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Tidewater (TDW) Financials

Tidewater logo
$86.56 -1.27 (-1.44%)
Closing price 09/18/2026 03:59 PM Eastern
Extended Trading
$86.82 +0.26 (+0.30%)
As of 09/18/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Tidewater

Annual Income Statements for Tidewater

This table shows Tidewater's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2015 3/31/2017 3/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -65 0.00 -660 -172 -142 -196 -129 -22 97 181 335
Consolidated Net Income / (Loss)		 -65 0.00 -650 -172 -141 -197 -130 -22 96 179 333
Net Income / (Loss) Continuing Operations		 -65 0.00 -650 -172 -141 -197 -130 -22 96 179 333
Total Pre-Tax Income 		-66 0.00 -644 -154 -113 -198 -124 -2.31 139 229 220
Total Operating Income		 -37 0.00 -578 -107 -87 -187 -95 27 182 311 283
Total Gross Profit		 1,496 0.00 602 407 487 344 371 648 1,010 1,346 1,353
Total Revenue		 1,496 0.00 602 407 487 397 371 648 1,010 1,346 1,353
Operating Revenue		 1,468 0.00 584 407 487 397 371 648 1,010 1,346 1,353
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 53 0.40 0.00 0.00 0.00 0.00
Total Operating Expenses		 1,533 0.00 1,179 514 573 531 466 621 828 1,034 1,070
Selling, General & Admin Expense		 218 0.00 180 110 104 73 69 102 95 111 135
Depreciation Expense		 175 0.00 167 58 102 117 115 119 180 243 262
Other Operating Expenses / (Income)		 861 0.00 372 275 332 274 264 399 561 697 687
Other Special Charges / (Income)		 -24 0.00 -24 -11 -2.26 -7.59 2.90 -0.25 -8.70 -16 -14
Total Other Income / (Expense), net		 -29 0.00 -66 -46 -27 -11 -29 -29 -43 -82 -62
Interest Expense		 50 0.00 75 39 29 24 27 17 48 73 93
Interest & Investment Income		 12 0.00 11 -7.57 3.45 19 -1.72 5.18 6.56 6.38 8.17
Other Income / (Expense), net		 8.68 0.00 -1.64 0.11 -1.27 -5.25 -0.37 -17 -1.37 -15 23
Income Tax Expense		 -1.08 0.00 6.40 18 28 -0.97 5.88 20 43 50 -113
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.16 0.00 10 -0.25 0.52 -0.45 -0.69 -0.44 -1.56 -1.38 -1.21
Basic Earnings per Share		 ($1.34) ($14.02) ($14.02) ($6.45) ($3.71) ($4.86) ($3.14) ($0.49) $1.88 $3.44 $6.69
Weighted Average Basic Shares Outstanding		 48.66M 0.00 47.07M 26.59M 38.20M 40.36M 41.01M 44.13M 51.59M 52.45M 50.05M
Diluted Earnings per Share		 ($1.34) ($14.02) ($14.02) ($6.45) ($3.71) ($4.86) ($3.14) ($0.49) $1.84 $3.40 $6.64
Weighted Average Diluted Shares Outstanding		 48.66M 47.07M 47.07M 26.59M 38.20M 40.36M 41.01M 44.13M 52.94M 53.07M 50.43M
Weighted Average Basic & Diluted Shares Outstanding		 47.07M 47.12M 47.12M 26.60M 40.11M 40.72M 41.32M 50.57M 52.27M 51.47M 49.57M

Quarterly Income Statements for Tidewater

This table shows Tidewater's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 38 47 50 46 37 43 73 -0.81 220 6.14 22
Consolidated Net Income / (Loss)		 37 47 50 46 37 42 73 -1.02 219 5.98 21
Net Income / (Loss) Continuing Operations		 37 47 50 46 37 42 73 -1.02 219 5.98 21
Total Pre-Tax Income 		48 60 58 59 53 68 78 21 53 41 46
Total Operating Income		 63 82 78 70 81 75 81 63 64 59 63
Total Gross Profit		 303 321 339 340 345 333 341 341 337 326 342
Total Revenue		 303 321 339 340 345 333 341 341 337 326 342
Operating Revenue		 303 321 339 340 345 333 341 341 337 326 342
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 240 239 261 270 264 258 261 278 273 267 280
Selling, General & Admin Expense		 25 25 26 28 31 29 31 35 39 34 35
Depreciation Expense		 59 56 59 62 65 65 64 66 66 67 66
Other Operating Expenses / (Income)		 160 169 177 180 171 166 170 177 173 167 182
Other Special Charges / (Income)		 -4.22 -11 -2.00 -0.05 -2.67 -2.54 -5.48 -0.58 -5.08 0.11 -3.32
Total Other Income / (Expense), net		 -15 -22 -20 -11 -28 -6.62 -2.64 -42 -11 -18 -16
Interest Expense		 20 19 19 18 17 16 16 44 17 17 16
Interest & Investment Income		 3.04 1.48 1.18 1.03 2.70 2.16 2.10 0.46 3.45 2.19 0.73
Other Income / (Expense), net		 2.25 -4.09 -2.38 5.52 -14 7.57 12 1.28 2.13 -3.40 -0.69
Income Tax Expense		 11 13 7.89 13 16 26 5.58 22 -167 35 25
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.34 -0.28 -0.44 -0.38 -0.29 -0.33 -0.23 -0.21 -0.44 -0.16 -0.58
Basic Earnings per Share		 $0.73 $0.90 $0.96 $0.88 $0.70 $0.83 $1.47 ($0.02) $4.41 $0.12 $0.44
Weighted Average Basic Shares Outstanding		 51.59M 52.32M 52.68M 52.49M 52.45M 51.50M 49.67M 49.50M 50.05M 49.59M 49.74M
Diluted Earnings per Share		 $0.71 $0.89 $0.94 $0.87 $0.70 $0.83 $1.46 ($0.02) $4.37 $0.12 $0.43
Weighted Average Diluted Shares Outstanding		 52.94M 52.90M 53.35M 53.08M 53.07M 51.68M 50.01M 49.50M 50.43M 49.84M 50.13M
Weighted Average Basic & Diluted Shares Outstanding		 52.27M 52.76M 52.49M 52.32M 51.47M 49.48M 49.49M 49.56M 49.57M 49.73M 49.76M

Annual Cash Flow Statements for Tidewater

This table details how cash moves in and out of Tidewater's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2015 3/31/2017 3/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 18 28 28 -56 -170 -72 -0.95 14 110 51 253
Net Cash From Operating Activities		 359 30 30 3.94 -31 3.99 15 40 104 282 379
Net Cash From Continuing Operating Activities		 359 30 30 3.94 -31 3.99 15 40 104 282 379
Net Income / (Loss) Continuing Operations		 -65 -650 -650 -172 -141 -197 -130 -22 96 179 333
Consolidated Net Income / (Loss)		 -65 -650 -650 -172 -141 -197 -130 -22 96 179 333
Depreciation Expense		 175 167 167 51 77 73 73 84 129 156 151
Amortization Expense		 - 0.00 - 5.11 20 48 44 37 52 88 115
Non-Cash Adjustments To Reconcile Net Income		 296 461 461 120 -14 127 36 21 0.69 12 4.52
Changes in Operating Assets and Liabilities, net		 -47 51 51 -1.02 27 -47 -8.73 -79 -173 -154 -225
Net Cash From Investing Activities		 -231 15 15 69 11 23 25 -24 -610 -0.19 -7.48
Net Cash From Continuing Investing Activities		 -231 15 15 69 11 23 25 -24 -610 -0.19 -7.48
Purchase of Property, Plant & Equipment		 -364 -25 -25 -21 -18 -15 -8.95 -17 -32 -28 -26
Acquisitions		 - - - - - 0.00 0.00 -21 -594 0.00 0.00
Sale of Property, Plant & Equipment		 8.31 15 15 46 29 38 34 14 16 19 18
Sale and/or Maturity of Investments		 124 - 0.00 - - - - 0.00 0.00 8.05 0.66
Net Cash From Financing Activities		 -109 -17 -17 -128 -150 -100 -41 -2.72 616 -223 -136
Net Cash From Continuing Financing Activities		 -109 -17 -17 -128 -150 -100 -41 -2.72 616 -223 -136
Repayment of Debt		 -99 -17 -17 -124 -145 -99 -212 -0.39 -28 -103 -681
Repurchase of Common Equity		 -100 - 0.00 - - 0.00 0.00 -188 -35 -91 -90
Payment of Dividends		 -49 - 0.00 - - - 0.00 0.00 -1.43 0.00 0.00
Issuance of Debt		 138 - 0.00 - 0.00 0.00 172 0.00 575 0.00 650
Other Financing Activities, net		 - 0.00 - -4.40 -4.47 -0.83 -0.95 -2.32 105 -29 -14
Other Net Changes in Cash		 - - - - - - - - 0.51 -8.62 17
Cash Interest Paid		 49 71 71 32 33 21 14 16 27 67 48
Cash Income Taxes Paid		 74 27 27 17 14 13 19 22 44 57 60

Quarterly Cash Flow Statements for Tidewater

This table details how cash moves in and out of Tidewater's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -4.10 12 32 -31 39 21 22 59 150 -26 61
Net Cash From Operating Activities		 47 55 79 49 91 80 85 55 153 19 67
Net Cash From Continuing Operating Activities		 47 55 79 49 91 80 85 55 153 19 67
Net Income / (Loss) Continuing Operations		 37 47 50 46 37 42 73 -1.02 219 5.98 21
Consolidated Net Income / (Loss)		 37 47 50 46 37 42 73 -1.02 219 5.98 21
Depreciation Expense		 43 39 39 39 39 39 37 37 38 38 38
Amortization Expense		 16 18 20 24 26 28 29 30 30 29 30
Non-Cash Adjustments To Reconcile Net Income		 -1.22 -8.27 1.46 3.52 1.21 -8.60 -1.42 8.93 -3.94 5.74 0.81
Changes in Operating Assets and Liabilities, net		 -48 -41 -32 -63 -12 -20 -51 -20 -130 -60 -23
Net Cash From Investing Activities		 -2.48 1.52 -3.34 -4.16 5.78 -5.85 2.10 -3.92 0.18 -12 -3.40
Net Cash From Continuing Investing Activities		 -2.48 1.52 -3.34 -4.16 5.78 -5.85 2.10 -3.92 0.18 -12 -3.40
Purchase of Property, Plant & Equipment		 -8.39 -11 -6.39 -5.71 -4.53 -10 -5.23 -5.12 -5.15 -15 -15
Sale of Property, Plant & Equipment		 5.90 12 2.35 0.05 4.47 3.82 7.27 1.20 5.33 3.33 12
Net Cash From Financing Activities		 -49 -45 -43 -76 -58 -59 -65 -7.99 -3.59 -32 -2.16
Net Cash From Continuing Financing Activities		 -49 -45 -43 -76 -58 -59 -65 -7.99 -3.59 -32 -2.16
Repayment of Debt		 -14 -13 -14 -63 -14 -13 -14 -652 -2.67 -1.20 -1.82
Other Financing Activities, net		 -0.14 -28 -0.00 -0.07 -0.08 -7.47 -0.29 -5.82 -0.92 -31 -0.35
Other Net Changes in Cash		 - - - - - 5.56 - - 0.91 -1.81 -0.48
Cash Interest Paid		 18 16 15 24 13 18 12 18 0.58 32 0.54
Cash Income Taxes Paid		 7.30 16 17 13 11 15 18 9.29 18 20 19

Annual Balance Sheets for Tidewater

This table presents Tidewater's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2015 3/31/2017 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 4,756 4,191 1,760 1,828 1,580 1,251 1,096 1,298 2,063 2,075 2,387
Total Current Assets		 869 1,141 845 683 537 389 343 378 591 699 914
Cash & Equivalents		 79 706 432 372 218 150 149 164 274 325 579
Accounts Receivable		 723 386 344 244 236 175 157 156 268 324 285
Inventories, net		 49 31 28 30 22 16 13 31 32 34 38
Prepaid Expenses		 - - - 12 16 12 8.73 21 15 14 12
Plant, Property, & Equipment, net		 3,746 2,865 851 1,090 939 780 688 797 1,315 1,184 1,072
Total Noncurrent Assets		 141 185 63 55 103 82 65 123 157 192 401
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - - 3.16 201
Other Noncurrent Operating Assets		 75 140 34 54 103 82 65 123 157 189 200
Total Liabilities & Shareholders' Equity		 4,756 4,191 1,760 1,828 1,580 1,251 1,096 1,298 2,063 2,075 2,387
Total Liabilities		 2,265 2,540 738 683 563 428 394 432 1,025 964 1,026
Total Current Liabilities		 482 2,329 220 158 186 183 158 195 329 332 315
Short-Term Debt		 10 2,034 5.10 8.57 9.89 28 - 0.00 103 65 5.85
Accounts Payable		 54 32 38 32 28 17 21 39 45 71 66
Accrued Expenses		 146 78 55 62 74 52 52 106 126 130 153
Other Current Liabilities		 268 185 122 56 74 86 85 50 55 65 90
Total Noncurrent Liabilities		 1,783 211 518 524 377 245 236 237 696 632 710
Long-Term Debt		 1,524 0.00 443 430 279 165 168 169 631 572 649
Other Noncurrent Operating Liabilities		 235 165 74 94 98 80 68 68 65 60 61
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,481 1,651 1,022 1,145 1,016 823 702 866 1,038 1,111 1,361
Total Preferred & Common Equity		 2,474 1,635 1,020 1,144 1,015 822 701 866 1,039 1,114 1,365
Total Common Equity		 2,474 1,635 1,020 1,144 1,015 822 701 866 1,039 1,114 1,365
Common Stock		 165 170 1,059 1,352 1,368 1,372 1,377 1,557 1,672 1,657 1,663
Retained Earnings		 2,330 1,475 -39 -211 -353 -549 -678 -700 -638 -549 -305
Accumulated Other Comprehensive Income / (Loss)		 -20 -10 -0.15 2.19 -0.24 -0.80 2.67 8.58 5.27 6.06 7.25
Noncontrolling Interest		 6.23 16 2.22 1.09 1.61 1.16 0.47 0.02 -1.54 -2.93 -4.13

Quarterly Balance Sheets for Tidewater

This table presents Tidewater's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,327 1,344 2,072 2,078 2,090 2,047 2,066 2,074 2,129 2,341 2,366
Total Current Assets		 396 410 575 616 647 626 698 725 800 900 967
Cash & Equivalents		 165 171 275 281 316 281 342 369 428 552 614
Accounts Receivable		 182 196 251 286 280 293 313 316 333 300 307
Inventories, net		 24 22 27 25 27 27 23 24 28 29 30
Prepaid Expenses		 19 19 17 17 20 18 15 14 12 18 18
Other Current Assets		 0.70 0.63 0.57 - - - - - - 8.27 9.66
Plant, Property, & Equipment, net		 786 785 1,348 1,287 1,254 1,220 1,164 1,132 1,105 1,069 1,038
Total Noncurrent Assets		 145 149 148 176 189 201 204 218 224 364 351
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - - 191 182
Other Noncurrent Operating Assets		 145 149 148 176 189 201 204 218 224 173 169
Total Liabilities & Shareholders' Equity		 1,327 1,344 2,072 2,078 2,090 2,047 2,066 2,074 2,129 2,341 2,366
Total Liabilities		 454 452 1,040 1,023 1,011 933 956 938 990 977 978
Total Current Liabilities		 215 206 332 339 340 274 338 343 276 270 270
Short-Term Debt		 - 2.44 102 103 103 53 80 93 5.84 5.76 5.68
Accounts Payable		 65 70 57 52 61 64 50 49 43 58 63
Accrued Expenses		 107 92 120 132 133 118 133 131 131 140 134
Other Current Liabilities		 43 42 53 52 43 39 74 70 97 66 68
Total Noncurrent Liabilities		 238 245 708 684 671 660 618 595 713 707 708
Long-Term Debt		 169 180 641 620 608 597 556 532 650 649 648
Other Noncurrent Operating Liabilities		 69 66 66 63 63 62 62 63 64 58 60
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 873 893 1,032 1,055 1,079 1,114 1,110 1,136 1,139 1,364 1,388
Total Preferred & Common Equity		 873 893 1,033 1,057 1,081 1,116 1,114 1,140 1,143 1,368 1,393
Total Common Equity		 873 893 1,033 1,057 1,081 1,116 1,114 1,140 1,143 1,368 1,393
Common Stock		 1,554 1,555 1,668 1,646 1,650 1,653 1,653 1,657 1,660 1,660 1,664
Retained Earnings		 -689 -666 -640 -594 -573 -541 -546 -524 -525 -299 -277
Accumulated Other Comprehensive Income / (Loss)		 8.25 4.57 4.41 5.21 5.06 4.59 6.61 7.27 7.89 7.13 6.95
Noncontrolling Interest		 0.10 -0.56 -1.21 -1.82 -2.26 -2.64 -3.26 -3.49 -3.70 -4.30 -4.88

Annual Metrics And Ratios for Tidewater

This table displays calculated financial ratios and metrics derived from Tidewater's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2016 3/31/2017 3/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - 47,068,450.00 - - - 41,279,272.00 46,505,642.00 52,841,838.00 52,322,996.00 49,563,157.00
DEI Adjusted Shares Outstanding		 - - 47,068,450.00 - - - 41,279,272.00 46,505,642.00 52,841,838.00 52,322,996.00 49,563,157.00
DEI Earnings Per Adjusted Shares Outstanding		 - - -14.02 - - - -3.12 -0.47 1.84 3.45 6.75
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -49 -404 -404 -75 -61 -131 -67 19 125 243 428
Return On Investment Capital (ROIC_SIMPLE)		 - - -27.51% - - - -7.65% 1.81% 7.08% 13.91% 21.22%
Earnings before Interest and Taxes (EBIT)		 -75 -579 -579 -107 -88 -192 -95 9.71 181 296 305
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 107 -412 -412 -51 9.18 -71 22 131 362 541 572
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 187 297 1,542 0.00 43 87 78 -132 -501 318 412
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,635 2,934 988 1,185 1,081 864 719 870 1,496 1,421 1,437
Increase / (Decrease) in Invested Capital		 -236 -701 -1,946 0.00 -104 -217 -145 150 627 -75 16
Book Value per Share		 $48.95 $34.86 $21.66 $43.02 $26.56 $20.37 $16.99 $18.62 $19.67 $21.29 $27.55
Tangible Book Value per Share		 $48.95 $34.86 $21.66 $43.02 $26.56 $20.37 $16.99 $18.62 $19.67 $21.29 $27.55
Total Capital		 4,351 3,685 1,470 1,584 1,305 1,016 870 1,035 1,772 1,748 2,016
Total Debt		 2,046 2,034 448 439 289 193 168 169 734 637 655
Total Long-Term Debt		 0.00 0.00 443 430 279 165 168 169 631 572 649
Net Debt		 1,330 1,283 -34 40 65 41 18 3.60 459 310 76
Capital Expenditures (CapEx)		 184 11 11 -25 -11 -23 -25 3.07 16 8.24 8.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 238 140 177 136 137 81 34 18 90 105 26
Debt-free Net Working Capital (DFNWC)		 916 847 630 534 362 233 185 183 365 432 605
Net Working Capital (NWC)		 -1,129 -1,187 625 525 352 205 185 183 262 367 599
Net Nonoperating Expense (NNE)		 112 246 246 97 81 66 63 41 30 64 94
Net Nonoperating Obligations (NNO)		 1,330 1,283 -34 40 65 41 18 3.60 459 310 76
Total Depreciation and Amortization (D&A)		 182 167 167 56 97 121 118 121 181 245 267
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($110.00) ($14.02) ($452.26) ($6.45) ($3.71) ($4.86) ($3.14) ($0.49) $1.88 $3.44 $6.69
Adjusted Weighted Average Basic Shares Outstanding		 1.46M 47.07M 1.46M 26.59M 38.20M 40.35M 41.01M 44.13M 51.59M 52.45M 50.05M
Adjusted Diluted Earnings per Share		 ($110.00) ($14.02) ($452.26) ($6.45) ($3.71) ($4.86) ($3.14) ($0.49) $1.84 $3.40 $6.64
Adjusted Weighted Average Diluted Shares Outstanding		 1.46M 46.90M 1.46M 26.59M 38.20M 40.35M 41.01M 44.13M 52.94M 53.07M 50.43M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.46M 47.10M 1.46M 26.60M 0.00 40.72M 41.32M 50.57M 52.27M 51.47M 49.57M
Normalized Net Operating Profit after Tax (NOPAT)		 21 -80 -82 -26 -36 -47 -54 19 119 231 188
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Tidewater

This table displays calculated financial ratios and metrics derived from Tidewater's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 52,841,838.00 52,271,097.00 52,762,223.00 52,491,501.00 52,322,996.00 51,470,224.00 49,476,301.00 49,492,348.00 49,563,157.00 49,573,520.00 49,730,652.00
DEI Adjusted Shares Outstanding		 52,841,838.00 52,271,097.00 52,762,223.00 52,491,501.00 52,322,996.00 51,470,224.00 49,476,301.00 49,492,348.00 49,563,157.00 49,573,520.00 49,730,652.00
DEI Earnings Per Adjusted Shares Outstanding		 0.71 0.90 0.95 0.88 0.71 0.83 1.47 -0.02 4.44 0.12 0.44
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 - - - - - - - - - -2.17% 0.25%
EBITDA Growth		 - - - - - - - - - -17.53% -18.04%
EBIT Growth		 - - - - - - - - - -32.72% -33.24%
NOPAT Growth		 - - - - - - - - - -81.42% -61.99%
Net Income Growth		 - - - - - - - - - -85.88% -71.00%
EPS Growth		 - - - - - - - - - -85.54% -70.55%
Operating Cash Flow Growth		 - - - - - - - - - -76.15% -8.98%
Free Cash Flow Firm Growth		 - - - - - - - - - -142.03% -104.77%
Invested Capital Growth		 - - - - - - - - - 4.77% 2.58%
Revenue Q/Q Growth		 - - - - - - - - - -3.14% 4.92%
EBITDA Q/Q Growth		 - - - - - - - - - -7.85% 5.28%
EBIT Q/Q Growth		 - - - - - - - - - -15.93% 11.26%
NOPAT Q/Q Growth		 - - - - - - - - - -96.75% 231.30%
Net Income Q/Q Growth		 - - - - - - - - - -97.28% 252.78%
EPS Q/Q Growth		 - - - - - - - - - -97.25% 258.33%
Operating Cash Flow Q/Q Growth		 - - - - - - - - - -87.46% 249.56%
Free Cash Flow Firm Q/Q Growth		 - - - - - - - - - -123.27% 87.37%
Invested Capital Q/Q Growth		 - - - - - - - - - 2.00% -2.60%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 - - - - - - - - - 100.00% 100.00%
EBITDA Margin		 - - - - - - - - - 37.72% 37.85%
Operating Margin		 - - - - - - - - - 18.08% 18.27%
EBIT Margin		 - - - - - - - - - 17.04% 18.07%
Profit (Net Income) Margin		 - - - - - - - - - 1.83% 6.16%
Tax Burden Percent		 - - - - - - - - - 14.62% 45.69%
Interest Burden Percent		 - - - - - - - - - 73.55% 74.62%
Effective Tax Rate		 - - - - - - - - - 85.38% 54.31%
Return on Invested Capital (ROIC)		 - - - - - - - - - 2.48% 7.97%
ROIC Less NNEP Spread (ROIC-NNEP)		 - - - - - - - - - 1.13% 2.90%
Return on Net Nonoperating Assets (RNNOA)		 - - - - - - - - - 0.18% 0.34%
Return on Equity (ROE)		 - - - - - - - - - 2.66% 8.31%
Cash Return on Invested Capital (CROIC)		 - - - - - - - - - 24.03% 24.36%
Operating Return on Assets (OROA)		 - - - - - - - - - 10.40% 10.96%
Return on Assets (ROA)		 - - - - - - - - - 1.12% 3.74%
Return on Common Equity (ROCE)		 - - - - - - - - - 2.67% 8.34%
Return on Equity Simple (ROE_SIMPLE)		 - - - - - - - - - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 49 64 67 55 56 46 75 -3.08 266 8.62 29
NOPAT Margin		 - - - - - - - - - 2.64% 8.35%
Net Nonoperating Expense Percent (NNEP)		 - - - - - - - - - 1.35% 5.07%
Return On Investment Capital (ROIC_SIMPLE)		 2.76% 3.60% 3.77% 3.10% 3.22% 2.66% 4.27% -0.17% 13.18% 0.43% 1.40%
Cost of Revenue to Revenue		 - - - - - - - - - 0.00% 0.00%
SG&A Expenses to Revenue		 - - - - - - - - - 10.29% 10.18%
R&D to Revenue		 - - - - - - - - - 0.00% 0.00%
Operating Expenses to Revenue		 - - - - - - - - - 81.92% 81.73%
Earnings before Interest and Taxes (EBIT)		 65 78 76 75 67 83 93 64 66 56 62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 125 135 135 138 132 149 158 131 134 123 130
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 - - - - - - - - - 3.03 2.38
Price to Tangible Book Value (P/TBV)		 - - - - - - - - - 3.03 2.38
Price to Revenue (P/Rev)		 - - - - - - - - - 3.08 2.46
Price to Earnings (P/E)		 - - - - - - - - - 13.89 13.42
Dividend Yield		 - - - - - - - - - 0.00% 0.00%
Earnings Yield		 - - - - - - - - - 7.20% 7.45%
Enterprise Value to Invested Capital (EV/IC)		 - - - - - - - - - 2.89 2.34
Enterprise Value to Revenue (EV/Rev)		 - - - - - - - - - 3.15 2.49
Enterprise Value to EBITDA (EV/EBITDA)		 - - - - - - - - - 7.77 6.47
Enterprise Value to EBIT (EV/EBIT)		 - - - - - - - - - 15.24 13.53
Enterprise Value to NOPAT (EV/NOPAT)		 - - - - - - - - - 10.32 8.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 - - - - - - - - - 13.34 10.76
Enterprise Value to Free Cash Flow (EV/FCFF)		 - - - - - - - - - 12.32 9.75
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 - - - - - - - - - 0.48 0.47
Long-Term Debt to Equity		 - - - - - - - - - 0.48 0.47
Financial Leverage		 - - - - - - - - - 0.16 0.12
Leverage Ratio		 - - - - - - - - - 1.78 1.76
Compound Leverage Factor		 - - - - - - - - - 1.31 1.31
Debt to Total Capital		 - - - - - - - - - 32.42% 32.00%
Short-Term Debt to Total Capital		 - - - - - - - - - 0.29% 0.28%
Long-Term Debt to Total Capital		 - - - - - - - - - 32.14% 31.72%
Preferred Equity to Total Capital		 - - - - - - - - - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 - - - - - - - - - -0.21% -0.24%
Common Equity to Total Capital		 - - - - - - - - - 67.79% 68.24%
Debt to EBITDA		 - - - - - - - - - 1.20 1.26
Net Debt to EBITDA		 - - - - - - - - - 0.19 0.08
Long-Term Debt to EBITDA		 - - - - - - - - - 1.19 1.25
Debt to NOPAT		 - - - - - - - - - 1.59 1.72
Net Debt to NOPAT		 - - - - - - - - - 0.25 0.10
Long-Term Debt to NOPAT		 - - - - - - - - - 1.58 1.71
Altman Z-Score		 - - - - - - - - - 3.34 2.88
Noncontrolling Interest Sharing Ratio		 - - - - - - - - - -0.31% -0.33%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 - - - - - - - - - 3.33 3.58
Quick Ratio		 - - - - - - - - - 3.16 3.41
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -578 -554 -501 74 131 138 154 107 250 -58 -7.34
Operating Cash Flow to CapEx		 - - - - - - - - - 165.97% 1,974.18%
Free Cash Flow to Firm to Interest Expense		 - - - - - - - - - -3.44 -0.45
Operating Cash Flow to Interest Expense		 - - - - - - - - - 1.14 4.08
Operating Cash Flow Less CapEx to Interest Expense		 - - - - - - - - - 0.45 3.87
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 - - - - - - - - - 0.61 0.61
Accounts Receivable Turnover		 - - - - - - - - - 4.39 4.32
Inventory Turnover		 - - - - - - - - - 0.00 0.00
Fixed Asset Turnover		 - - - - - - - - - 1.21 1.24
Accounts Payable Turnover		 - - - - - - - - - 0.00 0.00
Days Sales Outstanding (DSO)		 - - - - - - - - - 83.09 84.45
Days Inventory Outstanding (DIO)		 - - - - - - - - - 0.00 0.00
Days Payable Outstanding (DPO)		 - - - - - - - - - 0.00 0.00
Cash Conversion Cycle (CCC)		 - - - - - - - - - 83.09 84.45
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,496 1,491 1,471 1,476 1,421 1,399 1,392 1,366 1,437 1,466 1,428
Invested Capital Turnover		 - - - - - - - - - 0.94 0.95
Increase / (Decrease) in Invested Capital		 627 618 569 -19 -75 -92 -79 -110 16 67 36
Enterprise Value (EV)		 - - - - - - - - - 4,240 3,348
Market Capitalization		 - - - - - - - - - 4,142 3,314
Book Value per Share		 $19.67 $20.22 $20.49 $21.27 $21.29 $21.64 $23.04 $23.09 $27.55 $27.60 $28.01
Tangible Book Value per Share		 $19.67 $20.22 $20.49 $21.27 $21.29 $21.64 $23.04 $23.09 $27.55 $27.60 $28.01
Total Capital		 1,772 1,778 1,790 1,764 1,748 1,746 1,761 1,795 2,016 2,018 2,041
Total Debt		 734 723 711 650 637 636 625 656 655 654 653
Total Long-Term Debt		 631 620 608 597 572 556 532 650 649 649 648
Net Debt		 459 436 392 362 310 289 256 227 76 102 40
Capital Expenditures (CapEx)		 2.48 -1.52 4.04 5.66 0.06 6.45 -2.04 3.92 -0.18 12 3.40
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 90 92 90 117 105 94 105 101 26 83 89
Debt-free Net Working Capital (DFNWC)		 365 379 410 406 432 441 475 530 605 635 703
Net Working Capital (NWC)		 262 276 307 352 367 361 381 524 599 630 697
Net Nonoperating Expense (NNE)		 12 17 18 8.65 20 4.09 2.45 -2.06 46 2.65 7.49
Net Nonoperating Obligations (NNO)		 459 436 392 362 310 289 256 227 76 102 40
Total Depreciation and Amortization (D&A)		 59 57 60 63 65 67 65 67 67 67 68
Debt-free, Cash-free Net Working Capital to Revenue		 - - - - - - - - - 6.18% 6.64%
Debt-free Net Working Capital to Revenue		 - - - - - - - - - 47.23% 52.21%
Net Working Capital to Revenue		 - - - - - - - - - 46.80% 51.79%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.73 $0.90 $0.96 $0.88 $0.70 $0.83 $1.47 ($0.02) $4.41 $0.12 $0.44
Adjusted Weighted Average Basic Shares Outstanding		 51.59M 52.32M 52.68M 52.49M 52.45M 51.50M 49.67M 49.50M 50.05M 49.59M 49.74M
Adjusted Diluted Earnings per Share		 $0.71 $0.89 $0.94 $0.87 $0.70 $0.83 $1.46 ($0.02) $4.37 $0.12 $0.43
Adjusted Weighted Average Diluted Shares Outstanding		 52.94M 52.90M 53.35M 53.08M 53.07M 51.68M 50.01M 49.50M 50.43M 49.84M 50.13M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 52.27M 52.76M 52.49M 52.32M 51.47M 49.48M 49.49M 49.56M 49.57M 49.73M 49.76M
Normalized Net Operating Profit after Tax (NOPAT)		 46 55 66 55 54 45 70 43 41 41 41
Normalized NOPAT Margin		 - - - - - - - - - 12.68% 12.11%
Pre Tax Income Margin		 - - - - - - - - - 12.53% 13.48%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 - - - - - - - - - 3.29 3.76
NOPAT to Interest Expense		 - - - - - - - - - 0.51 1.74
EBIT Less CapEx to Interest Expense		 - - - - - - - - - 2.61 3.56
NOPAT Less CapEx to Interest Expense		 - - - - - - - - - -0.17 1.53
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 - - - - - - - - - 0.00% 0.00%
Augmented Payout Ratio		 - - - - - - - - - 17.10% 0.00%

Financials Breakdown Chart

Key Financial Trends

Tidewater’s financial statements show a business that has expanded significantly since 2022, although recent results have become more uneven. Revenue increased from $191.8 million in Q3 2022 to $342.3 million in Q2 2026. However, quarterly revenue has generally remained in the $320 million-$345 million range since early 2024, suggesting that growth has moderated after the initial recovery.

Profitability has improved over the longer term but remains volatile. Operating income rose from $19.1 million in Q3 2022 to $62.5 million in Q2 2026, while operating margin was approximately 18.3% in the latest quarter. That was below the roughly 23.7% margin reported in Q2 2025 and the 24.0% margin in Q2 2024. Net income attributable to common shareholders was $21.7 million, or $0.43 per diluted share, in Q2 2026, compared with $72.9 million, or $1.46 per share, in the restated Q2 2025 period.

Cash generation and liquidity are the strongest areas of the balance sheet. Cash and equivalents increased from $115.0 million in Q3 2022 to $613.5 million at June 30, 2026. Tidewater generated $67.0 million of operating cash flow in Q2 2026, although working capital consumed $22.6 million. Total debt was approximately $653.2 million, while total equity was $1.39 billion, producing a manageable reported debt-to-equity ratio of about 0.47.

  • Long-term revenue growth: Quarterly revenue has increased approximately 79% from Q3 2022 to Q2 2026, reflecting a much larger operating base.
  • Improved cash position: Cash and equivalents reached $613.5 million in Q2 2026, up substantially from $280.8 million in Q3 2024 and $115.0 million in Q3 2022.
  • Consistent operating cash generation: Tidewater produced positive operating cash flow in every reported quarter provided, including $67.0 million in Q2 2026 and $19.2 million in Q1 2026.
  • Balance-sheet strengthening: Total equity increased from $847.1 million in Q3 2022 to $1.39 billion in Q2 2026. Retained earnings also improved from a deficit of $710.3 million to a deficit of $277.4 million.
  • Improved liquidity: Current assets of $967.4 million compared with current liabilities of $270.1 million in Q2 2026 imply a current ratio of approximately 3.6.
  • Share-count reduction from recent highs: Basic weighted-average shares declined from 52.5 million in Q4 2024 to 49.7 million in Q2 2026, supporting per-share results and indicating the impact of prior repurchases.
  • Revenue growth has plateaued: Revenue remains well above 2022 levels but has fluctuated around the low-to-mid-$300 million range since 2024 rather than continuing to grow rapidly.
  • Noncash expenses materially affect earnings: Depreciation and amortization totaled approximately $96.0 million in Q2 2026, meaning operating cash flow was considerably stronger than reported net income.
  • Recent earnings deterioration: Q2 2026 net income attributable to common shareholders fell to $21.7 million from $72.9 million in restated Q2 2025, and diluted EPS declined from $1.46 to $0.43.
  • Higher leverage and interest burden: Long-term debt increased from $168.6 million in Q3 2022 to $647.5 million in Q2 2026. Interest expense was $16.4 million in Q2 2026, limiting the conversion of operating income into net income.

Overall, Tidewater appears financially stronger than it was in 2022, with substantially more cash, higher equity and recurring positive operating cash flow. The main risks for investors are the recent decline in earnings, a leveling-off in revenue, elevated depreciation and amortization, and the company’s much larger debt balance. Investors should also treat comparisons cautiously because several historical income statement and cash flow periods in the data were restated, and the unusually high Q4 2025 profit was influenced by a significant tax benefit rather than normal operating performance.

09/19/26 06:49 PM ETAI Generated. May Contain Errors.

Tidewater Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tidewater's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Tidewater's net income appears to be on a downward trend, with a most recent value of $333.45 million in 2025, falling from -$65.35 million in 2015. The previous period was $179.27 million in 2024. See Tidewater's forecast for analyst expectations on what's next for the company.

Tidewater's total operating income in 2025 was $282.60 million, based on the following breakdown:
  • Total Gross Profit: $1.35 billion
  • Total Operating Expenses: $1.07 billion

Over the last 10 years, Tidewater's total revenue changed from $1.50 billion in 2015 to $1.35 billion in 2025, a change of -9.5%.

Tidewater's total liabilities were at $1.03 billion at the end of 2025, a 6.4% increase from 2024, and a 54.7% decrease since 2015.

In the past 10 years, Tidewater's cash and equivalents has ranged from $78.57 million in 2015 to $706.40 million in 2016, and is currently $578.76 million as of their latest financial filing in 2025.

Over the last 10 years, Tidewater's book value per share changed from 48.95 in 2015 to 27.55 in 2025, a change of -43.7%.


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Financial statements for NYSE:TDW last updated on 8/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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