Morgan Stanley, Atlanta now hold under 5% of Kirby (NYSE: KEX)

Rhea-AI Filing Summary

Kirby Corp’s major institutional holders report reduced ownership stakes. Morgan Stanley now reports beneficial ownership of 2,537,671 shares of Kirby common stock, representing 4.7% of the class, while Atlanta Capital Management Company, LLC reports 2,149,970 shares, or 4.0%.

Both firms state they have ceased to be beneficial owners of more than five percent of Kirby’s common stock as of December 31, 2025. The filing notes the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Kirby.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

KIRBY CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

497266106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 497266106

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,252,749.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,412,203.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,537,671.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP No. 497266106

1

Names of Reporting Persons

Atlanta Capital Management Company, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,880,480.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,034,435.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,149,970.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.0 %

12

Type of Reporting Person (See Instructions)

IA, CO

Comment for Type of Reporting Person: As of the date hereof, Atlanta Capital Management Company, LLC has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KIRBY CORP
(b)	Address of issuer's principal executive offices: 55 WAUGH DRIVE SUITE 1000, HOUSTON, TX, 77007
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Atlanta Capital Management Company, LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1075 Peachtree Street, Suite 2100, Atlanta, GA 30309
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 497266106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 4.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/12/2026

Atlanta Capital Management Company, LLC

Signature:	Kelly Williams
Name/Title:	Authorized Signatory, Atlanta Capital Management Company, LLC
Date:	02/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What does the Schedule 13G/A filing reveal about Kirby Corp (KEX)?

The Schedule 13G/A shows Morgan Stanley and Atlanta Capital Management have reduced their beneficial ownership in Kirby Corp common stock to below 5%, updating their large-shareholder reporting status as of December 31, 2025.

How many Kirby Corp shares does Morgan Stanley now beneficially own?

Morgan Stanley reports beneficial ownership of 2,537,671 Kirby Corp common shares, representing 4.7% of the outstanding class. These shares are held with shared voting and dispositive power through its reporting units, according to the Schedule 13G/A amendment.

What is Atlanta Capital Management’s current stake in Kirby Corp (KEX)?

Atlanta Capital Management Company, LLC reports beneficial ownership of 2,149,970 Kirby Corp common shares, representing 4.0% of the class. The firm has shared voting and dispositive power over these shares, according to the updated Schedule 13G/A filing.

Have Morgan Stanley and Atlanta Capital remained 5% beneficial owners of Kirby Corp?

No. Both Morgan Stanley and Atlanta Capital Management state they have ceased to be beneficial owners of more than five percent of Kirby Corp’s common stock as of December 31, 2025, moving them below the key reporting threshold.

Are Morgan Stanley and Atlanta Capital seeking to influence control of Kirby Corp?

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Kirby Corp, consistent with passive institutional ownership under Schedule 13G.

What voting powers does Morgan Stanley report over Kirby Corp shares?

Morgan Stanley reports no sole voting power and 2,252,749 shares with shared voting power. It also reports 2,412,203 shares with shared dispositive power, reflecting how its reporting units jointly control voting and disposition of Kirby Corp shares.

What voting powers does Atlanta Capital report over Kirby Corp stock?

Atlanta Capital Management reports no sole voting power and 1,880,480 shares with shared voting power. It also shows 2,034,435 shares with shared dispositive power, indicating its role as an investment adviser managing Kirby Corp holdings for clients.