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Dec 31, 2025
Kirby Q4 2025 Earnings Report
Kirby reported strong Q4 results with increased revenue and significant earnings growth, driven by strength in marine transportation and power generation.
Key Takeaways
Kirby delivered a solid Q4 performance with revenue rising to $851.8 million and EPS reaching $1.68. Net income more than doubled year-over-year, and both marine transportation and distribution & services segments posted growth. Power generation stood out with strong revenue gains.
Q4 revenue reached $851.8 million, up from $802.3 million in the prior year quarter.
EPS for Q4 was $1.68, while net income grew to $91.8 million.
Power generation revenue rose 47% year-over-year due to strong order activity.
Free cash flow for Q4 was $265.2 million, up from $150.7 million last year.
Revenue by Segment
Forward Guidance
Kirby expects continued earnings growth in 2026 driven by stable operations, improving market fundamentals, and strength in power generation.
Positive Outlook
- Inland barge utilization expected to improve into low 90% range.
- Spot rates in inland marine are showing early signs of firming.
- Power generation remains a strong performer with solid backlog.
- Coastal barge utilization expected to remain in mid-90% range.
- Net operating cash flow for 2026 expected between $575M–$675M.
Challenges Ahead
- Macroeconomic uncertainty, including Venezuelan oil flows and tariffs.
- Seasonal winter weather expected to pressure Q1 performance.
- Ongoing constraints in equipment availability and OEM lead times.
- Oil & gas revenue projected to decline double digits in 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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