Teekay Tankers (TNK) Q3 2026 review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Teekay Tankers (TNK) Q3 2026 review
GAAP net income was $195.2M, or $5.60 a share.
Teekay Tankers Ltd · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources
1 · Teekay Tankers (TNK) Q3 2026 earnings review
GAAP net income was $195.2M, or $5.60 a share
- 1.Adjusted net income was $175.8M, or $5.04 a share
- 2.Total revenues were $369.2M; tanker net revenues were $239.4M
- 3.Suezmax and Aframax / LR2 spot TCE rates averaged $106,400 and $67,600 a day, as stated
- 4.A cash dividend of $0.25 a share was declared, payable December 4, 2026
- 5.Shares were up 0.03% in pre-market at $88.99 as of 8:31 AM EST, not a close
Note: TCE is time charter equivalent; LR2 is Long Range 2. The $106,400 and $67,600 daily spot rates are the company’s rounded figures. The operating-results table shows $106,437 and $67,552 a day. Pre-market is not a close. Nine-month adjusted net income of $497.7 million is a company figure.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; Yahoo Finance, Nov 11, 2026; CNBC, Nov 12, 2026 8:31 AM EST
2 · Executive summary
Adjusted basic EPS was $5.04, above the $4.49 Yahoo Finance consensus (Nov 11, 2026)
Q3 2026 results vs. Yahoo Finance consensus (Nov 11, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 tanker net revenues | $239.4M | $263.5M | -$24.1M / -9.1% | Miss |
| Q3 adjusted basic EPS | $5.04 | $4.49 | $+$0.55 / +12.2% | Beat |
Share price, Nov 11 regular close to Nov 12 pre-market last
| Teekay Tankers (NYSE) | Nov 11 close | Nov 12 pre-market, 8:31 AM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| TNK | $88.96 | $88.99 | +$0.03 | +0.03% |
Both prices are from the CNBC quote page. The close is the regular-session last at 4:10 PM EST. The pre-market last is not a close. The pre-market percentage change is a DeepCell calculation from those two prices. CNBC does not state a reason for the move.
Note: Yahoo’s year-ago sales of $115.21 million match official tanker net revenues, not total revenues of $229.0 million, so the $263.46 million estimate is compared with official tanker net revenues of $239.4 million. Yahoo earnings-history actuals match official adjusted basic EPS. Official GAAP basic EPS was $5.60. Total revenues were $369.2 million.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; Yahoo Finance, Nov 11, 2026; CNBC, Nov 12, 2026 8:31 AM EST
3 · Q3 results vs. consensus
Q4 to-date Suezmax and Aframax / LR2 spot rates have averaged $272,000 and $208,300 a day
Note: TCE is time charter equivalent; LR2 is Long Range 2. The company says these Q4 to-date averages are setting new records, for approximately 63% and 53% of fourth-quarter spot days booked to date, and that about 58% of fourth-quarter spot tanker days are now fixed. These figures are as of the Nov 11, 2026 release and are not full-quarter results.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
4 · Spot rates and outlook
Total revenues were $369.2M, and net income was $195.2M
Key figures
| $M unless noted | Q3 2025 | Q3 2026 |
|---|---|---|
| Total revenues | $229.0M | $369.2M |
| Income from operations | $69.4M | $190.4M |
| Net income | $92.1M | $195.2M |
| Basic EPS ($) | $2.66 | $5.60 |
| Adjusted net income | $53.3M | $175.8M |
| Adjusted basic EPS ($) | $1.54 | $5.04 |
| Adjusted EBITDA | $64.3M | $188.4M |
Note: The company did not state a rounded year-on-year percentage for total revenues or net income. Adjusted net income and adjusted EBITDA are non-GAAP measures. GAAP net income included a $22.9 million gain on sale of one vessel, compared with a $25.9 million gain a year earlier.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
5 · Q3 key financials
Suezmax spot TCE averaged $106,400 a day, as stated, and Aframax / LR2 averaged $67,600
Spot TCE rates and revenue days
$/day unless noted, Q3 2025 vs Q3 2026
| Metric | Q3 2025 | Q3 2026 |
|---|---|---|
| Suezmax spot TCE ($) | $33,404 | $106,437 |
| Suezmax spot revenue days | 1,780 | 1,045 |
| Aframax / LR2 spot TCE ($) | $30,861 | $67,552 |
| Aframax / LR2 spot revenue days | 1,628 | 1,398 |
| Suezmax fleet TCE ($) | $33,404 | $96,317 |
| Aframax / LR2 fleet TCE ($) | $30,861 | $62,267 |
“Mid-sized tanker rates increased significantly in October to the highest levels ever recorded, with Teekay Tankers securing fourth quarter to-date spot rates for our Suezmax and Aframax / LR2 tankers at averages of $272,000 and $208,300 per day, respectively.” Kenneth Hvid, President and Chief Executive Officer
Note: TCE is time charter equivalent; LR2 is Long Range 2. Table rates are from the operating-results section, before off-hire bunker expenses. The company rounds the Q3 Suezmax and Aframax / LR2 spot averages to $106,400 and $67,600 a day. Fleet TCE includes time-charter-out and bareboat days.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
6 · Fleet TCE rates
Total revenues were $369.2M, and tanker net revenues were $239.4M
Total revenues
$M, Q3 2025 vs Q3 2026
Tanker net revenues are a non-GAAP measure reconciled in Appendix D. Yahoo’s revenue estimate is compared with tanker net revenues, not total revenues, as explained on the consensus page.
Note: Tanker net revenues are a non-GAAP measure reconciled in Appendix D. Yahoo’s revenue estimate is compared with tanker net revenues, not total revenues, as explained on the consensus page.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
7 · Revenue and net income
Tanker revenues were $331.3M, and marine services and other revenues were $37.9M
Revenue and operating income by line
$M unless noted, Q3 2025 vs Q3 2026
| $M | Q3 2025 | Q3 2026 |
|---|---|---|
| Tanker revenues | $197.9M | $331.3M |
| Marine services and other revenues | $31.1M | $37.9M |
| Total revenues | $229.0M | $369.2M |
| Tanker income from operations | $67.9M | $186.5M |
| Marine services income from operations | $1.5M | $3.9M |
| Tanker net revenues | $115.2M | $239.4M |
Marine services and other revenues include $37.3 million related to Australian operations this quarter, compared with $30.4 million a year earlier, as stated.
Note: Marine services and other revenues include $37.3 million related to Australian operations this quarter, compared with $30.4 million a year earlier, as stated.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
8 · Tanker and marine services
GAAP basic EPS was $5.60; adjusted basic EPS was $5.04
Net income to adjusted net income
$M unless noted, Q3 2025 vs Q3 2026
| $M unless noted | Q3 2025 | Q3 2026 |
|---|---|---|
| Net income | $92.1M | $195.2M |
| Gain on sale of vessels | $25.9M | $22.9M |
| Adjusted net income | $53.3M | $175.8M |
| Basic EPS ($) | $2.66 | $5.60 |
| Adjusted basic EPS ($) | $1.54 | $5.04 |
| Adjusted EBITDA | $64.3M | $188.4M |
Adjusted net income excludes items listed in Appendix A, including the gain on sale of vessels. Per-share figures in that appendix are basic. Nine-month adjusted net income was $497.7 million, which the CEO said approximates the company’s record full-year earnings set in 2023.
Note: Adjusted net income excludes items listed in Appendix A, including the gain on sale of vessels. Per-share figures in that appendix are basic. Nine-month adjusted net income was $497.7 million, which the CEO said approximates the company’s record full-year earnings set in 2023.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
9 · GAAP vs. adjusted earnings
Suezmax spot TCE was $106,437 a day, compared with $33,404 a year earlier
Suezmax spot TCE rate
$ per day, Q3 2025 vs Q3 2026
Daily TCE rates are not shown in millions. The company describes Q3 spot tanker rates as remaining at historic highs, just below the record levels of the previous quarter.
Note: TCE is time charter equivalent. Daily TCE rates are not shown in millions. The company describes Q3 spot tanker rates as remaining at historic highs, just below the record levels of the previous quarter.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
10 · Spot TCE comparison
A cash dividend of $0.25 a share was declared, and nine-month operating cash flow was $509.0M
Cash flow and shareholder distribution
$M unless noted, nine months 2025 vs nine months 2026
| $M unless noted | Nine months 2025 | Nine months 2026 |
|---|---|---|
| Net income, nine months | $230.7M | $574.7M |
| Operating cash flow, nine months | $204.9M | $509.0M |
| Dividends paid, nine months | $60.4M | $60.6M |
| Quarterly dividend declared ($/share) | $0.25 | $0.25 |
The Board declared its fixed quarterly cash dividend of $0.25 per share for the quarter ended September 30, 2026, payable December 4, 2026 to shareholders of record on November 23, 2026. Dividends paid of $60.4 million and $60.6 million are the official nine-month cash outflows (shown without a minus sign). The cash-flow statement is for the nine months ended September 30.
Note: The Board declared its fixed quarterly cash dividend of $0.25 per share for the quarter ended September 30, 2026, payable December 4, 2026 to shareholders of record on November 23, 2026. Dividends paid of $60.4 million and $60.6 million are the official nine-month cash outflows (shown without a minus sign). The cash-flow statement is for the nine months ended September 30.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
11 · Cash flow and dividend
The company ordered four newbuildings for 2030 delivery and agreed to buy one MR tanker
Fleet transactions announced with these results
Transactions announced with these results
| Item | Detail |
|---|---|
| Aframax / LR2 newbuildings | Two ships at a Chinese yard, expected deliveries in 2030 |
| Suezmax newbuildings | Two ships at a Korean yard, expected deliveries in 2030, with options for two more |
| MR tanker acquisition | One 2020-built MR tanker, expected delivery by mid-January 2027 |
| Time charter-out | One Suezmax tanker, 12 months at $101,300 a day, in September 2026 |
These transactions are described in the highlights and the vessel-acquisition section of the release. The optional Suezmax newbuildings, if exercised, would also be expected in 2030.
Note: LR2 is Long Range 2; MR is medium range. These transactions are described in the highlights and the vessel-acquisition section of the release. The optional Suezmax newbuildings, if exercised, would also be expected in 2030.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
12 · Fleet renewal
Cash, restricted cash and short-term investments were $1,419.1M at September 30, 2026
Financial position
$M, Dec 31, 2025 vs Sep 30, 2026
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $830.6M | $1,046.3M |
| Short-term investments | $22.0M | $372.2M |
| Cash, restricted cash and short-term investments | $853.3M | $1,419.1M |
| Vessels and equipment, net | $1,000.5M | $1,015.6M |
| Total assets | $2,241.7M | $2,787.4M |
| Total equity | $2,043.6M | $2,563.4M |
The company reports no long-term debt on the summary balance sheet. Cash, cash equivalents, restricted cash and short-term investments of $1,419.1 million is the official combined figure at September 30, 2026.
Note: The company reports no long-term debt on the summary balance sheet. Cash, cash equivalents, restricted cash and short-term investments of $1,419.1 million is the official combined figure at September 30, 2026.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
13 · Balance sheet and liquidity
Spot-rate volatility, Q4 booking coverage and fleet renewal timing are the main watch items
Indicator
What to watch
Implication
Latest reading
Spot tanker rates after the Q4 surge
Rates have reached a new record high, as stated, and may not hold at Q4 to-date averages
The company still describes the market as exceptionally strong
Suezmax Q4 to-date $272,000 a day
Unbooked Q4 spot days
About 58% of fourth-quarter spot tanker days were fixed as of the release
The remaining days will be booked at then-prevailing rates
Aframax / LR2 booked 53%
Newbuilding and acquisition delivery
Four 2030 newbuildings, plus options, and one MR tanker due by mid-January 2027
Capex and delivery timing can shift the cash profile
MR expected by mid-January 2027
LR2 is Long Range 2; MR is medium range. Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
14 · Key risks to the outlook
Appendix: TCE rates and days
| Claim | Evidence | Calculation |
|---|---|---|
| Suezmax spot TCE | $33,404 to $106,437 | Company rounds the Q3 2026 average to $106,400 |
| Aframax / LR2 spot TCE | $30,861 to $67,552 | Company rounds the Q3 2026 average to $67,600 |
| Suezmax time-charter-out TCE | $60,470 | 295 revenue days this quarter |
| Q4 to-date Suezmax spot TCE | $272,000 | Record, as stated, for about 63% of days booked |
TCE is time charter equivalent; LR2 is Long Range 2. Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
15 · Appendix: TCE detail
Appendix: earnings and nine-month cash
| Claim | Evidence | Calculation |
|---|---|---|
| Net income | $92.1M to $195.2M | Basic EPS $5.60 |
| Adjusted net income | $53.3M to $175.8M | Adjusted basic EPS $5.04 |
| Adjusted net income, nine months | $497.7M | Approximates 2023 full-year record, as stated |
| Operating cash flow, nine months | $204.9M to $509.0M | Cash-flow statement |
Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
16 · Appendix: Profit and cash
Appendix: cash and dividend
| Claim | Evidence | Calculation |
|---|---|---|
| Cash, restricted cash and short-term investments | $1,419.1M | September 30, 2026 |
| Dividend declared, per share | $0.25 | Payable December 4, 2026 |
| Dividends paid, nine months | $60.6M | Cash-flow statement |
| Total equity | $2,563.4M | September 30, 2026 |
Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
17 · Appendix: Liquidity and dividend
Appendix: second-quarter comparatives
| Claim | Evidence | Calculation |
|---|---|---|
| Total revenues, Q2 2026 | $379.5M | Compared with $369.2 million in Q3 |
| Net income, Q2 2026 | $225.9M | Compared with $195.2 million in Q3 |
| Adjusted net income, Q2 2026 | $193.6M | Compared with $175.8 million in Q3 |
| Adjusted basic EPS, Q2 2026 | $5.56 | Compared with $5.04 in Q3 |
Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
18 · Appendix: Q2 comparison
Appendix: income statement detail
Income statement
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Total revenues | $229.0M | $369.2M | n.m. |
| Income from operations | $69.4M | $190.4M | n.m. |
| Net income | $92.1M | $195.2M | n.m. |
| Adjusted EBITDA | $64.3M | $188.4M | n.m. |
Per share and TCE ($)
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Basic EPS ($) | $2.66 | $5.60 | n.m. |
| Adjusted basic EPS ($) | $1.54 | $5.04 | n.m. |
| Suezmax spot TCE ($/day) | $33,404 | $106,437 | n.m. |
| Aframax / LR2 spot TCE ($/day) | $30,861 | $67,552 | n.m. |
Note: TCE is time charter equivalent; LR2 is Long Range 2. n.m. means an official year-on-year percentage is not stated. Year-on-year rates in the model, if shown elsewhere, are DeepCell calculations. Daily TCE rates are not shown in millions.Source: Teekay Tankers official Q3 2026 earnings release PDF, Nov 11, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Results release, Q3 2026 (official company earnings release PDF, Nov 11, 2026) — https://www.teekay.com/wp-content/uploads/2026/11/TNK-Q3-26-ER-Document.pdf
- Investor relations financials and presentations page — https://www.teekay.com/investors/teekay-tankers-ltd/financials-presentations/
- Consensus: Yahoo Finance analysis, Nov 11, 2026 after the close — https://finance.yahoo.com/quote/TNK/analysis/
- Share price: CNBC TNK quote, Nov 11, 2026 regular close $88.96 at 4:10 PM EST and Nov 12 pre-market last $88.99 at 8:31 AM EST — https://www.cnbc.com/quotes/TNK
- A Form 6-K for these results had not appeared on EDGAR when the page was built. Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. Daily TCE and per-share items are not shown in millions. Non-GAAP figures follow the company’s Appendix A, C and D reconciliations.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from Teekay Tankers Ltd.’s official earnings release dated November 11, 2026, as posted on the company’s investor-relations site as TNK-Q3-26-ER-Document.pdf. A Form 6-K had not appeared on EDGAR at the time of writing. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are U.S. GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025. Some narrative comparisons are also made with the second quarter of 2026, as in the release.
Forward-looking statements. Company commentary on fourth-quarter and full-year 2026 results, fleet renewal, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.
Date of analysis. Share prices are the CNBC regular-session close at 4:10 PM EST on November 11, 2026, and the Nov 12 pre-market last at 8:31 AM EST on November 12, 2026. The pre-market last is not a close.
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21 · Disclosures
Sources
- Teekay Tankers Ltd. earnings release, 'TEEKAY TANKERS LTD. REPORTS THIRD QUARTER 2026 RESULTS', Nov 11, 2026 — https://www.teekay.com/wp-content/uploads/2026/11/TNK-Q3-26-ER-Document.pdf Filing
- Teekay Tankers financials and presentations page — https://www.teekay.com/investors/teekay-tankers-ltd/financials-presentations/ Filing
- Yahoo Finance TNK analysis, Nov 11, 2026 after the close — https://finance.yahoo.com/quote/TNK/analysis/ Filing
- CNBC TNK quote: Nov 11, 2026 regular close $88.96 at 4:10 PM EST; Nov 12 pre-market last $88.99 at 8:31 AM EST — https://www.cnbc.com/quotes/TNK Filing
Not investment advice; no rating or price target.
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