Kirby Corporation · NYSE:KEX

Kirby — Q3 2026 Earnings Presentation

12 slides from Kirby's earnings presentation, Oct 28, 2026

  1. Slide 1: 3Q 2026 Earnings Conference Call

    3Q 2026 Earnings Conference Call October 28, 2026

  2. Slide 2: Disclosures

    Disclosures Forward Looking Statements Statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual r

  3. Slide 3: 3Q 2026 Overview

    3Q 2026 Overview Financial Summary $ millions except earnings (loss) per share 3Q 2026 3Q 2025 Variance % 2Q 2026 Variance % Revenues $ 977.2 $ 871.2 $ 106.0 12% $ 922.4 $ 54.8 6% Operating income 150.9 129.2 $ 21.7 17% 122.4 $ 28.5 23% Net earnings attributable to Kirby 110.8 92.5 $ 18.3 20% 89.7 $

  4. Slide 4: Marine Transportation – 3Q 2026 Overview

    Marine Transportation – 3Q 2026 Overview Marine fundamentals strengthened during the quarter, despite fuel cost headwinds Inland  Market conditions improved as the quarter progressed with an average barge utilization in the low-90% range  Spot market rates improved sequentially in the low-to-mid-s

  5. Slide 5: Distribution & Services – 3Q 2026 Overview

    Distribution & Services – 3Q 2026 Overview Continued growth in power generation and strong commercial and industrial activity Power Generation  Revenues increased 8% year-over-year fueled by robust sales from data center and industrial customers  Continued growth in backlog supported primarily by

  6. Slide 6: Marine Transportation - 3Q 2026 Financial Summary

    Marine Transportation - 3Q 2026 Financial Summary $ millions 3Q 2026 3Q 2025 Variance % 2Q 2026 Variance % Revenue $ 568.7 $ 484.9 $ 83.8 17% $ 537.0 $ 31.7 6% Operating income 111.9 88.6 23.3 26% 87.8 24.1 27% Operating margin 19.7% 18.3% 1.4% 16.4% 3.3% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term

  7. Slide 7: Barge Construction and Retirements

    Barge Construction and Retirements 3Q 2026 Update and FY 2026 Outlook Inland 3Q 2026 FY 2026* (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,134 25.2 1,105 24.5 Additions: Reactivations/new builds/acquisitions 16 0.5 51 1.4 Reductions: Retirements (2) 0.0 (6) (0.2) End of

  8. Slide 8: Distribution & Services - 3Q 2026 Financial Summary

    Distribution & Services - 3Q 2026 Financial Summary 3Q 2026 Revenue $ millions 3Q 2026 3Q 2025 Variance % 2Q 2026 Variance % Oil & Revenue $ 408.5 $ 386.2 $ 22.3 6% $ 385.4 $ 23.1 6% Gas 10% Operating income 48.4 42.7 $ 5.7 13% 38.2 $ 10.2 27% Power Generation Operating margin 12.0% 11.0% 1.0% 9.9%

  9. Slide 9: Financial Highlights

    Financial Highlights As of September 30, 2026 Total Cash and Available Debt Cash Equivalents Liquidity $1.1B $38M $530M  3Q 2026 Results – EPS: $2.09 / share – Net cash provided by operating activities: $143.5 million – Capital expenditures: $69.5 million – Free cash flow (non-GAAP): $74.0 million

  10. Slide 10: Marine Transportation – 2026 Outlook

    Marine Transportation – 2026 Outlook Positive outlook supported by favorable supply dynamics and robust demand  Inland – Constructive market dynamics driven by strong customer demand and limited newbuild activity – Barge utilization anticipated to be in the low-90% range – Full year revenue growth

  11. Slide 11: Distribution & Services – 2026 Outlook

    Distribution & Services – 2026 Outlook Strong demand in power generation and marine repair to drive segment results  Power Generation – Solid growth supported by a strong order pipeline, an expanding backlog, and increasing customer emphasis on behind-the-meter and backup power solutions – Timing o

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Kirby — Q3 2026 Earnings Presentation on 6ix