Kirby Corporation Announces 2025 Second Quarter Results
Kirby Corporation (NYSE: KEX) reported strong Q2 2025 results with earnings of $1.67 per share, up 17% year-over-year. Revenue reached $855.5 million, compared to $824.4 million in Q2 2024. The company's marine transportation segment achieved a 20.1% operating margin, while distribution and services saw operating margins improve to 9.8%.
Key highlights include inland marine's steady performance with barge utilization in the low to mid-90% range, coastal marine's strong market conditions with mid-20% term contract renewal increases, and power generation's impressive 31% year-over-year revenue growth. The company repurchased 331,900 shares for $31.2 million during the quarter.
While maintaining its 15-25% year-over-year earnings growth outlook for 2025, Kirby expects to trend toward the lower end due to recent trade policy shifts and economic uncertainties affecting chemical trade flows and power generation supply chain.
Kirby Corporation (NYSE: KEX) ha riportato solidi risultati per il secondo trimestre 2025, con utili di $1,67 per azione, in aumento del 17% rispetto allo stesso periodo dell'anno precedente. I ricavi hanno raggiunto $855,5 milioni, rispetto ai $824,4 milioni del Q2 2024. Il segmento trasporto marittimo ha registrato un margine operativo del 20,1%, mentre distribuzione e servizi hanno visto un miglioramento del margine operativo al 9,8%.
I punti salienti includono la performance stabile del trasporto marittimo interno con un utilizzo delle chiatte nella fascia bassa-medio del 90%, le condizioni di mercato favorevoli per il trasporto marittimo costiero con aumenti delle rinegoziazioni contrattuali a medio 20%, e la crescita impressionante dei ricavi della generazione di energia con un incremento del 31% anno su anno. Nel trimestre la società ha riacquistato 331.900 azioni per un valore di $31,2 milioni.
Mantenendo la previsione di crescita degli utili anno su anno tra il 15% e il 25% per il 2025, Kirby prevede di posizionarsi verso l'estremità inferiore di questa fascia a causa dei recenti cambiamenti nelle politiche commerciali e delle incertezze economiche che influenzano i flussi commerciali chimici e la catena di approvvigionamento della generazione di energia.
Kirby Corporation (NYSE: KEX) reportó sólidos resultados en el segundo trimestre de 2025, con ganancias de $1.67 por acción, un aumento del 17% en comparación con el año anterior. Los ingresos alcanzaron $855.5 millones, frente a los $824.4 millones del segundo trimestre de 2024. El segmento de transporte marítimo logró un margen operativo del 20.1%, mientras que distribución y servicios mejoraron su margen operativo al 9.8%.
Los aspectos destacados incluyen el desempeño estable del transporte marítimo interior con una utilización de barcazas en el rango bajo a medio del 90%, las condiciones sólidas del mercado marítimo costero con incrementos en la renovación de contratos a medio 20%, y el impresionante crecimiento de ingresos en generación de energía con un 31% más año tras año. La compañía recompró 331,900 acciones por un total de $31.2 millones durante el trimestre.
Manteniendo su perspectiva de crecimiento de ganancias año tras año entre 15% y 25% para 2025, Kirby espera situarse en el extremo inferior debido a recientes cambios en las políticas comerciales y las incertidumbres económicas que afectan los flujos comerciales químicos y la cadena de suministro de generación de energía.
Kirby Corporation (NYSE: KEX)는 2025년 2분기에 주당 $1.67의 수익을 기록하며 전년 대비 17% 증가한 강력한 실적을 보고했습니다. 매출은 $8억 5,550만에 달했으며, 2024년 2분기의 $8억 2,440만에서 증가했습니다. 해상 운송 부문은 20.1%의 영업이익률을 달성했으며, 유통 및 서비스 부문은 영업이익률이 9.8%로 개선되었습니다.
주요 내용으로는 내륙 해상 운송의 안정적인 성과와 90% 초중반의 바지선 가동률, 해안 해상 운송 부문의 견조한 시장 상황과 중간 20%대 계약 갱신 증가, 전력 생산 부문의 전년 대비 31% 매출 성장이 포함됩니다. 회사는 분기 동안 331,900주의 주식을 $3,120만에 재매입했습니다.
Kirby는 2025년 연간 수익 성장 전망을 15~25%로 유지하지만, 최근 무역 정책 변화와 화학 무역 흐름 및 전력 생산 공급망에 영향을 미치는 경제 불확실성으로 인해 하단에 가까운 성장률을 예상하고 있습니다.
Kirby Corporation (NYSE : KEX) a annoncé de solides résultats pour le deuxième trimestre 2025, avec un bénéfice de 1,67 $ par action, en hausse de 17 % par rapport à l'année précédente. Le chiffre d'affaires a atteint 855,5 millions de dollars, contre 824,4 millions de dollars au deuxième trimestre 2024. Le segment du transport maritime a enregistré une marge opérationnelle de 20,1 %, tandis que la distribution et les services ont vu leur marge opérationnelle s'améliorer à 9,8 %.
Les points clés incluent la performance stable du transport maritime intérieur avec un taux d'utilisation des barges dans la fourchette basse à moyenne des 90 %, les conditions de marché solides du transport maritime côtier avec des renouvellements de contrats à moyen terme en hausse d'environ 20 %, et la croissance impressionnante des revenus de la production d'énergie avec une augmentation de 31 % d'une année sur l'autre. La société a racheté 331 900 actions pour un montant de 31,2 millions de dollars au cours du trimestre.
Tout en maintenant ses prévisions de croissance des bénéfices annuels entre 15 % et 25 % pour 2025, Kirby s'attend à se situer vers la limite inférieure en raison des récents changements de politique commerciale et des incertitudes économiques affectant les flux commerciaux chimiques et la chaîne d'approvisionnement de la production d'énergie.
Kirby Corporation (NYSE: KEX) meldete starke Ergebnisse für das zweite Quartal 2025 mit einem Gewinn von $1,67 je Aktie, was einem Anstieg von 17 % im Jahresvergleich entspricht. Der Umsatz erreichte $855,5 Millionen im Vergleich zu $824,4 Millionen im zweiten Quartal 2024. Das Segment der maritimen Transporte erzielte eine operative Marge von 20,1%, während Distribution und Dienstleistungen ihre operative Marge auf 9,8 % verbesserten.
Wichtige Highlights sind die stabile Leistung des Binnenwasserstraßentransports mit einer Binnenschiffsauslastung im niedrigen bis mittleren 90%-Bereich, die starken Marktbedingungen im Küstenverkehr mit Vertragsverlängerungen im mittleren 20%-Bereich und das beeindruckende 31%ige Umsatzwachstum im Jahresvergleich im Bereich der Energieerzeugung. Das Unternehmen kaufte im Quartal 331.900 Aktien im Wert von $31,2 Millionen zurück.
Kirby hält seine Prognose für ein Gewinnwachstum von 15 bis 25 % im Jahresvergleich für 2025 aufrecht, erwartet jedoch aufgrund jüngster Änderungen der Handelspolitik und wirtschaftlicher Unsicherheiten, die den Chemiehandel und die Lieferkette der Energieerzeugung betreffen, eine Tendenz zum unteren Bereich.
- Q2 EPS increased 17% year-over-year to $1.67
- Marine transportation segment achieved 20.1% operating margin
- Coastal term contract renewals increased in the mid-20% range
- Power generation revenue grew 31% year-over-year
- Distribution and services operating income increased 20.4% year-over-year
- Strong balance sheet with $331.5 million in available liquidity
- Recent trade policy shifts creating market uncertainties
- Expecting lower end of earnings guidance due to economic softness
- Barge utilization showing signs of softening in Q3
- Ongoing challenges with mariner shortage and labor inflation
- Extended OEM lead times affecting power generation deliveries
Insights
Kirby delivered strong Q2 with 17% EPS growth, though management signals possible slowdown ahead amid trade policy uncertainties.
Kirby's Q2 performance shows the company sailing smoothly through the first half of 2025, with earnings per share reaching $1.67, a
The marine transportation segment continues to be Kirby's profit engine, generating
In the distribution and services segment, operating margins improved to
The balance sheet remains solid with
The outlook warrants caution, however. While management maintains their full-year guidance of
- Second quarter 2025 earnings per share of
$1.67 , up17% year-over-year - Inland marine experienced steady market conditions with a sequential increase in spot market prices and operating margins in the low
20% range - Strong market conditions in coastal marine with operating margins improving to high teens range
- Power Generation revenue increased
35% sequentially and31% year-over-year - Kirby repurchased 331,900 shares at an average price of
$94.01 for$31.2 million in the second quarter
HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) -- Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net earnings attributable to Kirby for the second quarter ended June 30, 2025, of
David Grzebinski, Kirby’s Chief Executive Officer, commented, “Kirby delivered another solid quarter, with strong performance across both marine transportation and distribution and services. Our teams executed well in a dynamic environment, and we continued to benefit from healthy customer demand, disciplined pricing, and operational focus.”
“In inland marine transportation, market conditions remained favorable during the second quarter. From a demand standpoint, customer activity was steady, with barge utilization rates running in the low to mid
“In coastal, market fundamentals remained strong with barge utilization levels running in the mid to high
“In distribution and services, our teams performed well and delivered year-over-year growth in both revenue and operating income, with solid contributions across most of our end markets. In power generation, revenues increased
Segment Results – Marine Transportation
Marine transportation revenues for the 2025 second quarter were
In the inland market, 2025 second quarter average barge utilization was in the low to mid
In coastal, market conditions were strong during the quarter, with Kirby’s barge utilization in the mid to high
Segment Results – Distribution and Services
Distribution and services revenues for the 2025 second quarter were
In the power generation market, revenues increased
In the commercial and industrial market, revenues increased
In the oil and gas market, revenues declined
Cash Generation
For the 2025 second quarter, EBITDA was
2025 Outlook
Commenting on the outlook for the remainder of 2025, Mr. Grzebinski said, “As we move into the second half of the year, we remain focused on execution, while closely monitoring the evolving macroeconomic and geopolitical environment and their potential impact to our volumes. We still expect 15 to
In inland marine, market conditions remain constructive, though we are seeing some signs of price moderation. Barge utilization, while still healthy, has softened slightly to begin the third quarter and is now expected to be in the low
In coastal marine, market fundamentals remain strong. Contract renewals remain robust, and we are seeing improved operating leverage as shipyard activity winds down. We expect coastal barge utilization to remain in the mid
In distribution and services, the outlook is mixed. Power generation continues to be an area of strength, with strong demand from data centers and industrial customers driving order growth. However, extended OEM lead times and delivery schedules remain a challenge. In commercial and industrial, marine repair activity is steady, and the on-highway market has shown modest improvement. Oil and gas growth remains constrained due to current market conditions and customer capital discipline, but we continue to show strength in e-frac and disciplined cost management. For the segment, we now expect full-year revenues to be flat to slightly up, with operating margins in the high-single digits.
Kirby expects to generate net cash provided from operating activities of
Conference Call
A conference call is scheduled for 7:30 a.m. Central Daylight Time today, Thursday, July 31, 2025, to discuss the 2025 second quarter performance as well as the outlook for 2025. To listen to the webcast, please visit the Investor Relations section of Kirby’s website at www.kirbycorp.com. For listeners who wish to participate in the question and answer session via telephone, please pre-register at Kirby Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call. A slide presentation for this conference call will be posted on Kirby’s website approximately 15 minutes before the start of the webcast. A replay of the webcast will be available for a period of one year by visiting the News & Events page in the Investor Relations section of Kirby’s website.
GAAP to Non-GAAP Financial Measures
The financial and other information to be discussed in the conference call is available in this press release and in a Form 8-K filed with the Securities and Exchange Commission. This press release and the Form 8-K includes a non-GAAP financial measure, EBITDA, which Kirby defines as net earnings attributable to Kirby before interest expense, taxes on income, and depreciation and amortization. A reconciliation of EBITDA with GAAP net earnings attributable to Kirby is included in this press release. This press release also includes non-GAAP financial measures which exclude certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these measures with GAAP is included in this press release. Management believes the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby’s normal operating results. This press release additionally includes a non-GAAP financial measure, free cash flow, which Kirby defines as net cash provided by operating activities less capital expenditures. A reconciliation of free cash flow with GAAP is included in this press release. Kirby uses free cash flow to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. This press release also includes marine transportation performance measures, consisting of ton miles, revenue per ton mile, towboats operated and delay days. Comparable marine transportation performance measures for the 2024 year and quarters are available in the Investor Relations section of Kirby’s website, www.kirbycorp.com, under Financials.
Forward-Looking Statements
Statements contained in this press release with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including adverse economic conditions, industry competition and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and ice, tornados, marine accidents, lock delays, fuel costs, interest rates, construction of new equipment by competitors, government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby’s annual report on Form 10-K for the year ended December 31, 2024.
About Kirby Corporation
Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade. Through the distribution and services segment, Kirby provides after-market services and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and control systems, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. Kirby also rents equipment including generators, industrial compressors, high capacity lift trucks, construction equipment, and refrigeration trailers for use in a variety of industrial markets. Kirby also manufactures and remanufactures specialized equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment for oilfield service, railroad and other industrial customers.
Contact:
Kurt Niemietz
713-435-1077
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands, except per share amounts) | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Marine transportation | $ | 492,562 | $ | 484,808 | $ | 968,711 | $ | 960,220 | ||||||||
| Distribution and services | 362,893 | 339,582 | 672,403 | 672,192 | ||||||||||||
| Total revenues | 855,455 | 824,390 | 1,641,114 | 1,632,412 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 563,238 | 554,232 | 1,075,574 | 1,104,913 | ||||||||||||
| Selling, general and administrative | 85,846 | 80,383 | 181,133 | 170,589 | ||||||||||||
| Taxes, other than on income | 10,542 | 10,310 | 19,372 | 18,354 | ||||||||||||
| Depreciation and amortization | 65,670 | 59,482 | 129,400 | 117,124 | ||||||||||||
| Gain on disposition of assets | (1,687 | ) | (515 | ) | (1,757 | ) | (589 | ) | ||||||||
| Total costs and expenses | 723,609 | 703,892 | 1,403,722 | 1,410,391 | ||||||||||||
| Operating income | 131,846 | 120,498 | 237,392 | 222,021 | ||||||||||||
| Other income | 4,812 | 3,088 | 10,146 | 6,357 | ||||||||||||
| Interest expense | (12,730 | ) | (12,819 | ) | (23,267 | ) | (25,970 | ) | ||||||||
| Earnings before taxes on income | 123,928 | 110,767 | 224,271 | 202,408 | ||||||||||||
| Provision for taxes on income | (29,550 | ) | (26,785 | ) | (53,623 | ) | (48,511 | ) | ||||||||
| Net earnings | 94,378 | 83,982 | 170,648 | 153,897 | ||||||||||||
| Net (earnings) loss attributable to noncontrolling interests | (101 | ) | (128 | ) | (385 | ) | 25 | |||||||||
| Net earnings attributable to Kirby | $ | 94,277 | $ | 83,854 | $ | 170,263 | $ | 153,922 | ||||||||
| Net earnings per share attributable to Kirby common stockholders: | ||||||||||||||||
| Basic | $ | 1.68 | $ | 1.44 | $ | 3.01 | $ | 2.64 | ||||||||
| Diluted | $ | 1.67 | $ | 1.43 | $ | 2.99 | $ | 2.62 | ||||||||
| Common stock outstanding (in thousands): | ||||||||||||||||
| Basic | 56,105 | 58,181 | 56,520 | 58,324 | ||||||||||||
| Diluted | 56,437 | 58,592 | 56,869 | 58,703 | ||||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| EBITDA: (1) | ||||||||||||||||
| Net earnings attributable to Kirby | $ | 94,277 | $ | 83,854 | $ | 170,263 | $ | 153,922 | ||||||||
| Interest expense | 12,730 | 12,819 | 23,267 | 25,970 | ||||||||||||
| Provision for taxes on income | 29,550 | 26,785 | 53,623 | 48,511 | ||||||||||||
| Depreciation and amortization | 65,670 | 59,482 | 129,400 | 117,124 | ||||||||||||
| $ | 202,227 | $ | 182,940 | $ | 376,553 | $ | 345,527 | |||||||||
| Capital expenditures | $ | 71,473 | $ | 88,560 | $ | 150,160 | $ | 169,607 | ||||||||
| Acquisitions of businesses and marine equipment | $ | — | $ | 65,232 | $ | 97,250 | $ | 65,232 | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| (unaudited, $ in thousands) | ||||||||
| Cash and cash equivalents | $ | 68,383 | $ | 74,444 | ||||
| Long-term debt, including current portion | $ | 1,117,765 | $ | 874,948 | ||||
| Total equity | $ | 3,389,890 | $ | 3,353,248 | ||||
| Debt to capitalization ratio | 24.8 | % | 20.7 | % | ||||
| MARINE TRANSPORTATION STATEMENTS OF EARNINGS | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| Marine transportation revenues | $ | 492,562 | $ | 484,808 | $ | 968,711 | $ | 960,220 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 298,789 | 299,975 | 589,776 | 601,237 | ||||||||||||
| Selling, general and administrative | 33,415 | 32,527 | 73,869 | 69,648 | ||||||||||||
| Taxes, other than on income | 8,124 | 8,383 | 14,576 | 14,580 | ||||||||||||
| Depreciation and amortization | 53,182 | 49,047 | 104,854 | 96,896 | ||||||||||||
| Total costs and expenses | 393,510 | 389,932 | 783,075 | 782,361 | ||||||||||||
| Operating income | $ | 99,052 | $ | 94,876 | $ | 185,636 | $ | 177,859 | ||||||||
| Operating margin | 20.1 | % | 19.6 | % | 19.2 | % | 18.5 | % | ||||||||
| DISTRIBUTION AND SERVICES STATEMENTS OF EARNINGS | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| Distribution and services revenues | $ | 362,893 | $ | 339,582 | $ | 672,403 | $ | 672,192 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 264,331 | 253,742 | 486,559 | 503,145 | ||||||||||||
| Selling, general and administrative | 50,054 | 45,919 | 102,073 | 97,440 | ||||||||||||
| Taxes, other than on income | 2,391 | 1,900 | 4,744 | 3,728 | ||||||||||||
| Depreciation and amortization | 10,682 | 8,585 | 21,001 | 16,429 | ||||||||||||
| Total costs and expenses | 327,458 | 310,146 | 614,377 | 620,742 | ||||||||||||
| Operating income | $ | 35,435 | $ | 29,436 | $ | 58,026 | $ | 51,450 | ||||||||
| Operating margin | 9.8 | % | 8.7 | % | 8.6 | % | 7.7 | % | ||||||||
| OTHER COSTS AND EXPENSES | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| General corporate expenses | $ | 4,328 | $ | 4,329 | $ | 8,027 | $ | 7,877 | ||||||||
| Gain on disposition of assets | $ | (1,687 | ) | $ | (515 | ) | $ | (1,757 | ) | $ | (589 | ) | ||||
| RECONCILIATION OF FREE CASH FLOW | ||||||||||||||||
| The following is a reconciliation of GAAP net cash provided by operating activities to non-GAAP free cash flow(2): | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2025 | 2024(3) | 2025 | 2024(3) | |||||||||||||
| (unaudited, $ in millions) | ||||||||||||||||
| Net cash provided by operating activities | $ | 94.0 | $ | 179.3 | $ | 130.5 | $ | 302.6 | ||||||||
| Less: Capital expenditures | (71.5 | ) | (88.6 | ) | (150.2 | ) | (169.6 | ) | ||||||||
| Free cash flow(2) | $ | 22.5 | $ | 90.7 | $ | (19.7 | ) | $ | 133.0 | |||||||
| MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Inland Performance Measurements: | ||||||||||||||||
| Ton Miles (in millions) (4) | 3,659 | 3,330 | 6,988 | 6,634 | ||||||||||||
| Revenue/Ton Mile (cents/tm) (5) | 10.9 | 11.8 | 11.3 | 11.7 | ||||||||||||
| Towboats operated (average) (6) | 290 | 287 | 290 | 287 | ||||||||||||
| Delay Days (7) | 3,320 | 3,334 | 7,349 | 6,841 | ||||||||||||
| Average cost per gallon of fuel consumed | $ | 2.35 | $ | 2.83 | $ | 2.45 | $ | 2.83 | ||||||||
| Barges (active): | ||||||||||||||||
| Inland tank barges | 1,109 | 1,093 | ||||||||||||||
| Coastal tank barges | 28 | 28 | ||||||||||||||
| Offshore dry-cargo barges | 3 | 4 | ||||||||||||||
| Barrel capacities (in millions): | ||||||||||||||||
| Inland tank barges | 24.5 | 24.2 | ||||||||||||||
| Coastal tank barges | 2.9 | 2.9 | ||||||||||||||
| (1) | Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA, a non-GAAP financial measure. Kirby defines EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, and depreciation and amortization. EBITDA is presented because of its wide acceptance as a financial indicator. EBITDA is one of the performance measures used in calculating performance compensation pursuant to Kirby’s annual incentive plan. EBITDA is also used by rating agencies in determining Kirby’s credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. EBITDA is not a calculation based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby’s GAAP financial information. |
| (2) | Kirby uses certain non-GAAP financial measures to review performance excluding certain one-time items including: earnings before taxes on income, excluding one-time items; net earnings attributable to Kirby, excluding one-time items; and diluted earnings per share, excluding one-time items. Management believes the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Kirby also uses free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. These non-GAAP financial measures are not calculations based on generally accepted accounting principles and should not be considered as an alternative to but should only be considered in conjunction with Kirby’s GAAP financial information. |
| (3) | See Kirby’s annual report on Form 10-K for the year ended December 31, 2024, and its quarterly report on Form 10-Q for the quarter ended June 30, 2024 for amounts provided by (used in) investing and financing activities. |
| (4) | Ton miles indicate fleet productivity by measuring the distance (in miles) a loaded tank barge is moved. Example: A typical 30,000 barrel tank barge loaded with 3,300 tons of liquid cargo is moved 100 miles, thus generating 330,000 ton miles. |
| (5) | Inland marine transportation revenues divided by ton miles. Example: Second quarter 2025 inland marine transportation revenues of |
| (6) | Towboats operated are the average number of owned and chartered towboats operated during the period. |
| (7) | Delay days measures the lost time incurred by a tow (towboat and one or more tank barges) during transit. The measure includes transit delays caused by weather, lock congestion and other navigational factors. |
FAQ
What were Kirby Corporation's (KEX) Q2 2025 earnings per share?
How much revenue did Kirby (KEX) generate in Q2 2025?
What was Kirby's (KEX) marine transportation segment performance in Q2 2025?
What is Kirby's (KEX) earnings growth guidance for 2025?
How many shares did Kirby (KEX) repurchase in Q2 2025?
What was Kirby's (KEX) EBITDA for Q2 2025?
