Revenue: As of FY2026 Q1, the actual value is USD 326.22 M, beating the estimate of USD 324.4 M.EPS: As of FY2026 Q1, the actual value is USD 0.12, missing the estimate of USD 0.72.EBIT: As of FY2026 Q1, the actual value is USD 73.69 M.<h4>Consolidated Results (Three Months Ended March 31, 2026 vs. December 31, 2025)</h4><ul><li>Total Revenue: $326,222 thousand for Q1 2026, a -3% decrease from $336,798 thousand in Q4 2025. </li><li>Total Costs and Expenses: $267,238 thousand for Q1 2026, a 2% decrease from $272,822 thousand in Q4 2025. </li><li>Operating Income: $58,984 thousand for Q1 2026, a -8% decrease from $63,976 thousand in Q4 2025. </li><li>Net Income attributable to Tidewater Inc.: $6,140 thousand for Q1 2026, a -97% decrease from $219,884 thousand in Q4 2025. </li><li>Utilization: 77.7% for Q1 2026, a -0.9% change from 78.6% in Q4 2025. </li><li>Active Utilization: 80.6% for Q1 2026, a -1.1% change from 81.7% in Q4 2025. </li><li>Average Vessel Day Rates: $22,283 for Q1 2026, a 1.1% increase from $22,044 in Q4 2025. </li><li>Vessel Operating Cost per Active Day: $9,180 for Q1 2026, a 0.9% increase from $9,260 in Q4 2025. </li><li>Average Total Vessels: 207 for Q1 2026, a decrease of 2 vessels from 209 in Q4 2025. </li><li>Average Stacked Vessels: -7 for Q1 2026, a decrease of 1 vessel from -8 in Q4 2025. </li><li>Average Active Vessels: 200 for Q1 2026, a decrease of 1 vessel from 201 in Q4 2025. </li></ul><h4>Cash Flow (Three Months Ended March 31, 2026 vs. March 31, 2025)</h4><ul><li>Net Cash Provided by Operating Activities: $19,179 thousand for Q1 2026, compared to $80,411 thousand for Q1 2025. </li><li>Net Cash Used in Investing Activities: -$11,556 thousand for Q1 2026, compared to -$5,850 thousand for Q1 2025. </li><li>Net Cash Used in Financing Activities: -$32,290 thousand for Q1 2026, compared to -$59,240 thousand for Q1 2025. </li><li>Cash, Cash Equivalents and Restricted Cash at End of Period: $555,088 thousand as of March 31, 2026, compared to $349,914 thousand as of March 31, 2025. </li></ul><h4>Segmented Operating Results (Three Months Ended March 31, 2026 vs. December 31, 2025)</h4><ul><li>Americas Segment:<ul><li>Total Revenue: $58,526 thousand for Q1 2026, a -16% decrease from $69,706 thousand in Q4 2025. </li><li>Vessel Operating Profit: $9,567 thousand for Q1 2026, a -38% decrease from $15,484 thousand in Q4 2025. </li><li>Utilization: 66.1% for Q1 2026, a -4.3% change from 70.4% in Q4 2025. </li><li>Average Vessel Day Rates: $29,501 for Q1 2026, a -2.8% decrease from $30,362 in Q4 2025. </li></ul></li><li>Asia Pacific Segment:<ul><li>Total Revenue: $46,564 thousand for Q1 2026, an 11% increase from $42,037 thousand in Q4 2025. </li><li>Vessel Operating Profit: $15,470 thousand for Q1 2026, a 25% increase from $12,419 thousand in Q4 2025. </li><li>Utilization: 78.2% for Q1 2026, a 1.4% change from 76.8% in Q4 2025. </li><li>Average Vessel Day Rates: $37,470 for Q1 2026, a 7.0% increase from $35,025 in Q4 2025. </li></ul></li><li>Middle East Segment:<ul><li>Total Revenue: $45,569 thousand for Q1 2026, a -3% decrease from $47,021 thousand in Q4 2025. </li><li>Vessel Operating Profit: $6,628 thousand for Q1 2026, a 3% increase from $6,465 thousand in Q4 2025. </li><li>Utilization: 78.7% for Q1 2026, a -1.1% change from 79.8% in Q4 2025. </li><li>Average Vessel Day Rates: $14,295 for Q1 2026, a -0.6% decrease from $14,381 in Q4 2025. </li><li>Operational Costs Impact: Crew costs increased by $1.3 million due to war risk bonuses and crew travel costs, and vessel insurance increased by $0.3 million, both related to the Iran conflict. </li></ul></li><li>Europe/Mediterranean Segment:<ul><li>Total Revenue: $86,945 thousand for Q1 2026, a 6% increase from $82,402 thousand in Q4 2025. </li><li>Vessel Operating Profit: $8,045 thousand for Q1 2026, a -17% decrease from $9,737 thousand in Q4 2025. </li><li>Utilization: 80.0% for Q1 2026, a -7.2% change from 87.2% in Q4 2025. </li><li>Average Vessel Day Rates: $21,954 for Q1 2026, an 8.8% increase from $20,173 in Q4 2025. </li><li>Fuel Costs: Increased significantly due to greater idle and drydock days and higher fuel prices from the Iran conflict. </li></ul></li><li>West Africa Segment:<ul><li>Total Revenue: $85,814 thousand for Q1 2026, a -6% decrease from $91,717 thousand in Q4 2025. </li><li>Vessel Operating Profit: $37,230 thousand for Q1 2026, a 5% increase from $35,625 thousand in Q4 2025. </li><li>Utilization: 81.5% for Q1 2026, a 5.8% change from 75.7% in Q4 2025. </li><li>Average Vessel Day Rates: $20,732 for Q1 2026, a -3.9% decrease from $21,583 in Q4 2025. </li></ul></li></ul><h4>Strategic Outlook and Key Developments</h4>Tidewater Inc. agreed to acquire Wilson Sons Ultratug Participações S.A and Atlantic Offshore Services S.A. for $500.0 million cash, subject to adjustments, with the acquisition expected to close in late Q2 2026. The company maintains a positive outlook for a sustained upcycle in the offshore energy industry, believing offshore developments will play an important role despite near-term uncertainty from the Iran conflict. The Iran conflict has resulted in increased insurance rates, higher crew wages and travel costs, and higher fuel costs for vessels operating near the conflict zone.

Tidewater | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 326.22 M