Tidewater Stock Earnings Reports

Tidewater reported solid Q1 2026 results with revenue of $326.2 million and gross margin of 48.8%, driven by higher utilization and slightly higher day rates. Free cash flow was $34.4 million; the quarter was seasonally heavier on drydocks which reduced utilization by ~5 percentage points. Management reiterated full-year 2026 guidance (revenue $1.43–1.48 billion; gross margin 49%–51%), assuming close of the Wilson & Sons (Wilsons) acquisition by end of Q2. The company expects to fund the equity portion of Wilsons with cash on hand, maintain strong liquidity and continue to target net leverage below 1x pro forma at closing. Tidewater continues to pursue disciplined capital allocation: prioritized M&A where it is value-accretive, with opportunistic share buybacks otherwise. Management sees tightening supply and improving demand (drilling, production, EPCI) into late 2026–2028 that could support multi-thousand-dollar annual day-rate increases industry-wide. Operation Epic Fury has had limited operational disruption to date, but has produced incremental costs (primarily crew hazard pay, some insurance, fuel and travel). Management estimates conflict-related operating cost pressure could be roughly $10–11 million per quarter if the situation persists, and they are pursuing customer reimbursement where contractually permitted. Integration planning for the Wilsons Brazil-focused PSV platform is underway and on track for a Q2 close; management is optimistic on Brazil's long-term outlook. Overall balance sheet position is strong, with continued ability to pursue M&A, buybacks, or other capital deployment as market opportunities arise.