Jun 2026 (Q2 FY26) — Aug 4, 2026
Tidewater Q2 FY26 — Strong Day Rate Momentum and Wilsons' Acquisition Update
Read the full callTidewater (TDW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Tidewater earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 342 | +0.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.3 | −5.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 21.7 | −70.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
21 of 23 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter gross margin (sequential decline) | decline about 5 percentage points sequentially from Q1's 48.8% (~43.8%) | Mar 2026 | Gross margin percentage was 46.9%, nicely above our Q2 expectation and as expected, below our Q1 margin of 48.8%. | Achieved |
| Full-year capital expenditures | approximately $36 million (including $7 million of 2025 carryover) | Sep 2025 | For the full year 2026, we expect to incur approximately $52 million in capital expenditures. This amount includes a planned $15 million major upgrade to one of our Norwegian vessels. | Revised Down |
| Full-year drydock costs | $124 million (including $21 million of engine overhauls and $7 million of 2025 carryover) | Sep 2025 | Our full year 2026 dry dock cost expectation remains at approximately $122 million. | On Track |
2 of TIDEWATER INC's 31 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- Revenue was $342.3 million, exceeding expectations.
- Gross margin was nearly 47%, almost 3 percentage points above prior expectations.
- Weighted average leading edge day rate increased approximately 7.5% sequentially.
- Free cash flow nearly doubled from Q1 to $64 million.
- Balance sheet remains strong with net debt essentially at $0 and liquidity over $850 million at quarter end.
Qualified
- Operation Epic Fury continued to incur costs, totaling approximately $6.8 million in Q2, with $4 million expected in Q3.
- Wilsons' acquisition closing is now expected around September 1st, approximately 2 months later than previously anticipated.
- Third-quarter revenue is expected to be up only 3% (inclusive of 1 month Wilsons'), with Legacy Tidewater revenue declining about 2%.
- Third-quarter gross margin is expected to be about 46% due to conflict-related costs, higher fuel expense, and R&M expense.
Price
$80.81 +1.65% · +$1.31
Performance +67.3% 1Y
1Y: $48.3 on 17 Oct 2025 → $80.81. High $100.61 (2 Sept 2026), low $47.29 (21 Oct 2025).
- Previous close
- $79.5
- 52-week range
- $47.29 – $100.61
- One year
- +69.13%
Overview
- Symbol
- TDW
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 23 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter gross margin (sequential decline) | decline about 5 percentage points sequentially from Q1's 48.8% (~43.8%) | Mar 2026 | Gross margin percentage was 46.9%, nicely above our Q2 expectation and as expected, below our Q1 margin of 48.8%. | Achieved |
| Full-year capital expenditures | approximately $36 million (including $7 million of 2025 carryover) | Sep 2025 | For the full year 2026, we expect to incur approximately $52 million in capital expenditures. This amount includes a planned $15 million major upgrade to one of our Norwegian vessels. | Revised Down |
| Full-year drydock costs | $124 million (including $21 million of engine overhauls and $7 million of 2025 carryover) | Sep 2025 | Our full year 2026 dry dock cost expectation remains at approximately $122 million. | On Track |
Claimed
- Revenue was $342.3 million, exceeding expectations.
- Gross margin was nearly 47%, almost 3 percentage points above prior expectations.
- Weighted average leading edge day rate increased approximately 7.5% sequentially.
- Free cash flow nearly doubled from Q1 to $64 million.
- Balance sheet remains strong with net debt essentially at $0 and liquidity over $850 million at quarter end.
Qualified
- Operation Epic Fury continued to incur costs, totaling approximately $6.8 million in Q2, with $4 million expected in Q3.
- Wilsons' acquisition closing is now expected around September 1st, approximately 2 months later than previously anticipated.
- Third-quarter revenue is expected to be up only 3% (inclusive of 1 month Wilsons'), with Legacy Tidewater revenue declining about 2%.
- Third-quarter gross margin is expected to be about 46% due to conflict-related costs, higher fuel expense, and R&M expense.
The full ledger
Open TIDEWATER INC’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Tidewater Q1 FY26 — Strong Operational Execution Amid Geopolitical Headwinds
Read the full callDec 2025 (Q4 FY25) — Mar 3, 2026
Tidewater Q4 FY25 — Strong Free Cash Flow and Strategic Acquisition
Read the full callEvery analysed call
Tidewater earnings calls (TDW)
Financials
What the filings say
Net profit, year on year: −70% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 340 | 345 | 333 | 341 | 341 | 337 | 326 | 342 |
| Expenses | 270 | 264 | 258 | 261 | 278 | 273 | 267 | 280 |
| Operating profit | 70 | 81 | 75 | 81 | 63 | 64 | 59 | 63 |
| Operating margin | 20.6% | 23.6% | 22.5% | 23.7% | 18.4% | 19.0% | 18.1% | 18.3% |
| Other income | -11 | -28 | -7 | -3 | -42 | -11 | -18 | -16 |
| Profit before tax | 59 | 53 | 68 | 78 | 21 | 53 | 41 | 46 |
| Tax rate | 21.9% | 30.9% | 38.1% | 7.1% | 104.9% | −315.3% | 85.4% | 54.3% |
| Net profit | 46 | 37 | 43 | 73 | -1 | 220 | 6 | 22 |
| EPS ($ per share) | 0.88 | — | 0.83 | 1.47 | -0.02 | — | 0.12 | 0.44 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -211 | -353 | -549 | -678 | -700 | -638 | -549 | -305 |
| Total liabilities | 683 | 563 | 428 | 394 | 432 | 1,025 | 964 | 1,026 |
| Fixed assets | 1,090 | 780 | 780 | 688 | 797 | 1,315 | 1,184 | 1,072 |
| Total assets | 1,828 | 1,580 | 1,251 | 1,096 | 1,298 | 2,063 | 2,075 | 2,387 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4 | -31 | 4 | 15 | 40 | 104 | 282 | 379 |
| Cash from investing | 69 | 11 | 23 | 25 | -24 | -610 | -0 | -7 |
| Cash from financing | -128 | -150 | -100 | -41 | -3 | 616 | -223 | -136 |
| Net cash flow | -56 | -170 | -72 | -1 | 14 | 110 | 51 | 253 |
| Capital expenditure | -21 | -18 | -15 | -9 | -17 | -32 | -28 | -26 |
| Free cash flow | -17 | -49 | -11 | 6 | 24 | 73 | 255 | 353 |
TDW revenue by segment
Europe and Mediterranean grew from 25% to 33% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Europe and Mediterranean | 25% | 24% | 23% | 29% | 25% | 24% | 27% | 33% | +12.9% |
| West Africa | 28% | 31% | 32% | 24% | 24% | 27% | 26% | 23% | -6.8% |
| Americas 1 | 19% | 17% | 16% | 20% | 23% | 21% | 18% | 16% | -21.5% |
| Middle East 1 | 11% | 12% | 13% | 12% | 12% | 14% | 14% | 14% | +20.6% |
| Asia Pacific 1 | 17% | 15% | 14% | 13% | 16% | 12% | 14% | 14% | +4.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TDW operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Term contracts entered into | 21During 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 | 18During 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 | 25During 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 | 6During 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 | 13During 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 | ~12During 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 | 672We had 672 drydock days that affected utilization by about 4 percentage points in Q4.Source: earnings call transcript | 949Q1 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 | 750In 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.
Insider filings
47 filings between Jan 2, 2026 and Sep 16, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$9.55M
10 sales by 4 insiders
10% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 17
- Award — granted as compensation
- 16
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Hudson Daniel A. | — | $4.21M | Sep 2, 2026 |
| Rubio Samuel R | — | $3.42M | Aug 12, 2026 |
| Traub Kenneth | — | $990.0K | Sep 2, 2026 |
| ROBOTTI ROBERT | — | $925.4K | Sep 16, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 16, 2026 | ROBOTTI ROBERT Director | Sale | 6,695 | $601.5K |
| Sep 16, 2026 | ROBOTTI ROBERT Director | Sale | 3,605 | $323.9K |
| Sep 16, 2026 | ROBOTTI ROBERT Director | Gift | 1,951 | $0 |
| Sep 2, 2026 | Hudson Daniel A. EVP, CLO & Corporate Secretary | Sale 10b5-1 plan | 15,000 | $1.49M |
| Sep 2, 2026 | Traub Kenneth Director | Sale | 10,000 | $990.0K |
| Aug 20, 2026 | Hudson Daniel A. EVP, CLO & Corporate Secretary | Gift | 200 | $0 |
| Aug 12, 2026 | Rubio Samuel R EVP, CFO & CAO | Sale | 17,705 | $1.62M |
| Aug 10, 2026 | Hudson Daniel A. EVP, CLO & Corporate Secretary | Sale | 5,000 | $445.1K |
| Jun 16, 2026 | Traub Kenneth Director | Award | 1,760 | $0 |
| Jun 16, 2026 | Zabrocky Lois K Director | Award | 1,760 | $0 |
| Jun 16, 2026 | FAGERSTAL DICK Director | Award | 1,760 | $0 |
| Jun 16, 2026 | RASPINO LOUIS Director | Award | 1,760 | $0 |
| Jun 16, 2026 | ROBOTTI ROBERT Director | Award | 1,760 | $124.9K |
| Jun 16, 2026 | Cougle Melissa Director | Award | 1,760 | $0 |
| Jun 12, 2026 | ROBOTTI ROBERT Director | Gift | 16,932 | $0 |
| Apr 1, 2026 | ROBOTTI ROBERT Director | Award | 374 | $31.2K |
| Apr 1, 2026 | Cougle Melissa Director | Award | 374 | $31.2K |
| Mar 23, 2026 | Kneen Quintin DIRECTOR, PRESIDENT & CEO | Tax withheld | 5,872 | $425.6K |
| Mar 23, 2026 | Kneen Quintin DIRECTOR, PRESIDENT & CEO | Tax withheld | 2,555 | $185.2K |
| Mar 23, 2026 | Kneen Quintin DIRECTOR, PRESIDENT & CEO | Tax withheld | 5,766 | $417.9K |
| Mar 23, 2026 | Middleton Piers Dayer EVP & Chief Operating Officer | Tax withheld | 979 | $71.0K |
| Mar 23, 2026 | Middleton Piers Dayer EVP & Chief Operating Officer | Tax withheld | 1,408 | $102.1K |
| Mar 23, 2026 | Middleton Piers Dayer EVP & Chief Operating Officer | Tax withheld | 347 | $25.2K |
| Mar 23, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Tax withheld | 1,366 | $99.0K |
| Mar 23, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Tax withheld | 629 | $45.6K |
| Mar 23, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Tax withheld | 2,128 | $154.2K |
| Mar 23, 2026 | Rubio Samuel R EVP, CFO & CAO | Tax withheld | 730 | $52.9K |
| Mar 23, 2026 | Rubio Samuel R EVP, CFO & CAO | Tax withheld | 1,587 | $115.0K |
| Mar 23, 2026 | Rubio Samuel R EVP, CFO & CAO | Tax withheld | 2,472 | $179.2K |
| Mar 18, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Award | 8,005 | $602.5K |
| Mar 18, 2026 | Rubio Samuel R EVP, CFO & CAO | Award | 6,643 | $500.0K |
| Mar 18, 2026 | Rubio Samuel R EVP, CFO & CAO | Tax withheld | 3,771 | $283.8K |
| Mar 18, 2026 | Rubio Samuel R EVP, CFO & CAO | Award | 9,420 | $709.0K |
| Mar 18, 2026 | Kneen Quintin DIRECTOR, PRESIDENT & CEO | Tax withheld | 25,965 | $1.95M |
| Mar 18, 2026 | Kneen Quintin DIRECTOR, PRESIDENT & CEO | Award | 25,575 | $1.93M |
| Mar 18, 2026 | Kneen Quintin DIRECTOR, PRESIDENT & CEO | Award | 65,938 | $4.96M |
| Mar 18, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Tax withheld | 3,267 | $245.9K |
| Mar 18, 2026 | Middleton Piers Dayer EVP & Chief Operating Officer | Award | 6,643 | $500.0K |
| Mar 18, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Award | 6,643 | $500.0K |
| Mar 17, 2026 | ROBOTTI ROBERT Director | Gift | 10,000 | $0 |
| Mar 5, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Sale | 5,195 | $418.5K |
| Mar 5, 2026 | Rubio Samuel R EVP, CFO & CAO | Sale | 22,461 | $1.80M |
| Feb 23, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Sale | 15,000 | $1.16M |
| Feb 11, 2026 | Hudson Daniel A. EVP & GENERAL COUNSEL | Sale | 10,000 | $700.1K |
| Jan 2, 2026 | Middleton Piers Dayer EVP & Chief Operating Officer | Tax withheld | 2,053 | $107.2K |
| Jan 2, 2026 | ROBOTTI ROBERT Director | Award | 598 | $31.2K |
| Jan 2, 2026 | Cougle Melissa Director | Award | 598 | $31.2K |
| Oct 1, 2025 | ROBOTTI ROBERT Director | Award | 570 | $31.2K |
| Oct 1, 2025 | Cougle Melissa Director | Award | 570 | $31.2K |
| Aug 5, 2025 | Hudson Daniel A. EVP & GENERAL COUNSEL | Sale | 10,000 | $575.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for TIDEWATER INC
Free account. Everything above stays public.
Write why you follow TIDEWATER INC and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading