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Get filing alertsTidewater reports Q1 revenue of $326.2M, flags Middle East conflict cost pressures
Filed May 4, 2026 · Period ending May 4, 2026 · ~1 min read
Key Changes
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Q1 2026 revenue of $326.2M (down 2.2% YoY) and net income of $6.1M ($0.12/share), down from $42.7M ($0.83/share) in Q1 2025, impacted by $3.4M FX loss from stronger dollar. Adjusted EBITDA of $129.3M.
Item 2.02 verify on EDGAR → -
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Operation Epic Fury in the Middle East (14% of vessel revenue) drove higher insurance and crew costs late in Q1; no activity disruptions but elevated expenses expected to persist until conflict resolves.
Item 2.02 verify on EDGAR → -
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Reiterated 2026 revenue guidance of $1.43B–$1.48B and gross margin of 49%–51%, pro forma for Wilson Sons Ultratug acquisition expected to close by end of Q2 2026.
Item 2.02 verify on EDGAR → -
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Announced acquisition of Wilson Sons Ultratug, a 22-vessel PSV fleet serving Brazil; integration underway with expected Q2 2026 close.
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Disclosed $500M outstanding share repurchase authorization, providing capital return flexibility.
Item 2.02 verify on EDGAR →
Summary
Tidewater disclosed Q1 2026 results that beat internal expectations on revenue, margin, and utilization despite a 2.2% year-over-year revenue decline to $326.2 million. Net income fell sharply to $6.1 million from $42.7 million in the prior-year quarter, driven by a $3.4 million foreign exchange loss as the dollar strengthened.
The company maintained full-year guidance of $1.43 billion to $1.48 billion in revenue and 49%–51% gross margins, assuming the pending Wilson Sons Ultratug acquisition closes by the end of Q2. The key development is the Middle East conflict's cost impact. Operation Epic Fury began late in Q1 in a region representing 14% of Tidewater's vessel revenue.
While utilization remained strong with no activity disruptions, the company flagged elevated insurance and crew expenses that management expects to persist until the conflict ends. This introduces margin pressure in a core operating region, though the company's guidance reaffirmation suggests confidence that second-half momentum and the Brazil acquisition will offset near-term headwinds. The $500 million share repurchase authorization provides capital allocation optionality as the company navigates geopolitical uncertainty.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Tidewater announced Q1 2026 financial results via earnings release.
Added in current filing · verify on EDGAR →
On May 4, 2026, the Company issued an earnings release announcing its financial results for the quarter ended March 31, 2026.
Tidewater disclosed its financial results for the quarter ended March 31, 2026 through an earnings release. The 8-K itself does not contain the actual financial figures; those are in the attached press release (Exhibit 99.1). This is a routine quarterly earnings announcement.
Event · Exhibit 99.1
Tidewater reported Q1 2026 revenue of $326.2M, net income of $6.1M, and reiterated full-year 2026 guidance of $1.43B–$1.48B revenue.
Added in current filing · view on EDGAR →
During the first quarter, Operation Epic Fury commenced in the Middle East, one of our principal operating regions. To date, we have not experienced any disruptions in activity due to the conflict; in fact we experienced higher than anticipated utilization during the first quarter. However, late in the quarter after the conflict commenced, we did experience higher than anticipated costs associated with the conflict, particularly as it relates to insurance and the costs of our crews in the region. We anticipate that this elevated level of operating expense to persist until such time the conflict is resolved.
Tidewater disclosed that Operation Epic Fury began in the Middle East during Q1 2026. While the company saw no activity disruptions and higher-than-expected utilization, it incurred elevated costs for insurance and crew expenses in the region. Management expects these higher operating expenses to continue until the conflict ends. The Middle East is one of Tidewater's principal operating regions, representing 14% of Q1 2026 vessel revenues.
Added in current filing · view on EDGAR →
During the first quarter, we announced the acquisition of Wilson Sons Ultratug, a 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market. We have been pleased with the organization as we’ve begun our integration efforts and are excited to continue the work to on-board this important acquisition onto the Tidewater platform. We still expect to close the transaction by the end of the second quarter.
Tidewater announced the acquisition of Wilson Sons Ultratug, a 22-vessel platform supply vessel (PSV) fleet serving Brazil. The company has begun integration and expects to close the transaction by the end of Q2 2026. The acquisition expands Tidewater's presence in the Brazilian offshore market.
Added in current filing · view on EDGAR →
Outstanding share repurchase program authorization of $500 million
Tidewater disclosed it has $500 million in outstanding share repurchase authorization. The filing does not indicate whether this is a new program or the remaining capacity under an existing program, but the authorization provides the company with significant flexibility to return capital to shareholders.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify