Tidewater (TDW) FY2025 results: revenue $1.4 billion, up 0.5% on the year
Tidewater Inc. (TDW) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 0.5% on the year before. Net income was $335 million, up 85.2%, and diluted earnings per share $6.64. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$1.4 billion
+0.5% on the year
FY2018FY2025
Operating margin
20.9%
23.1% a year earlier
FY2018FY2025
Net income
$335 million
+85.2% on the year
FY2018FY2025
Diluted EPS
$6.64
+95.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 raised, 1 kept.
Full-year net income rose to $334.7 million: Full-year net income attributable to Tidewater was $334.7 million, or $6.64 per diluted share. The fourth quarter was $219.9 million, or $4.41 per diluted share.
Adjusted EBITDA grew about 7%: Full-year Adjusted EBITDA was $598.1 million, which management said grew by approximately 7%. Fourth-quarter Adjusted EBITDA was $143.1 million.
Up-time drove quarterly results: Management attributed the quarter's up-time gain to more time on-hire, lower repair downtime and fewer drydock days than it had anticipated.
Gross margin expanded for the year: Management said the business generated gross margin expansion, revenue growth and average day rate growth for 2025 compared with 2024.
Brazil acquisition adds 22 PSVs: Subsequent to quarter end, Tidewater announced the Wilson Sons Ultratug acquisition, a 22-vessel PSV fleet serving only the Brazilian market.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
379
282
104
+34.2%
Capital expenditure
25.8
27.6
31.6
-6.6%
Free cash flow
353
255
72.6
+38.6%
Free cash flow margin
26.1%
18.9%
7.2%
Cash from investing
-7.5
-0.2
-610
Cash from financing
-136
-223
616
Depreciation and amortisation
151
156
129
-3.2%
Share-based compensation
14.5
13.7
10.8
+5.9%
Buybacks
90.1
90.7
35.0
-0.7%
Diluted shares, weighted
50m
53m
53m
-5.0%
Shares outstanding at period end
50m
51m
52m
-3.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,365
1,114
1,039
+22.6%
Non-controlling interest
-4.1
-2.9
-1.5
Debt
670
648
734
+3.4%
Operating lease liabilities
6.4
5.9
5.3
+7.6%
Other liabilities
349
310
285
+12.7%
Total liabilities and equity
2,387
2,075
2,063
+15.0%
Fixed assets
1,072
1,184
1,315
-9.5%
Cash and equivalents
579
325
274
+78.1%
Receivables
285
324
268
-11.9%
Other assets
451
242
205
+86.3%
Total assets
2,387
2,075
2,063
+15.0%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.