TDWMEDIUM SIGNALFINANCIAL10-K

Tidewater experienced a dramatic swing from positive to negative gross profit despite significant increases in net income, cash position, and operating cash flow.

The -530% decline in gross profit to negative $29.7M while net income increased 85% suggests potential one-time charges, asset write-downs, or unusual accounting items affecting cost of revenues. This disconnect between operational profitability and bottom-line results warrants investigation into the underlying drivers and sustainability of earnings quality.

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

Tidewater shows a paradoxical financial picture with gross profit collapsing by 530% to negative $29.7M while net income surged 85% to $334.7M, indicating significant non-operational income or below-the-line benefits. The company strengthened its balance sheet substantially with cash increasing 78% to $578.8M and operating cash flow growing 38% to $379.1M, while reducing dividend payments by 27%. This financial profile suggests potential asset sales, debt restructuring, or other extraordinary items that boosted net income and cash despite deteriorating operational margins, creating questions about underlying business performance and earnings sustainability.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
-530.4%
$6.9M→-$29.7M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

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.

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.
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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.
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