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Tidewater Inc. (TDW)
NYSE:TDW
Earnings Data
Report Date
May 11, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.68Last Year’s EPS
0.83Same Quarter Last Year
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a generally positive operating and financial performance in 2025 (strong adjusted EBITDA, meaningful free cash flow, margin expansion, strong Q4 utilization and cash collections). Management is deploying capital into an accretive $500M acquisition while keeping leverage targets conservative and raising 2026 guidance inclusive of the deal. Offsets include essentially flat revenue YoY, reliance on a one-time tax benefit for a large portion of reported net income growth, regional softness (notably Americas and parts of APAC), and expected higher dry-dock and CapEx in 2026. Geopolitical risk in the Middle East is being monitored but was not an immediate drag at the time of the call. Overall, the positive operational execution, balance sheet flexibility, and strategic M&A/guide lift outweigh the headwinds mentioned.Company Guidance
Strong Adjusted EBITDA and Free Cash Flow
Adjusted EBITDA of $598.1M in 2025, up from $559.6M in 2024 (+$38.5M, +6.9%). Free cash flow of $426.0M in 2025, an increase of $95.0M versus 2024 (management emphasized robust cash generation and Q4 working capital collections).
Revenue and Gross Margin Resilience
Full-year revenue of $1.35B (essentially flat YoY; +$7M vs 2024). Full-year gross margin of $665.8M and gross margin rate of ~49.2%, ~1 percentage point improvement year-over-year, reflecting higher day rates and lower operating costs.
Average Day Rate Improvement (YoY)
Average day rates improved by $1,300 for the year to $22,573 (approx +6.1% vs prior-year implied rate), supporting higher margins despite slightly lower utilization for the year.
Quarterly Operational Momentum (Q4)
Q4 revenue of $336.8M with gross margin near 49%; active utilization rose to 81.7% in Q4 from 78.5% in Q3 (up ~3.2 percentage points). Q4 adjusted EBITDA improved to $143.1M from $137.9M in Q3 (+3.8%) and Q4 free cash flow was $101.2M (up ~27% vs Q3).
Balance Sheet Strength and Cash Position
Ended 2025 with nearly $580M of cash on the balance sheet and a pro forma plan to maintain a healthy leverage profile (targeting net debt/EBITDA below 1x post-Wilson’s acquisition).
Strategic M&A — Wilson Sons Offshore Ultratug Acquisition
Announced acquisition of Wilson Sons Offshore Ultratug for $500M (all-cash) plus assumption of ~$261M debt (weighted average cost 3.6%, amortization to 2035). Management expects pro forma net leverage below 1x assuming a 06/30/2026 close and views transaction as accretive to returns.
Raised 2026 Financial Outlook (Including Wilson’s)
Updated full-year 2026 guidance to revenue $1.43B–$1.48B and gross margin 49%–51%, reflecting the acquisition and implying continued margin strength; legacy firm backlog + options and Jan revenue represent ~ $1.1B (~80% of midpoint) and ~65% of available days captured.
Operational Execution and Fleet Reliability
Management highlighted improved vessel uptime, lower dry-dock/repair downtime in 2025 (Q4 had the lowest quarterly dry-dock spend of the year) and continued focus on maintenance and operational excellence, contributing to stronger utilization and margins in several regions.
TDW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TDW Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 02, 2026 | $79.87 | ― | ― |
Nov 10, 2025 | $54.68 | $58.92 | +7.75% |
Aug 04, 2025 | $48.91 | $63.19 | +29.20% |
May 05, 2025 | $38.01 | $40.23 | +5.84% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tidewater Inc. (TDW) report earnings?
Tidewater Inc. (TDW) is schdueled to report earning on May 11, 2026, After Close (Confirmed).
What is Tidewater Inc. (TDW) earnings time?
Tidewater Inc. (TDW) earnings time is at May 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TDW EPS forecast?
TDW EPS forecast for the fiscal quarter 2026 (Q1) is 0.68.