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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.
Tidewater
Tidewater
Tidewater Revenue by Segment
Tidewater Revenue by Geographic Location
Revenue by Segment
Vessel Revenues Revenue
CapyFin.comOther Operating Revenues Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comMiddle East Revenue
CapyFin.comEurope/Mediterranean Revenue
CapyFin.comWest Africa Revenue
CapyFin.com 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.
- The company remains vigilant in gauging how the offshore activity environment will evolve.
- Potential for macroeconomic factors to impact future results.