Tidewater Inc (TDW) financial statements: income statement, balance sheet and cash flow
Tidewater Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Tidewater Inc reported revenue of $1.4B (+0.5% year on year) and net income of $334.7M (+85.2% year on year).
Income statement
Tidewater Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$1.4B
$1.3B
$1.0B
$647.7M
Vessel operating costs
$680.6M
$693.1M
$556.5M
$397.3M
Costs of other operating revenues
$6.4M
$3.6M
$4.3M
$2.1M
General and Administrative Expense
$134.5M
$110.8M
$95.3M
$101.9M
Depreciation and amortization
$262.3M
$242.8M
$180.3M
$119.2M
Gain on asset dispositions, net
($13.7M)
($15.8M)
($8.7M)
($250.0K)
Total costs and expenses
$1.1B
$1.0B
$827.8M
$621.0M
Operating income
$282.6M
$311.3M
$182.2M
$26.7M
Foreign exchange gain (loss)
$22.7M
($15.3M)
($1.4M)
($2.8M)
Equity in net earnings of unconsolidated companies
$0
$0
$39.0K
($221.0K)
Interest income and other, net
$8.2M
$6.4M
$6.5M
$5.4M
Loss on early extinguishment of debt
($27.1M)
—
$0
$0
Interest and other debt costs, net
($66.1M)
($73.0M)
($48.5M)
($17.2M)
Total other expense
($62.4M)
($81.9M)
($43.3M)
($29.0M)
Income before income taxes
$220.2M
$229.5M
$138.9M
($2.3M)
Income tax expense (benefit)
($113.2M)
$50.2M
$43.3M
$19.9M
Net income
$333.5M
$179.3M
$95.6M
($22.2M)
Less: Net losses attributable to noncontrolling interests
($1.2M)
($1.4M)
($1.6M)
($444.0K)
Net income attributable to Tidewater Inc.
$334.7M
$180.7M
$97.2M
($21.7M)
Basic income per common share (in dollars per share)
$6.69
$3.44
$1.88
-$0.49
Diluted income per common share (in dollars per share)
$6.64
$3.40
$1.84
-$0.49
Weighted average common shares outstanding (in shares)
50.1M
52.5M
51.6K
44.1K
Dilutive effect of warrants, restricted stock units and stock options (in shares)
379.0K
619.0K
1.3K
0
Adjusted weighted average common shares (in shares)
50.4M
53.1M
52.9K
44.1K
Tidewater Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$342.3M
$326.2M
$341.1M
$341.4M
Vessel operating costs
$180.7M
$166.2M
$176.1M
$167.4M
Costs of other operating revenues
$1.1M
$761.0K
$1.3M
$3.1M
General and administrative
$34.8M
$33.6M
$35.3M
$31.2M
Depreciation and amortization
$66.4M
$66.6M
$66.4M
$64.3M
Gain on asset dispositions, net
($3.3M)
$112.0K
($580.0K)
($5.5M)
Total costs and expenses
$279.8M
$267.2M
$278.5M
$260.5M
Operating income
$62.5M
$59.0M
$62.7M
$80.9M
Foreign exchange gain (loss)
($688.0K)
($3.4M)
$1.3M
$11.7M
Interest income and other, net
$730.0K
$2.2M
$455.0K
$2.1M
Interest and other debt costs, net
($16.4M)
($16.9M)
($16.6M)
($16.4M)
Total other expense
($16.4M)
($18.1M)
($42.0M)
($2.6M)
Income before income taxes
$46.1M
$40.9M
$20.7M
$78.3M
Income tax expense
$25.1M
$34.9M
$21.7M
$5.6M
Net income
$21.1M
$6.0M
($1.0M)
$72.7M
Net loss attributable to noncontrolling interests
($580.0K)
($164.0K)
($212.0K)
($228.0K)
Net income attributable to Tidewater Inc.
$21.7M
$6.1M
($806.0K)
$72.9M
Basic income per common share (in dollars per share)
$0.44
$0.12
-$0.02
$1.47
Diluted income per common share (in dollars per share)
$0.43
$0.12
-$0.02
$1.46
Weighted average common shares outstanding (in shares)
49.7M
49.6M
49.5M
49.7M
Dilutive effect of warrants and restricted stock units (in shares)
391.0K
249.0K
0
337.0K
Adjusted weighted average common shares (in shares)
50.1M
49.8M
49.5M
50.0M
Balance sheet
Tidewater Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$578.8M
$324.9M
$274.4M
$164.2M
Restricted cash
$0
$2.0M
$1.2M
$1.2M
Trade and other receivables, less allowance for credit losses of $3,034 and $3,184 as of December 31, 2025 and 2024, respectively
$285.4M
$323.8M
$268.4M
$156.5M
Marine operating supplies
$38.5M
$34.3M
$31.9M
$30.8M
Prepaid expenses and other current assets
$11.5M
$13.6M
$15.2M
$21.0M
Total current assets
$914.1M
$698.7M
$591.1M
$377.9M
Net properties and equipment
$1.1B
$1.2B
$1.3B
$796.7M
Deferred drydocking and survey costs
$139.7M
$152.6M
$106.7M
$61.1M
Indemnification assets
$9.5M
$11.9M
$17.4M
$28.4M
Deferred tax asset
$200.9M
—
—
—
Other Assets, Noncurrent
$50.6M
$27.5M
$32.4M
$33.6M
Total assets
$2.4B
$2.1B
$2.1B
$1.3B
Accounts payable
$66.3M
$71.4M
$44.9M
$38.9M
Accrued expenses
$153.2M
$129.9M
$125.6M
$105.5M
Current portion of long-term debt
$5.8M
$65.4M
$103.1M
—
Other current liabilities
$89.9M
$64.9M
$55.1M
$50.3M
Total current liabilities
$315.2M
$331.6M
$328.7M
$194.8M
Long-term debt
$649.0M
$571.7M
$631.4M
$169.0M
Other Liabilities, Noncurrent
$61.4M
$60.4M
$65.0M
$67.8M
Common stock of $0.001 par value, 125,000,000 shares authorized. 49,566,334 and 51,461,472 shares issued and outstanding at December 31, 2025 and 2024, respectively
50.0K
52.0K
52.0K
51.0K
Additional paid-in capital
$1.7B
$1.7B
$1.7B
$1.6B
Accumulated deficit
($305.2M)
($548.8M)
($637.8M)
($699.6M)
Accumulated other comprehensive income
$7.2M
$6.1M
$5.3M
$8.6M
Total stockholders’ equity
$1.4B
$1.1B
$1.0B
$866.0M
Noncontrolling interests
($4.1M)
($2.9M)
($1.5M)
$22.0K
Total equity
$1.4B
$1.1B
$1.0B
$866.0M
Total liabilities and equity
$2.4B
$2.1B
$2.1B
$1.3B
Tidewater Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$613.5M
$552.3M
$428.2M
$369.4M
Trade and other receivables, net of allowance for credit losses of $1,132 and $3,034 at June 30, 2026 and December 31, 2025, respectively
$306.6M
$299.7M
$332.6M
$316.5M
Marine operating supplies
$29.5M
$29.4M
$27.9M
$24.5M
Prepaid expenses and other current assets
$17.8M
$18.2M
$11.7M
$14.1M
Total current assets
$967.4M
$899.6M
$800.3M
$724.5M
Net properties and equipment
$1.0B
$1.1B
$1.1B
$1.1B
Deferred drydocking and survey costs
$142.9M
$147.9M
$154.2M
$165.7M
Indemnification assets
$9.7M
$8.3M
$9.5M
$11.2M
Deferred tax assets
$182.5M
$190.6M
—
—
Other assets
$25.7M
$25.2M
$60.4M
$40.9M
Total assets
$2.4B
$2.3B
$2.1B
$2.1B
Accounts payable
$62.6M
$58.2M
$42.6M
$48.7M
Accrued expenses
$133.7M
$139.5M
$130.9M
$131.3M
Current portion of long-term debt
$5.7M
$5.8M
$5.8M
$93.4M
Other current liabilities
$68.1M
$66.4M
$97.2M
$69.7M
Total current liabilities
$270.1M
$269.9M
$276.5M
$343.1M
Long-term debt
$647.5M
$648.6M
$649.8M
$531.9M
Other liabilities
$60.4M
$58.1M
$63.6M
$63.2M
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,754,957 and 49,566,334 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
50.0K
50.0K
50.0K
50.0K
Additional paid-in capital
$1.7B
$1.7B
$1.7B
$1.7B
Accumulated deficit
($277.4M)
($299.0M)
($525.0M)
($524.2M)
Accumulated other comprehensive income
$6.9M
$7.1M
$7.9M
$7.3M
Total stockholders’ equity
$1.4B
$1.4B
$1.1B
$1.1B
Noncontrolling interests
($4.9M)
($4.3M)
($3.7M)
($3.5M)
Total equity
$1.4B
$1.4B
$1.1B
$1.1B
Total liabilities and equity
$2.4B
$2.3B
$2.1B
$2.1B
Cash flow statement
Tidewater Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$333.5M
$179.3M
$95.6M
($22.2M)
Depreciation
$151.1M
$156.2M
$128.8M
$83.5M
Amortization of deferred drydocking and survey costs
$111.2M
$86.6M
$51.6M
$35.6M
Amortization of debt premiums and discounts
$5.4M
$6.7M
$4.6M
$1.7M
Amortization of below market contracts
($1.2M)
($5.0M)
($3.8M)
—
Unrealized foreign exchange loss (gain)
($23.4M)
—
—
—
Deferred income taxes provision (benefit)
($195.8M)
($2.8M)
$92.0K
$36.0K
Gain on asset dispositions, net
($13.7M)
($15.8M)
($8.7M)
($250.0K)
Gain on pension settlement
$0
$0
($2.3M)
—
Loss on early extinguishment of debt
$27.1M
—
$0
$0
Stock-based compensation expense
$14.5M
$13.7M
$10.8M
$7.4M
Trade and other receivables
$38.4M
($55.5M)
($109.8M)
($4.1M)
Marine operating supplies
($4.6M)
($2.9M)
$2.0M
($14.6M)
Prepaid expenses and other current assets
$2.1M
$1.6M
$5.8M
($4.9M)
Accounts payable
($5.0M)
$26.5M
$6.0M
$16.5M
Accrued expenses
$23.3M
$7.4M
$20.1M
($1.3M)
Other current liabilities
($2.7M)
$13.9M
$809.0K
($555.0K)
Other liabilities
$2.3M
($2.4M)
($740.0K)
($10.9M)
Deferred drydocking and survey costs
($98.6M)
($133.3M)
($97.4M)
($56.0M)
Other, net
$15.3M
($353.0K)
$1.3M
($3.2M)
Net cash provided by operating activities
$379.1M
$273.8M
$104.7M
$40.2M
Proceeds from asset dispositions
$17.6M
$19.3M
$15.5M
$13.6M
Proceeds from sale of notes
$660.0K
$8.1M
—
—
Acquisitions, net of cash acquired
$0
$0
($594.2M)
($20.7M)
Additions to properties and equipment
($25.8M)
($27.6M)
($31.6M)
($16.6M)
Net cash used in investing activities
($7.5M)
($188.0K)
($610.3M)
($23.8M)
Exercise of warrants
$0
$4.0K
$111.5M
—
Issuance of long-term debt
$650.0M
$0
$575.0M
$0
Principal payments on long-term debt
($641.9M)
($103.0M)
($13.7M)
$0
Purchase of common stock
($90.1M)
($90.7M)
($35.0M)
—
Payments on finance leases
($6.4M)
—
—
—
Debt extinguishment premium
($19.6M)
—
$0
$0
Acquisition of non-controlling interest in a majority owned subsidiary
$0
$0
($1.4M)
—
Debt issuance costs
($19.8M)
($213.0K)
($14.8M)
—
Share based awards reacquired to pay taxes
($8.1M)
($28.6M)
($6.0M)
($2.3M)
Net cash provided by (used in) financing activities
($136.0M)
($222.6M)
$615.6M
($2.7M)
Net change in cash, cash equivalents and restricted cash
$252.5M
$51.1M
$110.0M
$13.7M
Cash, cash equivalents and restricted cash at beginning of period
$329.0M
$278.0M
$168.0M
$154.3M
Cash, cash equivalents and restricted cash at end of period
$581.6M
$329.0M
$278.0M
$168.0M
Effects of exchange rate changes on cash, cash equivalents and restricted cash
$16.9M
—
—
—
Interest, net of amounts capitalized
$47.8M
$66.9M
$26.6M
$15.6M
Income taxes
$60.3M
$56.9M
$43.9M
$22.3M
Purchase of vessels
$10.7M
$0
$14.3M
—
Recognition of finance leases
$28.7M
—
—
—
Debt incurred for the purchase of four vessels
$11.5M
$0
$15.2M
—
Tidewater Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$27.1M
$6.0M
$114.0M
$115.0M
Depreciation
$76.6M
$38.5M
$113.3M
$75.9M
Amortization of deferred drydocking and survey costs
$56.4M
$28.1M
$82.9M
$53.8M
Amortization of debt premium and discounts
$2.1M
$848.0K
$3.9M
$3.0M
Amortization of below market contracts
$0
$0
($981.0K)
($698.0K)
Unrealized foreign exchange (gain) loss
$2.9M
$2.6M
($21.1M)
—
Deferred income taxes provision
$18.7M
$10.4M
($11.6M)
($15.4M)
Gain on asset dispositions, net
($3.2M)
$112.0K
($8.6M)
($8.0M)
Stock-based compensation expense
$6.8M
$3.1M
$11.0M
$7.5M
Trade and other receivables
($21.2M)
($14.4M)
($8.8M)
$7.3M
Accounts payable
($3.7M)
($8.1M)
($28.8M)
($22.7M)
Accrued expenses
($19.5M)
($13.6M)
$195.0K
($223.0K)
Deferred drydocking and survey costs
($59.7M)
($36.4M)
($84.7M)
($67.1M)
Other, net
$2.9M
$2.1M
$38.3M
$22.9M
Net cash provided by operating activities
$86.2M
$19.2M
$226.1M
$171.4M
Proceeds from asset dispositions
$14.9M
$3.3M
$12.3M
$11.1M
Proceeds from sale of notes
$0
$0
$660.0K
$660.0K
Additions to properties and equipment
($29.8M)
($14.9M)
($20.6M)
($15.5M)
Net cash used in investing activities
($15.0M)
($11.6M)
($7.7M)
($3.7M)
Principal payments on long-term debt
($2.9M)
($1.1M)
($640.1M)
($26.5M)
Purchase of common stock
$0
$0
($90.1M)
($90.1M)
Payments on finance leases
($24.9M)
($24.9M)
($5.5M)
—
Debt issuance costs
($109.0K)
($101.0K)
($19.0M)
$0
Share based awards reacquired to pay taxes
($6.5M)
($6.2M)
($8.0M)
($7.8M)
Net cash used in financing activities
($34.5M)
($32.3M)
($132.4M)
($124.4M)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
($2.3M)
($1.8M)
$16.0M
—
Net change in cash, cash equivalents and restricted cash
$34.5M
($26.5M)
$102.1M
$43.3M
Cash, cash equivalents and restricted cash at beginning of period
$581.6M
$581.6M
$329.0M
$329.0M
Cash, cash equivalents and restricted cash at end of period