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Tidewater cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$52.1M in Q2 2026 · $271M over twelve months

Operating cash flow$67.0M
Capital spending−$14.9M
Free cash flow+$52.1M
Cash / net income3.2×

Analysis

In Q2 2026, Tidewater generated $67.0M of operating cash flow and spent $14.9M on capital projects, leaving free cash flow of $52.1M. That is $16.3M less than in Q2 2025 ($68.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was $311M; the largest uses were net borrowing (+) / repaid (−) ($650M), capital spending ($40.1M), taxes on employees’ shares ($6.8M); besides operations, cash came from other financing ($610M), asset & business sales ($21.4M); the cash balance rose by $244M.

Operating cash flow was $67.0M against net income of $21.1M — 3.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$38.1M, deferred taxes +$8.3M, receivables −$6.8M.

Free cash flow

Tidewater: free cash flow by quarterTidewater: free cash flow by quarter$43.3MQ3 2024$95.5MQ4 2024$70.1MQ1 2025$68.4MQ2 2025$67.0MQ3 2025$148MQ4 2025$4.3MQ1 2026$52.1MQ2 2026
Operating cash flow less capital spending.
Tidewater: operating cash flow against capital spendingTidewater: operating cash flow against capital spendingOperating cash flowCapital spending$49.0M$5.7MQ3 2024$100M$4.5MQ4 2024$80.4M$10.3MQ1 2025$73.7M$5.2MQ2 2025$72.1M$5.1MQ3 2025$153M$5.1MQ4 2025$19.2M$14.9MQ1 2026$67.0M$14.9MQ2 2026
Latest (Q2 2026): Operating cash flow $67.0M, Capital spending $14.9M.

Capital allocation, year by year

Tidewater: where the cash came from (up) and went (down), by fiscal yearTidewater: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $15.0MFY2021: Net borrowing −$26.5MFY2021: Asset sales $34.0MFY2021: Capital spending −$9.0M$49.0MFY2021FY2022: Operating cash flow $40.2MFY2022: Shares issued $188MFY2022: Asset sales $13.6MFY2022: Capital spending −$16.6MFY2022: Acquisitions −$20.7M$242MFY2022FY2023: Operating cash flow $104MFY2023: Net borrowing $561MFY2023: Asset sales $15.5MFY2023: Capital spending −$31.6MFY2023: Acquisitions −$594MFY2023: Buybacks −$35.0M$681MFY2023FY2024: Operating cash flow $282MFY2024: Net borrowing −$103MFY2024: Asset sales $19.3MFY2024: Capital spending −$27.6MFY2024: Buybacks −$90.7M$302MFY2024FY2025: Operating cash flow $379MFY2025: Net borrowing $1.6MFY2025: Asset sales $17.6MFY2025: Capital spending −$25.8MFY2025: Buybacks −$90.1M$398MFY2025
Over these 5 years operating cash flow totalled $821M; the largest uses were acquisitions ($615M) and buybacks ($216M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$614M
Debt$670M
Net debt$56.5M
Due within a year$5.8M

Tidewater funds itself: free cash flow was $271M over the last twelve months, and $614M of cash and investments stands against $670M of debt ($5.8M due within a year, 105.0× covered by cash).

Tidewater: debt maturities by year (FY2025)Tidewater: debt maturities by year (FY2025)$5.8MYear 1$6.2MYear 2$4.8MYear 3$3.1MYear 4$650MYear 5
Principal due in each year as disclosed in the annual report, against $614M of cash and investments now.

Where the cash came from and went

Tidewater: sources (+) and uses (−) of cash, Q2 2026Tidewater: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$67.0MCash drawn (+) / kept (−)−$61.0MCapital spending−$14.9MAsset & business sales$11.5MNet borrowing (+) / repaid (−)−$1.8MExchange rates−$484KTaxes on employees’ shares−$347KOther financing−$8K
Tidewater: sources (+) and uses (−) of cash, TTM to Q2 2026Tidewater: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)−$650MOther financing$610MOperating cash flow$311MCash drawn (+) / kept (−)−$244MCapital spending−$40.1MAsset & business sales$21.4MTaxes on employees’ shares−$6.8MExchange rates−$2.8M

From profit to cash

Tidewater: net income to operating cash flow, Q2 2026Tidewater: net income to operating cash flow, Q2 2026Net income$21.1MDepreciation & amortization$38.1MStock-based pay$3.7MDeferred taxes$8.3MGains on disposals−$3.3MReceivables−$6.8MPayables$4.4MAccrued liabilities−$5.8MOther operating capital$759KOperating cash flow$67.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$67.0M−$14.9M—−$1.8M—−$61.0M$52.1M
Q1 2026$19.2M−$14.9M—−$26.0M—$26.5M$4.3M
Q4 2025$153M−$5.1M—−$2.7M—−$150M$148M
Q3 2025$72.1M−$5.1M—−$619M—−$58.8M$67.0M
Q2 2025$73.7M−$5.2M−$50.8M−$14.0M—−$22.4M$68.4M
Q1 2025$80.4M−$10.3M−$39.3M−$12.5M—−$20.9M$70.1M
Q4 2024$100M−$4.5M−$44.1M−$14.0M−$2K−$38.9M$95.5M
Q3 2024$49.0M−$5.7M−$13.7M−$62.5M—$31.3M$43.3M

Tidewater: income statement and cash flow

Tidewater, Q2 2026: revenue $342M (+0.3% year over year), operating margin 18.3%. The chart follows the revenue to costs, profit and cash.

Tidewater: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.