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Matson (MATX) investor relations material

Matson Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Fourth quarter 2025 results exceeded expectations, driven by strong e-commerce demand in China, premium rates, and a stabilized Transpacific environment following the U.S.-China trade deal in October 2025.

  • Full-year 2025 consolidated operating income and revenue declined year-over-year due to lower China service volume and rates amid global trade volatility.

  • The U.S.-China trade deal reduced tariff and trade uncertainties, supporting improved trading conditions.

  • Expansion in Southeast Asia continued, with new feeder services from Vietnam and Thailand.

Financial highlights

  • Q4 2025 net income was $143.1M, up 11.8% YoY; diluted EPS was $4.60, including a $0.59 one-time tax benefit.

  • Q4 2025 consolidated revenue was $851.9M, down 4.3% YoY; full-year revenue was $3,344.5M, down 2.3% YoY.

  • Full-year 2025 consolidated operating income was $499.8M, down $51.5M YoY; EBITDA was $704.7M, down 4.6% YoY.

  • Cash flow from operations for 2025 was $547.1M, supporting $149.1M in maintenance CapEx, $44.9M in dividends, and $303.3M in share repurchases.

Outlook and guidance

  • 2026 consolidated operating income expected to approach 2025’s $499.8M, with Q1 2026 operating income expected to be lower YoY due to lower China volume.

  • Ocean transportation and logistics operating income for 2026 expected to be similar to 2025.

  • Depreciation/amortization for 2026 projected at ~$210M; effective tax rate ~21%.

  • Capital expenditures for 2026 expected at $150–$170M (excluding vessel construction), $425M for new vessels, and $45M for dry-docking.

Impact of US-China trade deal on 2026 China volume?
How will 2026 vessel capex impact liquidity?
Why comparable 2026 volume despite diverse domestic economies?
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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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