Tidewater Inc (TDW) Financial Statements
Industry: Water Transportation
In fiscal 2025, Tidewater reported revenue of $1.35B, up 0.5% from $1.35B the year before. Net income was $334.7M (a 24.7% net margin), or $6.64 per diluted share. Gross margin was 20.9% and operating margin was 20.9%. Operating activities generated $379.1M of cash, leaving $353.3M of free cash flow. At fiscal year end, Tidewater held $2.39B in total assets against $1.02B in total liabilities, including $578.8M of cash and equivalents.
Open the full interactive Tidewater financials → Quarterly statements, key ratios, valuation history and price charts.
Tidewater Key Stats
| Share Price | $86.97 |
|---|---|
| Market Cap | $4.36B |
| P/E Ratio | 13.1 |
| Revenue YoY Growth | +0.5% |
| 52-Week Range | $47.29 – $100.61 |
| Shares Outstanding | 49.7 million (basic, 2026 Q2) |
Tidewater Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $397.0M | $371.0M | $647.7M | $1.01B | $1.35B | $1.35B |
| Cost of Goods Sold | $583.8M | $466.0M | $621.0M | $827.8M | $1.03B | $1.07B |
| Gross Profit | -$29.7M | -$95.0M | $26.7M | $182.2M | $311.3M | $282.6M |
| Operating Income | -$186.8M | -$95.0M | $26.7M | $182.2M | $311.3M | $282.6M |
| Pre-Tax Income | -$197.7M | -$123.8M | -$2.3M | $138.9M | $229.5M | $220.2M |
| Income Tax | -$965,000 | $5.9M | $19.9M | $43.3M | $50.2M | -$113.2M |
| Net Income | -$196.2M | -$129.0M | -$21.7M | $97.2M | $180.7M | $334.7M |
| Diluted EPS | -$4.86 | -$3.14 | -$0.49 | $1.84 | $3.40 | $6.64 |
Tidewater Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $341.1M | $336.8M | $326.2M | $342.3M |
| Net Income | -$806,000 | $219.9M | $6.1M | $21.7M |
| Diluted EPS | -$0.02 | $4.36 | $0.12 | $0.43 |
Tidewater Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $149.9M | $149.0M | $164.2M | $274.4M | $324.9M | $578.8M |
| Current Assets | $388.6M | $342.7M | $377.9M | $591.1M | $698.7M | $914.1M |
| Total Assets | $1.25B | $1.10B | $1.30B | $2.06B | $2.07B | $2.39B |
| Current Liabilities | $183.2M | $157.9M | $194.8M | $328.7M | $331.6M | $315.2M |
| Total Long-Term Debt | $192.7M | $167.9M | $169.0M | $734.4M | $637.1M | $654.9M |
| Total Liabilities | $429.1M | $394.5M | $431.7M | $1.02B | $960.8M | $1.02B |
| Shareholders' Equity | $822.1M | $701.3M | $866.0M | $1.04B | $1.11B | $1.37B |
Tidewater Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $4.0M | $15.0M | $40.2M | $104.7M | $273.8M | $379.1M |
| Cash From Investing | $23.4M | $25.1M | -$23.8M | -$610.3M | -$188,000 | -$7.5M |
| Cash From Financing | -$99.8M | -$41.0M | -$2.7M | $615.6M | -$222.6M | -$136.0M |
| Free Cash Flow | -$10.9M | $6.1M | $23.6M | $73.1M | $246.3M | $353.3M |
Figures from Tidewater's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Tidewater financials page for every line item.
Tidewater Company Profile
| Ticker | TDW |
|---|---|
| Exchange | NYSE, OTC |
| Industry | Water Transportation |
| Headquarters | Houston, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000098222 |
Frequently Asked Questions
What was Tidewater's revenue in fiscal 2025?
Tidewater (TDW) reported revenue of $1.35B for fiscal 2025.
What is Tidewater's annual revenue history?
Tidewater's annual revenue by fiscal year: 2020: $397.0M; 2021: $371.0M; 2022: $647.7M; 2023: $1.01B; 2024: $1.35B; 2025: $1.35B.
What was Tidewater's net income in fiscal 2025?
Tidewater reported net income of $334.7M for fiscal 2025.
What was Tidewater's earnings per share (EPS) in fiscal 2025?
Tidewater's diluted EPS was $6.64 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Tidewater generate in fiscal 2025?
Tidewater generated $353.3M of free cash flow in fiscal 2025.
What was Tidewater's revenue last quarter?
In its most recent reported quarter (2026 Q2), Tidewater reported revenue of $342.3M.
How much debt does Tidewater have?
Tidewater reported $654.9M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Tidewater are outstanding?
Tidewater reported a weighted average of 49.7 million basic shares outstanding in 2026 Q2.
What is Tidewater's market cap?
Based on its latest closing price, Tidewater (TDW) has a market capitalization of about $4.36B.
When does Tidewater's fiscal year end?
Tidewater's fiscal year end, as registered with the SEC, is December 31.
Where is Tidewater headquartered?
Tidewater lists its business address in Houston, Texas in its SEC filings.