Seapeak LLC income statement SEAL-PB

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Seapeak LLC reported revenue of $637.0 million, down 10.4% from the year before. Net income was $26.0 million, a profit margin of 4.1%. Operating income came to $130.9 million, an operating margin of 20.5%. Across the 8 fiscal years shown, revenue grew from $510.8 million in fiscal 2018 to $637.0 million in fiscal 2025, about 3.2% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Revenue	637 -10.4%	711 -2.2%	727 +16.4%	624 +4.5%	598 +1.1%	591 -1.7%	601 +17.7%	511	—	—
Cost of revenue	12 +4.2%	12 -45.9%	21 -38.1%	35 +22.8%	28 +62.1%	17 -18.7%	21	—	—	—
Gross profit	625 -10.6%	699 -0.9%	705 +19.6%	590 +3.6%	570 -0.7%	574 -1.1%	580	—	—	—
Selling, general and administrative	34 +18.4%	29 -5.9%	31 +21.4%	25 -37.9%	41 +52.5%	27 +19.5%	23 -21.0%	29 +57.2%	18 -5.5%	19 -23.6%
Restructuring and impairment	22	0	0 -100.0%	3 -17.7%	3	0 -100.0%	3 +79.7%	2	0	0 -100.0%
Operating income	131 +238.5%	-95 -130.0%	315 +77.8%	177 -28.0%	246 +9.0%	226 -24.4%	299 +102.5%	148 -0.6%	149 -3.0%	153 -15.5%
Pretax income	29 +129.6%	-98 -130.0%	328 +31.3%	250 -4.8%	262 +160.3%	101 -41.4%	172 +471.9%	30 -39.5%	50 -68.7%	159 -27.8%
Income tax	3 +225.3%	-2 -124.3%	10 +24.8%	8 +18.9%	7 +97.2%	3 -53.3%	7 +132.7%	3 +289.9%	1 -15.3%	1 -64.3%
Net income	26 +127.1%	-96 -130.2%	318 +31.5%	242 -5.5%	256 +162.6%	97 -40.9%	165 +512.5%	27 -45.1%	49 -69.0%	158 -27.4%
Net income to common	17 +118.6%	-93 -133.3%	280 +41.4%	198	—	—	—	—	—	—
Other measures
Depreciation and amortization	144 +0.9%	143 -2.1%	146 +13.4%	128 -1.8%	131 +0.8%	130 -5.1%	137 +10.0%	124 +17.8%	106 +10.5%	96 +3.6%
EBITDA	275 +470.7%	48 -89.6%	461 +50.7%	306 -18.9%	377 +6.0%	356 -18.4%	436 +60.2%	272 +7.1%	254 +2.2%	249 -9.1%
Interest coverage	0.79x	-0.53x	1.68x	1.29x	2.08x	1.70x	1.82x	1.15x	1.84x	2.60x
Margins
Gross margin	98.10%	98.37%	97.05%	94.46%	95.28%	97.06%	96.44%	—	—	—
Operating margin	20.55%	-13.30%	43.38%	28.40%	41.22%	38.25%	49.77%	28.94%	—	—
Pretax margin	4.57%	-13.83%	45.12%	39.99%	43.90%	17.05%	28.62%	5.89%	—	—
Profit margin	4.08%	-13.48%	43.71%	38.68%	42.75%	16.46%	27.38%	5.26%	—	—
EBITDA margin	43.15%	6.78%	63.43%	48.97%	63.11%	60.20%	72.52%	53.29%	—	—
Effective tax rate	10.71%	—	3.11%	3.28%	2.62%	3.46%	4.35%	10.68%	1.66%	0.61%

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.

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Company profile

Industry: Water Transportation (SIC 4400)
Listed as: SEAL-PA (NYSE), SEAL-PB (NYSE)
Fiscal year ends: December 31
Incorporated in: Marshall Islands
Headquarters: Hamilton, Bermuda
SEC filer status: Non-accelerated filer
SEC CIK: 1308106
Former names: Teekay LNG Partners L.P. (until Mar 9, 2022)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.