Q2 2026 Tidewater Inc Earnings Call Transcript

Aug 4, 2026 / 01:00 PM GMT

Transcript 8-K10-Q

Key Points

Positve

Tidewater Inc (TDW) reported second quarter revenue and gross margin that exceeded expectations, with revenue reaching $342.3 million and gross margin just under 47%.
The company saw a strong 7.5% sequential increase in its weighted average leading edge day rate, indicating a tight supply and demand balance in the market.
Free cash flow nearly doubled sequentially to $64 million in the second quarter, driven by stronger operational performance and deferred drydocks.
The company maintains a very strong balance sheet with net debt essentially at zero and liquidity exceeding $850 million at quarter end.
Management expressed increased confidence in the market outlook, citing a significant uptick in tendering and pre-tendering activity across all vessel support services globally.

Negative

Tidewater Inc (TDW) continues to incur elevated costs related to Operation Epoch Fury, totaling approximately $6.8 million in the second quarter and an expected $4 million in the third quarter.
The closing of the Wilson's acquisition has been delayed to around September 1, 2026, which has led to a modest reduction in the full-year 2026 revenue guidance.
The company expects third-quarter legacy revenue to decline about 2% due to drydocks moving into the period and higher-than-anticipated downtime for repairs.
Gross margin in the third quarter is expected to be around 46%, negatively impacted by conflict-related costs, higher fuel expenses, and increased repair and maintenance costs.
The company has not repurchased any shares this year, pausing buybacks to fund the Wilson's acquisition, and faces uncertainty regarding the duration and financial impact of the Middle East conflict.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TDW.N - Tidewater Inc.
Q2 2026 Tidewater Inc Earnings Call
Aug 04, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome everyone to the Tidewater second quarter 2026 conference call. My name is Dara and I will be your conference moderator for today. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again.

I will now hand the conference over to Wes Gotcher, Senior Vice President of Strategy, Corporate Development and Investor Relations. Please go ahead.

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Unidentified_2 [2]
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Thank you, Dara. Good morning,

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