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Jun 30
Kirby Q2 2025 Earnings Report
Kirby announced strong second quarter 2025 results with increased earnings per share and consolidated revenues, driven by solid performance in both marine transportation and distribution and services.
Key Takeaways
Kirby Corporation delivered a solid second quarter in 2025, with net earnings attributable to Kirby increasing to $94.3 million, or $1.67 per share, up 17% year-over-year. Consolidated revenues reached $855.5 million, an increase from $824.4 million in the prior year. Both marine transportation and distribution and services segments contributed positively, benefiting from healthy customer demand, disciplined pricing, and operational focus.
Second quarter 2025 earnings per share increased by 17% year-over-year to $1.67.
Inland marine transportation experienced steady market conditions with sequential increases in spot market prices and operating margins in the low 20% range.
Coastal marine maintained strong market conditions, with operating margins improving to the high teens range.
Power Generation revenue within distribution and services increased significantly by 31% year-over-year, driven by robust demand from data centers and industrial customers.
Kirby
Kirby
Kirby Revenue by Segment
Revenue by Segment
Marine Transportation Revenue
CapyFin.comDistribution and Services Revenue
CapyFin.comPower Generation Revenue
CapyFin.comCommercial and Industrial Revenue
CapyFin.comOil and Gas Revenue
CapyFin.com Forward Guidance
Kirby expects full-year 2025 earnings growth of 15% to 25% year-over-year, but recent shifts in trade policy and supply chain complexities may push results towards the lower end of this guidance. The company remains focused on execution, capital discipline, and generating strong free cash flow.
Positive Outlook
- Expected full-year 2025 earnings growth of 15% to 25% year-over-year.
- Inland marine operating margins are expected to remain in the 20% range.
- Coastal marine market fundamentals remain strong with continued pricing momentum and expected operating margins in the mid to high teens.
- Power generation continues to be a strong area with robust demand from data centers and industrial customers.
- Expected net cash provided from operating activities of $620 million to $720 million in 2025.
Challenges Ahead
- Recent shifts in trade policy have introduced new complexities impacting trade flows and demand, particularly for chemicals.
- Sourcing for the power generation supply chain faces challenges due to new complexities.
- If current softness persists, full-year EPS growth will likely be closer to the lower end of the guidance.
- Inland barge utilization has softened slightly to begin the third quarter, expected to be in the low 90% range.
- Inflation, particularly in labor, and an industry-wide mariner shortage continue to constrain capacity growth.