Filing Flows › Tidewater (TDW) › Q1 2026 › vs Q4 2025
Tidewater (TDW) Q1 2026 vs Q4 2025 (quarter over quarter)
Tidewater's revenue fell $10.6M (-3%) from $337M in Q4 2025 to $326M in Q1 2026. The biggest changes: Vessel −$9.5M (-3%); Product and Service, Other −$1.1M (-28%). Operating margin 18.1% against 19.0% (-0.9 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.1% | 19.0% | -0.9 pts |
| Net margin | 1.9% | 65.3% | -63.4 pts |
| Free cash flow margin | 1.3% | 43.9% | -42.6 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Vessel | $323M | $333M | −$9.5M | -3% |
| Product and Service, Other | $2.8M | $3.9M | −$1.1M | -28% |
| Revenue | $326M | $337M | −$10.6M | -3% |
| Operating profit | $59.0M | $64.0M | −$5.0M | -8% |
| Costs & expenses | $267M | $273M | −$5.6M | -2% |
| Pre-tax earnings | $40.9M | $52.8M | −$12.0M | -23% |
| Other expense, net | $18.1M | $11.1M | $7.0M | +63% |
| General & admin | $33.6M | $39.0M | −$5.4M | -14% |
| Other operating costs | $234M | $234M | −$175K | -0.1% |
| Loss borne by minority interests | $164K | $435K | −$271K | -62% |
| Net earnings | $6.1M | $220M | −$214M | -97% |
| Income tax | $34.9M | −$167M | $202M | — |
| Operating cash sources | $47.7M | $261M | −$213M | -82% |
| Depreciation & amortization | $38.5M | $37.8M | $659K | +2% |
| Share-based compensation | $3.1M | $3.5M | −$391K | -11% |
| Working capital & other | $28.5M | $108M | −$79.7M | -74% |
| Operating cash flow | $19.2M | $153M | −$134M | -87% |
| Free cash flow (OCF − capex) | $4.3M | $148M | −$144M | -97% |
| Capital expenditures | $14.9M | $5.1M | $9.7M | +189% |
Questions
How much did Tidewater's revenue grow quarter over quarter in Q1 2026?
Tidewater's revenue fell $10.6M (-3%) from $337M in Q4 2025 to $326M in Q1 2026.
What drove Tidewater's revenue change in Q1 2026?
Vessel −$9.5M (-3%); Product and Service, Other −$1.1M (-28%).