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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tidewater
Tidewater (TDW) investor relations material
Tidewater Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Q3 revenue was $360.4m, up 5.3% QoQ and from $341.1m YoY; net income attributable to common shareholders was $17.5m, and Adjusted EBITDA was $140.1m.
Leading Edge term-contract day rates rose 12.5% QoQ for a third consecutive quarter; free cash flow reached $90.9m.
Wilson Sons Ultratug Offshore (WSUT) added 22 Brazil platform supply vessels; integration is targeted to be substantially complete by early 2027.
2027 guidance points to higher revenue and gross margin, supported by contract repricing and offshore activity.
Financial highlights
Q3 operating income was $50.3m vs. $62.7m YoY; gross margin was $168.8m, or 46.8%, vs. $162.4m, or 48.0%.
Q3 Adjusted EBITDA was $140.1m vs. $135.5m in Q2; free cash flow was $90.9m vs. $64.4m in Q2.
Q3 G&A was $43.8m, including $10.2m of acquisition-related costs; operating costs were $191.6m, including $7.8m from Wilson Sons.
9M revenue was $1,028.9m vs. $1,016.0m; net income attributable to common shareholders was $45.3m vs. $114.8m.
Outlook and guidance
FY2026 revenue guidance is $1.43b–$1.44b and gross margin 47.5%–48.5%; Q4 revenue is expected to rise ~11% sequentially, with gross margin ~48%.
FY2027 revenue guidance is $1.70b–$1.75b and gross margin 51%–53%; revenue is expected roughly flat in Q1, then to rise through the year.
2027 guidance assumes ~82% active utilization and a ~$2,700/day YoY day-rate increase as contracts reset over six quarters.
Backlog and options total $1.42b, covering ~99% of the midpoint of 2026 revenue guidance, and $1.1b, or ~64% of the midpoint of 2027 guidance.
2026 conflict-related costs are estimated at $19.8m, including $8.7m contractually billable to customers; elevated costs are expected to affect Q4.
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Latest events from Tidewater
- Global OSV leader with robust financials, strong market outlook, and top-tier sustainability focus.TDW
Conference presentation - Q2 2026 revenue and margins beat expectations, with strong cash flow and robust outlook.TDWQ2 2026
- Directors were elected, executive pay approved, and the auditor ratified for 2025.TDWAGM 2025
- All board nominees, compensation, equity plan, and auditor ratification were approved.TDWAGM 2026
- Global OSV leader with strong financials, tightening supply, and a focus on sustainability.TDWInvestor presentation
- Q1 2026 revenue and net income declined, but margins held and Wilson Sons integration is on track.TDWQ1 2026
- Shareholders to vote on director elections, executive pay, equity plan expansion, and auditor ratification.TDWProxy filing
- Virtual meeting to vote on directors, pay, stock plan increase, and auditor ratification.TDWProxy filing
- $500M acquisition of 22 Brazilian PSVs boosts fleet, margins, and market leadership.TDWM&A announcement
Next Tidewater earnings date
Q4 20264 Mar, 2027
Tidewater
Next Tidewater earnings date
Q4 20264 Mar, 2027
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Frequently asked questions
Tidewater Inc. provides offshore marine support and transportation services. Its services include towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services. The company operates a fleet of marine service vessels that supports the offshore energy industry in locations worldwide.