Kirby (KEX) investor relations material

Executive summary

• Record Q3 diluted EPS of $2.09, up 27% YoY; revenue rose 12% to $977.2M and operating income rose 17% to $150.9M.

• Both segments increased operating income; marine benefited from improved pricing, while Distribution & Services gained from power generation demand and marine repair.

• FY26 EPS growth guidance narrowed to 10%-15%, with results expected toward the upper end.

Financial highlights

• Q3 net earnings attributable to common stockholders were $110.8M versus $92.5M; diluted EPS was $2.09 versus $1.65.

• Marine transportation revenue was $568.7M and operating income $111.9M; Distribution & Services revenue was $408.5M and operating income $48.4M.

• Q3 operating cash flow was $143.5M; capital expenditures were $69.5M and free cash flow was $74.0M.

• Nine-month revenue was $2.744B versus $2.512B; operating cash flow was $313.4M versus $358.0M, mainly due to receivable collection timing.

Outlook and guidance

• FY26 EPS growth guidance is 10%-15%, expected toward the upper end; operating cash flow guidance is $575M-$675M.

• FY26 inland revenue is expected to grow in the low double digits, with margins in the high teens to low 20% range; coastal revenue is expected to rise mid-to-high single digits, with margins in the mid-teens.

• FY26 Distribution & Services revenue is expected to rise in the high single digits, with operating margins in the high single digits.

• FY26 capital spending is expected at $220M-$260M, including $170M-$210M for marine maintenance and up to $65M for growth.

• Long-term power generation revenue growth outlook remains 10%-20%; strong demand and backlog face OEM delivery constraints.