Tidewater reported revenue of $342.3 million for the quarter ended June 30, 2026 and net income attributable to Tidewater of $21.7 million (diluted EPS $0.43) for the three months. Adjusted EBITDA for the quarter was $133.8 million and net cash provided by operating activities for the six months was $67.0 million. Management updated 2026 revenue guidance to $1.42–$1.47 billion (pro forma for the WSUT acquisition) and confirmed a $500 million share repurchase authorization.

Financial Highlights

  • Quarterly revenue: $342.3 million for three months ended June 30, 2026 (six-month revenue: $668.5 million).
  • Gross margin (reported vessel operating margin): vessel operating margin of $158.99 million, representing 47% of vessel revenues for the quarter.
  • Operating income: $62.5 million for the three months ended June 30, 2026.
  • Net income attributable to Tidewater: $21.7 million for the quarter; diluted income per common share $0.43 (six months: net income $27.8 million, diluted EPS $0.56).
  • Adjusted EBITDA: $133.8 million for the quarter; net cash provided by operating activities of $67.0 million for the six months and free cash flow of $64.4 million.

Business Highlights

  • Sequential revenue and rate improvement: Revenue increased 4.9% sequentially from Q1 2026; average vessel day rate rose to $22,938 (up $655 sequentially) and weighted average leading edge day rate increased to $24,341 (up ~7.5% sequentially).
  • Regional performance: Strong utilization and day-rate momentum across multiple regional segments, with Europe/Mediterranean and West Africa contributing the largest shares of vessel revenues.
  • Middle East operations: Continued activity during Operation Epic Fury with no material disruptions to date; company incurred and billed conflict-related costs and expects additional reimbursements while implementing wage-structure adjustments to limit cost impact.
  • Acquisition and integration: Anticipated closing of the Wilson Sons Ultratug Offshore (WSUT) acquisition around September 1, 2026, with integration efforts underway to bring the business onto Tidewater’s platform.
  • Capital allocation: Company reaffirmed an outstanding share repurchase authorization of $500 million and continues to manage drydock and capital expenditure timing (deferred drydocking balance and scheduled drydocks noted across regions).

Original SEC Filing:

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