TIDEWATER (TDW) Company Report

Tidewater reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations. The company generated $82.7 million in free cash flow in Q3, contributing to nearly $275 million for the first nine months of 2025. A net loss of $806,000 or $0.02 per share was reported, which included a $27.1 million charge related to the early extinguishment of debt.
For the full year 2025, revenue guidance was narrowed to $1.33 billion to $1.35 billion, with a gross margin range of 49% to 50%. The company initiated full year 2026 guidance, projecting revenue between $1.32 billion and $1.37 billion and a gross margin of 48% to 50%, assuming approximately 80% utilization.
Tidewater holds a $500 million share repurchase authorization but did not repurchase shares in Q3 due to competing priorities. The company expects to end 2026 with close to $800 million in cash (absent M&A or share repurchases) and anticipates an uptick in offshore drilling activity in 2026 and beyond, with tight vessel supply remaining a tailwind.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater (TDW) Reports Q3 2025 Financials and Market Outlook

TDW

Earnings

Debt Issuance

Guidance Update

Tidewater reported Adjusted EBITDA of $137,926 for Q3 2025, with full-year 2025 revenue projected at $1,340 million and Adjusted EBITDA at $552 million.
The company refinanced the majority of its debt in July 2025, issuing $650 million of 9.125% senior unsecured notes due July 2030, and has an undrawn $250 million revolving credit facility.
Global offshore investment is projected to accelerate through 2027, with deepwater commitments expected to reach $133 billion in 2027, up from $54 billion in 2025.
Drilling activity is anticipated to pick up in the second half of 2026, following limited growth in early 2026.
Net Debt / EBITDA is projected to decrease to 0.4x in 2025.

Nov 11, 2025, 2:00 PM

Presentation

Tidewater Reports Q3 2025 Results and Provides 2026 Guidance

TDW

Earnings

Guidance Update

M&A

Tidewater reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations, and generated $83 million in free cash flow for the quarter.
The company updated its full-year 2025 revenue guidance to $1.33 billion-$1.35 billion and initiated full-year 2026 revenue guidance of $1.32 billion-$1.37 billion.
Tidewater maintains a $500 million share repurchase authorization and ended Q3 2025 with a net debt to EBITDA ratio of 0.4 times, indicating a strong balance sheet and capacity for capital deployment, including potential M&A.
The long-term outlook for the offshore vessel market remains very positive, with an anticipated uptick in drilling demand in the latter half of 2026 and into 2027, supported by limited new vessel supply.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater Reports Strong Q3 2025 Results and Provides 2026 Guidance

TDW

Earnings

Guidance Update

M&A

Tidewater (TDW) reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations due to higher average day rates and better utilization.
The company generated $83 million in free cash flow in Q3 2025, bringing the total for the first nine months of 2025 to nearly $275 million.
Tidewater maintains a $500 million share repurchase authorization but did not execute buybacks in Q3 2025, indicating a focus on potential M&A opportunities.
For full-year 2025, revenue guidance is narrowed to $1.33 billion-$1.35 billion with a gross margin of 49%-50%. Full-year 2026 revenue guidance is initiated at $1.32 billion-$1.37 billion with a gross margin of 48%-50%.
The company projects dry dock costs of $105 million for 2025 and $124 million for 2026, and capital expenditures of $30 million for 2025 and $36 million for 2026.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater Reports Q3 2025 Results, Updates Guidance, and Discusses Capital Allocation

TDW

Earnings

Guidance Update

Share Buyback

Tidewater reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations due to higher average day rates and better utilization. The company generated $83 million in free cash flow during the quarter and recorded a net loss of $806,000 or $0.02 per share, which included a $27.1 million charge related to debt extinguishment.
The company narrowed its full-year 2025 revenue guidance to $1.33 billion-$1.35 billion and initiated full-year 2026 revenue guidance of $1.32 billion-$1.37 billion, with gross margin guidance of 49%-50% for 2025 and 48%-50% for 2026.
Tidewater maintains a $500 million share repurchase authorization and, despite no repurchases in Q3 2025, views M&A and buybacks as not mutually exclusive, supported by a strong balance sheet with a Q3 2025 net debt to EBITDA ratio of 0.4 times. The company also completed a debt refinancing, securing a $250 million revolving credit facility and delaying unsecured note payments until 2030.
Management anticipates an uptick in drilling activity towards the end of 2026 and into 2027, driven by robust production support and increasing demand from EPCI and offshore construction projects, which is expected to further strain vessel supply.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater Reports Q3 2025 Results and Updates Guidance

TDW

Earnings

Guidance Update

Share Buyback

Tidewater Inc. reported Q3 2025 revenue of $341.1 million, a 0.2% improvement compared to Q3 2024, and a net loss of $0.8 million (or $0.02 per common share). This net loss was significantly impacted by a $27.1 million loss on early extinguishment of debt associated with July 2025 refinancing.
For the nine months ended September 30, 2025, the company's revenue reached $1,016.0 million, with net income of $114.8 million (or $2.27 per common share).
In Q3 2025, Tidewater generated Adjusted EBITDA of $137.9 million and free cash flow of $82.7 million.
The company updated its 2025 revenue guidance to $1.33 to $1.35 billion and gross margin guidance to 49% to 50%.
Tidewater initiated 2026 revenue guidance of $1.32 to $1.37 billion and gross margin guidance of 48% to 50%, and has an outstanding share repurchase program authorization of $500 million.

Nov 10, 2025, 9:36 PM

8-K

Tidewater Reports Third Quarter 2025 Results and Updates Guidance

TDW

Earnings

Guidance Update

Share Buyback

Tidewater reported revenue of $341.1 million for the third quarter of 2025, a 0.2% improvement compared to the third quarter of 2024, resulting in a net loss of $0.8 million (or $0.02 per common share).
For the nine months ended September 30, 2025, the company's total revenue was $1,016.0 million and net income was $114.8 million (or $2.27 per common share).
Adjusted EBITDA for Q3 2025 was $137.9 million, which was favorably impacted by a $1.3 million foreign exchange gain but adversely impacted by a $27.1 million loss on early extinguishment of debt.
The company updated its 2025 revenue guidance to $1.33 to $1.35 billion and gross margin guidance to 49% to 50%.
For 2026, Tidewater initiated revenue guidance of $1.32 to $1.37 billion and gross margin guidance of 48% to 50%.

Nov 10, 2025, 9:25 PM

Press Release

Cheetah Net Supply Chain Service Inc. Announces Third Quarter 2025 Results

TDW

Earnings

Demand Weakening

Cheetah Net Supply Chain Service Inc. reported revenue of $361,935 for the quarter ended September 30, 2025.
The company recorded a net loss of $1,314,650 for the third quarter of 2025, representing a 27.6% decrease compared to the same period in 2024.
An impairment loss of $731,307 on intangible assets and goodwill was recognized during the quarter ended September 30, 2025.
As of September 30, 2025, current assets totaled $9.7 million and total stockholders' equity was $10.1 million.
CEO Tony Liu noted continued challenges from tariff turmoil and slower-than-expected recovery in logistics demand, with management focusing on expanding labor and logistics services, optimizing interest income, and strengthening cost control.

Nov 8, 2025, 12:00 AM

Press Release

BlackBird Financial LP Announces Strategic Investment in Tidewater Inc.

TDW

New Projects/Investments

Revenue Acceleration/Inflection

BlackBird Financial LP, led by Judah Spinner, has made a substantial new investment in Tidewater Inc., the world's largest operator and owner of offshore support vessels (OSVs).
The investment, established early in 2025, is based on BlackBird Financial's conviction in the rapidly improving economics of the offshore support sector and Tidewater's dominant position.
BlackBird Financial highlighted a fundamental shift in the OSV landscape, including fleet contraction, industry consolidation, and rising average day rates for modern OSVs, which have increased more than 60% year-over-year.
BlackBird Financial views Tidewater as a long-term holding, anticipating significant profit growth due to operating leverage and potential for $1.5 billion in incremental revenue if day rates reach $40,000.

Oct 21, 2025, 2:00 PM

Press Release

Tidewater Reports Strong Q2 2025 Results, Announces New Share Repurchase Program and Debt Refinancing

TDW

Earnings

Share Buyback

Debt Issuance

Tidewater reported strong Q2 2025 financial results, with revenue of $341,400,000 and a gross margin of 50.1%, exceeding expectations. The average day rate set a new quarterly record at $23,166.
The company completed a significant balance sheet refinancing in early July, closing on a $650,000,000 unsecured bond and establishing a $250,000,000 revolving credit facility, enhancing financial flexibility.
A new $500,000,000 share repurchase program was approved, representing over 20% of the company's market capitalization, following the full utilization of the prior program in Q2 2025 with $50,800,000 in repurchases.
Tidewater reiterated its full-year 2025 revenue guidance of $1,320,000,000 to $1,380,000,000 and gross margin guidance of 48% to 50%, despite anticipating a sequential 4% decline in Q3 revenue due to near-term market softness.

Aug 6, 2025, 1:30 AM

Earnings Transcripts

Quarterly earnings call transcripts for TIDEWATER.