Kirby (KEX) investor relations material

Executive summary

• Second quarter 2025 EPS was $1.67, up 17% year-over-year, with net earnings of $94.3 million and revenues of $855.5 million, reflecting strong performance in both marine transportation and distribution and services.

• Power generation revenue surged 31% year-over-year, driven by data center and industrial demand.

• Both inland and coastal marine segments delivered solid results, with high barge utilization and improved pricing supporting margins.

• Share repurchases totaled 331,900 shares for $31.2 million at an average price of $94.01 during the quarter.

• Cash flow from operations was $94 million in Q2, impacted by working capital build.

Financial highlights

• Q2 2025 revenues were $855.5 million, up 4% year-over-year; operating income was $131.8 million, up 9% year-over-year.

• Marine Transportation segment revenues were $492.6 million with a 20.1% margin; Distribution and Services revenues were $362.9 million with a 9.8% margin.

• Net earnings attributable to shareholders were $94.3 million, up 12% year-over-year.

• EBITDA for the quarter was $202.2 million, up from $182.9 million year-over-year.

• Free cash flow for the quarter was $22.5 million after $71.5 million in capital expenditures.

Outlook and guidance

• Full-year 2025 EPS growth expected in the 15–25% range year-over-year, with results likely at the lower end if demand softness persists.

• Marine transportation expects low to mid-single digit revenue growth and operating margins in the low 20% range.

• Coastal marine revenues projected to increase high single to low double digits, with margins in the mid to high teens.

• Distribution and Services revenues expected to be flat to slightly up for the year, with high single-digit operating margins.

• Net cash from operating activities projected at $620–$720 million for 2025; capital spending expected between $260–$290 million.