Kirby (KEX) Q4 2025 earnings summary

Executive summary

• Achieved record earnings in 2025, with Q4 diluted EPS of $1.68 (up from $0.74 in Q4 2024) and full-year EPS of $6.33 (up from $4.91 in 2024), driven by strong execution in Marine Transportation and Power Generation despite seasonal and weather impacts.

• Returned over $100 million to shareholders via share repurchases and reduced debt by $130 million, strengthening the balance sheet.

• Generated over $400 million in free cash flow for the second consecutive year, closing 2025 with strong operational and financial momentum.

• Full-year 2025 revenues increased 3% to $3.36 billion, with operating income and net earnings up 24% each compared to 2024.

Financial highlights

• Q4 2025 revenues were $851.8 million, up 6% year-over-year; operating income was $129.7 million, up 159% year-over-year; net earnings were $91.8 million, up 114% year-over-year.

• Marine Transportation Q4 revenues: $481.7 million; operating income: $100.3 million; operating margin: 20.8%.

• Distribution & Services Q4 revenues: $370.1 million; operating income: $30.1 million; operating margin: 8.1%.

• Total 2025 cash flow from operations: $670 million; free cash flow: $406 million, exceeding guidance.

• Debt-to-capitalization ratio at year-end: 21.4%; available liquidity: $542 million; total debt at year-end: $919 million.

Outlook and guidance

• 2026 guidance projects EPS flat to up 12% year-over-year, with operating cash flow of $575–$675 million and capital expenditures of $220–$260 million.

• Marine Transportation expects inland barge utilization in the low 90% range and coastal in the mid-90% range, with steady conditions and some margin pressure from increased shipyard activity.

• Distribution & Services anticipates flat to slightly higher revenues, with power generation growth offsetting oil & gas weakness; operating margins in mid to high single digits.