Filing Flows › Tidewater (TDW) › Q3 2026 › vs Q3 2025
Tidewater (TDW) Q3 2026 vs Q3 2025 (year over year)
Tidewater's revenue rose $19.3M (+6%) from $341M in Q3 2025 to $360M in Q3 2026. The biggest changes: Vessel +$19.1M (+6%); Product and Service, Other +$247K (+9%). Operating margin 14.0% against 18.4% (-4.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 14.0% | 18.4% | -4.4 pts |
| Net margin | 4.9% | -0.2% | +5.1 pts |
| Free cash flow margin | 18.3% | 19.6% | -1.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Vessel | $358M | $338M | $19.1M | +6% |
| Product and Service, Other | $2.9M | $2.6M | $247K | +9% |
| Revenue | $360M | $341M | $19.3M | +6% |
| Operating profit | $50.3M | $62.7M | −$12.3M | -20% |
| Costs & expenses | $310M | $278M | $31.6M | +11% |
| Pre-tax earnings | $35.4M | $20.7M | $14.7M | +71% |
| Other expense, net | $14.9M | $42.0M | −$27.1M | -64% |
| General & admin | $43.8M | $35.3M | $8.5M | +24% |
| Other operating costs | $266M | $243M | $23.1M | +9% |
| Loss borne by minority interests | $283K | $212K | $71K | +33% |
| Net earnings | $17.5M | −$806K | $18.3M | — |
| Income tax | $18.2M | $21.7M | −$3.5M | -16% |
| Depreciation & amortization | $47.0M | $37.3M | $9.7M | +26% |
| Share-based compensation | $3.6M | $3.5M | $168K | +5% |
| Working capital & other | $7.0M | $32.1M | −$25.0M | -78% |
| Operating cash flow | $75.2M | $72.1M | $3.1M | +4% |
| Free cash flow (OCF − capex) | $65.8M | $67.0M | −$1.1M | -2% |
| Capital expenditures | $9.4M | $5.1M | $4.3M | +83% |
Questions
How much did Tidewater's revenue grow year over year in Q3 2026?
Tidewater's revenue rose $19.3M (+6%) from $341M in Q3 2025 to $360M in Q3 2026.
What drove Tidewater's revenue change in Q3 2026?
Vessel +$19.1M (+6%); Product and Service, Other +$247K (+9%).