KIRBY (KEX) Company Report

Kirby Corporation reported net earnings attributable to Kirby of $92.5 million, or $1.65 per share, for the third quarter ended September 30, 2025, marking a 6% increase year-over-year. Consolidated revenues for the quarter reached $871.2 million, compared to $831.1 million in the 2024 third quarter.
The company repurchased 1,314,009 shares for $120.0 million in Q3 2025 and an additional 428,955 shares for $36 million so far in Q4 2025.
Performance varied across segments: coastal marine maintained strong market fundamentals with barge utilization in the mid to high-90% range and operating margins around 20%. The power generation market within distribution and services saw revenues increase 56% year-over-year, contributing to segment margins of 11%.
In contrast, inland marine experienced near-term softness with average barge utilization in the mid-80% range and declining spot market rates, although improvements are already being observed in the fourth quarter.
For the full year 2025, Kirby anticipates net cash provided from operating activities to be between $620 million and $720 million, with capital spending projected to range from $260 million to $290 million.

Oct 29, 2025, 2:39 PM

8-K

Kirby (KEX) Announces Q3 2025 Results

KEX

Earnings

Share Buyback

Guidance Update

Kirby (KEX) reported Q3 2025 revenues of $871.2 million and earnings per share of $1.65, representing a 6% year-over-year increase in EPS.
The Power Generation segment was a significant growth driver, with revenues increasing 56% year-over-year and operating income rising 96% year-over-year, primarily due to strong demand from data centers and prime power customers.
The company generated $160 million in free cash flow during Q3 2025 and repurchased $120 million of its stock in the same quarter.
For the full year 2025, Kirby expects cash flow from operations to range between $620 million and $720 million, with capital expenditures projected to be between $260 million and $290 million.

Oct 29, 2025, 12:30 PM

Presentation

Kirby Corporation Announces Q3 2025 Earnings and Outlook

KEX

Earnings

Guidance Update

Share Buyback

Kirby Corporation reported Q3 2025 earnings per share of $1.65, a 6% increase year-over-year, driven by robust customer demand in power generation and disciplined operational execution.
The Marine Transportation segment generated $485 million in revenues and an 18.3% operating margin in Q3 2025, experiencing near-term softness in inland marine (utilization in mid 80% range) but continued strength in coastal marine (utilization in mid to high 90% range).
The Distribution and Services segment delivered $386 million in revenues and an 11% operating margin for Q3 2025, largely fueled by power generation, which saw revenues increase 56% year-over-year and operating income rise 96% year-over-year.
As of September 30, 2025, the company maintained a strong balance sheet with $47 million in cash, $1.05 billion in total debt, and a net debt to EBITDA ratio of 1.3x, having repurchased $120 million of stock in Q3 and an additional $40 million since quarter-end.
Management anticipates 2025 will be a record earnings year and expects modest improvement in inland revenues and margins in Q4, continued robust coastal conditions, and plans to allocate significant Q4 free cash flow towards share repurchases.

Oct 29, 2025, 12:30 PM

Transcript

Kirby Reports Q3 2025 Earnings and Operational Highlights

KEX

Earnings

Guidance Update

Share Buyback

Kirby (KEX) reported Q3 2025 earnings per share of $1.65, marking a 6% increase year over year.
The Marine Transportation segment achieved $485 million in revenue and an 18.3% operating margin, while the Distribution and Services segment generated $386 million in revenue with an 11% operating margin, notably driven by 56% year-over-year revenue growth in power generation.
As of September 30, 2025, the company maintained a strong balance sheet with $47 million in cash, ~$1.05 billion in total debt, and a net debt to EBITDA ratio of 1.3 times. Free cash flow for Q3 2025 was $160 million.
Kirby repurchased $120 million of stock in Q3 2025 and an additional $40 million post-quarter. The company projects 2025 to be a record earnings year, with full-year earnings expected at the low end of its previous guidance range.

Oct 29, 2025, 12:30 PM

Transcript

Kirby Corporation Reports Q3 2025 Earnings and Segment Performance

KEX

Earnings

Guidance Update

Share Buyback

Kirby Corporation reported Q3 2025 earnings per share of $1.65, representing a 6% increase year over year.
The Coastal Marine Transportation segment maintained strong fundamentals, with barge utilization consistently in the mid to high 90% range and term contract renewals increasing in the mid teens year over year, achieving operating margins around 20%.
The Distribution and Services segment delivered solid growth, particularly in Power Generation, where revenues were up 56% year over year and operating income increased 96% year over year, driven by robust demand from data centers and prime power customers.
The Inland Marine Transportation business experienced near-term softness in Q3 2025, with barge utilization averaging in the mid 80% range and spot market rates declining in the low to mid single digits. However, market conditions are showing signs of improvement, with current utility reported at 87.6%.
As of September 30, 2025, Kirby's balance sheet remained strong with $47 million in cash and $1.05 billion in total debt, and the company repurchased $120 million of stock in Q3 2025 at an average price of $91.

Oct 29, 2025, 12:30 PM

Transcript

Kirby Corporation Announces Q3 2025 Results

KEX

Earnings

Share Buyback

Guidance Update

Kirby Corporation reported net earnings attributable to Kirby of $92.5 million or $1.65 per share for the third quarter ended September 30, 2025, marking a 6% year-over-year increase. Consolidated revenues for the quarter were $871.2 million.
The coastal marine segment showed strong market fundamentals with operating margins improving to around 20%, and power generation revenue increased 56% year-over-year, contributing to distribution and services margins of 11%.
The company repurchased 1,314,009 shares for $120.0 million at an average price of $91.30 during the third quarter of 2025, with additional repurchases in the fourth quarter.
For the full year 2025, Kirby expects to generate net cash provided from operating activities between $620 million and $720 million and anticipates capital spending ranging from $260 million to $290 million.

Oct 29, 2025, 11:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for KIRBY.

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