Tidewater Inc. posts Q2 2026 revenue rise and lifts 2026 outlook

Offshore vessel operator Tidewater Inc. reported second‑quarter 2026 revenue of $342.3 million, a 4.9 % increase from the prior quarter. Net income fell to $21.7 million from $72.9 million a year earlier, while average day rates rose 2.9 % to $22,938 and the weighted‑average leading‑edge rate climbed 7.5 % to $24,341. The company generated $67 million of net cash from operating activities and $64.4 million of free cash flow, with a gross margin of 46.9 %.

CEO Quintin Kneen said the results exceeded internal expectations, noting higher revenue and lower operating expenses despite conflict‑related costs in the Middle East. Tidewater updated its full‑year 2026 revenue guidance to $1.42‑$1.47 billion and maintained a gross‑margin outlook of 49‑50 %. The guidance reflects a delayed closing of the Wilson Sons Ultratug Offshore acquisition, now expected around September 1, 2026.