Matson (MATX) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 results exceeded expectations, driven by strong e-commerce demand in China, premium rates, and a stabilized Transpacific environment following the U.S.-China trade deal in October 2025.

• Full-year 2025 consolidated operating income and revenue declined year-over-year due to lower China service volume and rates amid global trade volatility.

• The U.S.-China trade deal reduced tariff and trade uncertainties, supporting improved trading conditions.

• Expansion in Southeast Asia continued, with new feeder services from Vietnam and Thailand.

Financial highlights

• Q4 2025 net income was $143.1M, up 11.8% YoY; diluted EPS was $4.60, including a $0.59 one-time tax benefit.

• Q4 2025 consolidated revenue was $851.9M, down 4.3% YoY; full-year revenue was $3,344.5M, down 2.3% YoY.

• Full-year 2025 consolidated operating income was $499.8M, down $51.5M YoY; EBITDA was $704.7M, down 4.6% YoY.

• Cash flow from operations for 2025 was $547.1M, supporting $149.1M in maintenance CapEx, $44.9M in dividends, and $303.3M in share repurchases.

Outlook and guidance

• 2026 consolidated operating income expected to approach 2025’s $499.8M, with Q1 2026 operating income expected to be lower YoY due to lower China volume.

• Ocean transportation and logistics operating income for 2026 expected to be similar to 2025.

• Depreciation/amortization for 2026 projected at ~$210M; effective tax rate ~21%.

• Capital expenditures for 2026 expected at $150–$170M (excluding vessel construction), $425M for new vessels, and $45M for dry-docking.