Filing Flows › Tidewater (TDW) › How it makes money
How Tidewater (TDW) makes money
Tidewater (TDW) made $342M of revenue in the second quarter 2026 (Q2 2026), +0.3% from a year earlier. Vessel brought in $340M (99%); Product and Service, Other brought in $2.6M (1%). Of every dollar of revenue, 18¢ was left as operating profit, 6¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Vessel | $340M | 99.3% | +5% | +0.9% |
| Product and Service, Other | $2.6M | 0.7% | -9% | -44% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $342M | 100.0% |
| Operating profit | $62.5M | 18.3% |
| Income tax | $25.1M | 7.3% |
| Net earnings | $21.7M | 6.3% |
| Operating cash flow | $67.0M | 19.6% |
| Free cash flow | $52.1M | 15.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $342M | +0.3% |
| Q1 2026 | $326M | -2% |
| Q4 2025 | $337M | -2% |
| Q3 2025 | $341M | +0.2% |
| Q2 2025 | $341M | +0.6% |
| Q1 2025 | $333M | +4% |
| Q4 2024 | $345M | +14% |
From Tidewater's 10-Q filed Aug 3, 2026 (on EDGAR).
Questions
How does Tidewater make money?
Tidewater (TDW) made $342M of revenue in the second quarter 2026 (Q2 2026), +0.3% from a year earlier. Vessel brought in $340M (99%); Product and Service, Other brought in $2.6M (1%). Of every dollar of revenue, 18¢ was left as operating profit, 6¢ was left as net earnings.
What is Tidewater's biggest business?
Vessel: $340M in the second quarter 2026, 99% of revenue, +0.9% from a year earlier.
What is Tidewater's profit margin?
Net earnings were $21.7M, 6.3% of revenue, in the second quarter 2026; the operating margin was 18.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.