Filing Flows › Tidewater (TDW) › Q2 2026 › vs Q1 2026
Tidewater (TDW) Q2 2026 vs Q1 2026 (quarter over quarter)
Tidewater's revenue rose $16.1M (+5%) from $326M in Q1 2026 to $342M in Q2 2026. The biggest changes: Vessel +$16.3M (+5%); Product and Service, Other −$248K (-9%). Operating margin 18.3% against 18.1% (+0.2 pts).
Tidewater, Q2 2026: revenue $342M (+0.3% year over year), operating margin 18.3%, net earnings $21.7M, operating cash flow $67.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 18.1% | +0.2 pts |
| Net margin | 6.3% | 1.9% | +4.4 pts |
| Free cash flow margin | 15.2% | 1.3% | +13.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Vessel | $340M | $323M | $16.3M | +5% |
| Product and Service, Other | $2.6M | $2.8M | −$248K | -9% |
| Revenue | $342M | $326M | $16.1M | +5% |
| Operating profit | $62.5M | $59.0M | $3.5M | +6% |
| Costs & expenses | $280M | $267M | $12.5M | +5% |
| Pre-tax earnings | $46.1M | $40.9M | $5.3M | +13% |
| Other expense, net | $16.4M | $18.1M | −$1.7M | -10% |
| General & admin | $34.8M | $33.6M | $1.3M | +4% |
| Other operating costs | $245M | $234M | $11.2M | +5% |
| Loss borne by minority interests | $580K | $164K | $416K | +254% |
| Net earnings | $21.7M | $6.1M | $15.5M | +253% |
| Income tax | $25.1M | $34.9M | −$9.8M | -28% |
| Depreciation & amortization | $38.1M | $38.5M | −$401K | -1% |
| Share-based compensation | $3.7M | $3.1M | $682K | +22% |
| Working capital & other | $3.5M | −$28.5M | $32.1M | — |
| Operating cash flow | $67.0M | $19.2M | $47.9M | +250% |
| Free cash flow (OCF − capex) | $52.1M | $4.3M | $47.8M | 12× |
| Capital expenditures | $14.9M | $14.9M | $38K | +0.3% |
Questions
How much did Tidewater's revenue grow quarter over quarter in Q2 2026?
Tidewater's revenue rose $16.1M (+5%) from $326M in Q1 2026 to $342M in Q2 2026.
What drove Tidewater's revenue change in Q2 2026?
Vessel +$16.3M (+5%); Product and Service, Other −$248K (-9%).