Tidewater Inc. Q2 2026 Earnings Release

Tidewater Inc. reported financial results for the second quarter and six months ended June 30, 2026. The company announced revenue of $342.3 million for Q2 2026, a 4.9% increase from Q1 2026, with an average day rate of $22,938. Net income for the quarter was $21.7 million, and Adjusted EBITDA was $133.8 million. Net cash provided by operating activities was $67.0 million, resulting in free cash flow of $64.4 million. Tidewater updated its 2026 guidance, anticipating revenue between $1.42 to $1.47 billion and a gross margin of 49% to 50%, reflecting the expected closing of the Wilson Sons Ultratug Offshore acquisition around September 1, 2026. The company also has an outstanding share repurchase program authorization of $500 million. Despite ongoing geopolitical factors, particularly in the Middle East, Tidewater reported strong operational performance and sees a constructive outlook for offshore activity in 2027.