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Sep 30
Kirby Q3 2025 Earnings Report
Kirby reported third quarter 2025 earnings per share of $1.65, up 6% year-over-year, with consolidated revenues of $871.2 million.
Key Takeaways
Kirby Corporation delivered a resilient third quarter performance in 2025, with consolidated revenues reaching $871.2 million and net earnings attributable to Kirby of $92.5 million. The company's coastal marine and power generation segments showed continued strength, while the inland marine market experienced some near-term softness. Despite challenges, the distribution and services segment achieved year-over-year growth in both revenue and operating income, driven by robust demand in power generation.
Consolidated revenues for Q3 2025 were $871.2 million, an increase from $831.1 million in Q3 2024.
Diluted EPS for Q3 2025 was $1.65, up 6% compared to $1.55 in Q3 2024.
Marine transportation revenues were $484.9 million, with coastal marine showing strong fundamentals and operating margins around 20%.
Distribution and services revenues increased to $386.2 million, primarily driven by a 56% year-over-year increase in power generation revenues.
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 stable inland marine market conditions with modest improvements, continued strong coastal marine fundamentals, and sustained growth in power generation within the distribution and services segment for the fourth quarter of 2025. The company anticipates full-year 2025 net cash from operating activities between $620 million and $720 million, with capital spending ranging from $260 million to $290 million.
Positive Outlook
- Inland marine market conditions are expected to remain stable with early signs of improvement and potential for higher barge utilization due to seasonal weather.
- Coastal marine market fundamentals are very favorable, with steady customer demand and barge utilization expected to hold in the mid to high-90% range.
- Pricing in coastal marine continues to benefit from limited availability of large capacity vessels and newbuilds.
- Power generation is expected to be a strong contributor, with sustained demand from data centers and industrial customers driving order growth.
- Marine repair activity in commercial and industrial is strong, and the on-highway market continues to improve.
Challenges Ahead
- Spot market pricing in inland marine could face modest pressure in the near term if demand softness re-emerges.
- OEM lead times and delivery schedules remain a factor in project timing for power generation.
- Oil and gas growth remains limited by current market dynamics and customer capital discipline.
- Inflationary and regulatory headwinds continue to be a factor, though offset by pricing improvements in coastal marine.
- The inland market experienced near-term softness in Q3, which could persist if demand does not fully recover as expected.