Kirby Corporation · NYSE:KEX
Kirby — Q4 2025 Earnings Presentation
13 slides from Kirby's earnings presentation, Jan 29, 2026
Slide 1: 4Q 2025 Earnings Conference Call
4Q 2025 Earnings Conference Call January 29, 2026
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
Slide 3: 4Q 2025 Overview
4Q 2025 Overview Financial Summary $ millions except earnings (loss) per share 4Q 2025 4Q 2024 Variance % 3Q 2025 Variance % Revenues $ 851.8 $ 802.3 $ 49.5 6% $ 871.2 $ (19.4) -2% Operating income 129.7 50.1 79.6 159% 129.2 0.5 0% Net earnings attributable to Kirby 91.8 42.8 49.0 114% 92.5 (0.7) -1
Slide 4: FY 2025 Overview
FY 2025 Overview Financial Summary ($ millions except earnings per share) 2025 2024 Variance % Revenues $ 3,364.1 $ 3,265.9 $ 98.2 3% Operating income 496.3 399.1 97.2 24% Net earnings attributable to Kirby 354.6 286.7 67.9 24% Earnings per share 6.33 4.91 1.42 29% Excluding one-time items: Operatin
Slide 5: Marine Transportation – 4Q Overview
Marine Transportation – 4Q Overview Constructive market setup coupled with seasonal headwinds from poor operating conditions Inland Early-quarter softness quickly transitioned into a more positive market environment; average barge utilization in the mid to high-80% range Spot market rates were d
Slide 6: Distribution & Services – 4Q Overview
Distribution & Services – 4Q Overview Mixed demand across end markets Power Generation Solid execution of existing backlog, strong flow of orders, and multiple project wins as customer continue to prioritize reliable power solutions 10% sequential revenue growth and 47% revenue growth year-over-
Slide 7: Marine Transportation: 4Q 2025 Financial Summary
Marine Transportation 4Q 2025 Financial Summary $ millions 4Q 2025 4Q 2024 Variance % 3Q 2025 Variance % Revenue $ 481.7 $ 466.8 $ 14.9 3% $ 484.9 $ (3.2) -1% Operating income 100.3 86.0 14.3 17% 88.6 11.7 13% Operating margin 20.8% 18.4% 2.4% 18.3% 2.5% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term i
Slide 8: Barge Construction and Retirements
Barge Construction and Retirements 4Q 2025 Update and FY 2026 Outlook Inland 4Q 2025 FY 2025 FY 2026(estimated) (barrels in millions) Barges Barrels Barges Barrels Barges Barrels Beginning of period 1,105 24.5 1,094 24.2 1,105 24.5 Additions: Reactivations/new builds/acquisitions 2 0.1 21 0.6 - - Re
Slide 9: Distribution & Services: 4Q 2025 Financial Summary
Distribution & Services 4Q 2025 Financial Summary 2025 Q4 Revenue Oil & $ millions 4Q 2025 4Q 2024 Variance % 3Q 2025 Variance % Gas Revenue $ 370.1 $ 335.5 $ 34.6 10% $ 386.2 $ (16.1) -4% 8% Power Operating income 30.1 26.8 3.3 12% 42.7 (12.6) -30% Generation Operating margin 8.1% 8.0% 0.1% 11.0% -
Slide 10: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of December 31, 2025 Total Cash and Available Debt Cash Equivalents Liquidity $919M $79M $542M 4Q 2025 Results – Net cash flow provided by operating activities: $312 million – Proceeds from retired asset sales: $3 million – Repurchased 1,030,72
Slide 11: Marine Transportation – 2026 Outlook
Marine Transportation – 2026 Outlook Stable outlook supported by favorable supply dynamics and improving demand fundamentals Inland – Constructive market environment due to limited new build activity – Barge utilization expected to be in the low 90% range – Lower maintenance year-over-year coupled
Slide 12: Distribution & Services – 2026 Outlook
Distribution & Services – 2026 Outlook Strong growth in power generation to outweigh softness in other areas Power generation – Solid growth supported by a strong order pipeline, an expanding backlog, and increasing customer emphasis on reliable prime- and backup-power solutions – Uneven equipment
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