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Dec 31, 2025
Matson Q4 2025 Earnings Report
Matson, Inc. reported fourth quarter 2025 financial results, showing a 11.8% increase in net income despite a slight decline in consolidated revenue.
Key Takeaways
Matson finished 2025 with strong fourth quarter results that exceeded expectations, driven by higher than expected freight rates and volume in the China service. While consolidated revenue decreased to $851.9 million, net income rose to $143.1 million ($4.60 per diluted share) compared to $128.0 million in the prior year, aided by a one-time tax adjustment and improved performance from the SSAT joint venture.
Net income increased to $143.1 million, benefiting from a $18.5 million one-time tax adjustment.
China service performed better than expected due to strong e-commerce demand and a more stable trading environment following the U.S.-China trade deal.
SSAT joint venture contribution swung to a $9.3 million gain from a $9.5 million loss in the prior year period.
The company repurchased 0.7 million shares for $78.1 million during the fourth quarter.
2026 outlook anticipates consolidated operating income to approach 2025 levels, though Q1 2026 is expected to be lower year-over-year.
Revenue by Segment
Forward Guidance
Matson expects 2026 consolidated operating income to approach 2025 levels, with a return to normal seasonality where Q2 and Q3 are the strongest quarters.
Positive Outlook
- Full year 2026 consolidated operating income expected to approach 2025 levels.
- Expectation of continued solid U.S. consumer demand.
- Stable trading environment in the Transpacific tradelane.
- China volume for full year 2026 expected to be modestly higher than 2025.
- Interest income for 2026 expected to be approximately $15 million.
Challenges Ahead
- 1Q26 Ocean Transportation operating income expected to be lower year-over-year at ~$50 million.
- 1Q26 Logistics operating income expected to be modestly lower than 1Q25.
- Lower volume expected in China service during the first quarter of 2026.
- Hawaii economy remains sluggish due to tourism and inflationary pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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