Tidewater Inc. reported financial results for the three and nine months ended September 30, 2026, and announced the completion of a significant acquisition. For the third quarter of 2026, the company reported revenue of $360.4 million, a 5.3% increase compared to the second quarter of 2026. Net income for the quarter was $17.5 million, or $0.35 per common share, compared to a net loss of $0.8 million, or $(0.02) per share, in the prior year's third quarter.
During the third quarter, Tidewater closed an all-cash acquisition of Wilson Sons Ultratug Offshore (WSUT) for $500 million. The company noted that year-to-date acquisition-related expenses for WSUT have totaled approximately $14.4 million. Management anticipates substantially integrating the WSUT business into the Tidewater platform by the start of 2027.
In terms of vessel performance, the company reported an average day rate of $23,775 per day, an increase of $837 per day from the previous quarter. The weighted average leading edge day rate rose to $27,373 per day, a sequential increase of $3,033 per day. Tidewater also reported net cash provided by operating activities of $75.2 million and free cash flow of $90.9 million for the nine months ended September 30, 2026.
Regarding guidance, Tidewater updated its 2026 revenue range to $1.43 billion to $1.44 billion and gross margin guidance to 47.5% to 48.5%. The company is initiating 2027 revenue guidance of $1.70 billion to $1.75 billion and gross margin guidance of 51% to 53%. Additionally, the company repurchased approximately $25 million of shares since the last earnings release, with an outstanding authorization of $475 million.
