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Tidewater (TDW) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 3, 2026 · Tidewater (TDW) Q2 2026 earnings results →
Q2 2026 Revenue up 0% year over year to $342M · 6¢ of every $1 of revenue kept as net profit · operating margin 18.3%
Tidewater made $342M in Q2 2026 (+0.3% Y/Y): Vessel $340M, Product and Service, Other $2.6M. Operating margin 18.3%, net earnings $21.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $342.3M in Q2 2026, roughly flat year over year and up 5% from the previous quarter. Vessel was the largest line at 99% of revenue. Vessel added $2.9M year over year (up 1%), 336% of the total change. Product and Service, Other declined 44%.
Operating profit was $62.5M, a 18.3% margin (down 5.4 points year over year). Operating profit fell $18.4M even though revenue rose $856K versus Q2 2025, so costs grew faster than sales. Total costs grew 7% against flat revenue. The fastest-growing cost line was General & admin (+12%). Net earnings were $21.7M, down 70% year over year ($21.1M including minority interests, which bore $580K of losses). The effective tax rate was 54.3%.
Operating cash flow was $67.0M (down 9% year over year), 318% of net income including minority interests. Non-cash charges added back $38.1M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items added $4.1M. Capital expenditures of $14.9M left free cash flow of $52.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 3, 2026 | $342M | +0.3% | 18.3% | $21.7M | $67.0M |
| Q1 2026 | 10-Q | May 4, 2026 | $326M | -2% | 18.1% | $6.1M | $19.2M |
| Q4 2025 | 10-K | Mar 2, 2026 | $337M | -2% | 19.0% | $220M | $153M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $341M | +0.2% | 18.4% | −$1.0M | $54.7M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $341M | +0.6% | 23.7% | $72.9M | $85.4M |
| Q1 2025 | 10-Q | May 5, 2025 | $333M | +4% | 22.5% | $42.3M | $86.0M |
| Q4 2024 | 10-K | Feb 27, 2025 | $345M | +14% | 23.6% | $36.9M | $100M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Tidewater
Unless otherwise required by the context, the terms “we,” “us,” “our” and “the company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. We have provided marine and transportation services to the global offshore energy industry since our incorporation in 1956. Our mission includes providing services to our customers with the highest level of operational performance, while complying with laws and regulations, respecting the environment and local communities in which we work and supporting the safety of our people.
In its own words, from its 10-K, filed Mar 2, 2026.
Tidewater against its Water Transportation peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.3% against the peers' median +12%. Operating margin: 18.3% against the peers' median 22.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TDW Tidewater | Q2 2026 | $342M | +0.3% | 18.3% |
| CCL Carnival | Q3 FY26 | $8.4B | +4% | 26.3% |
| RCL Royal Caribbean Cruises | Q3 2026 | $5.6B | +9% | 33.5% |
| NCLH Norwegian Cruise Line Holdings | Q3 2026 | $2.9B | +0.3% | 21.2% |
| MATX Matson | Q3 2026 | $1.1B | +26% | 22.9% |
| KEX Kirby | Q3 2026 | $977M | +12% | 15.4% |
| INSW International Seaways | Q3 2026 | $483M | +146% | 72.7% |
| OMEX Odyssey Marine Exploration | Q3 2026 | $109K | +79% | n/m |
Source: Tidewater 10-Q on SEC EDGAR · CIK 98222 · Water Transportation
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results