Filing Flows › Tidewater (TDW) › Q3 2026 › vs Q2 2026
Tidewater (TDW) Q3 2026 vs Q2 2026 (quarter over quarter)
Tidewater's revenue rose $18.1M (+5%) from $342M in Q2 2026 to $360M in Q3 2026. The biggest changes: Vessel +$17.8M (+5%); Product and Service, Other +$313K (+12%). Operating margin 14.0% against 18.3% (-4.3 pts).
Tidewater, Q3 2026: revenue $360M (+6% year over year), operating margin 14.0%, net earnings $17.5M, operating cash flow $75.2M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 14.0% | 18.3% | -4.3 pts |
| Net margin | 4.9% | 6.3% | -1.5 pts |
| Free cash flow margin | 18.3% | 15.2% | +3.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Vessel | $358M | $340M | $17.8M | +5% |
| Product and Service, Other | $2.9M | $2.6M | $313K | +12% |
| Revenue | $360M | $342M | $18.1M | +5% |
| Operating profit | $50.3M | $62.5M | −$12.2M | -20% |
| Costs & expenses | $310M | $280M | $30.3M | +11% |
| Pre-tax earnings | $35.4M | $46.1M | −$10.7M | -23% |
| Other expense, net | $14.9M | $16.4M | −$1.5M | -9% |
| General & admin | $43.8M | $34.8M | $8.9M | +26% |
| Other operating costs | $266M | $245M | $21.4M | +9% |
| Loss borne by minority interests | $283K | $580K | −$297K | -51% |
| Net earnings | $17.5M | $21.7M | −$4.1M | -19% |
| Income tax | $18.2M | $25.1M | −$6.9M | -27% |
| Depreciation & amortization | $47.0M | $38.1M | $8.9M | +23% |
| Share-based compensation | $3.6M | $3.7M | −$96K | -3% |
| Working capital & other | $7.0M | $3.5M | $3.5M | +99% |
| Operating cash flow | $75.2M | $67.0M | $8.2M | +12% |
| Free cash flow (OCF − capex) | $65.8M | $52.1M | $13.7M | +26% |
| Capital expenditures | $9.4M | $14.9M | −$5.5M | -37% |
Questions
How much did Tidewater's revenue grow quarter over quarter in Q3 2026?
Tidewater's revenue rose $18.1M (+5%) from $342M in Q2 2026 to $360M in Q3 2026.
What drove Tidewater's revenue change in Q3 2026?
Vessel +$17.8M (+5%); Product and Service, Other +$313K (+12%).