NYSE$TDW
Tidewater Inc · Q3 2025 earnings
Q3 2025 earnings · · Investor relations
Briefing
Tidewater's financial performance increased due to higher revenue and improved gross margin
Tidewater Inc. reported revenue of $340.4 million and net income of $46.4 million ($0.87 per common share) for the three months ended September 30, 2024, compared to revenue of $299.3 million and net income of $26.2 million ($0.49 per common share) for the same period in 2023. The company's gross margin was 47.2%, and the consolidated average day rate increased by over 5% to $22,275.
- Third quarter revenue was $340.4 million with a gross margin of 47.2%.
- Consolidated average day rate increased over 5% to $22,275.
- Utilization declined in all geographic segments due to project start-up delays and higher-than-expected idle time.
- The Board has authorized the maximum permissible amount of share repurchases under our existing debt agreements, and our current unused repurchase capacity is now $42.8 million.
Headline financials
Revenue & EPS history
Tidewater · Revenue · Quarterly
$340M
Forward guidance
Tidewater anticipates increased free cash flow generation and share repurchase capacity in the coming quarters, but faces uncertainty regarding the pace of offshore activity growth throughout 2025 due to concerns around slower acceleration in oil demand and geopolitical events.
Tailwinds
- Quarterly free cash flow generation is expected to increase over the next two quarters.
- Share repurchase capacity is expected to increase substantially.
- The company has a strong desire to repurchase shares at current trading levels.
- The Board has authorized the maximum permissible amount of share repurchases.
- Longer-term outlook for Tidewater remains attractive due to the world’s demand for energy.
Headwinds
- Visibility into the continued pace of growth in offshore activity throughout 2025 is limited.
- Concerns around slower acceleration in oil demand driven by lower-than-expected growth in China.
- Geopolitical events are creating uncertainty.
- Growth in non-OPEC oil supply is a concern.
- Improvements in demand for offshore vessels coming from subsea activities is not clear to what extent that will offset the expected pause in the growth of offshore drilling activity.
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 Q3 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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