Filing Flows › Tidewater (TDW) › Q1 2026
Tidewater (TDW) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Tidewater (TDW) reported revenue of $326M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -3% from the quarter before. Operating margin was 18.1%, net earnings $6.1M (1.9% of revenue).
Tidewater, Q1 2026: revenue $326M (-2% year over year), operating margin 18.1%, net earnings $6.1M, operating cash flow $19.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $326M | -3% | -2% |
| Operating profit | $59.0M | -8% | -21% |
| Net earnings | $6.1M | -97% | -86% |
| Operating cash flow | $19.2M | -87% | -76% |
| Free cash flow | $4.3M | -97% | -94% |
What changed
Revenue was $326.2M in Q1 2026, down 2% year over year and down 3% from the previous quarter. Vessel was the largest line at 99% of revenue. Vessel lost $7.3M year over year (down 2%), 101% of the total change.
Operating profit was $59.0M, a 18.1% margin (down 4.4 points year over year). Total costs grew 3% against a revenue fall of 2%. The fastest-growing cost line was General & admin (+15%). Net earnings were $6.1M, down 86% year over year. The effective tax rate was 85.4%.
Operating cash flow was $19.2M (down 76% year over year), 321% of net income including minority interests. Non-cash charges added back $38.5M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items used $28.4M. Capital expenditures of $14.9M left free cash flow of $4.3M.
Questions
What was Tidewater's revenue in the first quarter 2026?
Tidewater (TDW) reported revenue of $326M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -3% from the quarter before.
Was Tidewater profitable in the first quarter 2026?
Operating profit was $59.0M (18.1% of revenue) and net earnings $6.1M.
Source: Tidewater 10-Q on SEC EDGAR.