Kirby delivered a solid second quarter of 2026, reporting EPS of $1.67 (up 11% sequentially and in line with the prior year) on revenue of $922.4 million, up roughly 8% year-over-year, and raised its outlook toward the upper end of full-year EPS growth guidance of 5%-15%. Marine transportation revenue grew 9% to $537 million (16.4% operating margin), though segment operating income fell 11% year-over-year on a temporary higher-fuel-cost headwind (to be recovered mostly in Q3) and elevated coastal shipyard activity; inland utilization held in the low 90% range with improving spot and term pricing amid tight capacity, while coastal utilization was strong in the high 90% range despite low-single-digit renewal softness in the smaller 80,000-100,000-barrel ATB segment. Distribution & Services revenue rose 6% to $385 million with operating income up 8% year-over-year and 63% sequentially, driven by power generation (+8%) and commercial & industrial (+12%) on strong marine repair activity; management raised the power generation backlog to $1-$1.5 billion, reaffirmed the installed base doubling in about 18 months, and announced Kirby Integrated Power Systems to capture a large behind-the-meter data-center service annuity in the coming years. Management framed the recovery in inland margins toward the prior ~28% peak as a slow, multi-year (potentially five-year) climb given that new-build economics remain ~40% away and only ~60 barges are being built industry-wide, and it reaffirmed full-year operating cash flow of $575-$675 million and $220-$260 million of capex while continuing aggressive buybacks ($59.7 million at an average of $142). The main pressures were the fuel-timing and coastal-shipyard drags on marine income, a working-capital-driven dip in second-quarter free cash flow, still-subdued (but sequentially improving) oil and gas, and persistent inflation in labor, steel, and electronics; on a consolidated basis operating income was $87.8 million (an operating margin of about 9.5%).