Kirby Corporation Announces 2025 Third Quarter Results
Kirby (NYSE: KEX) reported 2025 third quarter net earnings of $92.5M or $1.65 per share (up 6% year‑over‑year) on consolidated revenues of $871.2M. Marine transportation revenue was $484.9M with an 18.3% segment margin; inland barge utilization averaged in the mid‑80% range while coastal utilization held in the mid‑to‑high‑90% range. Distribution and services revenue rose to $386.2M with an 11.0% margin; power generation revenue increased 56% YoY. EBITDA was $201.4M. Kirby repurchased 1.314M shares for $120.0M in Q3 and repurchased an additional 428,955 shares for $36M in Q4 to date. 2025 cash from operations guidance is $620M–$720M and capex guidance is $260M–$290M.
Kirby (NYSE: KEX) reportó un beneficio neto del tercer trimestre de 2025 de $92.5M o $1.65 por acción (un aumento del 6% interanual) sobre ingresos consolidados de $871.2M. Los ingresos por transporte marítimo fueron de $484.9M con un margen por segmento del 18.3%; la utilización de barcazas interiores promedió un rango medio‑alto del 80% mientras que la utilización costera se mantuvo entre medio y alto 90%. Los ingresos por distribución y servicios aumentaron a $386.2M con un margen del 11.0%; los ingresos por generación de energía crecieron 56% interanual. El EBITDA fue de $201.4M. Kirby recompró 1,314 millones de acciones por $120.0M en el tercer trimestre y ha recomprado adicionalmente 428,955 acciones por $36M en lo que va del cuarto trimestre. La guía de flujo de caja operativo para 2025 es de $620M–$720M y la guía de capex es de $260M–$290M.
Kirby (NYSE: KEX) reportó en el tercer trimestre de 2025 una ganancia neta de $92.5M o $1.65 por acción (un incremento del 6% interanual) sobre ingresos consolidados de $871.2M. Los ingresos por transporte marítimo fueron de $484.9M con un margen de segmento del 18.3%; la utilización de barcazas interiores promedió en el rango medio‑alto del 80% mientras que la utilización costera se mantuvo en el rango medio‑alto del 90%. Los ingresos por distribución y servicios aumentaron a $386.2M con un margen del 11.0%; los ingresos por generación de energía crecieron 56% interanual. El EBITDA fue de $201.4M. Kirby recompró 1,314M acciones por $120.0M en el Q3 y ha recomprado adicionalmente 428,955 acciones por $36M en lo que va del Q4. La guía de efectivo operativo para 2025 es de $620M–$720M y la guía de capex es de $260M–$290M.
Kirby (NYSE: KEX)는 2025년 3분기 순이익이 $92.5M 또는 $1.65주당로 발표되었으며(전년동기 대비 6% 증가), 연결 매출은 $871.2M를 기록했습니다. 해운 운송 매출은 $484.9M이며 세그먼트 마진은 18.3%였습니다. 내륙 바지선 활용률은 중상위 구간의 중간대였고, 연안 활용률은 중상위 구간에서 유지되었습니다. 분배 및 서비스 매출은 $386.2M로 증가했고 마진은 11.0%였습니다. 발전 매출은 전년동기 대비 56% 증가했습니다. EBITDA는 $201.4M였습니다. Kirby는 3분기에 1.314백만 주를 $120.0M에 재매입했고, 4분기 현재까지 추가로 428,955주를 $36M에 재매입했습니다. 2025년 영업현금흐름 가이던스는 $620M–$720M, 자본지출 가이던스는 $260M–$290M입니다.
Kirby (NYSE: KEX) a publié pour le troisième trimestre 2025 un résultat net de $92,5M ou $1,65 par action (en hausse de 6% sur un an) sur des revenus consolidés de $871,2M. Les revenus du transport maritime s’élevaient à $484,9M avec une marge par segment de 18,3%; l’utilisation des barges intérieures a varié autour du milieu‑haut des 80% alors que l’utilisation côtière est restée dans le milieu à haut des 90%. Les revenus de distribution et services ont augmenté pour atteindre $386,2M avec une marge de 11,0%; les revenus de génération d’énergie ont augmenté de 56% sur un an. L’EBITDA était de $201,4M. Kirby a racheté 1,314M d’actions pour $120,0M au T3 et a racheté, à ce jour au T4, 428 955 actions pour $36M. Les prévisions de flux de trésorerie opérationnel pour 2025 sont de $620M–$720M et les prévisions de capex sont de $260M–$290M.
Kirby (NYSE: KEX) meldete für das dritte Quartal 2025 ein Nettogewinn von $92,5M bzw. $1,65 pro Aktie (plus 6% gegenüber dem Vorjahr) bei konsolidierten Umsätzen von $871,2M. Der Umsatz aus dem Seetransport betrug $484,9M mit einer Segmentmarge von 18,3%; die Auslastung der Inlandbarge lag im oberen Mittelbereich, während die Auslastung an der Küste im mittleren bis oberen 90%-Bereich lag. Umsatz aus Verteilung und Dienstleistungen stieg auf $386,2M mit einer Marge von 11,0%; der Umsatz aus Kraftwerkstechnik stieg um 56% yoy. EBITDA betrug $201,4M. Kirby gab im dritten Quartal den Rückkauf von 1,314 Mio. Aktien für $120,0M bekannt und im laufenden vierten Quartal wurden bisher zusätzliche 428.955 Aktien für $36M zurückgekauft. Die Guidance für 2025 operatives Cashflow liegt bei $620M–$720M und die Capex-Guidance bei $260M–$290M.
Kirby (NYSE: KEX) أبلغت عن صافي ربح للربع الثالث من 2025 بمقدار $92.5M أو $1.65 للسهم (زيادة 6% على أساس سنوي) مع إيرادات موحدة قدرها $871.2M. بلغت إيرادات النقل البحري $484.9M بها هامش قطاعي قدره 18.3%; شُغِل رَصيف القوارب الداخلية في نطاق المتوسط العالي بينما ظل استخدام الشاطئ في نطاق المتوسط إلى الأعلى من 90%. ارتفعت إيرادات التوزيع والخدمات إلى $386.2M وبمرونة هامش 11.0%; وارتفعت إيرادات توليد الطاقة بنسبة 56% على أساس سنوي. كان EBITDA بمقدار $201.4M. أعادت Kirby شراء 1.314 مليون سهم بقيمة $120.0M في الربع الثالث، وباعادة شراء إضافية حتى تاريخه في الربع الرابع قدرها 428,955 سهم بقيمة $36M. التوجيه النقدي التشغيلي لعام 2025 هو $620M–$720M وتوجيه النفقات الرأسمالية هو $260M–$290M.
Kirby (NYSE: KEX) 报告2025年第三季度净利润为 $92.5M，或每股 $1.65（同比增长6%），合并收入为 $871.2M。海运收入为 $484.9M，分部边际为 18.3%；内陆驳船利用率维持在中高位的80%区间，沿海利用率维持在中到高位的90%区间。分销与服务收入增至 $386.2M，边际为 11.0%；发电收入同比增长 56%。EBITDA 为 $201.4M。Kirby 在第三季度回购了 1.314 百万股，花费 $120.0M，在第四季度迄今又回购了额外的 428,955 股，花费 $36M。2025 年经营现金流指引为 $620M–$720M，资本性支出指引为 $260M–$290M。
- EPS increased to $1.65 (+6% YoY)
- Power generation revenue +56% year‑over‑year
- Distribution and services operating income +40% YoY
- Repurchased $120M of stock in Q3 (1.314M shares)
- 2025 operating cash guidance of $620M–$720M
- Inland barge utilization averaged mid‑80% in Q3
- Marine transportation operating income declined from $99.5M to $88.6M
- Oil and gas revenues declined 38% year‑over‑year
- Cash on hand of $47.0M with total debt of $1,048.9M
Insights
Solid quarter: modest earnings growth, strong cash generation, buybacks, coastal strength, inland softness — watch Q4 demand and cash guidance.
Consolidated results show EPS of
Business drivers diverged by segment: coastal marine delivered high utilization (mid–high
Key dependencies and risks include inland demand recovery and sustained tight vessel supply; near‑term spot price pressure could persist if demand softens, while OEM lead times affect project timing in power generation. Monitor the company’s
- Third quarter 2025 earnings per share of
$1.65 , up6% year-over-year - Inland marine third quarter impacted by lower utility, averaging in the mid
-80% range for the quarter with improvement into the 85-90% range expected and already seen in the fourth quarter - Steady market conditions in coastal marine with operating margins improving to around
20% - Power generation revenue increased
24% sequentially and56% year-over-year, helping to drive distribution and services margins to11% - Kirby repurchased 1,314,009 shares at an average price of
$91.30 for$120.0 million in the third quarter and an additional 428,955 shares at an average price of$84.13 for$36 million so far in the fourth quarter
HOUSTON, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net earnings attributable to Kirby for the third quarter ended September 30, 2025, of
David Grzebinski, Kirby’s Chief Executive Officer, commented, “Kirby’s third quarter performance reflects our ability to adapt and deliver results, with continued strength in coastal marine and power generation, and focused execution in the face of softer inland market conditions.”
“In inland marine, market conditions experienced near-term softness during the third quarter, primarily due to seasonally favorable weather, improved navigational conditions, a lighter feedstock mix for our refinery and chemical customers, and fewer barges undergoing maintenance across the industry. At the same time, general petrochemical customer activity remained muted with ongoing softness in the chemical industry. These factors contributed to our barge utilization averaging in the mid
“In coastal marine, market fundamentals remained strong during the third quarter. Barge utilization levels were 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 third quarter were
In the inland market, 2025 third quarter average barge utilization was in the 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 third 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 third quarter, EBITDA was
2025 Outlook
Commenting on the outlook for the fourth quarter of 2025, Mr. Grzebinski said, “As we enter the fourth quarter, we remain focused on execution and disciplined capital allocation, while navigating evolving market conditions across our businesses. Despite near-term challenges in the inland market, we remain confident the inland barge cycle still has years to go given supply constraints. Our structural advantages in marine and growing backlog in power generation provide meaningful upside potential. With our strong balance sheet and robust free cash flow, we are well positioned to pursue strategic investments whether through targeted capital projects, selective acquisitions, or returning capital to shareholders. This financial strength provides us with the flexibility to manage near-term uncertainty while remaining focused on creating long-term value.”
In inland marine, market conditions are expected to remain stable, with some early signs of improvement evident. Seasonal weather factors could work to further reduce barge availability across the industry, which should support higher barge utilization for the full quarter. While term contract rates are expected to continue improving over the long term, driven by the slow pace of newbuild activity and tight vessel availability, spot market pricing could continue to face modest pressure in the near term if demand softness re-emerges. However, thus far in the fourth quarter we have seen a meaningful improvement in demand. Overall, inland revenues and margins are expected to improve modestly from the third quarter levels, assuming tighter barge availability holds in the fourth quarter.
In coastal marine, market fundamentals remain very favorable, with steady customer demand and barge utilization expected to hold in the mid to high
In distribution and services, the outlook reflects strength in growing markets with continued discipline in challenged areas. Power generation continues to be a strong contributor, with sustained demand from data centers and industrial customers driving order growth. OEM lead times and delivery schedules, now a consistent feature of the operating environment, remain a factor in project timing. In commercial and industrial, marine repair activity is strong, and the on-highway market continues to improve. Oil and gas growth remains limited by current market dynamics and customer capital discipline; however, we continue to demonstrate solid performance in e-frac and maintain strong cost control. For the segment, we now expect full-year revenues to be up in the mid-single digits, 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, Wednesday, October 29, 2025, to discuss the 2025 third 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.
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands, except per share amounts) | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Marine transportation | $ | 484,941 | $ | 486,054 | $ | 1,453,652 | $ | 1,446,274 | ||||||||
| Distribution and services | 386,220 | 345,095 | 1,058,623 | 1,017,287 | ||||||||||||
| Total revenues | 871,161 | 831,149 | 2,512,275 | 2,463,561 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 580,491 | 552,091 | 1,656,065 | 1,657,004 | ||||||||||||
| Selling, general and administrative | 87,812 | 84,119 | 268,945 | 254,708 | ||||||||||||
| Taxes, other than on income | 9,768 | 8,973 | 29,140 | 27,327 | ||||||||||||
| Depreciation and amortization | 66,873 | 60,653 | 196,273 | 177,777 | ||||||||||||
| Gain on disposition of assets | (3,002 | ) | (1,617 | ) | (4,759 | ) | (2,206 | ) | ||||||||
| Total costs and expenses | 741,942 | 704,219 | 2,145,664 | 2,114,610 | ||||||||||||
| Operating income | 129,219 | 126,930 | 366,611 | 348,951 | ||||||||||||
| Other income | 5,557 | 2,949 | 15,703 | 9,306 | ||||||||||||
| Interest expense | (11,838 | ) | (12,498 | ) | (35,105 | ) | (38,468 | ) | ||||||||
| Earnings before taxes on income | 122,938 | 117,381 | 347,209 | 319,789 | ||||||||||||
| Provision for taxes on income | (30,200 | ) | (27,350 | ) | (83,823 | ) | (75,861 | ) | ||||||||
| Net earnings | 92,738 | 90,031 | 263,386 | 243,928 | ||||||||||||
| Net earnings attributable to noncontrolling interests | (242 | ) | (63 | ) | (627 | ) | (38 | ) | ||||||||
| Net earnings attributable to Kirby | $ | 92,496 | $ | 89,968 | $ | 262,759 | $ | 243,890 | ||||||||
| Net earnings per share attributable to Kirby common stockholders: | ||||||||||||||||
| Basic | $ | 1.66 | $ | 1.56 | $ | 4.67 | $ | 4.20 | ||||||||
| Diluted | $ | 1.65 | $ | 1.55 | $ | 4.64 | $ | 4.17 | ||||||||
| Common stock outstanding (in thousands): | ||||||||||||||||
| Basic | 55,626 | 57,753 | 56,212 | 58,129 | ||||||||||||
| Diluted | 55,970 | 58,186 | 56,560 | 58,526 | ||||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| EBITDA:(1) | ||||||||||||||||
| Net earnings attributable to Kirby | $ | 92,496 | $ | 89,968 | $ | 262,759 | $ | 243,890 | ||||||||
| Interest expense | 11,838 | 12,498 | 35,105 | 38,468 | ||||||||||||
| Provision for taxes on income | 30,200 | 27,350 | 83,823 | 75,861 | ||||||||||||
| Depreciation and amortization | 66,873 | 60,653 | 196,273 | 177,777 | ||||||||||||
| $ | 201,407 | $ | 190,469 | $ | 577,960 | $ | 535,996 | |||||||||
| Capital expenditures | $ | 67,280 | $ | 76,383 | $ | 217,440 | $ | 245,990 | ||||||||
| Acquisitions of businesses and marine equipment | $ | 9,200 | $ | — | $ | 106,450 | $ | 65,232 | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| (unaudited, $ in thousands) | ||||||||
| Cash and cash equivalents | $ | 47,025 | $ | 74,444 | ||||
| Long-term debt, including current portion | $ | 1,048,915 | $ | 874,948 | ||||
| Total equity | $ | 3,363,241 | $ | 3,353,248 | ||||
| Debt to capitalization ratio | 23.8 | % | 20.7 | % | ||||
| MARINE TRANSPORTATION STATEMENTS OF EARNINGS | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| Marine transportation revenues | $ | 484,941 | $ | 486,054 | $ | 1,453,652 | $ | 1,446,274 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 300,021 | 296,114 | 889,797 | 897,351 | ||||||||||||
| Selling, general and administrative | 34,985 | 34,064 | 108,854 | 103,712 | ||||||||||||
| Taxes, other than on income | 7,266 | 6,524 | 21,842 | 21,104 | ||||||||||||
| Depreciation and amortization | 54,100 | 49,876 | 158,954 | 146,772 | ||||||||||||
| Total costs and expenses | 396,372 | 386,578 | 1,179,447 | 1,168,939 | ||||||||||||
| Operating income | $ | 88,569 | $ | 99,476 | $ | 274,205 | $ | 277,335 | ||||||||
| Operating margin | 18.3 | % | 20.5 | % | 18.9 | % | 19.2 | % | ||||||||
| DISTRIBUTION AND SERVICES STATEMENTS OF EARNINGS | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| Distribution and services revenues | $ | 386,220 | $ | 345,095 | $ | 1,058,623 | $ | 1,017,287 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 280,049 | 255,835 | 766,608 | 758,980 | ||||||||||||
| Selling, general and administrative | 50,081 | 47,547 | 152,154 | 144,987 | ||||||||||||
| Taxes, other than on income | 2,472 | 2,414 | 7,216 | 6,142 | ||||||||||||
| Depreciation and amortization | 10,949 | 8,921 | 31,950 | 25,350 | ||||||||||||
| Total costs and expenses | 343,551 | 314,717 | 957,928 | 935,459 | ||||||||||||
| Operating income | $ | 42,669 | $ | 30,378 | $ | 100,695 | $ | 81,828 | ||||||||
| Operating margin | 11.0 | % | 8.8 | % | 9.5 | % | 8.0 | % | ||||||||
| OTHER COSTS AND EXPENSES | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| General corporate expenses | $ | 5,021 | $ | 4,541 | $ | 13,048 | $ | 12,418 | ||||||||
| Gain on disposition of assets | $ | (3,002 | ) | $ | (1,617 | ) | $ | (4,759 | ) | $ | (2,206 | ) | ||||
| 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): | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2025 | 2024(3) | 2025 | 2024(3) | |||||||||||||
| (unaudited, $ in millions) | ||||||||||||||||
| Net cash provided by operating activities | $ | 227.5 | $ | 206.5 | $ | 358.0 | $ | 509.1 | ||||||||
| Less: Capital expenditures | (67.2 | ) | (76.4 | ) | (217.4 | ) | (246.0 | ) | ||||||||
| Free cash flow(2) | $ | 160.3 | $ | 130.1 | $ | 140.6 | $ | 263.1 | ||||||||
| MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Inland Performance Measurements: | ||||||||||||||||
| Ton Miles (in millions)(4) | 3,497 | 3,135 | 10,485 | 9,769 | ||||||||||||
| Revenue/Ton Mile (cents/tm)(5) | 10.8 | 12.5 | 11.1 | 12.0 | ||||||||||||
| Towboats operated (average)(6) | 270 | 287 | 283 | 286 | ||||||||||||
| Delay Days(7) | 1,442 | 2,061 | 8,791 | 8,902 | ||||||||||||
| Average cost per gallon of fuel consumed | $ | 2.46 | $ | 2.65 | $ | 2.46 | $ | 2.77 | ||||||||
| Barges (active): | ||||||||||||||||
| Inland tank barges | 1,105 | 1,095 | ||||||||||||||
| Coastal tank barges | 28 | 28 | ||||||||||||||
| Offshore dry-cargo barges | 2 | 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 September 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: Third 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. |
| Contact: | Kurt Niemietz |
| 713-435-1077 |
FAQ
What were Kirby's (KEX) Q3 2025 earnings per share and revenue?
How did Kirby's power generation business perform in Q3 2025 (KEX)?
How much stock did Kirby (KEX) repurchase in Q3 2025 and early Q4 2025?
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What drove weaker inland marine results for Kirby (KEX) in Q3 2025?
What margin trends did Kirby (KEX) report for coastal marine in Q3 2025?
