Tidewater 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

• high

  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 →
• high

  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 →
• high

  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 →