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Tidewater (TDW) investor relations material
Tidewater Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Largest global offshore support vessel operator with 209 owned vessels, a high-specification fleet, and a strong international presence across all major offshore regions.
Q3 2025 revenue reached $341.1 million, up 0.2% year-over-year, with an average day rate of $22,798, and improved vessel utilization in most segments.
Net loss for Q3 2025 was $0.8 million, impacted by a $27.1 million charge for early debt extinguishment, while adjusted EBITDA was $137.9 million.
Free cash flow for Q3 was $82.7 million, totaling nearly $275 million for the first nine months of 2025.
The company is committed to safety, sustainability, and long-term offshore market fundamentals, targeting a 50–60% CO2e intensity reduction by 2030.
Financial highlights
Q3 2025 revenue: $341.1 million, gross margin: 48%, adjusted EBITDA: $137.9 million, and free cash flow: $82.7 million.
Nine-month 2025 revenue totaled $1,016.0 million, up 2% year-over-year; net income for the period was $114.8 million, down 20% year-over-year.
Cash and cash equivalents at September 30, 2025, were $428.2 million, with a strong liquidity position and a $250 million undrawn revolving credit facility.
Net debt/EBITDA at Q3 end was 0.4x, reflecting a robust balance sheet.
Share repurchase authorization stands at $500 million, with $91 million in shares repurchased YTD.
Outlook and guidance
2025 full-year revenue guidance narrowed to $1.33–$1.35 billion, gross margin 49–50%; 2026 guidance initiated at $1.32–$1.37 billion, gross margin 48–50%.
99% of 2025 revenue guidance is covered by completed and contracted revenue.
Utilization expected to be roughly flat sequentially; 2026 utilization assumed at ~80%.
Growth in drilling activity expected to pick up in the second half of 2026, with even quarterly revenue cadence anticipated.
Management expects continued positive upstream investment momentum, though sustained oil prices in the low $60s may delay some projects.
Reconcile Q3 net loss to Adjusted EBITDA?
How do diverse drivers insulate 2026 guidance?
What is the financial impact of vessel up-time gains?
M&A focus: preferred regions and vessel types?
What drives larger vessel day rate strength?
Which regions have most 2026 open capacity?
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Q4 202526 Feb, 2026
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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.
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