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Get filing alertsTidewater reports Q2 revenue of $342.3M, announces $500M buyback, delays WSUT close to Sept
Filed August 3, 2026 · Period ending August 3, 2026 · ~1 min read
Key Changes
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Q2 2026 revenue of $342.3M, up 4.9% sequentially; average day rate rose $655 to $22,938 (+2.9%), with leading-edge rates up 7.5% to $24,341, signaling pricing momentum.
Exhibit 99.1 view on EDGAR → -
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Announced $500M share repurchase authorization, providing significant capacity for capital return to shareholders.
Exhibit 99.1 view on EDGAR → -
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WSUT acquisition closing delayed to around September 1, 2026 (approximately $342.3 million two months later than originally expected); 2026 guidance updated to $1.42-$1.47B revenue and 49-50% gross margin pro forma for the delay.
Exhibit 99.1 view on EDGAR → -
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Middle East conflict (Operation Epic Fury) has not disrupted operations; region achieved record Q2 utilization and day rates. Company expects $13.1M in 2026 conflict-related costs, $7.6M of which is contractually billable to customers.
Exhibit 99.1 view on EDGAR → -
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Management sees broad pick-up in offshore activity through 2026 and into 2027, with tendering pace materially higher; believes current opportunities reflect already-planned projects, with supply-chain-driven projects yet to be developed.
Exhibit 99.1 view on EDGAR →
Summary
Tidewater reported Q2 2026 revenue of $342.3 million, up 4.9% sequentially, driven by higher day rates and utilization. Average day rates rose $655 to $22,938, while leading-edge rates for new contracts climbed 7.5% to $24,341, indicating improving pricing power. Net income was $21.7 million, down from $72.9 million in Q2 2025 primarily due to higher tax expense.
The company announced a $500 million share repurchase authorization, signaling confidence in cash generation and a commitment to shareholder returns. The company updated 2026 guidance to reflect a delayed closing of the WSUT acquisition, now expected around September 1, 2026, approximately $342.3 million two months later than originally anticipated.
Pro forma for the delay, full-year 2026 revenue guidance is $1.42-$1.47 billion with gross margins of 49-50%. Management noted that the Middle East conflict has not disrupted operations—the region achieved record Q2 utilization and day rates—though the company expects $13.1 million in conflict-related costs for 2026, with $7.6 million contractually billable to customers. Management highlighted an improving offshore market outlook, with tendering activity materially higher and customer conversations pointing to a broad pick-up in activity through 2026 and into 2027.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Tidewater announced Q2 2026 financial results via earnings release; detailed figures not included in 8-K body.
Added in current filing · verify on EDGAR →
On August 3, 2026, the Company issued an earnings release announcing its financial results for the quarter ended June 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if fully set forth under this item.
Tidewater disclosed its financial results for the quarter ended June 30, 2026 through an earnings release attached as Exhibit 99.1. The 8-K body does not contain specific revenue, earnings, or operational metrics; those details are in the exhibit. This is a routine quarterly earnings announcement under Item 2.02.
Event · Exhibit 99.1
Tidewater reports Q2 2026 results with revenue of $342.3M, updates 2026 guidance for delayed WSUT acquisition, and announces $500M share repurchase program.
Added in current filing · view on EDGAR →
Revenue of $342.3 million, a 4.9% increase compared to the first quarter of 2026 ... Average day rate of $22,938 per day, an increase of $655 per day, or 2.9%, compared to the first quarter of 2026 ... Weighted average leading edge day rate of $24,341, a 7.5% increase compared to the first quarter of 2026 ... Net income of $21.7 million and Adjusted EBITDA of $133.8 million ... Net cash provided by operating activities of $67.0 million and free cash flow of $64.4 million
Tidewater disclosed Q2 2026 revenue of $342.3 million, up 2755.5% sequentially, driven by higher day rates (up $655 to $22,938) and utilization. Net income was $21.7 million ($0.43 per share), down from $72.9 million in Q2 2025, primarily due to higher income tax expense. Adjusted EBITDA was $133.8 million. The weighted average leading edge day rate for new term contracts rose 7.5% to $24,341, signaling improving pricing momentum.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 4, 2026 · How we verify