Kirby Corporation has confirmed net earnings attributable to Kirby for the fourth quarter ended December 31, 2025, of US$91.8 million or US$1.68 per share, compared with net earnings of US$42.8 million, or US$0.74 per share for Q4 2024.
Excluding one-time charges and credits, Q4 2024 net earnings attributable to Kirby were US$74.9 million or US$1.29 per share. Consolidated revenues for Q4 2025 were US$851.8 million compared with US$802.3 million reported for the corresponding period last year.
For the 2025 full year, Kirby reported net earnings attributable to Kirby of US$354.6 million or US$6.33 per share, compared with US$286.7 million or US$4.91 per share for 2024. Excluding one-time items, 2024 net earnings attributable to Kirby were US$318.8 million or US$5.46 per share. Consolidated revenues for 2025 were US$3.4 billion compared with US$3.3 billion for 2024.
"During the fourth quarter, we navigated typical seasonal weather and year‑end softness, with exceptional execution by both our marine transportation and distribution and services teams," said David Grzebinski, Kirby’s Chief Executive Officer.
"Earnings per share and free cash flow grew meaningfully, and we closed the year with strong momentum. Looking ahead, we expect sustained growth and solid performance as we move into 2026."
Marine transportation revenues for Q4 2025 were US$481.7 million compared with US$466.8 million for Q4 2024. Operating income for Q4 2025 was US$100.3 million compared with US$86 million for Q4 2024.
Segment operating margin for Q4 2025 was 20.8 per cent compared with 18.4 per cent for Q4 2024.
Distribution and services revenues for Q4 2025 were US$370.1 million compared with US$335.5 million for Q4 2024. Operating income for Q4 2025 was US$30.1 million compared with US$26.8 million for Q4 2024.
Operating margin was 8.1 per cent for Q4 2025 compared with 8.0 per cent for Q4 2024.
For Q4 2025 adjusted gross operating profit was US$203.1 million compared with US$172.3 million for Q4 2024. During the quarter, net cash provided by operating activities was US$312.2 million, and capital expenditures were US$47.0 million.
During the quarter, Kirby had net proceeds from asset sales totaling US$2.7 million. The company used US$101.6 million to repurchase stock at an average price of US$98.53.
As of December 31, 2025, Kirby had US$78.8 million of cash and cash equivalents on the balance sheet and US$541.9 million of liquidity available. Total debt was US$919.3 million, and the debt-to-capitalisation ratio was 21.4 per cent.
