Kirby (KEX) Q4 2025 earnings summary

Executive summary

• 2025 was a record year with strong execution in Marine Transportation and Distribution & Services, driving meaningful EPS and free cash flow growth despite seasonal and weather impacts.

• Fourth quarter 2025 diluted EPS was $1.68, up from $0.74 in Q4 2024; full year EPS was $6.33, up 29% from 2024.

• Over $100 million was returned to shareholders via share repurchases, and $130 million in debt was paid down in Q4 2025.

• Free cash flow for 2025 reached $406 million, with strong operational and financial momentum heading into 2026.

Financial highlights

• Q4 2025 revenues were $851.8 million, up 6% year-over-year; full year revenues increased to $3.4 billion from $3.3 billion.

• Q4 2025 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 were $482 million, operating income $100 million, margin 20.8%.

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

• Total 2025 cash flow from operations was $670 million; free cash flow reached $406 million, above guidance.

Outlook and guidance

• 2026 is expected to deliver consistent year-over-year earnings growth, with improving market fundamentals and EPS projected to be flat to up 12%.

• Inland Marine barge utilization is projected to average in the low 90% range, with steady pricing improvement; coastal utilization in mid-90% range.

• Distribution & Services segment revenues expected to be flat to slightly higher, with power generation offsetting oil and gas weakness.

• 2026 CapEx guidance is $220–$260 million; free cash flow expected to remain strong.

• Net cash from operating activities projected at $575–$675 million in 2026.