Tidewater (TDW) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Tidewater published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Tidewater closed its $500 million all-cash acquisition of Wilson Sons Ultratug Offshore (WSUT) in Brazil on August 31, 2026, so Q3 2026 includes about one month of WSUT. Year to date it has incurred about $14.4 million of WSUT acquisition-related expenses.
• Tidewater reports in thousands of dollars; figures here are in millions. The year-ago quarter included a $27.1 million loss on early extinguishment of debt.

Source: Tidewater Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Tidewater splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Tidewater's Americas revenue was $72.0 million in Q3 2026, down 6% from $76.9 million in Q3 2025, 20% of total revenue.
• Tidewater's Asia Pacific revenue was $44.5 million in Q3 2026, down 17% from $53.8 million in Q3 2025, 12% of total revenue.
• Tidewater's Middle East revenue was $46.4 million in Q3 2026, up 10% from $42.0 million in Q3 2025, 13% of total revenue.
• Tidewater's Europe/Mediterranean revenue was $122 million in Q3 2026, up 45% from $83.7 million in Q3 2025, 34% of total revenue.
• Tidewater's West Africa revenue was $73.0 million in Q3 2026, down 11% from $82.0 million in Q3 2025, 20% of total revenue.
• Tidewater's Other operating revenues revenue was $2.9 million in Q3 2026, up 9% from $2.6 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release (Quintin Kneen, President and CEO), Tidewater said:

“We are updating our 2026 revenue guidance range of $1.43 billion to $1.44 billion and our 2026 gross margin guidance range of 47.5% to 48.5%.”

“We expect to incur approximately $19.8 million in conflict-related costs in 2026, approximately $8.7 million of which we are contractually permitted to bill back to our customers.”

“As such, we are initiating full-year 2027 revenue guidance of $1.70 to $1.75 billion and full-year 2027 margin guidance of 51% to 53%.”

Source: Tidewater Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TDW forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted income (loss) per common share, each as first reported in that quarter's release.

We do not hold a confirmed date for Tidewater's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Tidewater had total revenues of $360.4 million in Q3 2026, against $341.1 million a year earlier and up 5.3% from Q2 2026. Nearly all of it is vessel revenue from chartering offshore support vessels, $357.5 million, with $2.9 million of other operating revenues. (Tidewater Q3 2026 release, Nov 9, 2026)

Europe/Mediterranean is Tidewater's largest region, with vessel revenues of $121.5 million, or 34% of the total, up from $83.7 million. West Africa and the Americas each contributed 20%, at $73.0 million and $72.0 million, and both were lower than a year earlier. The Middle East brought in $46.4 million and Asia Pacific $44.5 million. (Tidewater Q3 2026 release, Nov 9, 2026)

Tidewater's average day rate was $23,775, up $837 or 3.7% from Q2 2026, and CEO Quintin Kneen said the increase was broad-based across nearly all vessel classes. Total fleet utilization was 77.4%, against 75.8% a year earlier, and active fleet utilization 79.2%. The weighted average leading edge day rate on new term contracts rose 12.5% sequentially to $27,373. (Tidewater Q3 2026 release, Nov 9, 2026)

By vessel class, its PSV > 900 platform supply vessels brought in $147.9 million and its PSV < 900 class $125.1 million. The average worldwide fleet was 212 vessels, of which 207 were active and 5 stacked, up from 206 in Q2 2026 after the WSUT acquisition expanded Tidewater's presence in Brazil. (Tidewater Q3 2026 release, Nov 9, 2026)

Tidewater earned $0.35 per diluted share in Q3 2026, against a loss of $0.02 a year earlier, on net income of $17.5 million. The year-ago quarter carried a $27.1 million loss on early extinguishment of debt. Tidewater does not report adjusted EPS; its Adjusted EBITDA was $140.1 million, which excludes $10.2 million of acquisition, restructuring and integration related costs and $3.6 million of stock compensation. (Tidewater Q3 2026 release, Nov 9, 2026)

Taxes take a large share of pretax income because many of Tidewater's jurisdictions tax revenue or deemed profits. Income tax expense was $18.2 million on income before taxes of $35.4 million. Results also included a foreign exchange loss of $3.7 million, and depreciation and amortization rose to $74.7 million from $66.4 million. (Tidewater Q3 2026 release, Nov 9, 2026; Tidewater Form 10-Q, Q3 2026, Nov 9, 2026)

Adjusted weighted average shares were 50,099 thousand, against 49,498 thousand a year earlier. Tidewater said it repurchased about $25 million of shares since its previous earnings release and has $475 million of repurchase authorization outstanding. (Tidewater Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Tidewater Inc. gives annual revenue and gross margin guidance in its release. It updated 2026 guidance to revenue of $1.43 billion to $1.44 billion and gross margin of 47.5% to 48.5%, which includes about 140 basis points of cost burden related to Operation Epic Fury; it expects about $19.8 million of conflict-related costs in 2026, about $8.7 million of which it can bill back to customers. (Tidewater Q3 2026 release, Nov 9, 2026)

Tidewater also initiated 2027 guidance: revenue of $1.70 to $1.75 billion and gross margin of 51% to 53%. Kneen pointed to demand from drilling support, subsea and EPCI support and production support against a tight offshore vessel supply. (Tidewater Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Tidewater, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Tidewater's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TDW is on is TDW a buy or a sell?, what analysts expect next is on the TDW forecast, and what the company does is on the Tidewater (TDW) stock page.

Every number on this page can be traced to a document Tidewater published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.