Tidewater Reports Q3 2026 Profit Growth Driven by Rising Day Rates and Wilson Sons Acquisition
Tidewater (TDW) reported a strong third quarter for 2026, posting net income of $17.5 million ($0.35 per diluted share), a significant turnaround from the $0.8 million loss recorded in the same period last year. Revenue rose 5.3% sequentially to $360.4 million, bolstered by increasing vessel day rates and the initial integration of Wilson Sons. Adjusted EBITDA grew to $140.1 million as higher realized rates improved margins. The company provided optimistic forward-looking guidance, initiating 2027 revenue projections between $1.70 billion and $1.75 billion with expected gross margins reaching up to 53%. This growth is predicated on vessels transitioning from older contracts to current market rates. Despite facing $15 million in year-to-date costs related to 'Operation Epic Fury,' Tidewater maintains a strong liquidity position of $650 million and low net leverage under 0.9x.
Topics: day rates EBITDA gross margin guidance net income revenue growth