TDWHIGH SIGNALFINANCIAL10-K

Tidewater experienced a significant revenue decline alongside substantially higher net income, creating an unusual financial profile that warrants close examination.

The combination of materially lower revenue with substantially higher profitability suggests either major operational restructuring, asset disposals, or accounting changes that have fundamentally altered the company's financial profile. This disconnect between top-line performance and bottom-line results indicates potential strategic shifts in the offshore services business that investors need to understand fully.

Comparing 2026-03-02 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Tidewater's financial results present a paradoxical picture, with revenue declining significantly to $601.6 million while net income grew substantially to $334.7 million, suggesting major operational changes or one-time gains. The company's balance sheet strengthened notably, with cash growing meaningfully to $578.8 million and stockholders' equity increasing to $1.4 billion. Operating cash flow improved to $379.1 million, indicating underlying operational improvements despite the revenue decline, while the company reduced dividend payments by 27.5%.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+85.2%
$180.7M→$334.7M

Net income grew 85.2% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+78.1%
$324.9M→$578.8M

Cash position surged 78.1% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
-38.6%
$979.1M→$601.6M

Revenue declined 38.6% — significant demand weakness or market share loss warrants investigation.

Operating Cash Flow
Cash Flow
+38.4%
$273.8M→$379.1M

Operating cash flow surged 38.4% — exceptional cash generation, highest quality earnings signal.

Current Assets
Balance Sheet
+30.8%
$698.7M→$914.1M

Current assets grew 30.8% — improving short-term liquidity or inventory/receivables build.

Dividends Paid
Cash Flow
-27.5%
$48.8M→$35.4M

Dividend reduced 27.5% — monitor management commentary on capital allocation priorities.

Stockholders Equity
Balance Sheet
+22.6%
$1.1B→$1.4B

Equity base grew 22.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+15%
$2.1B→$2.4B

Asset base grew 15% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-27
ADDED
tdw20251231_10k.htm 0000098222 TIDEWATER INC false --12-31 FY 2025 true true true false The Audit Committee of our Board oversees our cybersecurity risk management program and meets on a quarterly basis with our Chief Information Officer (CIO) to review our cybersecurity programs and risks, including (as applicable) assessments and program maturity; evolving cyber risks; status on addressing and/or mitigating cyber risks; any recent cybersecurity or data privacy incidents at the Company and across the industry; and status on any key cybersecurity initiatives.
These cybersecurity risks and programs are further reviewed and considered by the Board in connection with the company s overarching enterprise risk program.
The Audit Committee of our Board oversees our cybersecurity risk management program and meets on a quarterly basis with our Chief Information Officer (CIO) to review our cybersecurity programs and risks, including (as applicable) assessments and program maturity; evolving cyber risks; status on addressing and/or mitigating cyber risks; any recent cybersecurity or data privacy incidents at the Company and across the industry; and status on any key cybersecurity initiatives.
These cybersecurity risks and programs are further reviewed and considered by the Board in connection with the company s overarching enterprise risk program.
The Level 3 fair value is derived from discounted present value calculations.
As of December 31, 2024, the fair value (Level 1) of the 10.375% Senior Unsecured Notes due July 2028 was $266.1 million.
The fair value is obtained from public transaction activity on the Nordic ABM exchange (XOAM).
Current and long-term liabilities related to certain existing charter contracts accompanying the acquired Solstad Vessels that are below current market rates.
As of December 31, 2024, the fair value (Level 1) of the 8.50% Senior Secured Notes due November 2026 was $180.8 million.
The fair value is obtained from public transaction activity on the XOAM.
REMOVED
As of June 30, 2024, the aggregate market value of the registrant s common stock held by non-affiliates of the registrant was $ 4.7 billion based on the closing sales price as reported on the New York Stock Exchange of $95.21 per share.
As of February 14, 2025, 51,470,224 shares of the registrant s common stock, $0.001 par value per share, were outstanding.
BUSINESS Unless otherwise required by the context, the terms we , us , our and the company as used herein refer to Tidewater Inc.
We offer a large, diversified fleet of offshore service vessels (OSV or vessels), with 211 vessels serving customers in over 30 countries as of December 31, 2024.
Our vessels and associated services support all phases of offshore crude oil and natural gas (also referred to as oil and gas) exploration activities, field development, production and maintenance, as well as windfarm development and maintenance.
Our services include towing and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workovers, production activities, field abandonment, dismantlement and restoration activities; offshore construction and seismic and subsea support; geotechnical survey support for windfarm construction, and a variety of other specialized services such as pipe and cable laying.
Our revenues, net earnings and cash flows from operations are dependent upon the activity level of our offshore marine vessel fleet.
Depending on vessel capabilities and availability, our vessels operate in the shallow, intermediate and deepwater offshore markets.
Deepwater oil and gas development typically involves significant capital investment and multi-year development plans.
Although deepwater projects are typically less susceptible to short-term fluctuations in commodity prices, they are generally more costly than onshore and other offshore exploration and development.
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