--- title: "Tidewater | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 326.22 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285117393.md" datetime: "2026-05-04T20:30:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285117393.md) - [en](https://longbridge.com/en/news/285117393.md) - [zh-HK](https://longbridge.com/zh-HK/news/285117393.md) --- # Tidewater | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 326.22 M 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. ### Financial Highlights (Three Months Ended March 31, 2026 vs. March 31, 2025) #### Revenue - Total revenues were $326,222 thousand in 2026, down from $333,444 thousand in 2025 . - Vessel revenues were $323,418 thousand in 2026, compared to $330,699 thousand in 2025 . - Other operating revenues were $2,804 thousand in 2026, up from $2,745 thousand in 2025 . #### Net Income - Net income attributable to Tidewater Inc. was $6,140 thousand in 2026, a decrease from $42,653 thousand in 2025 . - Income before income taxes was $40,879 thousand in 2026, compared to $68,429 thousand in 2025 . - Income tax expense was $34,903 thousand in 2026, up from $26,109 thousand in 2025 . #### Operating Profit and Costs - Operating income was $58,984 thousand in 2026, down from $75,047 thousand in 2025 . - Total costs and expenses were $267,238 thousand in 2026, compared to $258,397 thousand in 2025 . - Vessel operating costs were $166,187 thousand in 2026, up from $164,979 thousand in 2025 . - Costs of other operating revenues were $761 thousand in 2026, down from $1,430 thousand in 2025 . - General and administrative expenses were $33,559 thousand in 2026, compared to $29,094 thousand in 2025 . - Depreciation and amortization were $66,619 thousand in 2026, up from $65,432 thousand in 2025 . - Loss on asset dispositions, net, was $112 thousand in 2026, compared to a gain of -$2,538 thousand in 2025 . #### Other Income (Expense) - Foreign exchange gain (loss) was -$3,403 thousand in 2026, compared to a gain of $7,569 thousand in 2025 . - Interest income and other, net, was $2,189 thousand in 2026, up from $2,157 thousand in 2025 . - Interest and other debt costs, net, were -$16,891 thousand in 2026, compared to -$16,344 thousand in 2025 . - Total other expense was -$18,105 thousand in 2026, compared to -$6,618 thousand in 2025 . #### Adjusted EBITDA - Adjusted EBITDA reached $129.3 million for the three months ended March 31, 2026 . ### Cash Flow (Three Months Ended March 31, 2026 vs. March 31, 2025) #### Operating Cash Flow - Net cash provided by operating activities was $19,179 thousand in 2026, down from $80,411 thousand in 2025 . #### Free Cash Flow - Free cash flow was $34.4 million for the three months ended March 31, 2026 . #### Other Cash Flow Information - Net cash used in investing activities was -$11,556 thousand in 2026, compared to -$5,850 thousand in 2025 . - Net cash used in financing activities was -$32,290 thousand in 2026, compared to -$59,240 thousand in 2025 . - Effects of exchange rate changes on cash, cash equivalents and restricted cash was -$1,813 thousand in 2026, compared to $5,562 thousand in 2025 . - Net change in cash, cash equivalents and restricted cash was -$26,480 thousand in 2026, compared to $20,883 thousand in 2025 . - Cash, cash equivalents and restricted cash at end of period was $555,088 thousand in 2026, compared to $349,914 thousand in 2025 . - Cash paid for interest was $31,554 thousand in 2026, up from $17,505 thousand in 2025 . - Cash paid for income taxes was $19,922 thousand in 2026, up from $15,148 thousand in 2025 . ### Balance Sheet (March 31, 2026 vs. December 31, 2025) #### Assets - Cash and cash equivalents were $552,280 thousand at March 31, 2026, compared to $578,761 thousand at December 31, 2025 . - Total current assets were $899,614 thousand at March 31, 2026, compared to $914,135 thousand at December 31, 2025 . - Total assets were $2,340,670 thousand at March 31, 2026, compared to $2,386,911 thousand at December 31, 2025 . #### Liabilities and Equity - Total current liabilities were $269,925 thousand at March 31, 2026, compared to $315,237 thousand at December 31, 2025 . - Long-term debt was $648,616 thousand at March 31, 2026, compared to $649,048 thousand at December 31, 2025 . - Total equity was $1,363,989 thousand at March 31, 2026, compared to $1,361,254 thousand at December 31, 2025 . - Total liabilities and equity were $2,340,670 thousand at March 31, 2026, compared to $2,386,911 thousand at December 31, 2025 . ### Operational Metrics (Three Months Ended March 31, 2026) #### Worldwide Fleet Statistics - The average day rate was $22,283 per day, a 0.1% decline compared to the first quarter of 2025 . - Total average vessels were 207, with 200 active and 7 stacked . - Utilization for the total fleet was 77.7%, and for the active fleet, it was 80.6% . #### Vessel Revenues and Operating Costs by Segment - **Americas:** Vessel revenues were $58,526 thousand, with vessel operating costs of $33,870 thousand, resulting in a vessel operating margin of $24,656 thousand (42.1%) . The average day rate was $29,501, and active fleet utilization was 77.0% . - **Asia Pacific:** Vessel revenues were $46,564 thousand, with vessel operating costs of $23,345 thousand, resulting in a vessel operating margin of $23,219 thousand (49.9%) . The average day rate was $37,470, and active fleet utilization was 78.2% . - **Middle East:** Vessel revenues were $45,569 thousand, with vessel operating costs of $26,905 thousand, resulting in a vessel operating margin of $18,664 thousand (41.0%) . The average day rate was $14,295, and active fleet utilization was 78.7% . - **Europe/Mediterranean:** Vessel revenues were $86,945 thousand, with vessel operating costs of $50,381 thousand, resulting in a vessel operating margin of $36,564 thousand (42.1%) . The average day rate was $21,954, and active fleet utilization was 80.0% . - **West Africa:** Vessel revenues were $85,814 thousand, with vessel operating costs of $31,686 thousand, resulting in a vessel operating margin of $54,128 thousand (63.1%) . The average day rate was $20,732, and active fleet utilization was 85.5% . #### Deferred Drydocking and Survey Costs - The worldwide beginning balance for deferred drydocking and survey costs was $139,736 thousand, with $36,381 thousand cash paid and -$28,122 thousand amortization, leading to an ending balance of $147,871 thousand . ### Outlook / Guidance - Tidewater Inc. reiterated its 2026 revenue guidance to $1.43 billion to $1.48 billion and 2026 gross margin guidance of 49% to 51%, pro forma for the previously announced Wilson Sons Ultratug acquisition . The company anticipates closing the Wilsons acquisition by the end of the second quarter of 2026 . An outstanding share repurchase program authorization of $500 million remains in place . ### Related Stocks - [TDW.US](https://longbridge.com/en/quote/TDW.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [GDEV announces results for the first quarter of 2026 | GDEV Stock News](https://longbridge.com/en/news/286909689.md) - [LOWE'S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTS | LOW Stock News](https://longbridge.com/en/news/287043063.md) - [XP Inc. Reports First Quarter 2026 Results | XP Stock News](https://longbridge.com/en/news/286814239.md)