Tidewater Q1 2026 net income falls to $6.1 million; revenue down 2.2%, guidance kept
Tidewater reported first-quarter 2026 revenue of $326.2 million, down 2.2% from $333.4 million a year earlier, and net income of $6.1 million ($0.12 per diluted share), compared with $42.7 million ($0.83 per share) in the first quarter of 2025. The company reiterated its 2026 revenue guidance of $1.43 billion to $1.48 billion and a 49% to 51% gross margin, assuming the Wilson Sons Ultratug acquisition closes by the end of the second quarter.
Key points
- Revenue of $326.2 million, down 2.2% from $333.4 million in Q1 2025
- Net income of $6.1 million ($0.12 per diluted share), versus $42.7 million ($0.83) in Q1 2025
- Foreign exchange loss of $3.4 million weighed on results; Adjusted EBITDA was $129.3 million
- 2026 revenue guidance of $1.43 billion to $1.48 billion reiterated; $500 million share repurchase authorization outstanding
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:38 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 04, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.