Expect near-term downward pressure on TDW as the dramatic EPS collapse and weak cash flow (OCF down 76% YoY) outweigh the slight revenue beat. Watch for Q2 results in August for evidence of guidance achievability and Middle East cost trajectory. The Wilson Sons Ultratug acquisition closing by end of Q2 could provide an offset if integration synergies materialize.
Price Chart
Executive Summary
Tidewater reported Q1 2026 revenue of $326.2M (-2.2% YoY), slightly above consensus of $324.4M, but EPS collapsed to $0.12 from $0.83 YoY due to higher operating costs, a foreign exchange loss, and elevated tax expense. The company reiterated full-year 2026 revenue guidance of $1.43-1.48B, but the dramatic profit decline and ongoing Middle East conflict cost headwinds signal near-term pressure.
Key Financial Metrics
Key Facts
- Revenue $326.2M vs consensus $324.4M, a slight beat but down 2.2% YoY
- Diluted EPS $0.12 vs $0.83 YoY, an 85% decline
- Operating income $59.0M vs $75.0M YoY (down 21.4%)
- Adjusted EBITDA $129.3M vs $154.2M YoY (down 16.2%)
- Operating cash flow $19.2M, free cash flow $34.4M; both well below prior year
- Company reiterates 2026 revenue guidance $1.43-1.48B and gross margin 49-51%
Financial Impact
EPS fell $0.71 YoY to $0.12, revenue missed prior year by $7.2M; guidance maintained suggests $1.43-1.48B revenue for FY2026
Risk Factors
- Prolonged Middle East conflict elevating crew and insurance costs
- Further revenue decline from vessel stacking or client pullback
- FX volatility continues to weigh on earnings
- Failure to close or integrate Wilson Sons acquisition on schedule
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-014666 |
| Document: tdw20260303_8k.htm | 0001437749-26-014666 |
| Document: 0001437749-26-014666-index-headers.html | 0001437749-26-014666 |
| Document: 0001437749-26-014666-index.html | 0001437749-26-014666 |
| Document: 0001437749-26-014666.txt | 0001437749-26-014666 |
| 8-K Data (Synthetic) | 0001437749-26-014666 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 4, 2026 25w ago | 8-K | — | awaiting T+20 | — | — |
Apr 28, 2026 26w ago | DEFA14A | — | awaiting T+20 | — | — |
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