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Teekay (EI5) Q3 2026 Earnings Report

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DE:EI5 Q3 2026 EPS Results

Actual EPS
EUR 0.61
Consensus EPS
―
Beat/Miss
―
One Year Ago EPS
EUR 0.31

DE:EI5 Q3 2026 Revenue Results

Actual Revenue
EUR 332.47M
Expected Revenue
―
Beat/Miss
―
YoY Revenue Growth
+61.47%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/11/2026
Time
After Close
Conference Call
Wednesday, November 11, 2026
DE:EI5 Upcoming Earnings

Teekay's next earnings date is estimated for February 25, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:EI5 Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 11, 2026|% Change Since:―|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by exceptionally high earnings, record-level spot bookings, substantial free cash flow, a debt-free balance sheet, significant cash reserves and continued fleet renewal. Management also highlighted strong tanker demand and substantial investment capacity. The principal challenges were moderating freight rates from extreme peaks, ongoing geopolitical volatility, accelerating vessel deliveries and below-prewar refined-product exports, but these issues did not outweigh the company's reported operating and financial strength.

Company Guidance

Teekay Tankers said it is “on track to report record earnings for the fourth quarter and full year,” with fourth quarter-to-date spot rates of $272,000 per day for Suezmax and $208,300 per day for Aframax/LR2, with approximately 63% and 53% in of spot-based booked, and weighted average fourth quarter-to-date rates booked of $236,000 per day. The company expects to consider a special dividend in conjunction with its fourth quarter and annual results of 2026, which are expected to be released in February of 2027; it also said it will be “very active” buying and selling and expects to sell more ships in the coming 12 months, while vessels will reach age 20 over the next 2 to 3 years and it has no current plans of trading them beyond 20. Tanker deliveries are projected to accelerate over the next 3 years, while the 6 vessels on order are delivering in mid-2027 through 2030.

  • Exceptionally Strong Quarterly and Year-to-Date EarningsTeekay Tankers reported third quarter 2026 GAAP net income of $195 million, or $5.60 per share, and adjusted net income of $176 million, or $5.04 per share. For the first 3 quarters of 2026, adjusted net income was nearly $0.5 billion, in line with the company's record-setting full-year results from 2023.
  • Strong Free Cash Flow and Debt-Free Balance SheetTeekay Tankers generated approximately $179 million of free cash flow from operations in the third quarter, increasing its cash position to over $1.4 billion with no debt as of quarter end. Free cash flow for the first 3 quarters of 2026 exceeded $520 million.
  • Record-Level Fourth-Quarter BookingsFourth-quarter-to-date bookings had materially increased and were expected to set a new record. Teekay Tankers had secured spot rates of $272,000 per day for its Suezmax fleet and $208,300 per day for its Aframax/LR2 fleets, with approximately 63% and 53% of spot-based days booked, respectively. The company said it was on track to report record earnings for the fourth quarter and full year.
  • Exceptional Cash Flow Generation Per ShareThe company generated nearly $15 of free cash flow per share during the first 9 months of 2026. Weighted-average fourth-quarter-to-date rates booked were $236,000 per day, more than 30x the company's free cash flow breakeven.
  • Fleet Renewal Through Newbuildings and AcquisitionTeekay Tankers entered into newbuild contracts for 2 Chinese-built LR2 vessels and 2 Korean-built Suezmax tankers, with options for 2 additional Suezmaxes, all for delivery in 2030. Including previously announced vessels, the company had 6 vessels on order delivering from mid-2027 through 2030. It also acquired one 2020-built MR tanker for approximately $49 million.
  • Asset Recycling Generated GainsSince the beginning of the year, Teekay Tankers sold 4 vessels for $211 million, realizing combined gains of $78 million, and acquired or committed to 10 modern vessels for approximately $716 million. Management said these transactions lowered the average fleet age while maintaining significant operating leverage to the strong tanker market.
  • Regular Dividend and Potential Special DividendTeekay Tankers declared its regular fixed quarterly dividend of $0.25 per share for the third quarter. The Board expects to consider a special dividend in conjunction with the announcement of fourth-quarter and full-year 2026 results, expected in February 2027.
  • Historically Strong Spot Tanker RatesThird-quarter spot tanker rates averaged $106,400 per day overall and $67,600 per day for the Suezmax and Aframax/LR2 fleets, respectively. Teekay Tankers achieved average midsized tanker rates of around $87,000 per day. Midsized tanker rates averaged well over $200,000 per day quarter-to-date in the fourth quarter.
  • Demand Supported by Refining Margins, Oil Demand and Geopolitical DisruptionsManagement attributed record tanker rates to elevated refinery margins, resilient global oil demand, low refined-product inventories and ongoing geopolitical disruptions that increased transportation requirements.
  • Crude Trade Volumes Returned Above Prewar LevelsRising crude oil exports from the Atlantic Basin and a more recent recovery in Middle East Gulf supply pushed global crude oil trade volumes back above prewar levels in recent weeks, boosting crude tanker demand. Tight product markets and unprecedented crack spreads incentivized refiners to maximize throughput, supporting crude trade volumes and tanker transportation demand.
  • Longer Voyages Increased Tonne-Mile DemandIncreased use of ship-to-ship transfers and alternative routes bypassing the Strait of Hormuz extended voyage durations and reduced effective vessel availability from the start of the third quarter. Redirection of Saudi Arabian crude flows via the Suez Canal and SUMED pipeline added about 30 days to voyage lengths. Atlantic-to-Pacific crude movements and strong arbitrage economics also increased tonne-mile demand across multiple tanker segments.
  • Fleet Supply Fundamentals Partly Offset by an Aging FleetAlthough tanker deliveries are projected to accelerate over the next 3 years, the midsize-segment order book, equivalent to around 25% of the fleet, is largely offset by an aging fleet. Approximately 22% of the fleet is already older than 20 years, and a further 20% will reach age 20 by 2030. Management said eventual removal of older vessels should help reduce the impact of rising tanker deliveries.
  • Significant Investment Capacity and Strategic OptionalityManagement said the company retains significant investment capacity after its remaining committed newbuild payments. This provides flexibility to continue fleet renewal and pursue larger transactions at more attractive entry points while maintaining a debt-free balance sheet.
  • MR Acquisition Expands Operating OptionalityManagement described the acquired MR tanker as a good ship bought at a good price and said it would help rebuild the company's MR operating capability, including putting a document of compliance in place and restoring seafarer expertise. The company views MRs as an adjacent segment where its integrated model could add value, while noting that it has no stated plans to build a large MR position.
  • Core Fleet Remains Central While Fleet Scale Can IncreaseManagement reaffirmed that the Aframax and Suezmax sectors remain absolute core businesses. It also said the company's total fleet size was probably at the lower end of where it wants it to be as an integrated company and that having three segments to pursue increases its optionality in deploying capital.

DE:EI5 Earnings History

DE:EI5 earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 25, 20272026 (Q4)―-0.36――
Nov 11, 20262026 (Q3)―0.610.3195.97% (+0.30)
Jul 29, 20262026 (Q2)―0.71――
May 13, 20262026 (Q1)―0.50――
Feb 18, 20262025 (Q4)―0.360.2640.35% (+0.10)
Oct 29, 20252025 (Q3)―0.310.1962.91% (+0.12)
Jul 30, 20252025 (Q2)―0.200.32-38.03% (-0.12)
May 07, 20252025 (Q1)―0.150.52-70.43% (-0.36)
Feb 19, 20252024 (Q4)―0.260.33-22.97% (-0.08)
Oct 30, 20242024 (Q3)―0.190.25-22.83% (-0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed