Tidewater (TDW) financial statements
Tidewater reported revenue of $1.4B in fiscal 2025, up 3.7% a year over 9 years.
Net income was $335M and the operating margin 20.9%, against -7.1% in 2016.
Free cash flow was $353M, and the company returned $90M in net buybacks.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tidewater's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $979M | $602M | $407M | $487M | $397M | $371M | $648M | $1.0B | $1.3B | $1.4B |
| Gross profit | $70M | -$59M | $6M | $7M | -$30M | — | — | — | — | — |
| Selling, general and admin | $154M | $146M | $110M | $104M | $73M | $69M | $102M | $95M | $111M | $135M |
| Operating income | -$70M | -$578M | -$107M | -$87M | -$187M | -$95M | $27M | $182M | $311M | $283M |
| Interest expense | $54M | $75M | $30M | $29M | $24M | $16M | $17M | $49M | $73M | $66M |
| Pre-tax income | -$140M | -$644M | -$154M | -$113M | -$198M | -$124M | -$2M | $139M | $229M | $220M |
| Income tax | $21M | $6M | $18M | $28M | -$965,000 | $6M | $20M | $43M | $50M | -$113M |
| Net income | -$160M | -$660M | -$172M | -$142M | -$196M | -$129M | -$22M | $97M | $181M | $335M |
| EPS (diluted) | -$3.41 | -$14.02 | -$6.45 | -$3.71 | -$4.86 | -$3.14 | -$0.49 | $1.84 | $3.40 | $6.64 |
| Diluted shares | 47M | 47M | 27M | 38M | 40M | 41M | 44M | 53M | 53M | 50M |
| Gross margin | 7.1% | -9.9% | 1.5% | 1.4% | -7.5% | — | — | — | — | — |
| Operating margin | -7.1% | -96.1% | -26.4% | -17.8% | -47.0% | -25.6% | 4.1% | 18.0% | 23.1% | 20.9% |
| Net margin | -16.4% | -109.7% | -42.2% | -29.1% | -49.4% | -34.8% | -3.4% | 9.6% | 13.4% | 24.7% |
Balance sheet
Fiscal years, from Tidewater's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $678M | $706M | $372M | $218M | $150M | $149M | $164M | $274M | $325M | $579M |
| Receivables | $228M | $123M | $111M | — | — | — | — | — | — | — |
| Total current assets | $1.3B | $1.1B | $683M | $537M | $389M | $343M | $378M | $591M | $699M | $914M |
| Property, plant and equipment | $3.6B | $2.9B | $1.1B | $780M | $780M | $688M | $797M | $1.3B | $1.2B | $1.1B |
| Total assets | $5.0B | $4.2B | $1.8B | $1.6B | $1.3B | $1.1B | $1.3B | $2.1B | $2.1B | $2.4B |
| Total current liabilities | $2.5B | $2.3B | $158M | $186M | $183M | $158M | $195M | $329M | $332M | $315M |
| Long-term debt | — | — | $430M | $279M | $165M | $168M | $169M | $631M | $572M | $649M |
| Total liabilities | $2.7B | $2.5B | $683M | $563M | $428M | $394M | $432M | $1.0B | $964M | $1.0B |
| Shareholders' equity | $2.3B | $1.6B | $1.1B | $1.0B | $822M | $701M | $866M | $1.0B | $1.1B | $1.4B |
| Net debt | $1.4B | $1.3B | $67M | $71M | $43M | $19M | $5M | $460M | $312M | $76M |
Cash flow
Fiscal years, from Tidewater's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $253M | $30M | $4M | -$31M | $4M | $15M | $40M | $104M | $282M | $379M |
| Capital spending | $194M | $25M | $21M | $18M | $15M | $9M | $17M | $32M | $28M | $26M |
| Free cash flow | $59M | $4M | -$17M | -$49M | -$11M | $6M | $24M | $73M | $255M | $353M |
| Stock-based compensation | $13M | $3M | $13M | $20M | $5M | $6M | $7M | $11M | $14M | $14M |
| Dividends paid | $35M | — | — | — | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$35M | -$91M | -$90M |
| Net borrowing | -$137M | -$10M | -$105M | $0 | $0 | $172M | $0 | $575M | $0 | $650M |
| Free cash flow margin | 6.0% | 0.7% | -4.3% | -10.2% | -2.7% | 1.6% | 3.6% | 7.2% | 18.9% | 26.1% |
| Dividends per share | $0.75 | — | — | — | — | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TDW.
Open TDW in InvestinglyQuestions
What was Tidewater's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tidewater generate?
$353M in fiscal 2025 (operating cash flow minus capital spending).
From Tidewater's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.