Kirby (NYSE: KEX) boosts 2026 EPS outlook after solid Q1 growth

Rhea-AI Filing Summary

Kirby Corporation reported solid first quarter 2026 growth and raised its full‑year outlook. Net earnings attributable to Kirby were $81.2 million, or $1.50 per share, up from $76.0 million, or $1.33 per share, a 13% earnings per share increase year-over-year. Total revenues rose to $844.1 million from $785.7 million, driven by improving marine transportation markets and double-digit growth in distribution and services.

Marine transportation revenues reached $497.2 million with an 18.0% operating margin, while distribution and services delivered $346.9 million of revenue with a 6.7% margin. EBITDA (non‑GAAP) increased to $183.1 million. The company generated $97.7 million of operating cash flow and $49.4 million of free cash flow, repurchased $52.7 million of stock, and agreed to acquire 23 barges and three high horsepower boats for $95.8 million.

Management increased its full‑year 2026 earnings per share growth guidance to a range of 5%–15%. Stockholders also approved amendments to the 2005 Stock and Incentive Plan, extending it to 2036, raising the annual cash cap on performance awards, and adding expanded forfeiture and clawback provisions. All director nominees were elected, executive compensation was approved on an advisory basis, and amendments to the 2000 Nonemployee Director Stock Plan were approved.

Positive

• Earnings and revenue growth with guidance raised: Q1 2026 diluted EPS rose to $1.50 from $1.33 (a 13% increase), revenues grew to $844.1 million from $785.7 million, and full‑year 2026 EPS growth guidance was increased to a 5%–15% range from 0%–12%.
• Strong cash generation, shareholder returns, and fleet investment: EBITDA reached $183.1 million and free cash flow $49.4 million; Kirby repurchased $52.7 million of stock at an average price of $123.18 and agreed to acquire 23 barges and three high horsepower boats for $95.8 million.
• Improved liquidity profile: As of March 31, 2026, Kirby held $58.0 million of cash, $635.4 million of available liquidity, total debt of $983.4 million with a 22.3% debt‑to‑capitalization ratio, and had extended and upsized its revolving credit facility to $750 million maturing in 2031.

Negative

• None.

Insights

Equity earnings analyst

Kirby delivered broad-based Q1 growth and raised 2026 EPS guidance.

Kirby posted Q1 2026 revenue of $844.1 million and net earnings attributable to Kirby of $81.2 million, or $1.50 per diluted share, versus $1.33 a year earlier. Growth was supported by stronger marine transportation utilization and pricing and continued demand in power generation within distribution and services.

Marine transportation remained the main profit engine with $497.2 million of revenue and an 18.0% operating margin. Distribution and services revenue grew to $346.9 million, though segment margin dipped to 6.7% as oil and gas weakness offset strength in power generation and marine repair. Non‑GAAP EBITDA increased to $183.1 million, underscoring healthy cash-generating capacity.

Management raised full‑year 2026 earnings per share growth guidance to 5%–15%, up from 0%–12%, signaling confidence despite macro and energy‑market uncertainty. Capital allocation stayed active: Kirby generated free cash flow of $49.4 million, repurchased $52.7 million of stock at an average of $123.18 per share, and agreed to acquire 23 barges and three high horsepower boats for $95.8 million. An amended credit agreement extending to 2031 and expanding revolver capacity to $750 million further supports liquidity.

Corporate governance & compensation analyst

Shareholders backed Kirby’s long-term incentive and director pay plan changes.

At the April 27, 2026 annual meeting, stockholders approved amendments to the 2005 Stock and Incentive Plan, extending it to April 27, 2036, doubling the maximum annual cash payout on performance awards to $10,000,000, and adding expanded forfeiture and recovery provisions tied to cause and post‑termination conduct.

They also approved amendments to the 2000 Nonemployee Director Stock Plan and gave advisory support to named executive officer compensation, with 47,102,552 votes in favor versus 1,105,796 against. All Class I director nominees were elected with strong support. These outcomes reflect broad shareholder alignment with Kirby’s incentive structures, while the enhanced clawback terms modestly strengthen governance protections around equity and cash awards granted on or after January 27, 2026.

8-K Event Classification

4 items: 2.02, 5.02, 5.07, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 5.07 Submission of Matters to a Vote of Security Holders Governance

Results of a shareholder vote on proposals at an annual or special meeting.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue Q1 2026: $844.1 million Net earnings attributable to Kirby: $81.2 million Diluted EPS: $1.50 per share +5 more

8 metrics

Total revenue Q1 2026 $844.1 million Three months ended March 31, 2026 vs. $785.7 million in 2025

Net earnings attributable to Kirby $81.2 million Q1 2026 vs. $76.0 million in Q1 2025

Diluted EPS $1.50 per share Q1 2026 vs. $1.33 per share in Q1 2025

EBITDA (non-GAAP) $183.1 million Three months ended March 31, 2026 vs. $174.3 million in 2025

Free cash flow $49.4 million Q1 2026; net cash from operations $97.7 million less $48.3 million capex

Share repurchases $52.7 million Capital returned to shareholders in Q1 2026 at $123.18 average price

Barge and boat acquisition value $95.8 million Agreed purchase price for 23 barges and 3 high horsepower boats

Debt to capitalization ratio 22.3% As of March 31, 2026; total debt $983.4 million and equity $3.42 billion

Key Terms

EBITDA, free cash flow, performance awards, forfeiture or recovery of awards, +2 more

6 terms

EBITDA financial

"EBITDA, a non-GAAP financial measure, is used in the press release."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

free cash flow financial

"The press release additionally includes free cash flow, a non-GAAP financial measure, which Kirby defines as net cash provided by operating activities less capital expenditures."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

performance awards financial

"Increase the maximum amount of cash that may be payable pursuant to performance awards granted to a participant in a single calendar year from $5,000,000 to $10,000,000;"

forfeiture or recovery of awards regulatory

"Provide for forfeiture or recovery of awards granted on or after January 27, 2026 if a) a participant is terminated for cause;"

delay days technical

"Delay days measures the lost time incurred by a tow (towboat and one or more tank barges) during transit."

behind-the-meter prime power technical

"Power generation demand remained strong, with revenues increasing 45% year-over-year and backlog continuing to grow, supported primarily by behind-the-meter prime power solutions."

Earnings Snapshot

Total revenue: $844.1 million · Guidance included

Q1 2026

Total revenue $844.1 million

Net earnings attributable to Kirby $81.2 million

Diluted EPS $1.50 +13% year-over-year

EBITDA (non-GAAP) $183.1 million

Guidance

Full-year 2026 earnings per share growth guidance increased to a 5%–15% range, up from the prior 0%–12% range.

Understanding 8-K Material Events →

false000005604700000560472026-04-272026-04-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2026

KIRBY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada			1-7615	74-1884980
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
55 Waugh Drive, Suite 1000
Houston, Texas				77007
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s telephone number, including area code: 713-435-1000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	KEX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 30, 2026, Kirby Corporation (“Kirby” or the "Company") issued a press release announcing results for the first quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this report.

EBITDA, a non-GAAP financial measure, is used in the press release. Kirby defines EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, and depreciation and amortization. Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA. 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 the Company’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. A quantitative reconciliation of EBITDA to net earnings attributable to Kirby for the 2026 and 2025 first quarters is included in the press release. 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.

The 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 the press release. Management believes that 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. The press release additionally includes free cash flow, a non-GAAP financial measure, which Kirby defines as net cash provided by operating activities less capital expenditures. A reconciliation of free cash flow with GAAP is included in the 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. 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.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As described below in Item 5.07 of this Current Report on Form 8-K, on April 27, 2026, at the Annual Meeting of Stockholders (the “Annual Meeting”), the stockholders approved amendments to the 2005 Stock and Incentive Plan. On January 27, 2026, subject to stockholder approval at the Annual Meeting, Kirby’s Board of Directors approved the amendments to the 2005 Stock and Incentive Plan (as so amended and restated, the “2005 Plan”).

Summary of Amendments:

•Extend the term of the 2005 Plan from April 27, 2027 to April 27, 2036;

•Increase the maximum amount of cash that may be payable pursuant to performance awards granted to a participant in a single calendar year from $5,000,000 to $10,000,000;

•Provide for forfeiture or recovery of awards granted on or after January 27, 2026 if a) a participant is terminated for cause; or b) in the period up to a year after termination, the Company discovers facts that would have constituted cause for termination or the participant violates a restrictive covenant or obligations of noncompetition, nonsolicitation, confidentiality, or nondisparagement; and

•Make certain other clarifying and administrative changes.

Summary of Key Terms of 2005 Plan:

•Term: No awards shall be made under the 2005 Plan after April 27, 2036. The Board may suspend, discontinue or terminate the 2005 Plan at any time.

•Types of Awards: The 2005 Plan provides for the granting of incentive options, nonincentive options, restricted stock, restricted stock units, and performance-based compensation payable in stock, cash, or a combination of stock and cash.

•Eligibility: Employees of the Company, including its named executive officers and other officers, are eligible to participate in the 2005 Plan. At December 31, 2025, the Company had approximately 5,200 employees, and the Compensation Committee of the Board of Directors determines recipients of awards under the 2005 Plan. The amounts of future awards that may be made to officers, including its named executive officers, of the Company under the 2005 Plan are not determinable at this time, since any such awards are made in the discretion of the Compensation Committee. Nonemployee directors are not eligible for awards under the 2005 Plan.

•Shares Reserved for Issuance: A total of 6,400,000 shares of common stock may be issued under the 2005 Plan. As of March 2, 2026, 1,654,184 shares of common stock were available for future awards under the 2005 Plan. Shares equal in number to the shares withheld in payment of the exercise price of a stock option and shares that are withheld in order to satisfy federal, state or local tax liability, will count against the above limit and shall cease to be available for grants under the 2005 Plan.

A description of the material terms of the 2005 Plan and the amendments thereto are set forth in Proposal 4 contained in Kirby’s Definitive Proxy Statement for the Annual Meeting filed with the Securities and Exchange Commission (“SEC”) on March 6, 2026. The above description of certain terms of the 2005 Plan and the amendments thereto are qualified in all respects by the full text of the 2005 Plan, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 5.07. Submission of Matters to a Vote of Security Holders.

Kirby held its Annual Meeting of Stockholders on April 27, 2026, at which the stockholders voted on the following matters:

1.Richard J. Alario, Tracy A. Embree, and David W. Grzebinski were elected Class I directors of Kirby to serve until the 2029 Annual Meeting of Stockholders by the following vote:

		For		Against		Abstain		Broker Non-Votes
Richard J. Alario		44,358,667		4,024,746		21,178		1,754,185
Tracy A. Embree		48,331,106		56,248		17,237		1,754,185
David W. Grzebinski		48,103,141		280,892		20,558		1,754,185

2.The Audit Committee’s selection of KPMG LLP as Kirby’s independent registered public accounting firm for 2026 was ratified by the following vote:

For		49,138,056
Against		951,626
Abstain		69,094
Broker non-votes		0

3.The compensation of Kirby’s named executive officers was approved on a non-binding advisory basis by the following vote:

For		47,102,552
Against		1,105,796
Abstain		196,243
Broker non-votes		1,754,185

4.Amendment of the 2005 Stock and Incentive Plan as described above in Item 5.02 was approved by the following vote:

For		46,508,624
Against		1,694,432
Abstain		201,535
Broker non-votes		1,754,185

5.Amendment of the 2000 Nonemployee Director Stock Plan was approved by the following vote:

For		47,857,497
Against		361,839
Abstain		185,255
Broker non-votes		1,754,185

A copy of the 2000 Nonemployee Director Stock Plan as so amended and restated is attached hereto as Exhibit 10.2 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits

EXHIBIT INDEX

Exhibit Number		Description of Exhibit
10.1†		2005 Stock and Incentive Plan
10.2†		2000 Nonemployee Director Stock Plan
99.1		Press release dated April 30, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

† Management contract, compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			KIRBY CORPORATION
Date:	April 30, 2026	By:	/s/ Raj Kumar
			Raj Kumar Executive Vice President and Chief Financial Officer

Exhibit 99.1

KIRBY CORPORATION	Contact: Matt Kerin
	713-435-1077

FOR IMMEDIATE RELEASE

KIRBY CORPORATION ANNOUNCES FIRST QUARTER 2026 RESULTS

•First quarter 2026 earnings per share of $1.50, representing a 13% increase year-over-year

•Increased the full-year 2026 earnings per share growth guidance range to 5% - 15%, up from the prior guidance of 0% - 12%

•Acquired 23 barges—including five specialty barges and three high horsepower boats—from an undisclosed seller for $95.8 million

•Returned $52.7 million of capital to shareholders through share repurchases during the first quarter of 2026 at an average share price of $123.18

HOUSTON, April 30, 2026 – Kirby Corporation (“Kirby” or “the Company”) (NYSE: KEX) today announced net earnings attributable to Kirby for the first quarter ended March 31, 2026, of $81.2 million, or $1.50 per share, compared with earnings of $76.0 million, or $1.33 per share, for the 2025 first quarter. Total revenues for the 2026 first quarter were $844.1 million compared with $785.7 million reported for the 2025 first quarter.

David Grzebinski, Kirby’s Chief Executive Officer, commented, “Our first quarter results reflected improving market conditions in marine transportation where utilization and pricing strengthened as the quarter progressed, resulting in positive momentum entering the second quarter. In distribution and services, year-over-year revenue growth remained strong driven by continued strength in power generation orders. While results were impacted early in the quarter by normal seasonal challenges in marine transportation and project timing dynamics in distribution and services, overall performance improved as the quarter progressed, resulting in strong year-over-year growth in earnings per share.”

“In inland marine, market fundamentals improved during the quarter as customer demand strengthened and barge availability remained limited. While operations were impacted early in the quarter by seasonal weather-related disruptions and navigational delays, conditions improved as the quarter progressed, supporting better utilization and pricing. Barge utilization averaged in the low-90% range for the quarter, spot pricing increased in the low-single-digit range sequentially, and term contract renewals were flat to slightly up when compared to the year prior. The combination of improved pricing and disciplined execution helped drive operating margins to the high-teens range.”

“In coastal marine, market fundamentals remained strong with our barge utilization levels running in the mid-to high-90% range. During the quarter, we saw continued strength in customer demand and limited availability of large capacity vessels, which resulted in term contract renewal rates rising in the 20% range year-over-year. Overall, first quarter coastal revenues increased 23% year-over-year and operating margins were in the high-teens range.”

“In distribution and services, results reflected mixed conditions across end markets. First quarter revenues increased 12% year‑over‑year, driven by continued strength in power generation and strong marine repair activity. However, sequentially revenues and operating income declined due to OEM engine availability and continued softness in conventional oil and gas activity. Power generation demand remained strong, with revenues increasing 45% year-over-year and backlog continuing to grow, supported primarily by behind-the-meter prime power solutions. Disciplined execution in commercial and industrial continued to support segment margins, while oil and gas results continued to be pressured by lower conventional activity. Overall, the segment demonstrated resilience across a diversified portfolio,” Mr. Grzebinski concluded.

1

Segment Results – Marine Transportation

Marine transportation revenues for the 2026 first quarter were $497.2 million compared with $476.1 million for the 2025 first quarter. Operating income for the 2026 first quarter was $89.7 million compared with $86.6 million for the 2025 first quarter. Segment operating margin for the 2026 first quarter was 18.0% compared with 18.2% for the 2025 first quarter.

In inland marine, 2026 first quarter average barge utilization was up sequentially and in the low-90% range. Revenues were flat year-over-year, and operating margins were in the high-teens range. Throughout the quarter, operating conditions on the inland waterways were affected by winter weather conditions, including wind and fog along the Gulf Coast and ice conditions on the Illinois River and Upper Ohio River, and lock delays on the Mississippi River, all of which contributed to a 25% sequential increase in delay days. During the quarter, average spot market rates increased in the low-single-digits sequentially, and term contracts that renewed in the first quarter were flat to slightly up on average compared to a year ago. Inland marine represented approximately 79% of segment revenues in the first quarter of 2026.

In coastal marine, market conditions were strong with barge utilization in the mid‑to-high‑90% range. Coastal marine revenues increased 23% year‑over‑year and operating margins were in the high‑teens range, reflecting favorable utilization and pricing. Term contracts that renewed during the quarter increased in the 20% range on average compared to a year ago. Coastal marine represented approximately 21% of segment revenues in the first quarter of 2026.

Segment Results – Distribution and Services

Distribution and services revenues for the 2026 first quarter were $346.9 million compared with $309.5 million for the 2025 first quarter. Operating income for the 2026 first quarter was $23.3 million compared with $22.6 million for the 2025 first quarter. Segment operating margin was 6.7% for the 2026 first quarter compared with 7.3% for the 2025 first quarter.

In the power generation market, revenues increased 45% and operating income increased 39% compared to the 2025 first quarter, reflecting strong underlying demand and solid execution despite ongoing OEM‑related supply constraints. Order activity remained robust, supported by continued growth in sales for behind‑the‑meter prime power and backup solutions across data center and industrial customers. Power generation represented approximately 44% of segment revenues for the quarter, with operating margins in the mid‑single-digit range.

In the commercial and industrial market, revenues increased 1% and operating income increased 3% compared to the 2025 first quarter, as higher business levels in marine repair were offset by lower activity in on-highway repair. Commercial and industrial represented approximately 46% of segment revenues for the quarter, with operating margins in the high-single-digit range.

In the oil and gas market, revenues declined 25% and operating income decreased 53% compared to the 2025 first quarter driven by lower levels of conventional oilfield activity, which resulted in decreased demand for new transmissions and parts partially offset by e-frac equipment. Oil and gas revenues represented approximately 10% of segment revenues for the quarter, with operating margins in the mid-single-digit range.

Financial Highlights

For the 2026 first quarter, EBITDA (non-GAAP) was $183.1 million compared with $174.3 million for the 2025 first quarter. During the quarter, net cash provided by operating activities was $97.7 million, and capital expenditures were $48.3 million, resulting in free cash flow (non-GAAP) of $49.4 million. In the 2026 first quarter, Kirby returned $52.7 million of capital through share repurchases at an average share price of $123.18. Additionally, the Company continued to execute on its focused and disciplined acquisition strategy in the inland marine business by agreeing to acquire 23 barges and three high horsepower boats from an undisclosed seller for $95.8 million, of which $81.4 million was paid during the first quarter. As of March 31, 2026, the Company had $58.0 million of cash and cash equivalents on the balance sheet and $635.4 million of liquidity available. Total debt was $983.4 million and the debt-to-capitalization ratio was 22.3%.

2

Additionally, on March 26, 2026, Kirby entered into an amended and restated credit agreement that extended the facility maturity date to March 26, 2031, increased revolving credit facility commitments to $750 million, and eliminated the term loan credit facility, further strengthening the Company’s liquidity profile and long‑term financial flexibility.

2026 Outlook

Commenting on the outlook for the remainder of 2026, Mr. Grzebinski stated, “Kirby is off to a solid start to the year amid a global macro environment that has become more uncertain, driven in part by heightened geopolitical tensions and volatility across energy and industrial markets. In marine transportation, underlying activity levels remain constructive, supported by strong refinery utilization and improving conditions in the petrochemical markets amid ongoing global supply chain disruptions. Coastal market conditions remain positive, with pricing moving in the right direction. In distribution and services, power generation continues to be a key area of strength, supported by solid backlog growth and growing customer demand, helping offset variability in other product lines. With this improving backdrop, the Company has increased the full-year 2026 earnings per share growth guidance range to 5% - 15%, up from the prior guidance of 0% - 12%.”

In inland marine, positive market dynamics are anticipated, driven by limited new barge construction and strong demand from refining and petrochemical customers. Barge utilization rates are expected to be in the low-90% range with continued improvement in term contract pricing as renewals occur throughout the year. However, inflation remains a factor, particularly in labor, and the industry-wide mariner shortage continues to constrain capacity growth. Overall, inland revenues are expected to grow in the low-to-mid-single-digit range with operating margins expected to be in the high-teens to low-20% range for the full year.

In coastal marine, market conditions remain favorable, with balanced supply and demand across the industry fleet. Steady customer demand is expected to keep barge utilization in the mid-90% range. Revenues for the full year are expected to increase in the mid-single digits compared to 2025 driven by higher pricing on contracts. Coastal operating margins are expected to be in the high-teens range on a full year basis. However, margin headwinds are anticipated in the second quarter of 2026 given the higher number of planned shipyards.

In distribution and services, continued strength in power generation and strong marine repair activity is expected to help offset softness in on-highway service and repair and lower levels of activity in oil and gas, with segment results remaining mixed overall. In power generation, order momentum remains healthy, supported by data center demand and the need for behind‑the‑meter prime power and backup solutions. However, delayed OEM engine deliveries are expected to continue to contribute to variability, with certain projects shifting into the second half of the year. In commercial and industrial, demand for marine repair is expected to remain healthy, while on‑highway service and repair demand is expected to remain constrained. In oil and gas, activity remains muted as the market continues to show softness. Overall, the Company expects segment revenues to be flat to slightly higher 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 $575 million to $675 million in 2026 and capital spending is expected to range from $220 million to $260 million. Approximately $170 million to $210 million is expected to be allocated to marine maintenance capital and improvements to existing inland and coastal marine equipment, and facility improvements. Up to approximately $65 million is expected to be allocated to growth capital spending across both of our businesses.

Conference Call

A conference call is scheduled for 7:30 a.m. Central Daylight Time today, Thursday, April 30, 2026, to discuss the 2026 first 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.

3

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.

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.

4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

		Three Months
		2026				2025
		(unaudited, $ in thousands, except per share amounts)
Revenues:
Marine transportation		$	497,183			$	476,149
Distribution and services			346,916				309,510
Total revenues			844,099				785,659
Costs and expenses:
Costs of sales and operating expenses			558,529				512,336
Selling, general and administrative			101,260				95,287
Taxes, other than on income			9,852				8,830
Depreciation and amortization			68,238				63,730
Gain on disposition of assets			(1,453	)			(70	)
Total costs and expenses			736,426				680,113
Operating income			107,673				105,546
Other income			7,281				5,334
Interest expense			(10,250	)			(10,537	)
Earnings before taxes on income			104,704				100,343
Provision for taxes on income			(23,378	)			(24,073	)
Net earnings			81,326				76,270
Net earnings attributable to noncontrolling interests			(129	)			(284	)
Net earnings attributable to Kirby		$	81,197			$	75,986
Net earnings per share attributable to Kirby common stockholders:
Basic		$	1.51			$	1.33
Diluted		$	1.50			$	1.33
Common stock outstanding (in thousands):
Basic			53,662				56,949
Diluted			54,013				57,316

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

		Three Months
		2026				2025
		(unaudited, $ in thousands)
EBITDA: (1)
Net earnings attributable to Kirby		$	81,197			$	75,986
Interest expense			10,250				10,537
Provision for taxes on income			23,378				24,073
Depreciation and amortization			68,238				63,730
		$	183,063			$	174,326
Capital expenditures		$	48,256			$	78,687
Acquisitions of businesses and marine equipment		$	81,400			$	97,250

		March 31, 2026				December 31, 2025
		(unaudited, $ in thousands)
Cash and cash equivalents		$	58,014			$	78,775
Long-term debt, including current portion		$	983,384			$	919,281
Total equity		$	3,416,675			$	3,382,793
Debt to capitalization ratio			22.3	%			21.4	%

5

MARINE TRANSPORTATION STATEMENTS OF EARNINGS

		Three Months
		2026				2025
		(unaudited, $ in thousands)
Marine transportation revenues		$	497,183			$	476,149
Costs and expenses:
Costs of sales and operating expenses			300,824				290,987
Selling, general and administrative			43,801				40,454
Taxes, other than on income			7,567				6,452
Depreciation and amortization			55,336				51,672
Total costs and expenses			407,528				389,565
Operating income		$	89,655			$	86,584
Operating margin			18.0	%			18.2	%

DISTRIBUTION AND SERVICES STATEMENTS OF EARNINGS

		Three Months
		2026				2025
		(unaudited, $ in thousands)
Distribution and services revenues		$	346,916			$	309,510
Costs and expenses:
Costs of sales and operating expenses			257,284				222,228
Selling, general and administrative			53,071				52,019
Taxes, other than on income			2,261				2,353
Depreciation and amortization			10,954				10,319
Total costs and expenses			323,570				286,919
Operating income		$	23,346			$	22,591
Operating margin			6.7	%			7.3	%

OTHER COSTS AND EXPENSES

		Three Months
		2026				2025
		(unaudited, $ in thousands)
General corporate expenses		$	6,781			$	3,699
Gain on disposition of assets		$	(1,453	)		$	(70	)

6

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):

		Three Months
		2026				2025(3)
		(unaudited, $ in millions)
Net cash provided by operating activities		$	97.7			$	36.5
Less: Capital expenditures			(48.3	)			(78.7	)
Free cash flow(2)		$	49.4			$	(42.2	)

MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS

		Three Months
		2026				2025
Inland Performance Measurements:
Ton Miles (in millions) (4)			3,791				3,329
Revenue/Ton Mile (cents/tm) (5)			10.4				11.8
Towboats operated (average) (6)			284				291
Delay Days (7)			3,264				4,029
Average cost per gallon of fuel consumed		$	2.26			$	2.57
Barges (active):
Inland tank barges			1,124				1,111
Coastal tank barges			27				28
Offshore dry-cargo barges			2				3
Barrel capacities (in millions):
Inland tank barges			25.1				24.6
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 March 31, 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: First quarter 2026 inland marine transportation revenues of $394.1 million divided by 3,791 million inland marine transportation ton miles = 10.4 cents.

(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.

7

FAQ

How did Kirby Corporation (KEX) perform financially in Q1 2026?

Kirby generated solid growth in Q1 2026. Net earnings attributable to Kirby were $81.2 million, or $1.50 per diluted share, versus $76.0 million and $1.33 a year earlier. Total revenues increased to $844.1 million from $785.7 million, reflecting strength across both segments.

What guidance did Kirby (KEX) give for full-year 2026 earnings?

Kirby raised its full-year 2026 earnings per share growth guidance. Management now expects EPS growth in a 5%–15% range, compared with the prior 0%–12% range. This updated outlook reflects constructive marine transportation conditions and continued power generation strength within the distribution and services segment.

How did Kirby’s marine transportation segment perform in Q1 2026?

Marine transportation delivered strong profitability in Q1 2026. Segment revenues were $497.2 million with operating income of $89.7 million, resulting in an 18.0% operating margin. Inland utilization averaged in the low‑90% range, while coastal barge utilization ran in the mid‑ to high‑90% range with higher contract renewal rates.

What were Kirby’s cash flow, free cash flow, and capital allocation actions?

Kirby produced robust cash generation in Q1 2026. Net cash provided by operating activities was $97.7 million and capital expenditures were $48.3 million, yielding free cash flow of $49.4 million. The company repurchased $52.7 million of shares at an average price of $123.18 and invested in fleet acquisitions.

What acquisitions and fleet investments did Kirby (KEX) make in Q1 2026?

Kirby continued disciplined fleet expansion in its inland marine business. It agreed to acquire 23 barges, including five specialty barges, and three high horsepower boats from an undisclosed seller for $95.8 million. Of this, $81.4 million was paid during the first quarter of 2026.

What changes were approved to Kirby’s 2005 Stock and Incentive Plan?

Stockholders approved key amendments to Kirby’s 2005 Stock and Incentive Plan. The term now runs until April 27, 2036, the maximum annual cash payable under performance awards doubled to $10,000,000, and new forfeiture and recovery provisions apply to awards granted on or after January 27, 2026.

How strong was shareholder support for Kirby’s executive pay and director elections?

Shareholder backing was robust. The advisory say-on-pay resolution received 47,102,552 votes for versus 1,105,796 against. All three Class I director nominees were elected with strong majorities, and amendments to both the 2005 Stock and Incentive Plan and 2000 Nonemployee Director Stock Plan were approved.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 376.1 KB

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• EX-10.1 EX-10.1 106.2 KB
• EX-10.2 EX-10.2 58.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 26.0 KB