Filing Flows › Tidewater (TDW) › Q1 2025
Tidewater (TDW) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 5, 2025
Tidewater (TDW) reported revenue of $333M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -3% from the quarter before. Operating margin was 22.5%, net earnings $42.3M (12.7% of revenue).
Tidewater, Q1 2025: revenue $333M (+4% year over year), operating margin 22.5%, net earnings $42.3M, operating cash flow $86.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $333M | -3% | +4% |
| Operating profit | $75.0M | -8% | -8% |
| Net earnings | $42.3M | +16% | -9% |
| Operating cash flow | $86.0M | -14% | +57% |
| Free cash flow | $75.7M | -21% | +73% |
What changed
Revenue was $333.4M in Q1 2025, up 4% year over year and down 3% from the previous quarter. Vessel was the largest line at 99% of revenue. Vessel added $12.0M year over year (up 4%), 98% of the total change.
Operating profit was $75.0M, a 22.5% margin (down 3.0 points year over year). Operating profit fell $6.9M even though revenue rose $12.3M versus a year earlier, so costs grew faster than sales. Total costs grew 8% against revenue growth of 4%. The fastest-growing cost line was General & admin (+15%). Net earnings were $42.7M, down 9% year over year. The effective tax rate was 38.2%.
Operating cash flow was $86.0M (up 57% year over year), 203% of net earnings. Non-cash charges added back $39.0M of depreciation and amortization and $3.5M of share-based compensation. Capital expenditures of $10.3M left free cash flow of $75.7M.
Questions
What was Tidewater's revenue in the first quarter 2025?
Tidewater (TDW) reported revenue of $333M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -3% from the quarter before.
Was Tidewater profitable in the first quarter 2025?
Operating profit was $75.0M (22.5% of revenue) and net earnings $42.3M.
Source: Tidewater 10-Q on SEC EDGAR.