Tidewater (TDW) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Energy· May 5, 2026

Source: earnings call transcript

Tidewater delivered strong Q1 FY26 results, with revenue and gross margin exceeding internal expectations driven by robust operational execution and favorable day rates. The company is actively managing the cost impacts from Operation Epic Fury while maintaining its full-year guidance. Strategic M&A, notably the Wilson & Sons acquisition, is on track to close by Q2, reinforcing Tidewater's global presence and capital allocation strategy remains focused on value-accretive opportunities, with a positive long-term outlook for day rate improvements driven by market tightening and increased offshor

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TDW operating KPIs by quarter

TDW operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2025 Q4 FY25	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Term contracts entered into	21 During the quarter, we entered into 21 term contracts with an average duration of 6 months as we are working to ensure that we maintain vessel availability for new contract opportunities as the market is expected to tighten later this year. Source: earnings call transcript	18 During the quarter, we entered into 18 term contracts with an average duration of 13 months with two specific long-term contracts skewing the average. Source: earnings call transcript	25 During the quarter, we entered into 25 term contracts with an average duration of approximately 12 months. Source: earnings call transcript	+38.9%
Average term contract duration	6 During the quarter, we entered into 21 term contracts with an average duration of 6 months as we are working to ensure that we maintain vessel availability for new contract opportunities as the market is expected to tighten later this year. Source: earnings call transcript	13 During the quarter, we entered into 18 term contracts with an average duration of 13 months with two specific long-term contracts skewing the average. Source: earnings call transcript	~12 During the quarter, we entered into 25 term contracts with an average duration of approximately 12 months. Source: earnings call transcript	—
Active utilization	81.7% However, we did see a nice increase in active utilization from 78.5% in the third quarter to 81.7% in the fourth quarter, which was our highest active utilization since Q1 2024. Source: earnings call transcript	80.6% We saw average day rates increase about 1% versus the fourth quarter, but saw a slight decrease in active utilization to 80.6% from 81.7% in Q4. Source: earnings call transcript	—	-1.1 pt
Drydock days	672 We had 672 drydock days that affected utilization by about 4 percentage points in Q4. Source: earnings call transcript	949 Q1 is typically a heavy drydock quarter, and this quarter was no exception as we had 949 drydock days that affected utilization by about 5 percentage points. Source: earnings call transcript	750 In the second quarter, we incurred 750 dry dock days and $23.3 million in drydock costs compared to 949 dry dock days and $36.4 million in costs in Q1. Source: earnings call transcript	-21%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.