suezmax tanker newbuildings) 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”.
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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 Tankers; the timing of vessel deliveries by Teekay Tankers and the financial impact of the sale of our VLCC.
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 Tankers of their declared cash dividends; 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.
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