What factors drove the changes in Tidewater's revenue and profit?

What is the market's earnings forecast for Tidewater next quarter?

What is the revenue and EPS growth rate for Tidewater year over year?

Did Tidewater beat or miss consensus estimates last quarter?

What were the key takeaways from Tidewater's earnings call?

What guidance did Tidewater's management provide for the next earnings period?

What does Tidewater do and what are its main business segments?

What is Tidewater's latest dividend and current dividend yield?

- **Revenue Beat**: Q3 2025 revenue $341.1 million (+15% YoY), driven by higher day rates and utilization.
- **Margin Strength**: Gross margin 48%, up 200bps vs. guidance, with 2026 margin 48%-50%.
- **Cash Generation**: $275 million YTD free cash flow, 2026 cash position ~$800 million.
- **M&A Flexibility**: $500 million share buyback auth; leverage strategy for deals (1.25x net debt/EBITDA).
- **Market Recovery**: 2026 drilling activity expected to strengthen, supported by EPCI backlog and FPSO growth.
- **Fleet Focus**: Large PSVs and medium/large anchor handlers preferred; subsea market requires scale.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $341.1 million, up 15% YoY, driven by higher day rates and utilization. Full year 2025 guidance narrowed to $1.33B-$1.35B.
- **Gross Margin**: Q3 gross margin 48%, exceeding expectations due to cost control and higher utilization. 2026 gross margin guidance 48%-50%.
- **Free Cash Flow**: Generated $83 million in Q3, bringing YTD total to $275 million. Projected 2026 cash position of ~$800 million.
- **Capital Allocation**: $500 million share repurchase authorization (18% of shares). Flexible leverage strategy for M&A, targeting 1.25x net debt/EBITDA.

**【CFO Financial Commentary】**
- **Financial Results**: Q3 net loss $0.8 million (due to $27.1 million debt extinguishment charge). Adjusted EBITDA $137.9 million. Free cash flow $82.7 million.
- **Debt Refinancing**: New $250 million revolving credit facility. No debt repayments until 2030. 2025 drydock costs $105 million, 2026 guidance $124 million.
- **2026 Outlook**: Revenue $1.32B-$1.37B, flat quarterly cadence. 69% of 2026 revenue in firm backlog/options. 57% of available days covered.

**【COO Market Overview】**
- **Regional Performance**: 
  - **Europe**: Pressure on day rates, but utilization improved. UK energy policy uncertainty.
  - **Africa**: FPSO demand offset drilling slowdown. 2026 vessel movements expected.
  - **Middle East**: Day rates rising due to EPCI projects. Saudi Aramco reactivating rigs.
  - **Americas**: Brazil Petrobras projects delayed, but Caribbean/Brazil activity strong.
  - **Asia-Pacific**: Australia demand resilient. 2026 drilling projects expected.
- **Vessel Supply**: 134 OSV orders (3% of fleet). Attrition and limited newbuilds constrain supply.

**【Q&A Highlights】**
- **M&A Activity**: Constrained by non-public info, but $800 million 2026 cash position supports deals.
- **Market Recovery**: 2026 drilling activity expected to pick up, driven by EPCI backlog and FPSO growth.
- **Fleet Strategy**: Preference for large PSVs and medium/large anchor handlers. Subsea market requires scale.
- **Venezuela Case**: Potential $80 million recovery, timing uncertain but positive cash flow impact.

TDW

TDW fundamentals

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