Filing Flows › Tidewater (TDW) › Q2 2026
Tidewater (TDW) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 3, 2026
Tidewater (TDW) reported revenue of $342M for the second quarter 2026 (Q2 2026), +0.3% from a year earlier and +5% from the quarter before. Operating margin was 18.3%, net earnings $21.7M (6.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $342M | +5% | +0.3% |
| Operating profit | $62.5M | +6% | -23% |
| Net earnings | $21.7M | +253% | -70% |
| Operating cash flow | $67.0M | +250% | -9% |
| Free cash flow | $52.1M | 12× | -24% |
What changed
Revenue was $342.3M in Q2 2026, roughly flat year over year and up 5% from the previous quarter. Vessel was the largest line at 99% of revenue. Vessel added $2.9M year over year (up 1%), 336% of the total change. Product and Service, Other declined 44%.
Operating profit was $62.5M, a 18.3% margin (down 5.4 points year over year). Operating profit fell $18.4M even though revenue rose $856K versus Q2 2025, so costs grew faster than sales. Total costs grew 7% against flat revenue. The fastest-growing cost line was General & admin (+12%). Net earnings were $21.7M, down 70% year over year ($21.1M including minority interests, which bore $580K of losses). The effective tax rate was 54.3%.
Operating cash flow was $67.0M (down 9% year over year), 318% of net income including minority interests. Non-cash charges added back $38.1M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items added $4.1M. Capital expenditures of $14.9M left free cash flow of $52.1M.
Questions
What was Tidewater's revenue in the second quarter 2026?
Tidewater (TDW) reported revenue of $342M for the second quarter 2026 (Q2 2026), +0.3% from a year earlier and +5% from the quarter before.
Was Tidewater profitable in the second quarter 2026?
Operating profit was $62.5M (18.3% of revenue) and net earnings $21.7M.
Source: Tidewater 10-Q on SEC EDGAR.