Filing Flows › Tidewater (TDW) › Q2 2025
Tidewater (TDW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Tidewater (TDW) reported revenue of $341M for the second quarter 2025 (Q2 2025), +0.6% from a year earlier and +2% from the quarter before. Operating margin was 23.7%, net earnings $72.9M (21.4% of revenue).
Tidewater, Q2 2025: revenue $341M (+0.6% year over year), operating margin 23.7%, net earnings $72.9M, operating cash flow $85.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $341M | +2% | +0.6% |
| Operating profit | $80.9M | +8% | +4% |
| Net earnings | $72.9M | +71% | +45% |
| Operating cash flow | $85.4M | -0.6% | +9% |
| Free cash flow | $80.2M | +6% | +11% |
What changed
Revenue was $341.4M in Q2 2025, up 1% year over year and up 2% from the previous quarter. Vessel was the largest line at 99% of revenue. Product and Service, Other added $2.3M year over year (up 105%), 107% of the total change.
Operating profit was $80.9M, a 23.7% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 127% reached operating profit, above the 23% margin then. Total costs fell 0% while revenue rose 1%. The fastest-growing cost line was General & admin (+19%). Net earnings were $72.9M, up 45% year over year. The effective tax rate was 7.1%.
Operating cash flow was $85.4M (up 9% year over year), 118% of net earnings. Non-cash charges added back $36.9M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items used $28.2M. Capital expenditures of $5.2M left free cash flow of $80.2M.
Questions
What was Tidewater's revenue in the second quarter 2025?
Tidewater (TDW) reported revenue of $341M for the second quarter 2025 (Q2 2025), +0.6% from a year earlier and +2% from the quarter before.
Was Tidewater profitable in the second quarter 2025?
Operating profit was $80.9M (23.7% of revenue) and net earnings $72.9M.
Source: Tidewater 10-Q on SEC EDGAR.