TIDEWATER INC (TDW) FY2025 10-K Annual Report
TIDEWATER INC (TDW) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TIDEWATER INC FY2025 10-K Analysis
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
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%)
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
TIDEWATER INC FY2025 Key Financial MetricsXBRL
Revenue
$1.4B
▲ +0.5% YoY
Net Income
$335M
▲ +85.2% YoY
Operating Margin
20.9%
▼ -224bp YoY
Net Margin
24.7%
▲ +1132bp YoY
ROE
24.5%
▲ +830bp YoY
Total Assets
$2.4B
▲ +15.0% YoY
EPS (Diluted)
$6.64
▲ +95.3% YoY
Operating Cash Flow
$379M
▲ +38.4% YoY
Source: XBRL data from TIDEWATER INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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