Filing Flows › Tidewater (TDW) › Q3 2026
Tidewater (TDW) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 9, 2026
Tidewater (TDW) reported revenue of $360M for the third quarter 2026 (Q3 2026), +6% from a year earlier and +5% from the quarter before. Operating margin was 14.0%, net earnings $17.5M (4.9% of revenue).
Tidewater, Q3 2026: revenue $360M (+6% year over year), operating margin 14.0%, net earnings $17.5M, operating cash flow $75.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $360M | +5% | +6% |
| Operating profit | $50.3M | -20% | -20% |
| Net earnings | $17.5M | -19% | — |
| Operating cash flow | $75.2M | +12% | +4% |
| Free cash flow | $65.8M | +26% | -2% |
What changed
Revenue was $360.4M in Q3 2026, up 6% year over year and up 5% from the previous quarter. Vessel was the largest line at 99% of revenue. Vessel added $19.1M year over year (up 6%), 99% of the total change.
Operating profit was $50.3M, a 14.0% margin (down 4.4 points year over year). Operating profit fell $12.3M even though revenue rose $19.3M versus Q3 2025, so costs grew faster than sales. Total costs grew 11% against revenue growth of 6%. The fastest-growing cost line was General & admin (+24%). Net earnings were $17.5M. The effective tax rate was 51.4%.
Operating cash flow was $75.2M (up 4% year over year), 437% of net earnings. Non-cash charges added back $47.0M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $7.3M. Capital expenditures of $9.4M left free cash flow of $65.8M.
Questions
What was Tidewater's revenue in the third quarter 2026?
Tidewater (TDW) reported revenue of $360M for the third quarter 2026 (Q3 2026), +6% from a year earlier and +5% from the quarter before.
Was Tidewater profitable in the third quarter 2026?
Operating profit was $50.3M (14.0% of revenue) and net earnings $17.5M.
Source: Tidewater 10-Q on SEC EDGAR.