Filing Flows › Tidewater (TDW) › Q1 2026 › vs Q1 2025
Tidewater (TDW) Q1 2026 vs Q1 2025 (year over year)
Tidewater's revenue fell $7.2M (-2%) from $333M in Q1 2025 to $326M in Q1 2026. The biggest changes: Vessel −$7.3M (-2%); Product and Service, Other +$59K (+2%). Operating margin 18.1% against 22.5% (-4.4 pts).
Tidewater, Q1 2026: revenue $326M (-2% year over year), operating margin 18.1%, net earnings $6.1M, operating cash flow $19.2M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.1% | 22.5% | -4.4 pts |
| Net margin | 1.9% | 12.8% | -10.9 pts |
| Free cash flow margin | 1.3% | 21.0% | -19.7 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Vessel | $323M | $331M | −$7.3M | -2% |
| Product and Service, Other | $2.8M | $2.7M | $59K | +2% |
| Revenue | $326M | $333M | −$7.2M | -2% |
| Operating profit | $59.0M | $75.0M | −$16.1M | -21% |
| Costs & expenses | $267M | $258M | $8.8M | +3% |
| Pre-tax earnings | $40.9M | $68.4M | −$27.6M | -40% |
| Other expense, net | $18.1M | $6.6M | $11.5M | +174% |
| General & admin | $33.6M | $29.1M | $4.5M | +15% |
| Other operating costs | $234M | $229M | $4.4M | +2% |
| Loss borne by minority interests | $164K | $333K | −$169K | -51% |
| Net earnings | $6.1M | $42.7M | −$36.5M | -86% |
| Income tax | $34.9M | $26.1M | $8.8M | +34% |
| Operating cash sources | $47.7M | $85.2M | −$37.5M | -44% |
| Depreciation & amortization | $38.5M | $39.0M | −$517K | -1% |
| Share-based compensation | $3.1M | $3.5M | −$428K | -12% |
| Working capital & other | $28.5M | $4.7M | $23.8M | +501% |
| Operating cash flow | $19.2M | $80.4M | −$61.2M | -76% |
| Free cash flow (OCF − capex) | $4.3M | $70.1M | −$65.9M | -94% |
| Capital expenditures | $14.9M | $10.3M | $4.6M | +45% |
Questions
How much did Tidewater's revenue grow year over year in Q1 2026?
Tidewater's revenue fell $7.2M (-2%) from $333M in Q1 2025 to $326M in Q1 2026.
What drove Tidewater's revenue change in Q1 2026?
Vessel −$7.3M (-2%); Product and Service, Other +$59K (+2%).