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Kirby (KEX) investor relations material
Kirby Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Third quarter 2025 EPS was $1.65, up 6% year-over-year, with net earnings of $92.5 million and consolidated revenues of $871.2 million, a 4.8% increase from the prior year.
Power generation revenue surged 56% year-over-year, with operating income up 96%, driven by data center and prime power demand.
Coastal marine and power generation segments showed strong performance, offsetting softness in inland marine due to lower barge utilization and muted petrochemical activity.
Distribution and services segment delivered significant year-over-year growth, especially in power generation.
Generated $160 million in free cash flow and repurchased $120 million in stock during the quarter, with an additional ~$36 million in Q4.
Financial highlights
Q3 2025 revenues reached $871.2M, up 5% year-over-year; operating income was $129.2M, up 2% year-over-year.
Net earnings attributable to shareholders were $92.5M, up 3% year-over-year; diluted EPS was $1.65, up 6% year-over-year.
Marine Transportation segment Q3 revenues: $484.9M; operating income: $88.6M; margin: 18.3%.
Distribution and Services Q3 revenues: $386.2M, up 12% year-over-year; operating income: $42.7M, up 40% year-over-year; margin: 11%.
Free cash flow for Q3 was $160M; net cash from operations was $227.5M.
Outlook and guidance
Management expects improved financial results for 2025, with higher barge utilization in Q4 and continued strength in the coastal marine market.
Inland barge utilization expected at 85–90% in Q4, with modest improvement in revenues and margins; coastal utilization to remain mid to high-90%.
Distribution and services segment projected to see full-year revenue growth in the mid-single digits and high single-digit operating margins.
2025 net cash from operating activities forecasted at $620–$720 million; capital spending expected between $260–$290 million.
Majority of free cash flow to be allocated to share repurchases in absence of acquisitions.
Impact of chemical industry softness on inland?
What drives power generation demand growth?
How do share repurchases align with debt levels?
Power gen backlog visibility and growth drivers?
Inland market: Q4 utilization and pricing outlook?
Capital allocation: M&A vs. share repurchases?
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Q4 202529 Jan, 2026
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Frequently asked questions
Kirby Corporation operates a fleet of tank barges and towing vessels that transport bulk liquid products along the inland waterways and coasts of the United States. The company also manufactures and remanufactures diesel engines, transmissions, and pumps for marine and power generation applications. Kirby serves the petrochemical, refining, and agricultural sectors. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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