Key Highlights

  • Revenue reached $360.4 million for the third quarter of 2026.
  • Net income was $17.5 million, and adjusted EBITDA was $140.1 million.
  • Free Cash Flow totaled $90.9 million, with Operating Cash Flow of $75.2 million.
  • The company closed a $500 million all-cash Acquisition of Wilson Sons Ultratug Offshore.

Tidewater (NYSE:TDW) reported third-quarter 2026 Revenue of $360.4 million, Net Income of $17.5 million and adjusted EBITDA of $140.1 million. The offshore vessel operator also generated free cash flow of $90.9 million during the quarter and closed a $500 million all-cash acquisition of Wilson Sons Ultratug Offshore, known as WSUT.

Revenue and Earnings

Quarterly revenue reached $360.4 million, and the company reported net income of $17.5 million for the period. Adjusted EBITDA, a non-GAAP measure that excludes depreciation, interest, taxes and certain other items, came in at $140.1 million.

The company's results are shaped by the day rates and utilization of its vessels, which determine how much of its fleet is generating revenue at any given time.

Cash Flow and Balance Sheet

Net cash provided by Operating Activities was $75.2 million for the quarter, and free cash flow reached $90.9 million.

The Wilson Sons Ultratug Acquisition

Tidewater closed the acquisition of Wilson Sons Ultratug Offshore for $500 million in cash.

The company's cash generation and the scale of the Wilson Sons Ultratug acquisition provide context for its capital structure. Free cash flow of $90.9 million exceeded operating cash flow of $75.2 million in the quarter, and the company used its cash generation alongside a $500 million all-cash purchase.

Utilization measures how much of the fleet is working in a given period, while day rates determine the price of each day of service.

Final Word

Tidewater's third quarter pairs revenue of $360.4 million and net income of $17.5 million with free cash flow of $90.9 million and a $500 million acquisition.