Quarterly ResultAug 3, 2026, 04:34 PM
Tidewater Q2 Revenue $342.3M, Net Income $21.7M, EPS $0.43
AI Summary
Tidewater Inc. reported Q2 2026 revenue of $342.3 million, a 4.9% sequential increase, but net income significantly decreased to $21.7 million ($0.43 diluted EPS) from $72.9 million in Q2 2025. The company saw improved average day rates and leading edge day rates, outperforming expectations. Tidewater updated its 2026 revenue and gross margin guidance, reflecting a two-month delay in the WSUT acquisition closing and continued elevated operating costs due to the Middle East conflict.
Key Highlights
- Q2 2026 Revenue: $342.3 million, a 4.9% increase from Q1 2026.
- Q2 2026 Net Income: $21.7 million ($0.43 diluted EPS), down 70.2% year-over-year.
- Adjusted EBITDA: $133.8 million; Net cash from operations: $67.0 million; Free cash flow: $64.4 million.
- Average day rate: $22,938, an increase of 2.9% compared to Q1 2026.
- Weighted average leading edge day rate: $24,341, a 7.5% increase from Q1 2026.
- Updated 2026 revenue guidance: $1.42 billion to $1.47 billion.
- Updated 2026 gross margin guidance: 49% to 50%.
- Wilson Sons Ultratug Offshore (WSUT) acquisition expected to close around September 1, 2026.
Price Impact
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