Revenue growth has shifted from double-digit gains to a 2.2% contraction in 2026Q1, while operating margins have compressed from 25.5% in 2024Q1 to 18.1% in the most recent quarter.
| 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 |
|---|
| Sales/Revenue | 1.35B | 1.35B | 1.35B | 1.01B | 647.68M | 371.03M | 397.04M | 486.55M | 406.52M | 330.12M | 601.61M | 979.06M | 1.5B | 1.44B | 1.24B | 1.07B |
| Revenue Growth % | -0.92% | 0.52% | 33.25% | 55.94% | 74.56% | -6.55% | -18.4% | 19.69% | 23.14% | -45.13% | -38.55% | -34.53% | 4.21% | 15.35% | 16.6% | - |
| Cost of Goods Sold | 717.5M | 936.44M | 939.43M | 741.19M | 518.59M | 378.59M | 388.89M | 433.93M | 333.4M | 0 | 539.19M | 762.25M | 1.04B | 979.12M | 852.1M | 765.64M |
| COGS % of Revenue | - | 69.22% | 69.8% | 73.39% | 80.07% | 102.04% | 97.95% | 89.18% | 82.01% | - | 89.62% | 77.86% | 69.28% | 68.23% | 68.49% | 71.76% |
| Gross Profit | 301.84M | 416.35M | 406.4M | 268.8M | 129.09M | -7.56M | 8.14M | 52.62M | 73.12M | 0 | 62.42M | 216.81M | 459.44M | 455.99M | 392.07M | 301.37M |
| Gross Margin % | 22.43% | 30.78% | 30.2% | 26.61% | 19.93% | -2.04% | 2.05% | 10.82% | 17.99% | - | 10.38% | 22.14% | 30.72% | 31.77% | 31.51% | 28.24% |
| Gross Profit Growth % | - | 2.45% | 51.19% | 108.22% | 1808.48% | -192.78% | -84.52% | -28.03% | - | -100% | -71.21% | -52.81% | 0.76% | 16.3% | 30.1% | - |
| Operating Expenses | 125.17M | 126.19M | 95.06M | 86.58M | 102.39M | 87.46M | 194.95M | 139.23M | 180.61M | 0 | 640.27M | 286.33M | 496.62M | 254.45M | 185.84M | 187.81M |
| OpEx % of Revenue | - | 9.33% | 7.06% | 8.57% | 15.81% | 23.57% | 49.1% | 28.62% | 44.43% | - | 106.43% | 29.25% | 33.21% | 17.73% | 14.94% | 17.6% |
| Selling, General & Admin | 130.65M | 134.53M | 110.1M | 94.19M | 99.9M | 68.17M | 71.94M | 103.72M | 98.88M | 88.45M | 179.65M | 187.47M | 218.14M | 209.89M | 192.45M | 174.54M |
| SG&A % of Revenue | - | 9.94% | 8.18% | 9.33% | 15.42% | 18.37% | 18.12% | 21.32% | 24.32% | 26.79% | 29.86% | 19.15% | 14.59% | 14.63% | 15.47% | 16.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -8.35M | -15.05M | -7.61M | 2.49M | 19.29M | 123.01M | 35.51M | 70.59M | 0 | 460.63M | 98.86M | 278.48M | 44.56M | -6.61M | 13.28M |
| Operating Income | 269.21M | 290.16M | 311.35M | 182.22M | 26.71M | -95.02M | -186.8M | -86.6M | -107.5M | 0 | -577.85M | -69.52M | -37.18M | 201.54M | 206.23M | 113.55M |
| Operating Margin % | 20.01% | 21.45% | 23.13% | 18.04% | 4.12% | -25.61% | -47.05% | -17.8% | -26.44% | - | -96.05% | -7.1% | -2.49% | 14.04% | 16.58% | 10.64% |
| Operating Income Growth % | - | -6.81% | 70.87% | 582.25% | 128.11% | 49.14% | -115.7% | 19.44% | - | 100% | -731.16% | -86.99% | -118.45% | -2.27% | 81.62% | - |
| EBITDA | 476.98M | 552.5M | 467.51M | 310.99M | 110.23M | -21.79M | -113.77M | -9.56M | -56.16M | 0 | -410.56M | 112.78M | 138.02M | 369.02M | 353.53M | 251.91M |
| EBITDA Margin % | 35.45% | 40.84% | 34.74% | 30.79% | 17.02% | -5.87% | -28.66% | -1.96% | -13.82% | - | -68.24% | 11.52% | 9.23% | 25.71% | 28.42% | 23.61% |
| EBITDA Growth % | 3.5% | 18.18% | 50.33% | 182.13% | 605.8% | 80.84% | -1090.21% | 82.98% | - | 100% | -464.02% | -18.29% | -62.6% | 4.38% | 40.34% | - |
| D&A (Non-Cash Add-back) | 207.77M | 262.34M | 156.17M | 128.78M | 83.52M | 73.22M | 73.03M | 77.05M | 51.33M | 0 | 167.29M | 182.31M | 175.2M | 167.48M | 147.3M | 138.36M |
| EBIT | 201.56M | 290.16M | 302.45M | 187.4M | 14.88M | -108.2M | -173.5M | -84.43M | -123.08M | 0 | -568.59M | -85.81M | -16.4M | 216.86M | 224.91M | 133.34M |
| Net Interest Income | -43.73M | -57.92M | -66.58M | -41.95M | -11.79M | -13.98M | -22.93M | -22.47M | -19.14M | 0 | -69.83M | -51.05M | -48.1M | -41.69M | -26.27M | -18.87M |
| Interest Income | 6.01M | 8.17M | 6.38M | 6.52M | 5.4M | 1.6M | 1.23M | 6.6M | 11.29M | 0 | 5.19M | 2.7M | 1.93M | 2.12M | 3.48M | 3.44M |
| Interest Expense | 49.75M | 66.09M | 72.97M | 48.47M | 17.19M | 15.58M | 24.16M | 29.07M | 30.44M | 0 | 75.03M | 53.75M | 50.03M | 43.81M | 29.75M | 22.31M |
| Other Income/Expense | -76.52M | -69.91M | -81.86M | -43.29M | -29.02M | -28.77M | -10.86M | -26.89M | -46.02M | 0 | -65.76M | -70.03M | -29.25M | -28.49M | -11.07M | -2.52M |
| Pretax Income | 192.69M | 220.25M | 229.49M | 138.93M | -2.31M | -123.78M | -197.66M | -113.5M | -153.52M | -1.68B | -643.61M | -139.56M | -66.43M | 173.05M | 195.16M | 111.04M |
| Pretax Margin % | 14.32% | 16.28% | 17.05% | 13.76% | -0.36% | -33.36% | -49.78% | -23.33% | -37.76% | -510.37% | -106.98% | -14.25% | -4.44% | 12.06% | 15.69% | 10.41% |
| Income Tax | -104.41M | -113.21M | 50.22M | 43.31M | 19.89M | 5.88M | -965K | 27.72M | 18.25M | 805K | 6.4M | 20.82M | -1.08M | 32.79M | 44.41M | 23.63M |
| Effective Tax Rate % | -54.19% | -51.4% | 21.88% | 31.17% | -861.99% | -4.75% | 0.49% | -24.43% | -11.89% | -0.05% | -0.99% | -14.92% | 1.62% | 18.95% | 22.76% | 21.28% |
| Net Income | 298.15M | 334.66M | 180.66M | 97.19M | -21.75M | -128.97M | -196.24M | -141.74M | -171.52M | -2.25B | -660.12M | -160.18M | -65.19M | 140.25M | 150.75M | 87.41M |
| Net Margin % | 22.16% | 24.74% | 13.42% | 9.62% | -3.36% | -34.76% | -49.43% | -29.13% | -42.19% | -681.03% | -109.73% | -16.36% | -4.36% | 9.77% | 12.12% | 8.19% |
| Net Income Growth % | 69.13% | 85.25% | 85.89% | 546.85% | 83.14% | 34.28% | -38.45% | 17.36% | 92.37% | -240.58% | -312.1% | -145.72% | -146.48% | -6.96% | 72.46% | - |
| Net Income (Continuing) | 297.27M | 333.45M | 179.27M | 95.62M | -22.19M | -129.66M | -196.7M | -141.22M | -171.77M | -1.69B | -650.01M | -160.38M | -65.35M | 140.25M | 150.75M | 87.41M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -4.3M | -4.13M | -2.93M | -1.54M | 22K | 466K | 1.16M | 1.61M | 1.09M | 2.21M | 16.14M | 6.03M | 6.23M | 5.99M | 0 | 0 |
| EPS (Diluted) | 6.01 | 6.64 | 3.40 | 1.84 | -0.49 | -3.14 | -4.86 | -3.71 | -6.45 | -101.66 | -35.77 | -8.68 | -3.53 | 7.60 | 8.17 | 4.74 |
| EPS Growth % | 78.85% | 95.29% | 84.78% | 475.51% | 84.39% | 35.39% | -31% | 42.48% | 93.66% | -184.2% | -312.1% | -145.89% | -146.45% | -6.98% | 72.36% | - |
| EPS (Basic) | - | 6.69 | 3.44 | 1.88 | -0.49 | -3.14 | -4.86 | -3.71 | -6.45 | -101.66 | -35.77 | -8.68 | -3.53 | 7.60 | 8.17 | 4.74 |
| Diluted Shares Outstanding | 49.59M | 50.05M | 53.07M | 52.94M | 44.13M | 41.01M | 40.35M | 38.2M | 26.59M | 22.12M | 18.46M | 18.46M | 18.46M | 18.46M | 18.46M | 18.46M |
| Basic Shares Outstanding | 49.59M | 50.05M | 52.45M | 51.59M | 44.13M | 41.01M | 40.35M | 38.2M | 26.59M | 22.12M | 18.46M | 18.46M | 18.46M | 18.46M | 18.46M | 18.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 35.52% | 32.89% | 58.64% |
Cyclical day rate volatility
According to the most recent quarterly financial data, Tidewater's revenue growth has decelerated significantly, shifting from double-digit year-over-year gains in early 2024 to a contraction of 2.2% in 2026Q1, suggesting that the initial post-acquisition momentum has largely dissipated across its primary geographic operating segments.
The transition from rapid expansion to a slight contraction indicates that the company may be reaching a plateau in its current contract cycle. Investors should monitor whether this deceleration reflects a broader softening in offshore capital expenditure budgets or simply a temporary lull in new project awards.
As reported in financial statements, Tidewater's gross margins have struggled to maintain the 30% threshold, fluctuating between 27.6% and 31.7% over the last ten quarters, which suggests that inflationary pressures on vessel operating expenses continue to offset the benefits of improved day rates.
The inability to consistently expand gross margins despite a favorable industry environment implies that the costs associated with reactivating stacked vessels and maintaining specialized labor are significant. This suggests that true margin expansion may remain elusive until the company achieves higher utilization of its existing high-spec fleet.
Based on reported figures, Tidewater's operating income has shown volatility, with margins compressing from a peak of 25.5% in 2024Q1 to 18.1% in 2026Q1, indicating that SG&A expenses are not scaling efficiently relative to the company's current revenue trajectory and fleet integration efforts.
The lack of clear operating leverage suggests that the company is currently absorbing significant administrative costs related to its recent consolidation of the Solstad and Swire fleets. Analysts should investigate whether these SG&A levels represent a new, higher baseline or if there is potential for future cost rationalization.
As evidenced by the extreme variance in net income, ranging from a $219.9 million gain in 2025Q4 to a loss in 2025Q3, Tidewater's bottom-line performance appears heavily influenced by non-operating items and accounting adjustments rather than core operational profitability alone.
The significant swings in net income warrant caution, as they likely mask the underlying cash-generating capability of the business. Investors should focus on adjusted EBITDA metrics to strip away the noise of these lumpy, non-recurring items that currently obscure the true earnings power of the firm.
Quick answers to the most common questions about buying TDW stock.
For fiscal year 2025, Tidewater Inc. (TDW) reported total revenue of $1.35B. This represents a 26.8% increase compared to $1.07B in 2011.
Tidewater Inc. (TDW) is profitable, generating $334.7M in net income for the fiscal year ending 2025 with a net profit margin of 24.7%.
Tidewater Inc. (TDW) reported an operating income of $290.2M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Tidewater Inc. (TDW) generated $416.3M in gross profit for the year, representing a gross profit margin of 30.8%. This demonstrates the company's core pricing power and production efficiency.