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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.
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Q3 2025 earnings summary4 Nov, 2025

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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Frequently asked questions

Matson Inc provides ocean transportation and logistics services across the Pacific. The company operates shipping routes between the U.S. mainland, Hawaii, Alaska, Guam, Micronesia, and select international markets, and offers integrated logistics services including warehousing and freight forwarding. The company is headquartered in Honolulu, Hawaii, and its shares are listed on the NYSE.

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