Tidewater Reports Results for the Three Months Ended March 31, 2026

Published: 2026-05-04 16:12:05 ET TDW

First Quarter 2026 Highlights Revenue of $326.2 million, a 2.2% decline compared to the first quarter of 2025 Average day rate of $22,283 per day, a decline of $20 per day, or 0.1%, compared to the first quarter of 2025 Net income of $6.1 million and Adjusted EBITDA of $129.3 million Net income and Adjusted EBITDA were adversely impacted by the $3.4 million foreign exchange loss due to the strengthening of the U.S. dollar Net cash provided by operating activities of $19.2 million and free cash flow of $34.4 million  Annual Guidance and Share Repurchase Program Reiterating 2026 revenue guidance to $1.43 to $1.48 billion and 2026 gross margin guidance of 49% to 51% pro forma for the previously announced Wilson Sons Ultratug acquisition Outstanding share repurchase program authorization of $500 million

Published on 05/04/2026 at 04:12 pm EDT