EarningsQ2 2026 Earnings Report
MX:TDW Q2 2026 EPS Results
Actual EPS$7.81
Consensus EPS$8.28
Beat/MissMissed by -$0.47
One Year Ago EPS$26.51
MX:TDW Q2 2026 Revenue Results
Actual Revenue$6.22B
Expected Revenue$5.99B
Beat/MissBeat by +$223.74M
YoY Revenue Growth+0.25%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:TDW Upcoming Earnings
Tidewater's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:TDW Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive operational and financial momentum — revenue and cash flow beat expectations, day rates showed notable sequential acceleration (+7.5% weighted average leading edge), utilization improved, and backlog coverage is strong (~91% of midpoint guidance). The company also highlighted a strong balance sheet and near-term incremental free cash flow from the Wilsons acquisition. Key risks and short-term headwinds include Operation Epic Fury-related costs (~$6.8M in Q2, ~$4M expected in Q3), a >50% sequential increase in fuel expense, slow collection on reimbursable war costs, regional margin softness (notably Africa and APAC), and temporary guidance reduction tied to a later acquisition close and deferred dry docks. On balance, the positives around revenue growth, day‑rate momentum, cash generation, balance sheet strength, and pipeline/backlog outweigh the transitory cost and timing headwinds.Company Guidance
Revenue Beat and Sequential Growth
Q2 revenue of $342.3M, up from $326.2M in Q1 (sequential increase). Management reported Q2 revenue and gross margin exceeded expectations.
Strong Day Rate Momentum
Weighted average leading-edge day rate increased ~7.5% sequentially; average day rates were ~3% higher vs Q1. Management expects year‑over‑year average day rate increases of $3,000–$4,000/day in both 2027 and 2028.
Improved Utilization
Active utilization improved to 81.4% in Q2 from 80.6% in Q1 (approximately +0.8 percentage points), aided by timing of seven dry docks shifting to later in the year and better operational uptime.
Gross Margin Outperformance (Excluding Conflict Costs)
Reported gross margin was 46.9% (Q2) versus 48.8% (Q1). Management stated gross margin would be ~49% in Q2 excluding $6.8M of Operation Epic Fury costs, and full‑year gross margin guidance was set at 49%–50%.
Free Cash Flow and Adjusted EBITDA Improvement
Free cash flow nearly doubled sequentially to $64.4M in Q2 (from $34.4M in Q1). Adjusted EBITDA increased to $133.8M in Q2 from $129.3M in Q1.
Strong Balance Sheet and Liquidity
Net debt was effectively ~0 at quarter end; liquidity >$850M. Company expects pro forma net leverage to be ~0.8x after the Wilsons' acquisition and intends to fund the ~$270M equity portion with cash (not revolver).
Wilsons Acquisition Nearing Close; Expected Incremental Cash Flow
Wilsons' acquisition expected to close around September 1, 2026. Management expects incremental free cash flow and integration to be smooth; assumed cash consideration of ~ $270M for equity portion and pro forma leverage guidance provided.
Backlog and Contract Coverage
First half 2026 revenue plus firm backlog and options (Legacy Tidewater + Wilsons Sept–Dec backlog) represent $1.3B — ~91% of the midpoint of updated 2026 revenue guidance. Approximately 69% of remaining available days for 2026 are captured in firm backlog and options (inclusive of Wilsons).
Regional Commercial Strength — Europe & Mediterranean and North Sea AHTS Rates
Europe & Med saw an 8 percentage point gross margin improvement driven by an 8 ppt utilization gain and an 11% increase in day rates. North Sea AHTS spot rates averaged over GBP 160,000/day in Q2 with fixtures above GBP 200,000/day reported.
MX:TDW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed