Teekay Tankers Posts $5.04 EPS, Beats Estimates Despite Revenue Shortfall
Key Facts
Teekay Tankers reported results on November 11, 2026, for the three months ended September 30, posting earnings per share of $5.04, $0.21 above analysts’ estimate of $4.83, according to Investing.com data. But the results did not beat expectations across the board: revenue was $239.37 million, against a consensus estimate of $269.99 million. The company’s statement showed total revenue of $369.246 million under its reported figures, differing from the revenue figure cited in the Investing.com report. The company also declared a flat quarterly cash distribution of $0.25 per share for the quarter ended September 30. The results highlight the gap between an EPS estimate beat and revenue that fell short of the market forecast.
Compared with prior periods, total revenue fell to $369.246 million in the third quarter from $379.508 million in the second quarter of 2026, but rose from $229.023 million in the third quarter of 2025, according to Teekay Tankers’ statement. GAAP basic earnings per share declined to $5.60 from $6.49 in the second quarter, while remaining above the $2.66 recorded a year earlier. The basic earnings figure reported in the company’s statement differs from the $5.04 EPS figure cited by Investing.com in its results report. In its statement, the company attributed the decline in net income from the previous quarter mainly to the sale of two tankers, lower average spot-market rates and weaker results from its Australian operations. These factors were partly offset by the return of three tankers from bareboat charters to service at higher spot rates.
Chief Executive Kenneth Hvid said adjusted net income for the first nine months of 2026 was $497.7 million, approaching the company’s record full-year earnings in 2023. The cumulative result came in a quarter that saw revenue and basic earnings decline from second-quarter levels, although earnings remained above the year-earlier period. Average spot-market rates in the third quarter were $106,400 per day for Suezmax tankers and $67,600 per day for Aframax/LR 2 tankers. The company said those rates were slightly below the record levels recorded in the previous quarter. It said disruptions in oil and tanker markets, including conflicts in the Middle East, the Gulf, Ukraine and the Red Sea, supported the market alongside higher refining margins and longer shipping routes caused by supply-chain disruptions.
For the distribution, the company set November 23, 2026, as the record date for eligible shareholders, with payment of $0.25 per share on December 4. The distribution relates to the quarter ended September 30, and the company described it as flat quarter on quarter. The announcement is a direct item for shareholders alongside operating results, with eligibility tied to the record date set by the company. The company’s Class A common shares trade on the New York Stock Exchange under the symbol TNK, according to Teekay’s statement. Its operations include a fleet of 38 double-hull crude oil and petroleum products tankers, as well as three tankers chartered on time charters.
The company combines spot-market trading with fixed short- or medium-term time charters in operating its fleet, according to its statement. EL7 data showed TNK shares closed at $88.96 on November 11, 2026, a closing price for that day; this information alone does not establish that the stock fell during the results-announcement session. Investing.com’s page lists a close of $88.96 without specifying the date of that close in the open text. The dated figure available, therefore, is the November 11 close, while no verified data here identifies the stock’s movement during or after the session. The company’s statement does not provide a price comparison tied to the results announcement.
Looking to the fourth quarter, the company said average spot-market rates through the date of its results statement were $272,000 per day for Suezmax tankers, with 63% of days fixed, and $208,300 per day for Aframax/LR 2 tankers, with 53% of days fixed. Management said about 58% of fourth-quarter spot-market tanker days were fixed at the time of the statement, and said the company was positioned to achieve its highest-ever results in the fourth quarter and full-year 2026. The company attributed freight-rate support to market disruptions, higher refining margins and longer routes, but also noted that tanker congestion and upcoming fleet deliveries could affect the balance in the future. The company was scheduled to hold a call to discuss its third-quarter results on November 12, 2026, at 11:00 a.m. Eastern Time. This follows the results announcement on November 11, while the fourth-quarter rate figures and outlook remain attributed to management and the company’s statement.