Kirby (KEX) investor relations material

Executive summary

• First quarter 2026 EPS was $1.50, up 13% year-over-year, with net earnings of $81.2 million on revenues of $844.1 million, reflecting strong execution and improving market fundamentals in marine transportation and power generation, despite weather and supply chain disruptions.

• EPS growth guidance for 2026 was raised to 5%-15% year-over-year, up from 0%-12%, reflecting confidence in continued strong performance and improved market conditions.

• Marine transportation saw high barge utilization and pricing momentum, while Distribution and Services benefited from robust power generation demand and marine repair activity, despite OEM supply constraints.

• $52.7 million was returned to shareholders via share repurchases at an average price of $123.18; 23 barges and 3 high horsepower boats were acquired for $95.8 million, with $81.4 million paid in Q1.

Financial highlights

• Revenues increased to $844.1 million (+7% year-over-year), with net earnings of $81.2 million and EBITDA of $183.1 million.

• Marine transportation revenues were $497.2 million (+4% year-over-year), with operating income of $89.7 million and an 18.0% margin.

• Distribution and Services revenues were $346.9 million (+12% year-over-year), with operating income of $23.3 million and a 6.7% margin.

• Net cash from operations was $97.7 million; free cash flow was $49.4 million after $48.3 million in capital expenditures.

• Debt-to-capitalization ratio was 22.3% with $983 million total debt, $58 million cash, and $635 million available liquidity.

Outlook and guidance

• Full-year 2026 EPS growth guidance increased to 5%-15% year-over-year.

• Net cash from operations expected at $575 million-$675 million; capital expenditures forecast at $220 million-$260 million.

• Inland marine revenues projected to grow low- to mid-single digits, with high-teens to low-20% operating margins.

• Coastal marine revenues expected to rise mid-single digits, with high-teens operating margins; margin headwinds anticipated in Q2 due to planned shipyards.

• Distribution and Services revenues expected to be flat to slightly up for the year, with mid- to high-single-digit margins.