Quarterly ResultMay 4, 2026, 04:33 PM
Tidewater Q1 Revenue $326.2M, Net Income $6.1M; Reiterates 2026 Guidance
AI Summary
Tidewater Inc. reported first-quarter 2026 revenue of $326.2 million, a 2.2% decrease year-over-year, and net income of $6.1 million, significantly down from $42.7 million in Q1 2025, partly due to a $3.4 million foreign exchange loss. Despite the decline, the company exceeded expectations in key financial and operational measures, with improved gross margin and increased average day rates. Tidewater reiterated its 2026 revenue guidance of $1.43 billion to $1.48 billion and gross margin guidance of 49% to 51%, while also providing an update on the Wilson Sons Ultratug acquisition and noting increased operating costs in the Middle East due to conflict.
Key Highlights
- Q1 2026 revenue was $326.2 million, a 2.2% decrease from $333.4 million in Q1 2025.
- Net income for Q1 2026 was $6.1 million ($0.12 per share), down from $42.7 million ($0.83 per share) in Q1 2025.
- Adjusted EBITDA for Q1 2026 was $129.3 million, impacted by a $3.4 million foreign exchange loss.
- Average day rate increased by $240 per day in Q1 2026, reaching $22,283, a 0.1% decline YoY.
- Net cash from operating activities was $19.2 million, with free cash flow of $34.4 million.
- Reiterated 2026 revenue guidance of $1.43 billion to $1.48 billion and gross margin of 49% to 51%.
- Acquisition of Wilson Sons Ultratug (22-vessel fleet) is expected to close by end of Q2 2026.
- Outstanding share repurchase program authorization remains at $500 million.
Price Impact
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