Tidewater Inc. (TDW) Income Statement
TDW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTDW revenue and net income
Where TDW's revenue goes
2025Each bar shows an amount and its share of revenue. TDW kept 24.7% of revenue as net income.
TDW profit margins
TDW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.5% | +27.8% | +27.8% | +3.3% |
| Gross profit | +2.4% | +47.7% | +119.6% | +6.7% |
| Operating income | −6.8% | +121.5% | — | — |
| Net income | +85.2% | — | — | — |
| EPS (diluted) | −3.7% | +382.0% | — | −11.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TDW quarterly EPS vs estimates
Tidewater beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 9, 2026 (estimate $0.64).
TDW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.35B | $1.01B | $647.7M | $371.0M | $397.0M | $486.5M | $406.5M | $330.1M | $601.6M |
| Cost of revenue | $936.4M | $939.4M | $741.2M | $518.6M | $378.6M | $388.9M | $433.9M | $333.4M | $318.2M | $539.2M |
| Gross profit | $416.3M | $406.4M | $268.8M | $129.1M | −$7.6M | $8.1M | $52.6M | $73.1M | $11.9M | $62.4M |
| Research & development | — | — | — | — | — | — | — | $0 | — | $0 |
| Sales, general & admin | $134.5M | $110.1M | $94.2M | $99.9M | $68.2M | $71.9M | $103.7M | $103.2M | $113.4M | $183.4M |
| Total operating expenses | $126.2M | $95.1M | $86.6M | $102.4M | $87.5M | $194.9M | $139.2M | $180.6M | $88.5M | $640.3M |
| Operating income | $290.2M | $311.3M | $182.2M | $26.7M | −$95.0M | −$186.8M | −$86.6M | −$107.5M | −$76.6M | −$577.9M |
| Interest income | $8.2M | $6.4M | $4.5M | $5.4M | $17.7M | $1.2M | $26.9M | $11.3M | $15.7M | $5.2M |
| Interest expense | $66.1M | $73.0M | $48.5M | $17.2M | $15.6M | $24.2M | $29.1M | $30.4M | $0 | $75.0M |
| Income before taxes | $220.2M | $229.5M | $138.9M | −$2.3M | −$123.8M | −$197.7M | −$113.5M | −$153.5M | −$1.68B | −$643.6M |
| Income taxes | −$113.2M | $50.2M | $43.3M | $19.9M | $5.9M | −$965,000 | $27.7M | $18.3M | $805,000 | $6.4M |
| Net income | $334.7M | $180.7M | $97.2M | −$21.7M | −$129.0M | −$196.2M | −$141.7M | −$171.5M | −$2.25B | −$660.1M |
| EBITDA | $437.4M | $458.6M | $316.2M | $98.4M | −$35.0M | −$100.5M | −$7.4M | −$71.7M | $67.8M | −$401.3M |
| EPS (diluted) | $3.36 | $3.49 | $2.01 | $0.03 | −$2.45 | −$1.62 | −$2.53 | −$1.91 | −$81.53 | −$114.03 |
| Gross margin | 30.8% | 30.2% | 26.6% | 19.9% | −2.0% | 2.1% | 10.8% | 18.0% | 3.6% | 10.4% |
| Operating margin | 21.4% | 23.1% | 18.0% | 4.1% | −25.6% | −47.0% | −17.8% | −26.4% | −23.2% | −96.1% |
| Net margin | 24.7% | 13.4% | 9.6% | −3.4% | −34.8% | −49.4% | −29.1% | −42.2% | −681.0% | −109.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $342.3M | $326.2M | $336.8M | $341.1M | $341.4M | $333.4M | $345.1M | $340.4M | $339.2M | $321.2M | $302.7M | $299.3M |
| Cost of revenue | $244.9M | $233.6M | $238.9M | $243.8M | $234.8M | $231.8M | $235.7M | $242.0M | $236.8M | $225.0M | $219.1M | $223.4M |
| Gross profit | $97.4M | $92.7M | $97.9M | $97.3M | $106.7M | $101.6M | $109.4M | $98.4M | $102.5M | $96.2M | $83.6M | $75.8M |
| Sales, general & admin | $34.8M | $33.6M | $30.6M | $35.3M | $31.2M | $29.1M | $30.0M | $28.5M | $26.3M | $25.3M | $23.6M | $21.0M |
| Total operating expenses | $34.8M | $33.6M | $30.6M | $35.3M | $25.7M | $26.6M | $28.0M | $28.4M | $24.3M | $14.3M | $20.5M | $20.1M |
| Operating income | $62.5M | $59.0M | $67.2M | $62.1M | $80.9M | $75.0M | $81.4M | $69.9M | $78.1M | $81.9M | $63.1M | $55.7M |
| Interest income | $730,000 | $2.2M | $3.5M | $455,000 | $2.1M | $2.2M | $2.7M | $1.0M | $1.2M | $1.5M | $3.0M | $20.9M |
| Interest expense | $16.4M | $16.9M | $16.7M | $16.6M | $16.4M | $16.3M | $16.7M | $17.6M | $19.1M | $19.5M | $20.3M | $19.3M |
| Income before taxes | $46.1M | $40.9M | $52.8M | $20.7M | $78.3M | $68.4M | $53.0M | $58.9M | $57.8M | $59.8M | $48.1M | $34.8M |
| Income taxes | $25.1M | $34.9M | −$166.6M | $21.7M | $5.6M | $26.1M | $16.4M | $12.9M | $7.9M | $13.1M | $10.8M | $9.3M |
| Net income | $21.7M | $6.1M | $219.9M | −$806,000 | $72.9M | $42.7M | $36.9M | $46.4M | $50.4M | $47.0M | $37.7M | $26.2M |
| EBITDA | $129.0M | $124.4M | $107.4M | $74.6M | $131.6M | $123.8M | $108.5M | $115.7M | $136.4M | $118.1M | $111.2M | $97.9M |
| EPS (diluted) | $0.43 | $0.13 | $0.45 | $0.61 | $1.46 | $0.84 | $0.71 | $0.89 | $0.97 | $0.92 | $0.70 | $0.62 |
| Gross margin | 28.4% | 28.4% | 29.1% | 28.5% | 31.2% | 30.5% | 31.7% | 28.9% | 30.2% | 29.9% | 27.6% | 25.3% |
| Operating margin | 18.3% | 18.1% | 20.0% | 18.2% | 23.7% | 22.5% | 23.6% | 20.6% | 23.0% | 25.5% | 20.8% | 18.6% |
| Net margin | 6.3% | 1.9% | 65.3% | −0.2% | 21.4% | 12.8% | 10.7% | 13.6% | 14.8% | 14.6% | 12.4% | 8.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TDW's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TDW financial results
In fiscal year 2025 (ended December 31, 2025), Tidewater reported revenue of $1.4 billion, up 0.5% from the year before. It had net income of $334.7 million (up 85.2%), a net profit margin of 24.7%. Diluted earnings per share came to $3.36. Over five years revenue grew at an average rate of 27.8% a year.
See the TDW stock overview for the latest quote and news, or the TDW chart for price history and technical indicators.
TDW income statement FAQ
What is Tidewater's annual revenue?
Tidewater reported total revenue of $1.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.5% from $1.3 billion the previous year.
Is Tidewater profitable?
Yes. Tidewater reported net income of $334.7 million in fiscal 2025, a net profit margin of 24.7%; its operating margin was 21.4%.
What is Tidewater's gross margin?
Tidewater's gross margin was 30.8% in fiscal 2025: for every $100 of revenue, Tidewater kept $31 after the direct cost of its products and services.
How fast is Tidewater growing?
Revenue grew 27.8% a year on average over the last five fiscal years, from $397.0 million to $1.4 billion.
What are Tidewater's earnings per share?
Tidewater earned $3.36 per diluted share in fiscal 2025, compared with $3.49 a year earlier.
When will Tidewater report its next earnings?
Tidewater is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does Tidewater's fiscal year end?
Tidewater's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.