Tidewater Q4 Net Income Jumps to $219.9M, Raises 2026 Guidance to $1.48B
Tidewater reported Q4 revenue of $336.8 million and net income of $219.9 million ($4.41/share), up from $36.9 million ($0.70/share) year earlier, driving full-year net income to $334.7 million (EPS $6.64). It generated $430 million free cash flow, agreed to acquire a 22-vessel Brazilian fleet and raised 2026 revenue guidance to $1.43-1.48 billion with 49-51% gross margin.
1. Strong Fourth-Quarter and Full-Year Financial Results
Tidewater posted Q4 revenue of $336.8 million with a 48.7% gross margin, delivering net income of $219.9 million ($4.41/share) versus $36.9 million ($0.70/share) year earlier. For the full year, revenue reached $1.3528 billion, driving net income of $334.7 million ($6.64/share) and adjusted EBITDA of just under $600 million.
2. Enhanced Free Cash Flow and Capital Structure
The business generated $430 million of free cash flow in 2025 and retired approximately 2.5 million shares through open-market repurchases. During Q4, it reset its debt capital structure, established a sizable revolving credit facility and recognized a $201.5 million non-cash deferred tax benefit via a vessel realignment.
3. Acquisition and 2026 Financial Guidance
Subsequent to year-end, Tidewater agreed to acquire a 22-vessel Wilson Sons Ultratug fleet to enter the Brazilian market. It updated 2026 guidance to revenue of $1.43–1.48 billion with a 49–51% gross margin, reflecting tight vessel supply and an anticipated offshore drilling recovery.