Kirby Corporation has reported net earnings attributable to Kirby for the second quarter ended June 30, 2026, of US$89.7 million, or US$1.67 per share, compared with earnings of US$94.3 million, or US$1.67 per share, for the 2025 second quarter.
Total revenues for the 2026 second quarter were US$922.4 million compared with US$855.5 million for the 2025 second quarter.
Marine transportation revenues for the 2026 second quarter were US$537 million compared with US$492.6 million for the 2025 second quarter. Operating income for the 2026 second quarter was US$87.8 million compared with US$99.1 million for the 2025 second quarter. Operating margin for the 2026 second quarter was 16.4 per cent compared with 20.1 per cent for the 2025 second quarter.
Distribution and services revenues for the 2026 second quarter were US$385.4 million compared with US$362.9 million for the 2025 second quarter. Operating income for the 2026 second quarter was US$38.2 million compared with US$35.4 million for the 2025 second quarter. Operating margin was 9.9 per cent for the 2026 second quarter compared with 9.8 per cent for the 2025 second quarter.
For the 2026 second quarter, gross operating profit was US$199.7 million compared with US$202.2 million for the 2025 second quarter. During the quarter, net cash provided by operating activities was US$72.2 million, and capital expenditures were US$71.5 million, resulting in free cash flow of US$0.7 million.
Kirby said working capital requirements were elevated during the quarter, primarily reflecting stronger business activity across both segments, including continued growth in power generation, timing of collections and shipments, and higher fuel-related receivables in marine transportation.
In the 2026 second quarter, Kirby returned US$59.7 million of capital through share repurchases at an average share price of US$142.38. Additionally, the company repurchased US$29 million of shares during the third quarter of 2026 to date at an average share price of US$139.92.
As of June 30, 2026, the company had US$39.0 million of cash and cash equivalents and US$565.9 million of liquidity available. Total debt was US$1.037 billion and the debt-to-capitalisation ratio was 23.1 per cent.
"As we enter the second half of 2026, we remain encouraged by the momentum across our businesses," said Kirby Corporation CEO David Grzebinski. "Inland marine fundamentals continue to strengthen, supported by healthy utilisation and improving pricing, while power generation remains a significant contributor to growth in distribution and services.
"Backed by our market-leading positions and disciplined operating approach, we believe Kirby is well positioned to capitalise on opportunities across our end markets and deliver solid performance in the second half of the year. Based on current market conditions, we remain comfortable with our full-year earnings per share growth guidance of five per cent to 15 per cent and currently expect results to trend toward the upper end of the range."
