Key Highlights

  • Total Revenue was USD 360.4 million, compared with USD 341.1 million.
  • Net income was USD 17.2 million, compared with a net loss of USD 1.0 million.
  • Diluted EPS was USD 0.35, compared with a loss of USD 0.02.
  • Cash and restricted cash were USD 395.0 million.

Tidewater Inc. (NYSE:TDW) reported third quarter 2026 total revenue of USD 360.4 million, compared with USD 341.1 million in the third quarter of 2025. Reported EPS was USD 0.35 and revenue was USD 360.42 million, compared with estimates of EPS of USD 0.72 and revenue of USD 358.77 million.

Vessel revenues were USD 357.5 million, compared with USD 338.5 million, and other operating revenues were USD 2.9 million, compared with USD 2.6 million.

Operating Results

Total costs and expenses were USD 310.1 million, compared with USD 278.5 million. Vessel operating costs were USD 190.2 million, compared with USD 176.1 million, general and administrative expense was USD 43.8 million, compared with USD 35.3 million, and Depreciation and amortization was USD 74.7 million, compared with USD 66.4 million. Operating Income was USD 50.3 million, compared with USD 62.7 million.

The filing notes that beginning in March 2026 the Middle East segment experienced increased crew wages and travel costs of approximately USD 5.4 million, increased vessel insurance of approximately USD 1.8 million and increased fuel cost of approximately USD 1.8 million.

Net Income

Total other expense was USD 14.9 million, compared with USD 42.0 million, which included a USD 27.1 million loss on early extinguishment of Debt in the prior year quarter. Foreign exchange was a loss of USD 3.7 million, compared with a gain of USD 1.3 million. Income tax expense was USD 18.2 million, compared with USD 21.7 million. Net Income was USD 17.2 million, compared with a net loss of USD 1.0 million, and net income attributable to Tidewater Inc. was USD 17.5 million, or USD 0.35 per diluted share, compared with a net loss of USD 0.8 million, or USD 0.02 per share.

For the nine months, total revenue was USD 1,028.9 million, compared with USD 1,016.0 million, operating income was USD 171.8 million, compared with USD 218.6 million, and net income was USD 44.3 million, compared with USD 114.0 million. Diluted EPS was USD 0.91, compared with USD 2.27.

Wilson Acquisition and Liquidity

The Wilson Acquisition closed on August 31, 2026. The company paid an aggregate cash purchase price of USD 283.1 million, which was the original purchase amount of USD 500.0 million adjusted for the Wilson Companies' debt, net of cash, Working Capital and other adjustments. Business combination related costs were USD 10.2 million for the quarter and USD 14.4 million for the nine months. The Wilson Companies represented 22.2% of total Assets and 1.7% of revenues.

As of September 30, 2026, the company had USD 395.0 million in cash and cash equivalents and restricted cash and borrowing capacity of USD 250.0 million under its Revolving Credit Facility. Working capital was USD 435.4 million. Nine month net cash provided by Operating Activities was USD 161.4 million, compared with USD 226.1 million, net cash used in investing activities was USD 297.3 million, including USD 273.0 million for the Wilson Acquisition, and net cash used in financing activities was USD 48.0 million, including USD 7.9 million of share repurchases.

Acquisition Price and Liquidity

Tidewater's Wilson Acquisition carried a cash purchase price of USD 283.1 million, adjusted from the original USD 500.0 million. The company reported USD 395.0 million in cash and restricted cash, USD 250.0 million of revolver capacity and Middle East cost increases from March 2026.