Tidewater (TDW) FY2024 results: revenue $1.3 billion, up 33.3% on the year

Tidewater Inc. (TDW) reported revenue of $1.3 billion for fiscal 2024, the year ended 31 December 2024, up 33.3% on the year before. Net income was $181 million, up 85.9%, and diluted earnings per share $3.40. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$1.3 billion

+33.3% on the year

FY2018FY2024

Operating margin

23.1%

18.0% a year earlier

FY2018FY2024

Net income

$181 million

+85.9% on the year

FY2018FY2024

Diluted EPS

$3.40

+84.8% on the year

FY2018FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,346	1,010	648	+33.3%
Operating income	311	182	26.7	+70.9%
Operating margin	23.1%	18.0%	4.1%
Pre-tax income	229	139	-2.3	+65.2%
Income tax	50.2	43.3	19.9	+16.0%
Effective tax rate	21.9%	31.2%	n/a
Net income	181	97.2	-21.7	+85.9%
Net margin	13.4%	9.6%	-3.4%
Diluted EPS	$3.40	$1.84	-$0.49	+84.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	282	104	40.2	+171.1%
Capital expenditure	27.6	31.6	16.6	-12.7%
Free cash flow	255	72.6	23.6	+251.1%
Free cash flow margin	18.9%	7.2%	3.6%
Cash from investing	-0.2	-610	-23.8
Cash from financing	-223	616	-2.7
Depreciation and amortisation	156	129	83.5	+21.3%
Share-based compensation	13.7	10.8	7.4	+27.2%
Buybacks	90.7	35.0	0.0	+159.1%
Diluted shares, weighted	53m	53m	44m	+0.3%
Shares outstanding at period end	51m	52m	51m	-1.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,114	1,039	866	+7.2%
Non-controlling interest	-2.9	-1.5	0.0
Debt	648	734	169	-11.8%
Operating lease liabilities	5.9	5.3	n/a	+11.5%
Other liabilities	310	285	263	+8.6%
Total liabilities and equity	2,075	2,063	1,298	+0.6%
Fixed assets	1,184	1,315	797	-9.9%
Cash and equivalents	325	274	164	+18.4%
Receivables	324	268	156	+20.7%
Other assets	242	205	180	+18.1%
Total assets	2,075	2,063	1,298	+0.6%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.