Short answer
TIDEWATER INC (TDW) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $1.4B (+0.5% year over year) and net income of $335M.
- Top risk flagged: Regulatory risk: pending approval by Brazilian antitrust authority for Wilson Companies acquisition impacting transaction completion
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- +0.5% YoY
- Net income
- $335M
- +85.2% YoY
- Operating margin
- 20.9%
- −2.2 pp YoY
- EPS (diluted)
- $6.64
- +95.3% YoY
- ROE
- 24.5%
- +8.3 pp YoY
- Operating cash flow
- $379M
- +38.4% YoY
Source: XBRL data from the TIDEWATER INC (TDW) FY2025 10-K on SEC EDGAR. USD.
TIDEWATER INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global provider of offshore service vessels (OSVs) to support oil, gas, and windfarm offshore operations with a diverse fleet of 208 vessels in 30+ countries
- New emphasis: Acquisition agreements in 2023-2026 adding 59 vessels total, including 22 PSVs in Brazil for $500M and 37 PSVs from Solstad for $594.2M
- Strategic shift: Increased fleet size and geographic coverage, especially in Brazil and North Sea/Australia regions, enhancing position in deepwater and windfarm support
- Quantitative highlight: Fleet grew to 208 vessels as of Dec 31, 2025; 2025 share repurchases of 2.29 million shares for $90M; 2025 issuance of $650M 9.125% senior notes replacing prior debt
- Noteworthy fact: Tidewater operates under complex international maritime regulations including SOLAS, MARPOL, with ISO 14001 certification for environmental management at multiple locations
Management Discussion & Analysis
- Revenue $1,352.8M, up 1% YoY (+$7.0M) driven by higher average day rates ($22,573 vs $21,273) offset by lower utilization (76.1% vs 79.0%)
- Operating margin approx. 20.9% (operating profit = revenue $1,352.8M - vessel operating costs $680.6M - other expenses) relatively stable with cost reductions partially offset by higher G&A (+21%) and depreciation (+8%)
- Best segment: West Africa revenue $362.8M (down 5%), but highest vessel operating profit $138.7M (down 21%); Worst segment: Asia Pacific revenue $189.7M (down 10%), vessel operating profit $53.2M (down 11%)
- Cash from Series A/B warrant exercises: $111.5M; Capex includes $594.2M Solstad acquisition, $500M Wilson Companies pending acquisition; Debt refinancing with $650M senior notes; no draws on $250M revolver
- Management cautious on 2026, noting medium-term offshore investment momentum but risks include oil prices in low $60s delaying projects and geopolitical/oil market volatility impacting demand and pricing
Risk Factors
- Regulatory risk: pending approval by Brazilian antitrust authority for Wilson Companies acquisition impacting transaction completion
- Geopolitical risk: exposure to piracy, war, terrorist attacks, especially in US Gulf, Caribbean, North Sea, Asia Pacific operations
- Operational risk: severe weather events linked to climate change causing vessel/facility damage and operational disruptions
- Competitive risk: customer shifts capital to renewable energy reducing demand for offshore oil and gas support services
- Financial risk: top ten customers generate significant revenues, risking concentration from contract termination or nonrenewal
Generated from the filing text; verify against the original. How to read a 10-K
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