Cash flow remains inconsistent, highlighted by a $70.4 million working capital outflow in 2026Q1 and a free cash flow margin that plummeted from 43.9% in 2025Q4 to 1.3% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 |
|---|
| Cash from Operations | 312.21M | 379.11M | 273.85M | 104.7M | 40.23M | 15.01M | 3.99M | -31.42M | 3.94M | -57.13M | 29.82M | 253.36M | 358.71M | 104.62M | 213.92M | 222.42M |
| Operating CF Margin % | - | 28.02% | 20.35% | 10.37% | 6.21% | 4.04% | 1% | -6.46% | 0.97% | -17.31% | 4.96% | 25.88% | 23.99% | 7.29% | 17.19% | 20.85% |
| Operating CF Growth % | 9.76% | 38.44% | 161.54% | 160.29% | 168.07% | 276.47% | 112.68% | -897.34% | 106.9% | -291.59% | -88.23% | -29.37% | 242.88% | -51.1% | -3.82% | - |
| Net Income | 298.15M | 333.45M | 179.27M | 95.62M | -22.19M | -129.66M | -196.7M | -141.22M | -171.77M | -2.25B | -650.01M | -160.38M | -65.35M | 140.25M | 150.75M | 87.41M |
| Depreciation & Amortization | 178.7M | 151.09M | 156.17M | 128.78M | 83.52M | 73.22M | 73.03M | 77.05M | 51.33M | 67.78M | 167.29M | 182.31M | 175.2M | 167.48M | 147.3M | 138.36M |
| Stock-Based Compensation | 10.99M | 14.48M | 13.68M | 10.76M | 7.37M | 5.64M | 5.12M | 19.6M | 13.41M | 4.64M | 3.28M | 13.22M | 21.37M | 19.64M | 19.42M | 14.34M |
| Deferred Taxes | -187.77M | -195.82M | -2.81M | 92K | 36K | -1.29M | 1.22M | 672K | 572K | -5.54M | -2.2M | -6.8M | -72.39M | -34.71M | -11.73M | -23.75M |
| Other Non-Cash Items | -27.26M | 105.46M | 72.58M | 41.36M | 50.66M | 74.54M | 169.14M | 56.56M | 111.99M | 2.24B | 457.94M | 121.58M | 274.3M | 28.46M | -6.86M | 1.41M |
| Working Capital Changes | -73.72M | -29.56M | -145.05M | -171.9M | -79.17M | -7.44M | -47.83M | -44.08M | -1.59M | 10.09M | 53.52M | 103.42M | 25.58M | -216.51M | -84.95M | 4.66M |
| Change in Receivables | 13.17M | 38.43M | -55.45M | -109.76M | -4.13M | 26.12M | -2.61M | 1.09M | 9.09M | 7.53M | 104.83M | 71.54M | -43.54M | 13.48M | -38.44M | -38.02M |
| Change in Inventory | 0 | -4.62M | -2.91M | 1.98M | -14.61M | 1.36M | 2.59M | 2.42M | -1.96M | 1.32M | 2.29M | 13.67M | 6.15M | 5.71M | -8.5M | -3.1M |
| Change in Payables | 8.04M | -5.04M | 26.45M | 5.99M | 16.48M | 3.81M | -10.52M | -4.44M | -15.17M | 6.9M | -17.53M | -4.88M | -22.99M | -1.4M | -5.89M | -2.42M |
| Cash from Investing | -13.19M | -7.48M | -188K | -610.27M | -23.81M | 25.06M | 23.4M | 10.85M | 68.53M | 28.09M | 14.86M | -135M | -231.42M | -403.69M | -413.49M | -315.08M |
| Capital Expenditures | -30.38M | -25.76M | -27.58M | -31.59M | -16.64M | -8.95M | -14.9M | -18M | -21.39M | -12.1M | -25.5M | -194.49M | -364.19M | -594.7M | -440.57M | -357.11M |
| CapEx % of Revenue | 2.26% | 1.9% | 2.05% | 3.13% | 2.57% | 2.41% | 3.75% | 3.7% | 5.26% | 3.67% | 4.24% | 19.86% | 24.35% | 41.44% | 35.41% | 33.47% |
| Acquisitions | 3.33M | 0 | 0 | -594.19M | -20.74M | 0 | 0 | 0 | 0 | 40.19M | 0 | 0 | 0 | -127.74M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 13.86M | 18.28M | 27.39M | 15.51M | 13.57M | 34.01M | 38.3M | 28.85M | 89.92M | 42.65M | 40.36M | 59.49M | 132.78M | 318.75M | 27.09M | 42.03M |
| Cash from Financing | -108.91M | -135.96M | -222.59M | 615.56M | -2.72M | -41.01M | -99.77M | -149.56M | -128.06M | -224.02M | -16.72M | 481.51M | -109.09M | 318.86M | -80.58M | 167.65M |
| Debt Issued (Net) | 6.87M | -18.2M | -103.03M | 561.32M | 0 | -26.54M | -98.08M | -133.69M | -121.67M | -222.82M | -10.07M | 519.5M | 40.66M | 362.31M | 50M | 250M |
| Equity Issued (Net) | -50.81M | -90.09M | -90.74M | -35.02M | 187.83M | 0 | 0 | 0 | 3K | 2K | 0 | 0 | -100M | 0 | -85.03M | -35.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.39M | -48.83M | -49.82M | -49.59M | -51.26M |
| Share Repurchases | -50.81M | -90.09M | -90.74M | -35.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100M | 0 | -85.03M | -35.02M |
| Other Financing | -64.97M | -27.67M | -28.82M | 89.26M | -190.55M | -14.47M | -1.69M | -15.87M | -6.4M | -1.2M | -6.65M | -2.6M | -918K | 6.37M | 4.04M | 3.93M |
| Net Change in Cash | 205.17M | 252.54M | 51.07M | 109.99M | 13.7M | -949K | -72.38M | -170.14M | -55.59M | -225.1M | 27.97M | 599.87M | 18.21M | 19.79M | -280.14M | 74.99M |
| Free Cash Flow | 281.83M | 353.35M | 246.27M | 73.12M | 23.59M | 6.05M | -10.91M | -49.42M | -17.45M | -69.23M | 4.32M | 58.88M | -5.48M | -490.08M | -226.65M | -134.69M |
| FCF Margin % | 20.95% | 26.12% | 18.3% | 7.24% | 3.64% | 1.63% | -2.75% | -10.16% | -4.29% | -20.97% | 0.72% | 6.01% | -0.37% | -34.15% | -18.22% | -12.62% |
| FCF Growth % | 1.32% | 43.48% | 236.81% | 209.96% | 289.58% | 155.48% | 77.92% | -183.21% | 74.79% | -1701.85% | -92.66% | 1174.17% | 98.88% | -116.23% | -68.28% | - |
| FCF per Share | 5.68 | 7.06 | 4.64 | 1.38 | 0.53 | 0.15 | -0.27 | -1.29 | -0.66 | -3.13 | 0.23 | 3.19 | -0.30 | -26.55 | -12.28 | -7.30 |
| FCF Conversion (FCF/Net Income) | 0.95x | 1.13x | 1.52x | 1.08x | -1.85x | -0.12x | -0.02x | 0.22x | -0.02x | 0.03x | -0.05x | -1.58x | -5.50x | 0.75x | 1.42x | 2.54x |
| Interest Paid | 29.73M | 0 | 66.9M | 26.64M | 15.55M | 13.75M | 21.23M | 32.69M | 32.33M | 0 | 70.69M | 50.73M | 49.39M | 34.19M | 27.44M | 36.84M |
| Taxes Paid | 26.8M | 0 | 56.91M | 43.88M | 22.27M | 19.01M | 13.02M | 14.38M | 16.83M | 0 | 26.92M | 51.59M | 74.31M | 59.27M | 54.72M | 49.33M |
Cyclical day rate volatility
According to the provided financial data, Tidewater's operating cash flow to net income ratio has exhibited extreme volatility, ranging from a negative 67.92 in 2025Q3 to a positive 3.11 in 2026Q1, indicating that reported net income is a poor proxy for actual cash generation capabilities.
The significant divergence between net income and operating cash flow suggests that non-cash charges and working capital swings are heavily distorting the company's bottom-line performance. Investors should monitor whether this disconnect reflects genuine operational friction or merely the timing of contract-related cash receipts.
As reported in recent quarterly filings, Tidewater's free cash flow margin has fluctuated wildly from a peak of 43.9% in 2025Q4 to a low of 1.3% in 2026Q1, highlighting a lack of consistent cash conversion despite the company's efforts to high-grade its global vessel fleet.
The erratic FCF trajectory suggests that the company's cash generation is highly sensitive to the timing of project-based revenue and the lumpy nature of vessel maintenance. This inconsistency may complicate management's ability to sustain share repurchases without relying on balance sheet liquidity.
Based on the quarterly cash flow statements, Tidewater experienced a substantial working capital outflow of $70.4 million in 2026Q1, which significantly offset operating cash inflows and suggests potential inefficiencies in the collection cycle or inventory management during the recent integration of acquired vessel fleets.
The recurring negative working capital changes across most of the last ten quarters indicate that the company is consistently tying up cash in its operations. This trend warrants further investigation into whether these outflows are structural requirements of the offshore service model or temporary integration-related friction.
As evidenced by the historical cash flow data, Tidewater has prioritized share repurchases, with cumulative buybacks reaching $50.8 million in 2025Q2, even as operating cash flow remains inconsistent and susceptible to the cyclical nature of the offshore drilling market and regional project-based revenue recognition.
The decision to return capital to shareholders while cash flow remains volatile suggests a high degree of management confidence in the long-term cycle. However, investors should monitor if this capital allocation strategy remains sustainable if day rates fail to provide the expected margin expansion.
Quick answers to the most common questions about buying TDW stock.
Tidewater Inc. (TDW) generated $379.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tidewater Inc. (TDW) generated $353.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Tidewater Inc. (TDW) spent $25.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tidewater Inc. (TDW) spent $90.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.