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Matson (MATX) investor relations material
Matson Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net income was $134.7 million, down 32.3% year-over-year, with EPS at $4.24, as revenue fell 8.5% to $880.1 million, mainly due to lower China freight rates and volumes, while Hawaii and Alaska volumes grew modestly.
Ocean Transportation and Logistics operating income declined year-over-year, driven by reduced China performance and weaker freight forwarding and supply chain management.
Domestic tradelanes saw higher volume in Hawaii (up 0.3%) and Alaska (up 4.1%), but lower in Guam (down 4.2%).
Share repurchases totaled 0.6 million shares in Q3 2025, with $66.4 million spent.
Financial highlights
Q3 2025 operating income was $161.0 million, down $81.3 million or 33.6% year-over-year; EBITDA was $212.3 million, down 26.6%.
Net income for Q3 2025 was $134.7 million, down 32.3% year-over-year; diluted EPS was $4.24, down 28%.
Cash and cash equivalents at September 30, 2025, were $92.7 million; Capital Construction Fund (CCF) held $627.9 million.
Total debt at September 30, 2025, was $370.9 million, down $10.1 million sequentially.
Share repurchases YTD totaled $229.3 million for 2.0 million shares; 13.1 million shares repurchased since 2021 for $1.2 billion.
Outlook and guidance
Q4 2025 consolidated operating income expected to be about 30% lower year-over-year; Ocean Transportation and Logistics operating income both projected to decline.
Full-year 2025 guidance: depreciation/amortization ~$196 million, interest income ~$32 million, interest expense ~$7 million, effective tax rate ~22%.
Maintenance CapEx for 2025 raised to ~$130 million; new vessel construction milestone payments for 2025 now ~$248 million.
Anticipate a more stable trading environment due to the U.S.-China trade and economic deal announced October 30, 2025.
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