Tidewater (TDW) Financials

$83.72 -1.58 (-1.85%)

Closing price 05/19/2026 03:59 PM Eastern

Extended Trading

$83.75 +0.03 (+0.03%)

As of 04:26 AM Eastern

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	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	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	-160	-660	-172	-142	-196	-129	-22	97	181	335
Consolidated Net Income / (Loss)	-65	-160	-650	-172	-141	-197	-130	-22	96	179	333
Net Income / (Loss) Continuing Operations	-65	-160	-650	-172	-141	-197	-130	-22	96	179	333
Total Pre-Tax Income	-66	-140	-644	-154	-113	-198	-124	-2.31	139	229	220
Total Operating Income	-37	-70	-578	-107	-87	-187	-95	27	182	311	283
Total Gross Profit	1,496	979	602	407	487	344	371	648	1,010	1,346	1,353
Total Revenue	1,496	979	602	407	487	397	371	648	1,010	1,346	1,353
Operating Revenue	1,468	955	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	1,049	1,179	514	573	531	466	621	828	1,034	1,070
Selling, General & Admin Expense	218	187	180	110	104	73	69	102	95	111	135
Depreciation Expense	175	182	167	58	102	117	115	119	180	243	262
Other Operating Expenses / (Income)	861	580	372	275	332	274	264	399	561	697	687
Other Special Charges / (Income)	-24	-26	-24	-11	-2.26	-7.59	2.90	-0.25	-8.70	-16	-14
Total Other Income / (Expense), net	-29	-70	-66	-46	-27	-11	-29	-29	-43	-82	-62
Interest Expense	50	54	75	39	29	24	27	17	48	73	93
Interest & Investment Income	12	-11	11	-7.57	3.45	19	-1.72	5.18	6.56	6.38	8.17
Other Income / (Expense), net	8.68	-5.40	-1.64	0.11	-1.27	-5.25	-0.37	-17	-1.37	-15	23
Income Tax Expense	-1.08	21	6.40	18	28	-0.97	5.88	20	43	50	-113
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.16	-0.19	10	-0.25	0.52	-0.45	-0.69	-0.44	-1.56	-1.38	-1.21
Basic Earnings per Share	($1.34)	($3.41)	($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	46.98M	47.07M	26.59M	38.20M	40.36M	41.01M	44.13M	51.59M	52.45M	50.05M
Diluted Earnings per Share	($1.34)	($3.41)	($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	46.98M	47.07M	26.59M	38.20M	40.36M	41.01M	44.13M	52.94M	53.07M	50.43M
Weighted Average Basic & Diluted Shares Outstanding	48.60M	47.07M	47.12M	26.60M	40.11M	40.72M	41.32M	50.57M	52.27M	51.47M	49.57M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	26	38	47	50	46	37	43	73	-0.81	220	6.14
Consolidated Net Income / (Loss)	26	37	47	50	46	37	42	73	-1.02	219	5.98
Net Income / (Loss) Continuing Operations	26	37	47	50	46	37	42	73	-1.02	219	5.98
Total Pre-Tax Income	35	48	60	58	59	53	68	78	21	53	41
Total Operating Income	56	63	82	78	70	81	75	81	63	64	59
Total Gross Profit	299	303	321	339	340	345	333	341	341	337	326
Total Revenue	299	303	321	339	340	345	333	341	341	337	326
Operating Revenue	299	303	321	339	340	345	333	341	341	337	326
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	244	240	239	261	270	264	258	261	278	273	267
Selling, General & Admin Expense	21	25	25	26	28	31	29	31	35	39	34
Depreciation Expense	58	59	56	59	62	65	65	64	66	66	67
Other Operating Expenses / (Income)	166	160	169	177	180	171	166	170	177	173	167
Other Special Charges / (Income)	-0.86	-4.22	-11	-2.00	-0.05	-2.67	-2.54	-5.48	-0.58	-5.08	0.11
Total Other Income / (Expense), net	-21	-15	-22	-20	-11	-28	-6.62	-2.64	-42	-11	-18
Interest Expense	19	20	19	19	18	17	16	16	44	17	17
Interest & Investment Income	0.57	3.04	1.48	1.18	1.03	2.70	2.16	2.10	0.46	3.45	2.19
Other Income / (Expense), net	-2.15	2.25	-4.09	-2.38	5.52	-14	7.57	12	1.28	2.13	-3.40
Income Tax Expense	9.26	11	13	7.89	13	16	26	5.58	22	-167	35
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.65	-0.34	-0.28	-0.44	-0.38	-0.29	-0.33	-0.23	-0.21	-0.44	-0.16
Basic Earnings per Share	$0.50	$0.73	$0.90	$0.96	$0.88	$0.70	$0.83	$1.47	($0.02)	$4.41	$0.12
Weighted Average Basic Shares Outstanding	52.23M	51.59M	52.32M	52.68M	52.49M	52.45M	51.50M	49.67M	49.50M	50.05M	49.59M
Diluted Earnings per Share	$0.49	$0.71	$0.89	$0.94	$0.87	$0.70	$0.83	$1.46	($0.02)	$4.37	$0.12
Weighted Average Diluted Shares Outstanding	53.61M	52.94M	52.90M	53.35M	53.08M	53.07M	51.68M	50.01M	49.50M	50.43M	49.84M
Weighted Average Basic & Diluted Shares Outstanding	52.84M	52.27M	52.76M	52.49M	52.32M	51.47M	49.48M	49.49M	49.56M	49.57M	49.73M

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	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	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	600	28	-56	-170	-72	-0.95	14	110	51	253
Net Cash From Operating Activities	359	253	30	3.94	-31	3.99	15	40	104	282	379
Net Cash From Continuing Operating Activities	359	253	30	3.94	-31	3.99	15	40	104	282	379
Net Income / (Loss) Continuing Operations	-65	-160	-650	-172	-141	-197	-130	-22	96	179	333
Consolidated Net Income / (Loss)	-65	-160	-650	-172	-141	-197	-130	-22	96	179	333
Depreciation Expense	175	182	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	135	461	120	-14	127	36	21	0.69	12	4.52
Changes in Operating Assets and Liabilities, net	-47	97	51	-1.02	27	-47	-8.73	-79	-173	-154	-225
Net Cash From Investing Activities	-231	-135	15	69	11	23	25	-24	-610	-0.19	-7.48
Net Cash From Continuing Investing Activities	-231	-135	15	69	11	23	25	-24	-610	-0.19	-7.48
Purchase of Property, Plant & Equipment	-364	-194	-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	11	15	46	29	38	34	14	16	19	18
Sale and/or Maturity of Investments	124	-	-	-	-	-	-	0.00	0.00	8.05	0.66
Net Cash From Financing Activities	-109	482	-17	-128	-150	-100	-41	-2.72	616	-223	-136
Net Cash From Continuing Financing Activities	-109	482	-17	-128	-150	-100	-41	-2.72	616	-223	-136
Repayment of Debt	-99	-139	-17	-124	-145	-99	-212	-0.39	-28	-103	-681
Repurchase of Common Equity	-100	-	-	-	-	0.00	0.00	-188	-35	-91	-90
Payment of Dividends	-49	-35	-	-	-	-	0.00	0.00	-1.43	0.00	0.00
Issuance of Debt	138	656	-	-	0.00	0.00	172	0.00	575	0.00	650
Other Financing Activities, net	-	-	-	-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	51	71	32	33	21	14	16	27	67	48
Cash Income Taxes Paid	74	52	27	17	14	13	19	22	44	57	60

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	107	-4.10	12	32	-31	39	21	22	59	150	-26
Net Cash From Operating Activities	35	47	55	79	49	91	80	85	55	153	19
Net Cash From Continuing Operating Activities	35	47	55	79	49	91	80	85	55	153	19
Net Income / (Loss) Continuing Operations	26	37	47	50	46	37	42	73	-1.02	219	5.98
Consolidated Net Income / (Loss)	26	37	47	50	46	37	42	73	-1.02	219	5.98
Depreciation Expense	44	43	39	39	39	39	39	37	37	38	38
Amortization Expense	14	16	18	20	24	26	28	29	30	30	29
Non-Cash Adjustments To Reconcile Net Income	1.63	-1.22	-8.27	1.46	3.52	1.21	-8.60	-1.42	8.93	-3.94	5.74
Changes in Operating Assets and Liabilities, net	-50	-48	-41	-32	-63	-12	-20	-51	-20	-130	-60
Net Cash From Investing Activities	-599	-2.48	1.52	-3.34	-4.16	5.78	-5.85	2.10	-3.92	0.18	-12
Net Cash From Continuing Investing Activities	-599	-2.48	1.52	-3.34	-4.16	5.78	-5.85	2.10	-3.92	0.18	-12
Purchase of Property, Plant & Equipment	-5.70	-8.39	-11	-6.39	-5.71	-4.53	-10	-5.23	-5.12	-5.15	-15
Sale of Property, Plant & Equipment	0.95	5.90	12	2.35	0.05	4.47	3.82	7.27	1.20	5.33	3.33
Sale and/or Maturity of Investments	-	-	0.00	-	1.51	5.85	0.60	0.06	-	-	0.00
Net Cash From Financing Activities	671	-49	-45	-43	-76	-58	-59	-65	-7.99	-3.59	-32
Net Cash From Continuing Financing Activities	671	-49	-45	-43	-76	-58	-59	-65	-7.99	-3.59	-32
Repayment of Debt	-15	-14	-13	-14	-63	-14	-13	-14	-652	-2.67	-1.20
Repurchase of Common Equity	-	-35	-3.50	-29	-14	-44	-39	-51	-	-	0.00
Other Financing Activities, net	111	-0.14	-28	-0.00	-0.07	-0.08	-7.47	-0.29	-5.82	-0.92	-31
Other Net Changes in Cash	-	-	-	-	-	-	5.56	-	-	0.91	-1.81
Cash Interest Paid	0.61	18	16	15	24	13	18	12	18	0.58	32
Cash Income Taxes Paid	9.38	7.30	16	17	13	11	15	18	9.29	18	20

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	3/31/2016	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	4,984	4,191	1,760	1,828	1,580	1,251	1,096	1,298	2,063	2,075	2,387
Total Current Assets	1,323	1,141	845	683	537	389	343	378	591	699	914
Cash & Equivalents	678	706	432	372	218	150	149	164	274	325	579
Accounts Receivable	567	386	344	244	236	175	157	156	268	324	285
Inventories, net	33	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	3,551	2,865	851	1,090	939	780	688	797	1,315	1,184	1,072
Total Noncurrent Assets	109	185	63	55	103	82	65	123	157	192	401
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	3.16	201
Other Noncurrent Operating Assets	72	140	34	54	103	82	65	123	157	189	200
Total Liabilities & Shareholders' Equity	4,984	4,191	1,760	1,828	1,580	1,251	1,096	1,298	2,063	2,075	2,387
Total Liabilities	2,678	2,540	738	683	563	428	394	432	1,025	964	1,026
Total Current Liabilities	2,452	2,329	220	158	186	183	158	195	329	332	315
Short-Term Debt	2,046	2,034	5.10	8.57	9.89	28	-	0.00	103	65	5.85
Accounts Payable	49	32	38	32	28	17	21	39	45	71	66
Accrued Expenses	92	78	55	62	74	52	52	106	126	130	153
Other Current Liabilities	266	185	122	56	74	86	85	50	55	65	90
Total Noncurrent Liabilities	226	211	518	524	377	245	236	237	696	632	710
Long-Term Debt	-	0.00	443	430	279	165	168	169	631	572	649
Other Noncurrent Operating Liabilities	191	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	2,306	1,651	1,022	1,145	1,016	823	702	866	1,038	1,111	1,361
Total Preferred & Common Equity	2,300	1,635	1,020	1,144	1,015	822	701	866	1,039	1,114	1,365
Total Common Equity	2,300	1,635	1,020	1,144	1,015	822	701	866	1,039	1,114	1,365
Common Stock	171	170	1,059	1,352	1,368	1,372	1,377	1,557	1,672	1,657	1,663
Retained Earnings	2,135	1,475	-39	-211	-353	-549	-678	-700	-638	-549	-305
Accumulated Other Comprehensive Income / (Loss)	-6.87	-10	-0.15	2.19	-0.24	-0.80	2.67	8.58	5.27	6.06	7.25
Noncontrolling Interest	6.03	16	2.22	1.09	1.61	1.16	0.47	0.02	-1.54	-2.93	-4.13

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	1,283	1,327	1,344	2,072	2,078	2,090	2,047	2,066	2,074	2,129	2,341
Total Current Assets	347	396	410	575	616	647	626	698	725	800	900
Cash & Equivalents	115	165	171	275	281	316	281	342	369	428	552
Accounts Receivable	182	182	196	251	286	280	293	313	316	333	300
Inventories, net	21	24	22	27	25	27	27	23	24	28	29
Prepaid Expenses	18	19	19	17	17	20	18	15	14	12	18
Other Current Assets	6.82	0.70	0.63	0.57	-	-	-	-	-	-	8.27
Plant, Property, & Equipment, net	816	786	785	1,348	1,287	1,254	1,220	1,164	1,132	1,105	1,069
Total Noncurrent Assets	120	145	149	148	176	189	201	204	218	224	364
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	-	191
Other Noncurrent Operating Assets	120	145	149	148	176	189	201	204	218	224	173
Total Liabilities & Shareholders' Equity	1,283	1,327	1,344	2,072	2,078	2,090	2,047	2,066	2,074	2,129	2,341
Total Liabilities	436	454	452	1,040	1,023	1,011	933	956	938	990	977
Total Current Liabilities	184	215	206	332	339	340	274	338	343	276	270
Short-Term Debt	-	-	2.44	102	103	103	53	80	93	5.84	5.76
Accounts Payable	32	65	70	57	52	61	64	50	49	43	58
Accrued Expenses	106	107	92	120	132	133	118	133	131	131	140
Other Current Liabilities	47	43	42	53	52	43	39	74	70	97	66
Total Noncurrent Liabilities	252	238	245	708	684	671	660	618	595	713	707
Long-Term Debt	169	169	180	641	620	608	597	556	532	650	649
Other Noncurrent Operating Liabilities	83	69	66	66	63	63	62	62	63	64	58
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	847	873	893	1,032	1,055	1,079	1,114	1,110	1,136	1,139	1,364
Total Preferred & Common Equity	847	873	893	1,033	1,057	1,081	1,116	1,114	1,140	1,143	1,368
Total Common Equity	847	873	893	1,033	1,057	1,081	1,116	1,114	1,140	1,143	1,368
Common Stock	1,555	1,554	1,555	1,668	1,646	1,650	1,653	1,653	1,657	1,660	1,660
Retained Earnings	-710	-689	-666	-640	-594	-573	-541	-546	-524	-525	-299
Accumulated Other Comprehensive Income / (Loss)	1.47	8.25	4.57	4.41	5.21	5.06	4.59	6.61	7.27	7.89	7.13
Noncontrolling Interest	0.46	0.10	-0.56	-1.21	-1.82	-2.26	-2.64	-3.26	-3.49	-3.70	-4.30

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

Metric	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	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	-	-	-	-	-	-	41,279,272.00	46,505,642.00	52,841,838.00	52,322,996.00	49,563,157.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	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	-	-	-	-	-	-	-3.12	-0.47	1.84	3.45	6.75
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-26	-49	-404	-75	-61	-131	-67	19	125	243	428
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-7.65%	1.81%	7.08%	13.91%	21.22%
Earnings before Interest and Taxes (EBIT)	-29	-75	-579	-107	-88	-192	-95	9.71	181	296	305
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	107	-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)	184	187	297	0.00	43	87	78	-132	-501	318	412
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,871	3,635	2,934	1,185	1,081	864	719	870	1,496	1,421	1,437
Increase / (Decrease) in Invested Capital	-210	-236	-701	0.00	-104	-217	-145	150	627	-75	16
Book Value per Share	$50.85	$48.95	$34.86	$43.02	$26.56	$20.37	$16.99	$18.62	$19.67	$21.29	$27.55
Tangible Book Value per Share	$50.85	$48.95	$34.86	$43.02	$26.56	$20.37	$16.99	$18.62	$19.67	$21.29	$27.55
Total Capital	4,015	4,351	3,685	1,584	1,305	1,016	870	1,035	1,772	1,748	2,016
Total Debt	1,534	2,046	2,034	439	289	193	168	169	734	637	655
Total Long-Term Debt	1,524	0.00	0.00	430	279	165	168	169	631	572	649
Net Debt	1,390	1,330	1,283	40	65	41	18	3.60	459	310	76
Capital Expenditures (CapEx)	356	184	11	-25	-11	-23	-25	3.07	16	8.24	8.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	318	238	140	136	137	81	34	18	90	105	26
Debt-free Net Working Capital (DFNWC)	397	916	847	534	362	233	185	183	365	432	605
Net Working Capital (NWC)	387	-1,129	-1,187	525	352	205	185	183	262	367	599
Net Nonoperating Expense (NNE)	39	112	246	97	81	66	63	41	30	64	94
Net Nonoperating Obligations (NNO)	1,390	1,330	1,283	40	65	41	18	3.60	459	310	76
Total Depreciation and Amortization (D&A)	175	182	167	56	97	121	118	121	181	245	267
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($43.23)	($110.00)	($14.02)	($6.45)	($3.71)	($4.86)	($3.14)	($0.49)	$1.88	$3.44	$6.69
Adjusted Weighted Average Basic Shares Outstanding	1.51M	1.46M	47.07M	26.59M	38.20M	40.35M	41.01M	44.13M	51.59M	52.45M	50.05M
Adjusted Diluted Earnings per Share	($43.23)	($110.00)	($14.02)	($6.45)	($3.71)	($4.86)	($3.14)	($0.49)	$1.84	$3.40	$6.64
Adjusted Weighted Average Diluted Shares Outstanding	1.51M	1.46M	46.90M	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	1.51M	1.46M	47.10M	26.60M	0.00	40.72M	41.32M	50.57M	52.27M	51.47M	49.57M
Normalized Net Operating Profit after Tax (NOPAT)	169	21	-80	-26	-36	-47	-54	19	119	231	188
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	52,666,949.00	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
DEI Adjusted Shares Outstanding	52,666,949.00	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
DEI Earnings Per Adjusted Shares Outstanding	0.50	0.71	0.90	0.95	0.88	0.71	0.83	1.47	-0.02	4.44	0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-	-	-	-	-	-	-	-	-	-	-2.17%
EBITDA Growth	-	-	-	-	-	-	-	-	-	-	-17.53%
EBIT Growth	-	-	-	-	-	-	-	-	-	-	-32.72%
NOPAT Growth	-	-	-	-	-	-	-	-	-	-	-81.42%
Net Income Growth	-	-	-	-	-	-	-	-	-	-	-85.88%
EPS Growth	-	-	-	-	-	-	-	-	-	-	-85.54%
Operating Cash Flow Growth	-	-	-	-	-	-	-	-	-	-	-76.15%
Free Cash Flow Firm Growth	-	-	-	-	-	-	-	-	-	-	-142.03%
Invested Capital Growth	-	-	-	-	-	-	-	-	-	-	4.77%
Revenue Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-3.14%
EBITDA Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-7.85%
EBIT Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-15.93%
NOPAT Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-96.75%
Net Income Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-97.28%
EPS Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-97.25%
Operating Cash Flow Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-87.46%
Free Cash Flow Firm Q/Q Growth	-	-	-	-	-	-	-	-	-	-	-123.27%
Invested Capital Q/Q Growth	-	-	-	-	-	-	-	-	-	-	2.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-	-	-	-	-	-	-	-	-	-	100.00%
EBITDA Margin	-	-	-	-	-	-	-	-	-	-	37.72%
Operating Margin	-	-	-	-	-	-	-	-	-	-	18.08%
EBIT Margin	-	-	-	-	-	-	-	-	-	-	17.04%
Profit (Net Income) Margin	-	-	-	-	-	-	-	-	-	-	1.83%
Tax Burden Percent	-	-	-	-	-	-	-	-	-	-	14.62%
Interest Burden Percent	-	-	-	-	-	-	-	-	-	-	73.55%
Effective Tax Rate	-	-	-	-	-	-	-	-	-	-	85.38%
Return on Invested Capital (ROIC)	-	-	-	-	-	-	-	-	-	-	2.48%
ROIC Less NNEP Spread (ROIC-NNEP)	-	-	-	-	-	-	-	-	-	-	1.13%
Return on Net Nonoperating Assets (RNNOA)	-	-	-	-	-	-	-	-	-	-	0.18%
Return on Equity (ROE)	-	-	-	-	-	-	-	-	-	-	2.66%
Cash Return on Invested Capital (CROIC)	-	-	-	-	-	-	-	-	-	-	24.03%
Operating Return on Assets (OROA)	-	-	-	-	-	-	-	-	-	-	10.40%
Return on Assets (ROA)	-	-	-	-	-	-	-	-	-	-	1.12%
Return on Common Equity (ROCE)	-	-	-	-	-	-	-	-	-	-	2.67%
Return on Equity Simple (ROE_SIMPLE)	-	-	-	-	-	-	-	-	-	-	0.00%
Net Operating Profit after Tax (NOPAT)	41	49	64	67	55	56	46	75	-3.08	266	8.62
NOPAT Margin	-	-	-	-	-	-	-	-	-	-	2.64%
Net Nonoperating Expense Percent (NNEP)	-	-	-	-	-	-	-	-	-	-	1.35%
Return On Investment Capital (ROIC_SIMPLE)	2.30%	2.76%	3.60%	3.77%	3.10%	3.22%	2.66%	4.27%	-0.17%	13.18%	0.43%
Cost of Revenue to Revenue	-	-	-	-	-	-	-	-	-	-	0.00%
SG&A Expenses to Revenue	-	-	-	-	-	-	-	-	-	-	10.29%
R&D to Revenue	-	-	-	-	-	-	-	-	-	-	0.00%
Operating Expenses to Revenue	-	-	-	-	-	-	-	-	-	-	81.92%
Earnings before Interest and Taxes (EBIT)	54	65	78	76	75	67	83	93	64	66	56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	111	125	135	135	138	132	149	158	131	134	123
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	-	-	-	-	-	-	-	-	-	-	3.03
Price to Tangible Book Value (P/TBV)	-	-	-	-	-	-	-	-	-	-	3.03
Price to Revenue (P/Rev)	-	-	-	-	-	-	-	-	-	-	3.08
Price to Earnings (P/E)	-	-	-	-	-	-	-	-	-	-	13.89
Dividend Yield	-	-	-	-	-	-	-	-	-	-	0.00%
Earnings Yield	-	-	-	-	-	-	-	-	-	-	7.20%
Enterprise Value to Invested Capital (EV/IC)	-	-	-	-	-	-	-	-	-	-	2.89
Enterprise Value to Revenue (EV/Rev)	-	-	-	-	-	-	-	-	-	-	3.15
Enterprise Value to EBITDA (EV/EBITDA)	-	-	-	-	-	-	-	-	-	-	7.77
Enterprise Value to EBIT (EV/EBIT)	-	-	-	-	-	-	-	-	-	-	15.24
Enterprise Value to NOPAT (EV/NOPAT)	-	-	-	-	-	-	-	-	-	-	10.32
Enterprise Value to Operating Cash Flow (EV/OCF)	-	-	-	-	-	-	-	-	-	-	13.34
Enterprise Value to Free Cash Flow (EV/FCFF)	-	-	-	-	-	-	-	-	-	-	12.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-	-	-	-	-	-	-	-	-	-	0.48
Long-Term Debt to Equity	-	-	-	-	-	-	-	-	-	-	0.48
Financial Leverage	-	-	-	-	-	-	-	-	-	-	0.16
Leverage Ratio	-	-	-	-	-	-	-	-	-	-	1.78
Compound Leverage Factor	-	-	-	-	-	-	-	-	-	-	1.31
Debt to Total Capital	-	-	-	-	-	-	-	-	-	-	32.42%
Short-Term Debt to Total Capital	-	-	-	-	-	-	-	-	-	-	0.29%
Long-Term Debt to Total Capital	-	-	-	-	-	-	-	-	-	-	32.14%
Preferred Equity to Total Capital	-	-	-	-	-	-	-	-	-	-	0.00%
Noncontrolling Interests to Total Capital	-	-	-	-	-	-	-	-	-	-	-0.21%
Common Equity to Total Capital	-	-	-	-	-	-	-	-	-	-	67.79%
Debt to EBITDA	-	-	-	-	-	-	-	-	-	-	1.20
Net Debt to EBITDA	-	-	-	-	-	-	-	-	-	-	0.19
Long-Term Debt to EBITDA	-	-	-	-	-	-	-	-	-	-	1.19
Debt to NOPAT	-	-	-	-	-	-	-	-	-	-	1.59
Net Debt to NOPAT	-	-	-	-	-	-	-	-	-	-	0.25
Long-Term Debt to NOPAT	-	-	-	-	-	-	-	-	-	-	1.58
Altman Z-Score	-	-	-	-	-	-	-	-	-	-	3.34
Noncontrolling Interest Sharing Ratio	-	-	-	-	-	-	-	-	-	-	-0.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	-	-	-	-	-	-	-	-	-	-	3.33
Quick Ratio	-	-	-	-	-	-	-	-	-	-	3.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-559	-578	-554	-501	74	131	138	154	107	250	-58
Operating Cash Flow to CapEx	-	-	-	-	-	-	-	-	-	-	165.97%
Free Cash Flow to Firm to Interest Expense	-	-	-	-	-	-	-	-	-	-	-3.44
Operating Cash Flow to Interest Expense	-	-	-	-	-	-	-	-	-	-	1.14
Operating Cash Flow Less CapEx to Interest Expense	-	-	-	-	-	-	-	-	-	-	0.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	-	-	-	-	-	-	-	-	-	-	0.61
Accounts Receivable Turnover	-	-	-	-	-	-	-	-	-	-	4.39
Inventory Turnover	-	-	-	-	-	-	-	-	-	-	0.00
Fixed Asset Turnover	-	-	-	-	-	-	-	-	-	-	1.21
Accounts Payable Turnover	-	-	-	-	-	-	-	-	-	-	0.00
Days Sales Outstanding (DSO)	-	-	-	-	-	-	-	-	-	-	83.09
Days Inventory Outstanding (DIO)	-	-	-	-	-	-	-	-	-	-	0.00
Days Payable Outstanding (DPO)	-	-	-	-	-	-	-	-	-	-	0.00
Cash Conversion Cycle (CCC)	-	-	-	-	-	-	-	-	-	-	83.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,495	1,496	1,491	1,471	1,476	1,421	1,399	1,392	1,366	1,437	1,466
Invested Capital Turnover	-	-	-	-	-	-	-	-	-	-	0.94
Increase / (Decrease) in Invested Capital	599	627	618	569	-19	-75	-92	-79	-110	16	67
Enterprise Value (EV)	-	-	-	-	-	-	-	-	-	-	4,240
Market Capitalization	-	-	-	-	-	-	-	-	-	-	4,142
Book Value per Share	$19.61	$19.67	$20.22	$20.49	$21.27	$21.29	$21.64	$23.04	$23.09	$27.55	$27.60
Tangible Book Value per Share	$19.61	$19.67	$20.22	$20.49	$21.27	$21.29	$21.64	$23.04	$23.09	$27.55	$27.60
Total Capital	1,775	1,772	1,778	1,790	1,764	1,748	1,746	1,761	1,795	2,016	2,018
Total Debt	744	734	723	711	650	637	636	625	656	655	654
Total Long-Term Debt	641	631	620	608	597	572	556	532	650	649	649
Net Debt	464	459	436	392	362	310	289	256	227	76	102
Capital Expenditures (CapEx)	4.76	2.48	-1.52	4.04	5.66	0.06	6.45	-2.04	3.92	-0.18	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	65	90	92	90	117	105	94	105	101	26	83
Debt-free Net Working Capital (DFNWC)	345	365	379	410	406	432	441	475	530	605	635
Net Working Capital (NWC)	243	262	276	307	352	367	361	381	524	599	630
Net Nonoperating Expense (NNE)	15	12	17	18	8.65	20	4.09	2.45	-2.06	46	2.65
Net Nonoperating Obligations (NNO)	464	459	436	392	362	310	289	256	227	76	102
Total Depreciation and Amortization (D&A)	58	59	57	60	63	65	67	65	67	67	67
Debt-free, Cash-free Net Working Capital to Revenue	-	-	-	-	-	-	-	-	-	-	6.18%
Debt-free Net Working Capital to Revenue	-	-	-	-	-	-	-	-	-	-	47.23%
Net Working Capital to Revenue	-	-	-	-	-	-	-	-	-	-	46.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.73	$0.90	$0.96	$0.88	$0.70	$0.83	$1.47	($0.02)	$4.41	$0.12
Adjusted Weighted Average Basic Shares Outstanding	52.23M	51.59M	52.32M	52.68M	52.49M	52.45M	51.50M	49.67M	49.50M	50.05M	49.59M
Adjusted Diluted Earnings per Share	$0.49	$0.71	$0.89	$0.94	$0.87	$0.70	$0.83	$1.46	($0.02)	$4.37	$0.12
Adjusted Weighted Average Diluted Shares Outstanding	53.61M	52.94M	52.90M	53.35M	53.08M	53.07M	51.68M	50.01M	49.50M	50.43M	49.84M
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	52.84M	52.27M	52.76M	52.49M	52.32M	51.47M	49.48M	49.49M	49.56M	49.57M	49.73M
Normalized Net Operating Profit after Tax (NOPAT)	40	46	55	66	55	54	45	70	43	41	41
Normalized NOPAT Margin	-	-	-	-	-	-	-	-	-	-	12.68%
Pre Tax Income Margin	-	-	-	-	-	-	-	-	-	-	12.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-	-	-	-	-	-	-	-	-	-	3.29
NOPAT to Interest Expense	-	-	-	-	-	-	-	-	-	-	0.51
EBIT Less CapEx to Interest Expense	-	-	-	-	-	-	-	-	-	-	2.61
NOPAT Less CapEx to Interest Expense	-	-	-	-	-	-	-	-	-	-	-0.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	0.00%
Augmented Payout Ratio	-	-	-	-	-	-	-	-	-	-	17.10%

Financials Breakdown Chart

Key Financial Trends

Below are key trends for Tidewater (TDW) drawn from the last four years of quarterly statements. The focus is on revenue, profitability, cash flow, and balance sheet trends that may matter to retail investors.

Net income attributable to common shareholders in Q4 2025 was $219.9 million, with basic earnings per share of $4.41 and diluted earnings per share of $4.37, indicating a strong quarterly profitability signal.
Operating cash flow showed meaningful improvement in Q4 2025, with net cash from continuing operating activities of $152.96 million, supported by a positive overall cash change despite working-capital outflows.
The balance sheet shows a solid equity base in 2025, with total common equity around $1.11–$1.14 billion across 2025 quarters, suggesting a durable capital position for potential growth or debt servicing flexibility.
Revenue remained in a stable range around the mid-$330s to low-$340s million per quarter in the latest periods (Q1–Q4 2025), indicating a relatively flat topline in a cyclic industry.

Revenue declined modestly year over year from Q4 2024 ($345.1 million) to Q4 2025 ($336.8 million), highlighting a softer year-over-year top line despite sequential stability.
Long-term debt rose through 2024–2025, with Q3 2025 showing about $649.8 million and Q1–Q2 2025 readings in the mid-$500s to $600s million range, signaling higher leverage that warrants watching if cash flows become less robust.

Some quarters show sizable other operating expenses (e.g., Q3 2025 at $177.38 million and Q4 2025 at $172.75 million), which can compress margins and introduce earnings volatility independent of the core revenue base.
Q4 2025 reported net income benefited from unusual tax effects (Income Tax Expense is shown as a negative value in the period), suggesting one-time or non-recurring tax timing that may not repeat in future quarters.
Debt levels and interest obligations remain a consideration, as rising long-term debt increases interest expense risk and leverage should cash flow generation weaken in a downturn.

05/20/26 01:42 AM 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 2014. The previous period was $179.27 million in 2024. View Tidewater's forecast to see where analysts expect Tidewater to go next.

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 2014 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 61.7% decrease since 2015.

In the past 10 years, Tidewater's cash and equivalents has ranged from $149.04 million in 2021 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 50.85 in 2014 to 27.55 in 2025, a change of -45.8%.

Related Companies

Financial statements for NYSE:TDW last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tidewater (TDW) Financials

Financials Breakdown Chart

Key Financial Trends

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Tidewater (TDW) Financials

Annual Income Statements for Tidewater

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Quarterly Cash Flow Statements for Tidewater

Annual Balance Sheets for Tidewater

Quarterly Balance Sheets for Tidewater

Annual Metrics And Ratios for Tidewater

Quarterly Metrics And Ratios for Tidewater

Financials Breakdown Chart

Key Financial Trends

Tidewater Financials - Frequently Asked Questions

When does Tidewater's fiscal year end?

How has Tidewater's net income changed over the last 10 years?

What is Tidewater's operating income?

How has Tidewater's revenue changed over the last 10 years?

How much debt does Tidewater have?

How much cash does Tidewater have?

How has Tidewater's book value per share changed over the last 10 years?

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