Filing Flows › Tidewater (TDW) › Q3 2025
Tidewater (TDW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Tidewater (TDW) reported revenue of $341M for the third quarter 2025 (Q3 2025), +0.2% from a year earlier and -0.1% from the quarter before. Operating margin was 18.4%, net loss $1.0M (0.3% of revenue).
Tidewater, Q3 2025: revenue $341M (+0.2% year over year), operating margin 18.4%, net loss $1.0M, operating cash flow $54.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $341M | -0.1% | +0.2% |
| Operating profit | $62.7M | -23% | — |
| Net earnings | −$1.0M | -101% | — |
| Operating cash flow | $54.7M | -36% | +12% |
| Free cash flow | $49.6M | -38% | +15% |
What changed
Revenue was $341.1M in Q3 2025, roughly flat year over year and roughly flat from the previous quarter. Vessel was the largest line at 99% of revenue. Product and Service, Other added $751K year over year (up 40%), 99% of the total change.
Operating profit was $62.7M, a 18.4% margin (down 2.2 points year over year). Operating profit fell $7.3M even though revenue rose $757K versus a year earlier, so costs grew faster than sales. Total costs grew 3% against flat revenue. The fastest-growing cost line was General & admin (+24%). The quarter ended with a net loss of $1.0M, after a profit of $72.7M the previous quarter. Net interest and other expense of $42.0M was the main reason.
Operating cash flow was $54.7M (up 12% year over year). Non-cash charges added back $37.3M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $14.9M. Capital expenditures of $5.1M left free cash flow of $49.6M.
Questions
What was Tidewater's revenue in the third quarter 2025?
Tidewater (TDW) reported revenue of $341M for the third quarter 2025 (Q3 2025), +0.2% from a year earlier and -0.1% from the quarter before.
Was Tidewater profitable in the third quarter 2025?
Operating profit was $62.7M (18.4% of revenue) and net loss $1.0M.
Source: Tidewater 10-Q on SEC EDGAR.