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Tidewater Q1 2026 Earnings Report
Tidewater reported its financial results for the first quarter ended March 31, 2025, showing an increase in revenue and strong free cash flow despite a decrease in net income compared to the previous year.
Key Takeaways
Tidewater Inc. announced revenue of $333.4 million for the first quarter ended March 31, 2025, a 3.8% improvement from the same period in 2024. Net income was $42.7 million, or $0.83 per common share, down from $47.0 million in the prior year. The company achieved a record average day rate of $22,303 per day and generated $94.7 million in free cash flow.
Revenue increased by 3.8% to $333.4 million compared to the first quarter of 2024.
Average day rate reached a record $22,303 per day, a 14.0% improvement year-over-year.
Net income was $42.7 million, or $0.83 per common share, a decrease from $47.0 million in Q1 2024.
Free cash flow was strong at $94.7 million, despite significant drydock spend.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Tidewater reiterated its 2025 revenue guidance of $1.32 billion to $1.38 billion and gross margin guidance of 48% to 50%, despite macroeconomic uncertainties. The company remains confident in its ability to meet these targets due to strong first-quarter performance and no project cancellations.
Positive Outlook
- Reiterated 2025 revenue guidance of $1.32 billion to $1.38 billion.
- Reiterated 2025 gross margin guidance of 48% to 50%.
- Outperformance in the first quarter provides confidence for the full year.
- No project cancellations reported to date.
- Midpoint of revenue guidance increased from 81% to 88% for the current year.
Challenges Ahead
- Macroeconomic uncertainty has increased since the end of 2024.
- Uncertainty about how commodity prices will influence operator behavior and spending plans.
- Offshore vessel supply remains in a favorable position, with newbuild capacity largely inactive, potentially limiting future growth from new builds.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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