Filing Flows › Tidewater (TDW) › Q2 2026 › vs Q2 2025
Tidewater (TDW) Q2 2026 vs Q2 2025 (year over year)
Tidewater's revenue rose $856K (+0.3%) from $341M in Q2 2025 to $342M in Q2 2026. The biggest changes: Vessel +$2.9M (+0.9%); Product and Service, Other −$2.0M (-44%). Operating margin 18.3% against 23.7% (-5.4 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 23.7% | -5.4 pts |
| Net margin | 6.3% | 21.4% | -15.0 pts |
| Free cash flow margin | 15.2% | 20.0% | -4.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Vessel | $340M | $337M | $2.9M | +0.9% |
| Product and Service, Other | $2.6M | $4.6M | −$2.0M | -44% |
| Revenue | $342M | $341M | $856K | +0.3% |
| Operating profit | $62.5M | $80.9M | −$18.4M | -23% |
| Costs & expenses | $280M | $261M | $19.2M | +7% |
| Pre-tax earnings | $46.1M | $78.3M | −$32.1M | -41% |
| Other expense, net | $16.4M | $2.6M | $13.7M | +522% |
| General & admin | $34.8M | $31.2M | $3.6M | +12% |
| Other operating costs | $245M | $229M | $15.6M | +7% |
| Loss borne by minority interests | $580K | $228K | $352K | +154% |
| Net earnings | $21.7M | $72.9M | −$51.3M | -70% |
| Income tax | $25.1M | $5.6M | $19.5M | +349% |
| Depreciation & amortization | $38.1M | $36.9M | $1.2M | +3% |
| Share-based compensation | $3.7M | $4.1M | −$312K | -8% |
| Working capital & other | $3.5M | −$40.2M | $43.8M | — |
| Operating cash flow | $67.0M | $73.7M | −$6.6M | -9% |
| Free cash flow (OCF − capex) | $52.1M | $68.4M | −$16.3M | -24% |
| Capital expenditures | $14.9M | $5.2M | $9.7M | +186% |
Questions
How much did Tidewater's revenue grow year over year in Q2 2026?
Tidewater's revenue rose $856K (+0.3%) from $341M in Q2 2025 to $342M in Q2 2026.
What drove Tidewater's revenue change in Q2 2026?
Vessel +$2.9M (+0.9%); Product and Service, Other −$2.0M (-44%).