Filing Flows › Tidewater (TDW) › Q4 2025
Tidewater (TDW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Tidewater (TDW) reported revenue of $337M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -1% from the quarter before. Operating margin was 19.0%, net earnings $220M (65.3% of revenue).
Tidewater, Q4 2025: revenue $337M (-2% year over year), operating margin 19.0%, net earnings $220M, operating cash flow $153M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $337M | -1% | -2% |
| Operating profit | $64.0M | +2% | -21% |
| Net earnings | $220M | — | +496% |
| Operating cash flow | $153M | +179% | +53% |
| Free cash flow | $148M | +198% | +55% |
What changed
Revenue was $336.8M in Q4 2025, down 2% year over year and down 1% from the previous quarter. Vessel was the largest line at 99% of revenue.
Operating profit was $64.0M, a 19.0% margin (down 4.6 points year over year). Total costs grew 3% against a revenue fall of 2%. The fastest-growing cost line was General & admin (+27%). Net earnings were $219.9M, up 496% year over year ($219.4M including minority interests, which bore $435K of losses). The tax line was a benefit of $166.6M on pre-tax earnings of $52.8M.
Operating cash flow was $153.0M (up 53% year over year), 70% of net earnings. Non-cash charges added back $37.8M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $107.8M. Capital expenditures of $5.1M left free cash flow of $147.8M.
Questions
What was Tidewater's revenue in the fourth quarter 2025?
Tidewater (TDW) reported revenue of $337M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -1% from the quarter before.
Was Tidewater profitable in the fourth quarter 2025?
Operating profit was $64.0M (19.0% of revenue) and net earnings $220M.
Source: Tidewater 10-K on SEC EDGAR.