Matson (MATX) Q3 2025 earnings summary

Executive summary

• Q3 2025 net income was $134.7 million, down 32.3% year-over-year, with EPS at $4.24, as revenue fell 8.5% to $880.1 million, mainly due to lower China freight rates and volumes, while Hawaii and Alaska volumes grew modestly.

• Ocean Transportation and Logistics operating income declined year-over-year, driven by reduced China performance and weaker freight forwarding and supply chain management.

• Domestic tradelanes saw higher volume in Hawaii (up 0.3%) and Alaska (up 4.1%), but lower in Guam (down 4.2%).

• Share repurchases totaled 0.6 million shares in Q3 2025, with $66.4 million spent.

Financial highlights

• Q3 2025 operating income was $161.0 million, down $81.3 million or 33.6% year-over-year; EBITDA was $212.3 million, down 26.6%.

• Net income for Q3 2025 was $134.7 million, down 32.3% year-over-year; diluted EPS was $4.24, down 28%.

• Cash and cash equivalents at September 30, 2025, were $92.7 million; Capital Construction Fund (CCF) held $627.9 million.

• Total debt at September 30, 2025, was $370.9 million, down $10.1 million sequentially.

• Share repurchases YTD totaled $229.3 million for 2.0 million shares; 13.1 million shares repurchased since 2021 for $1.2 billion.

Outlook and guidance

• Q4 2025 consolidated operating income expected to be about 30% lower year-over-year; Ocean Transportation and Logistics operating income both projected to decline.

• Full-year 2025 guidance: depreciation/amortization ~$196 million, interest income ~$32 million, interest expense ~$7 million, effective tax rate ~22%.

• Maintenance CapEx for 2025 raised to ~$130 million; new vessel construction milestone payments for 2025 now ~$248 million.

• Anticipate a more stable trading environment due to the U.S.-China trade and economic deal announced October 30, 2025.