TK · Teekay Corporation

Teekay Corporation reported strong first quarter 2026 results, with net income attributable to shareholders of $47.7 million ($0.55 per share), compared to $14.9 million ($0.17 per share) in the same quarter last year. Revenue increased to $285.8 million from $231.2 million in Q1 2025, driven by higher tanker rates and fleet renewal activities. Operating income rose to $147.2 million from $71.3 million year-over-year. The results include gains on vessel sales by Teekay Tankers of $7.4 million ($0.08 per share) in Q1 2026. Teekay declared a special cash dividend of $1.00 per common share, payable June 2, 2026, reflecting strong cash generation. Teekay Tankers also declared a combined regular ($0.25) and special ($1.00) dividend of $1.25 per share. On the fleet renewal front, Teekay Tankers acquired three 2016-built Aframax tankers for $141.5 million and sold two older Suezmax tankers for $73 million in Q1 2026. Additionally, in April 2026, Teekay Tankers agreed to purchase two Korean resale Suezmax newbuildings for $190 million with deliveries in 2027, and in May 2026 sold one 2009-built Suezmax vessel for $53.5 million. Teekay Parent's cash and short-term investments stood at $127.4 million as of March 31, 2026, up from $120.2 million at year-end 2025, primarily due to dividends received from Teekay Tankers. The market value of Teekay's investment in Teekay Tankers increased to $780.4 million from $568.6 million at December 31, 2025, reflecting a higher stock price. The company will host a conference call on May 14, 2026 to discuss results.