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Jun 30
Tidewater Q2 2026 Earnings Report
Tidewater reported higher revenue and net income in Q2 2025, with strong vessel day rates and free cash flow generation.
Key Takeaways
Tidewater delivered solid performance in Q2 2025 with increased vessel revenues, improved average day rates, and a gross margin over 50%. Net income rose significantly, aided by FX gains and reversal of a valuation allowance. Free cash flow was strong, and the company launched a major share repurchase program.
Revenue reached $341.4 million, slightly up from Q2 2024.
Net income increased to $72.9 million, supported by a $27 million non-cash tax benefit.
Average vessel day rates reached a record $23,166 per day.
Free cash flow was $97.5 million, demonstrating strong operational efficiency.
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 reaffirmed full-year 2025 revenue guidance of $1.32 to $1.38 billion and gross margin of 48% to 50%, though it acknowledged persistent macroeconomic volatility.
Positive Outlook
- 93% of 2025 revenue guidance covered by contracted backlog
- Three consecutive quarters of gross margin above 50%
- High vessel utilization and contract roll-ups to better rates
- Strong first-half performance supports confidence in full-year targets
- Refinancing strengthened balance sheet with long-term unsecured debt
Challenges Ahead
- Persistent commodity price volatility and macro uncertainty
- Lower expectations for second half of 2025
- Foreign exchange rates remain unpredictable
- Potential cost pressures in vessel operations
- Rising interest obligations due to new debt structure
Revenue & Expenses
Visualization of income flow from segment revenue to net income