Matson (MATX) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong results, with net income rising 36.6% to $129.4 million ($4.27 per diluted share), driven by robust China service performance, higher freight rates, and growth in e-commerce, garments, and e-goods.

• Consolidated revenue for Q2 2026 increased 16.7% year-over-year to $969.4 million, with consolidated operating income up 40.6% to $158.9 million.

• Raised full-year 2026 outlook, expecting higher performance in the second half versus 2025, supported by resilient U.S. consumer demand and stable Trans-Pacific trading.

• Continued expansion in Southeast Asia, now representing 20%-25% of China service volume.

• Share repurchase program expanded, with 0.3 million shares repurchased in Q2 2026 and 3.0 million shares added to authorization.

Financial highlights

• Q2 2026 operating income rose to $158.9 million, up $45.9 million year-over-year; EBITDA reached $211.0 million, up 29.0% year-over-year.

• Net income for Q2 2026 was $129.4 million, up 36.6% year-over-year; diluted EPS increased 46.2% to $4.27.

• Q2 2026 total revenue was $969.4 million; Ocean Transportation revenue up 13.6% to $767.4 million; Logistics revenue up 30.4% to $202.0 million.

• Cash flow from operations for the trailing 12 months was $584.1 million; cash and cash equivalents at quarter-end were $119 million.

• Operating income margin for Q2 2026 was 16.4%; Ocean Transportation margin 18.8%, Logistics 7.4%.

Outlook and guidance

• Full-year 2026 consolidated operating income expected to exceed $499.8 million achieved in 2025.

• Q3 2026 consolidated operating income projected to be ~45% higher year-over-year, driven by China service volume and rates.

• Ocean Transportation and Logistics operating income both expected to be higher year-over-year; Q4 2026 ocean transportation income expected to be modestly lower than prior year.

• Full-year 2026 depreciation and amortization expected at ~$205 million; effective tax rate projected at ~21%.

• Expect to recover under-collected fuel costs by year-end, with fuel price impacts from the Iran conflict being managed.