Kirby Corporation Announces Strong Financial Performance for 2025

HOUSTON, Jan. 29, 2026 (GLOBE NEWSWIRE) — Kirby Corporation (NYSE: KEX) today released its financial results for the fourth quarter and full year ended December 31, 2025, demonstrating significant growth in earnings and revenue compared to 2024. The company reported strong operational performance across its key business segments, reflecting solid market conditions and effective execution of strategic initiatives.

Financial Highlights: Fourth Quarter 2025

Net earnings attributable to Kirby for the fourth quarter of 2025 reached $91.8 million, or $1.68 per diluted share, compared with $42.8 million, or $0.74 per share, in the fourth quarter of 2024. When excluding one-time charges and credits from 2024, adjusted earnings were $74.9 million, or $1.29 per share.

Revenue for the quarter was $851.8 million, up from $802.3 million in the same period last year, representing a year-over-year increase driven by improved operations and market demand.

Full Year 2025 Results

For the full year 2025, Kirby achieved net earnings attributable to the company of $354.6 million, or $6.33 per share, compared with $286.7 million, or $4.91 per share, in 2024. Excluding one-time items in 2024, adjusted net earnings were $318.8 million, or $5.46 per share.

Total consolidated revenues for 2025 were approximately $3.4 billion, compared with $3.3 billion in 2024, underlining continued top-line growth.

CEO Perspective

David Grzebinski, Kirby’s Chief Executive Officer, expressed satisfaction with the company’s performance, noting that “2025 was a record year for Kirby capped off by a solid final quarter. During the fourth quarter, we navigated typical seasonal weather and year-end softness with exceptional execution by both our Marine Transportation and Distribution & Services teams.” He emphasized strong momentum entering 2026 with expectations for sustained growth.

Segment Performance

Marine Transportation

The Marine Transportation segment generated revenue of $481.7 million in the fourth quarter of 2025, compared with $466.8 million in the 2024 fourth quarter. Operating income increased to $100.3 million from $86.0 million, and the segment’s operating margin improved to 20.8% from 18.4%.

Inland marine markets experienced improvement in barge utilization, averaging mid-to-high-80% for the quarter, despite seasonal weather challenges and increased delay days. Overall, inland revenues were slightly lower compared to the year-ago period due to utilization and pricing pressures.

Coastal marine continued to benefit from strong demand and limited large-capacity equipment availability. Barge utilization remained in the mid-to-high-90% range, and coastal revenues were significantly higher compared to the prior year, contributing to approximately 21% of segment revenues with solid margins.

Distribution and Services

This segment reported quarterly revenues of $370.1 million, up from $335.5 million in the 2024 fourth quarter. Operating income rose to $30.1 million from $26.8 million, with a slight increase in operating margin.

Power generation market saw strong sequential and year-over-year revenue growth of 10% and 47%, respectively. This was driven by robust order activity and large project wins as customers prioritized reliable power solutions.

Commercial and industrial markets experienced a modest revenue decline due to a slowly recovering trucking market in on-highway businesses.

Oil and gas revenues were lower compared to the 2024 fourth quarter due to soft conventional activity, though demand for equipment related to electric fracturing partially supported results.

Cash Flow, Share Repurchases, and Balance Sheet

Adjusted EBITDA for the fourth quarter of 2025 was $203.1 million, up from $172.3 million in 2024. Net cash provided by operating activities was $312.2 million, with capital expenditures of $47.0 million. Kirby also realized $2.7 million from asset sales and repurchased 1,030,729 shares at an average price of $98.53, totaling $101.6 million.

At year-end, the company held $78.8 million in cash and cash equivalents with $541.9 million of available liquidity. Total debt amounted to $919.3 million, resulting in a debt-to-capitalization ratio of 21.4%.

Outlook for 2026

Kirby anticipates continued steady performance in 2026, with expected growth in earnings per share of up to 12% year-over-year. The company highlighted potential market opportunities arising from improving inland barge utilization, steady coastal fundamentals, and ongoing demand in power generation. While macroeconomic factors may introduce short-term variability, strong backlog and customer demand are expected to support consistent growth across segments.

Kirby also noted that refinery activity should remain solid, inland utilization rates could reach low-90% ranges, and coastal markets are anticipated to deliver mid-single digit revenue growth. Distribution and Services, particularly power generation, is expected to remain a key driver of performance.

Conference Call Details

A conference call and webcast were scheduled for 7:30 a.m. Central Standard Time on January 29, 2026, to discuss the company’s financial results and outlook. Interested parties were directed to Kirby’s Investor Relations section for webcast access and pre-registration for Q&A participation.

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