NYSE$TDW
Tidewater Inc · Q2 2025 earnings
Q2 2025 earnings · · Investor relations
Briefing
Reported revenue and net income increase compared to the same period last year, driven by strength in global day rates.
Tidewater Inc. reported a strong second quarter with revenue of $339.2 million, up from $215.0 million in the same quarter last year. Net income also increased significantly to $50.4 million ($0.94 per common share), compared to $22.6 million ($0.43 per common share) in the second quarter of 2023. The company's performance was driven by continued strength in global day rates and active share repurchases.
- Second quarter revenue exceeded expectations due to continued strength in global day rates.
- Consolidated global average day rate expanded materially, increasing nearly $1,600 per day sequentially.
- Gross margin reached 47.7%, the highest in fifteen years.
- Generated $87.6 million of free cash flow and increased share repurchase authorization by $13.9 million.
Headline financials
Revenue & EPS history
Tidewater · Revenue · Quarterly
$341M
Forward guidance
The company anticipates strength in demand for its vessels to continue throughout the year, though some drilling campaigns are expected to begin later than initially anticipated. Full-year revenue guidance is updated to $1.39 to $1.41 billion with a gross margin guidance of 51%. The outlook for 2025 remains optimistic due to constructive supply and demand factors.
Tailwinds
- Strength in demand for vessels expected to continue throughout the year.
- Observable supply and demand factors driving the offshore vessel industry remain highly constructive.
- Pace of day rate increases expected to be maintained.
- Substantial increase in available vessel days anticipated as the drydock schedule lightens in 2025.
- Board authorized an additional $13.9 million of share repurchase capacity.
Headwinds
- Several drilling campaigns expected to begin later in Q3 and early Q4 than originally anticipated.
- Increase in drydock days expected for the third quarter.
- Updated full-year revenue guidance to $1.39 to $1.41 billion.
- Updated gross margin guidance of 51%.
- Composite leading edge term contract average day rate this quarter declined approximately 6% sequentially.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
-0.7%
Avg return
Earnings day
-3.6%
Avg return
5 days after
+1.9%
Avg return
30 days after
30%
11 / 37 earnings
Positive
+19.8%
Q1 2025
Best reaction
-16.1%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +5.7% | +9.1% | +11.1% | |
| Q4 2025 | -6.1% | -16.1% | -10.6% | |
| Q3 2025 | -3.8% | -16.6% | -27.9% | |
| Q2 2025 | -2.5% | +0.0% | -7.5% | |
| Q1 2025 | +19.8% | +19.0% | +13.0% | |
| Q3 2024 | -16.1% | -14.3% | -19.4% | |
| Q2 2024 | +1.1% | -1.3% | +5.8% | |
| Q1 2024 | +10.5% | +2.8% | +12.8% | |
| Q4 2023 | +3.3% | +13.0% | +4.5% | |
| Q3 2023 | -5.1% | +3.5% | +0.6% | |
| Q2 2023 | -10.0% | -6.2% | +7.4% | |
| Q1 2023 | -8.3% | -1.3% | +23.4% | |
| Q4 2022 | -2.6% | +16.0% | +20.1% | |
| Q3 2022 | +1.5% | -8.0% | -13.7% | |
| Q2 2022 | -1.4% | -1.5% | -4.0% | |
| Q1 2022 | +2.8% | -0.9% | +9.4% | |
| Q4 2021 | +3.8% | +3.0% | -7.5% | |
| Q3 2021 | -2.7% | +27.6% | +63.2% | |
| Q2 2021 | -3.4% | +1.7% | +13.9% | |
| Q1 2021 | -4.7% | -20.0% | +31.8% | |
| Q4 2020 | +2.2% | -13.9% | -56.5% | |
| Q4 2018 | -15.4% | -19.0% | -0.8% | |
| Q3 2020 | -2.2% | -20.8% | -5.7% | |
| Q2 2020 | -0.8% | -17.8% | -20.1% | |
| Q1 2020 | -0.9% | +3.3% | -2.8% | |
| Q4 2019 | -0.3% | +3.3% | +0.8% | |
| Q3 2019 | -0.1% | -4.8% | -16.5% | |
| Q2 2019 | -4.7% | -8.7% | -5.3% | |
| Q1 2019 | -1.0% | -8.7% | -14.4% | |
| Q3 2018 | -0.1% | +0.7% | +25.9% | |
| Q2 2018 | -1.6% | -6.1% | -1.5% | |
| Q1 2018 | -0.3% | -7.4% | +14.4% | |
| Q4 2017 | +0.0% | +20.0% | +7.5% | |
| Q3 2017 | -2.5% | -28.6% | -50.7% | |
| Q2 2017 | +11.6% | +21.3% | +110.3% | |
| Q1 2017 | -0.6% | -30.9% | -23.2% | |
| Q4 2016 | +7.8% | -25.2% | -17.5% | |
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