Kirby Corporation Announces Second Quarter 2026 Results
Rhea-AI Summary
Kirby (NYSE: KEX) reported second quarter 2026 net earnings attributable to Kirby of $89.7 million, or $1.67 per diluted share, unchanged year-over-year but up 11% sequentially. Total revenues rose to $922.4 million from $855.5 million, driven by growth in both marine transportation and distribution and services.
Marine transportation revenues increased to $537.0 million with inland and coastal utilization in the low-90% and high-90% ranges, respectively, though segment operating margin declined to 16.4% from 20.1% due to fuel cost headwinds and elevated shipyard activity. Distribution and services revenues grew to $385.4 million with operating margin of 9.9%, supported by power generation and commercial and industrial growth offsetting weaker oil and gas. EBITDA was $199.7 million; free cash flow was $0.7 million as working capital needs rose. Kirby repurchased $59.7 million of shares in Q2 and $29.0 million more in Q3 to date, and expects full‑year EPS growth of 5%–15%, trending toward the upper end based on current conditions.
Positive
- Total revenues up to $922.4 million from $855.5 million year-over-year
- EPS $1.67 flat year-over-year, but up 11% sequentially
- Marine transportation revenues increased to $537.0 million from $492.6 million
- Distribution and services revenues grew to $385.4 million from $362.9 million
- Share repurchases of $59.7 million in Q2 plus $29.0 million in Q3 to date
- 2026 EPS guidance growth range 5%–15%, expected toward upper end
Negative
- Net earnings declined to $89.7 million from $94.3 million year-over-year
- Marine transportation operating income fell to $87.8 million from $99.1 million
- Marine transportation operating margin decreased to 16.4% from 20.1%
- Oil and gas revenues down 17% and operating income down 45% year-over-year
- Free cash flow only $0.7 million due to elevated working capital requirements
News Explained
At June 30, Kirby reported $39.0 million cash, $565.9 million available liquidity, and $1,037.3 million debt; shares were lower year over year.
Kirby reported second-quarter 2026 results for the period ended
The financial table reports
For the remainder of 2026, the company expects
Market reaction after 2Q26 earnings report: KEX -8.64%
Following this news, KEX has declined 8.64%, reflecting a notable negative market reaction. Our momentum scanner has triggered 29 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $132.83.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 30 | First-quarter earnings | Positive | -1.3% | Revenue and EPS increased; guidance was raised to 5%–15% growth. |
| Jul 31 | Second-quarter earnings | Positive | -20.6% | EPS increased 17% year-over-year amid strong marine and power-generation results. |
| May 01 | First-quarter earnings | Positive | +3.3% | EPS increased despite lower revenue and weather-related operating challenges. |
| Oct 30 | Third-quarter earnings | Positive | -6.1% | Revenue and EPS increased, with strong marine utilization and free cash flow. |
| Aug 01 | Second-quarter earnings | Positive | -7.5% | EPS and revenue increased alongside favorable marine market conditions. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events produced four negative reactions and one positive reaction, averaging -6.42% over the recorded events.
Key Terms
ebitda financial
free cash flow financial
behind-the-meter technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Second quarter 2026 earnings per share of
$1.67 , in line with the prior year and up11% sequentially - Marine transportation revenues increased
9% year-over-year as market fundamentals strengthened, supported by strong customer demand and healthy utilization across the portfolio - Distribution and services revenues grew
6% year-over-year, driven by continued growth in power generation and strong commercial and industrial activity - Returned
$59.7 million of capital to shareholders through share repurchases during the second quarter of 2026 at an average share price of$142.38 , and an additional$29.0 million during the third quarter of 2026 to date at an average share price of$139.92 - Expects results to trend toward the upper end of the full-year earnings per share growth guidance range of
5% -15% based on current market conditions
HOUSTON, July 29, 2026 (GLOBE NEWSWIRE) -- Kirby Corporation (“Kirby” or “the Company”) (NYSE: KEX) today announced net earnings attributable to Kirby for the second quarter ended June 30, 2026, of
David Grzebinski, Kirby’s Chief Executive Officer, commented, "Our second quarter results reflected strong execution across both businesses, driving an
“In inland marine, market fundamentals remained constructive during the quarter, supported by strong refinery utilization, favorable customer activity, and barge utilization in the low
“In coastal marine, customer demand remained healthy, with barge utilization in the high
“In distribution and services, results reflected strong performance across several end markets. Second quarter revenues increased
Segment Results – Marine Transportation
Marine transportation revenues for the 2026 second quarter were
In inland marine, average barge utilization was in the low
In coastal marine, market activity remained strong, with barge utilization in the high
Segment Results – Distribution and Services
Distribution and services revenues for the 2026 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 decreased
Financial Highlights
For the 2026 second quarter, EBITDA (non-GAAP) was
2026 Outlook
Commenting on the outlook for the remainder of 2026, Mr. Grzebinski stated, "As we enter the second half of 2026, we remain encouraged by the momentum across our businesses. Inland marine fundamentals continue to strengthen, supported by healthy utilization and improving pricing, while power generation remains a significant contributor to growth in distribution and services. Backed by our market-leading positions and disciplined operating approach, we believe Kirby is well positioned to capitalize on opportunities across our end markets and deliver solid performance in the second half of the year. Based on current market conditions, we remain comfortable with our full-year earnings per share growth guidance of
In inland marine, market fundamentals remain constructive, supported by strong refinery utilization and healthy petrochemical activity. Barge utilization is expected to remain in the low
In coastal marine, customer demand remains strong and barge utilization is expected to be in the high
In distribution and services, ongoing growth in power generation and strong marine repair activity are expected to continue driving segment results. In power generation, order momentum remains strong, supported by data center demand and the need for behind‑the‑meter and backup power solutions. While OEM engine delivery timing continues to create some variability in quarterly results, underlying customer demand remains robust. In commercial and industrial, marine repair demand is expected to remain healthy, while on‑highway activity remains constrained. In oil and gas, activity is expected to remain subdued, although market conditions have improved modestly from recent lows. Overall, the Company expects segment revenues to be up mid-single digits for the full year, with operating margins in the mid-to-high‑single‑digits.
The Company expects to generate net cash provided by operating activities of
Conference Call
A conference call is scheduled for 7:30 a.m. Central Daylight Time today, Wednesday, July 29, 2026, to discuss the 2026 second quarter performance as well as the outlook for 2026. 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 2025 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, 2025 and quarterly report on Form 10-Q for the quarter ended March 31, 2026.
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 equipment, after-market parts and services for power generation systems in applications that include behind the meter power systems and emergency backup systems, after-market and genuine replacement parts and services for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and controls systems, and related equipment used in power generation, marine, on-highway, oilfield services, 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 and electric fracturing systems, electric power generation equipment, and specialized electrical distribution and control equipment for data centers, oilfield service, railroad, and other industrial customers.
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||
| Second Quarter | Six Months | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (unaudited, $ in thousands, except per share amounts) | |||||||||||||||
| Revenues: | |||||||||||||||
| Marine transportation | $ | 536,974 | $ | 492,562 | $ | 1,034,157 | $ | 968,711 | |||||||
| Distribution and services | 385,425 | 362,893 | 732,341 | 672,403 | |||||||||||
| Total revenues | 922,399 | 855,455 | 1,766,498 | 1,641,114 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Costs of sales and operating expenses | 631,599 | 563,238 | 1,190,128 | 1,075,574 | |||||||||||
| Selling, general and administrative | 88,709 | 85,846 | 189,969 | 181,133 | |||||||||||
| Taxes, other than on income | 10,081 | 10,542 | 19,933 | 19,372 | |||||||||||
| Depreciation and amortization | 70,361 | 65,670 | 138,599 | 129,400 | |||||||||||
| Gain on disposition of assets | (708 | ) | (1,687 | ) | (2,161 | ) | (1,757 | ) | |||||||
| Total costs and expenses | 800,042 | 723,609 | 1,536,468 | 1,403,722 | |||||||||||
| Operating income | 122,357 | 131,846 | 230,030 | 237,392 | |||||||||||
| Other income | 7,027 | 4,812 | 14,308 | 10,146 | |||||||||||
| Interest expense | (10,977 | ) | (12,730 | ) | (21,227 | ) | (23,267 | ) | |||||||
| Earnings before taxes on income | 118,407 | 123,928 | 223,111 | 224,271 | |||||||||||
| Provision for taxes on income | (28,609 | ) | (29,550 | ) | (51,987 | ) | (53,623 | ) | |||||||
| Net earnings | 89,798 | 94,378 | 171,124 | 170,648 | |||||||||||
| Net earnings attributable to noncontrolling interests | (69 | ) | (101 | ) | (198 | ) | (385 | ) | |||||||
| Net earnings attributable to Kirby | $ | 89,729 | $ | 94,277 | $ | 170,926 | $ | 170,263 | |||||||
| Net earnings per share attributable to Kirby common stockholders: | |||||||||||||||
| Basic | $ | 1.68 | $ | 1.68 | $ | 3.19 | $ | 3.01 | |||||||
| Diluted | $ | 1.67 | $ | 1.67 | $ | 3.17 | $ | 2.99 | |||||||
| Common stock outstanding (in thousands): | |||||||||||||||
| Basic | 53,375 | 56,105 | 53,518 | 56,520 | |||||||||||
| Diluted | 53,696 | 56,437 | 53,854 | 56,869 | |||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION | |||||||||||||||
| Second Quarter | Six Months | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| EBITDA:(1) | |||||||||||||||
| Net earnings attributable to Kirby | $ | 89,729 | $ | 94,277 | $ | 170,926 | $ | 170,263 | |||||||
| Interest expense | 10,977 | 12,730 | 21,227 | 23,267 | |||||||||||
| Provision for taxes on income | 28,609 | 29,550 | 51,987 | 53,623 | |||||||||||
| Depreciation and amortization | 70,361 | 65,670 | 138,599 | 129,400 | |||||||||||
| $ | 199,676 | $ | 202,227 | $ | 382,739 | $ | 376,553 | ||||||||
| Capital expenditures | $ | 71,508 | $ | 71,473 | $ | 119,764 | $ | 150,160 | |||||||
| Acquisitions of businesses and marine equipment | $ | 14,400 | $ | — | $ | 95,800 | $ | 97,250 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| (unaudited, $ in thousands) | |||||||
| Cash and cash equivalents | $ | 38,955 | $ | 78,775 | |||
| Long-term debt, including current portion | $ | 1,037,348 | $ | 919,281 | |||
| Total equity | $ | 3,444,994 | $ | 3,382,793 | |||
| Debt to capitalization ratio | 23.1 | % | 21.4 | % | |||
| MARINE TRANSPORTATION STATEMENTS OF EARNINGS | |||||||||||||||
| Second Quarter | Six Months | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| Marine transportation revenues | $ | 536,974 | $ | 492,562 | $ | 1,034,157 | $ | 968,711 | |||||||
| Costs and expenses: | |||||||||||||||
| Costs of sales and operating expenses | 348,465 | 298,789 | 649,289 | 589,776 | |||||||||||
| Selling, general and administrative | 35,463 | 33,415 | 79,264 | 73,869 | |||||||||||
| Taxes, other than on income | 7,652 | 8,124 | 15,219 | 14,576 | |||||||||||
| Depreciation and amortization | 57,592 | 53,182 | 112,928 | 104,854 | |||||||||||
| Total costs and expenses | 449,172 | 393,510 | 856,700 | 783,075 | |||||||||||
| Operating income | $ | 87,802 | $ | 99,052 | $ | 177,457 | $ | 185,636 | |||||||
| Operating margin | 16.4 | % | 20.1 | % | 17.2 | % | 19.2 | % | |||||||
| DISTRIBUTION AND SERVICES STATEMENTS OF EARNINGS | |||||||||||||||
| Second Quarter | Six Months | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| Distribution and services revenues | $ | 385,425 | $ | 362,893 | $ | 732,341 | $ | 672,403 | |||||||
| Costs and expenses: | |||||||||||||||
| Costs of sales and operating expenses | 282,714 | 264,331 | 539,998 | 486,559 | |||||||||||
| Selling, general and administrative | 51,431 | 50,054 | 104,502 | 102,073 | |||||||||||
| Taxes, other than on income | 2,406 | 2,391 | 4,667 | 4,744 | |||||||||||
| Depreciation and amortization | 10,723 | 10,682 | 21,677 | 21,001 | |||||||||||
| Total costs and expenses | 347,274 | 327,458 | 670,844 | 614,377 | |||||||||||
| Operating income | $ | 38,151 | $ | 35,435 | $ | 61,497 | $ | 58,026 | |||||||
| Operating margin | 9.9 | % | 9.8 | % | 8.4 | % | 8.6 | % | |||||||
| OTHER COSTS AND EXPENSES | |||||||||||||||
| Second Quarter | Six Months | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| General corporate expenses | $ | 4,304 | $ | 4,328 | $ | 11,085 | $ | 8,027 | |||||||
| Gain on disposition of assets | $ | (708 | ) | $ | (1,687 | ) | $ | (2,161 | ) | $ | (1,757 | ) | |||
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 | ||||||||||||||
| 2026 | 2025(3) | 2026 | 2025(3) | ||||||||||||
| (unaudited, $ in millions) | |||||||||||||||
| Net cash provided by operating activities | $ | 72.2 | $ | 94.0 | $ | 169.9 | $ | 130.5 | |||||||
| Less: Capital expenditures | (71.5 | ) | (71.5 | ) | (119.8 | ) | (150.2 | ) | |||||||
| Free cash flow(2) | $ | 0.7 | $ | 22.5 | $ | 50.1 | $ | (19.7 | ) | ||||||
| MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS | |||||||||||||||
| Second Quarter | Six Months | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Inland Performance Measurements: | |||||||||||||||
| Ton Miles (in millions) (4) | 3,857 | 3,659 | 7,648 | 6,988 | |||||||||||
| Revenue/Ton Mile (cents/tm) (5) | 11.2 | 10.9 | 10.8 | 11.3 | |||||||||||
| Towboats operated (average) (6) | 291 | 290 | 287 | 290 | |||||||||||
| Delay Days (7) | 2,567 | 3,320 | 5,831 | 7,349 | |||||||||||
| Average cost per gallon of fuel consumed | $ | 4.23 | $ | 2.35 | $ | 3.26 | $ | 2.45 | |||||||
| Barges (active): | |||||||||||||||
| Inland tank barges | 1,134 | 1,109 | |||||||||||||
| Coastal tank barges | 27 | 28 | |||||||||||||
| Offshore dry-cargo barges | 2 | 3 | |||||||||||||
| Barrel capacities (in millions): | |||||||||||||||
| Inland tank barges | 25.2 | 24.5 | |||||||||||||
| 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, 2025, and its quarterly report on Form 10-Q for the quarter ended June 30, 2025 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 2026 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: Matt Kerin 713-435-1077