Financials

Kirby Corporation financials

KEX Marine Transportation

Kirby Corporation, founded in 1917 and headquartered in Houston, Texas, is the largest inland tank barge operator in the United States, specializing in on-hire transportation of petroleum products and chemicals. Under the leadership of CEO Kevin Reilly since 2016, the company leverages an extensive and modern fleet to serve major energy and chemical clients. With a market share of about 30% in its niche, Kirby’s combination of long-term contracts and integrated logistics solutions provides a competitive edge. The firm is actively modernizing its fleet and digital operations to support future growth amid a dynamic regulatory and economic environment.

Snapshot

Kirby Corporation reported $3.36B in revenue in fiscal 2025, up 3.0% year over year, with an operating margin of 14.8%.

Revenue (FY2025): $3.36B
YoY growth: +3.0%
Operating margin: 14.8%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	3,364,050	3,265,880	3,091,640	2,784,750
Cost of Sales	2,216,500	2,200,350	2,180,420	2,060,940
Gross Profit	1,147,550	1,065,520	911,218	723,813
Selling, General & Administrative Expenses	356,305	337,097	335,213	302,692
Depreciation & Amortization Expenses	264,126	240,322	211,156	201,443
Other Operating Expenses	40,410	93,420	39,775	43,350
Operating Profit	496,284	399,097	335,092	192,886
Interest Expense	(46,327)	(49,129)	(52,008)	(44,588)
Non-Operating Income	21,455	12,795	11,041	16,677
Total Non-Operating Income	(24,872)	(36,334)	(40,967)	(27,911)
Income Before Provision for Income Taxes	471,412	362,763	294,125	164,975
Provision for Income Taxes	115,997	75,867	71,220	42,214
Consolidated Net Income	355,415	286,896	222,905	122,761
Net Income Attributable to Minority Interests and Other	(846)	(189)	30	(470)
Net Income Attributable to Common Shareholders	354,569	286,707	222,935	122,291
Basic EPS	6.37	4.95	3.74	2.04
Diluted EPS	6.33	4.91	3.72	2.03
Basic Weighted Average Shares Outstanding	55,694	57,947	59,531	60,038
Diluted Weighted Average Shares Outstanding	56,045	58,355	59,857	60,329
Shares Outstanding	53,771	57,257	58,629	59,907

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	78,775	74,444	32,577	80,577
Total Cash and Cash Equivalents	78,775	74,444	32,577	80,577
Accounts Receivable	473,497	489,857	526,691	483,406
Other Receivables	69,622	46,888	52,025	114,556
Total Trade Receivables	543,119	536,745	578,716	597,962
Inventories	398,026	393,898	454,389	461,848
Other Current Assets	57,935	63,472	69,479	71,372
Total Current Assets	1,077,860	1,068,560	1,135,160	1,211,760
Net Property, Plant & Equipment	4,291,330	4,181,960	4,013,320	3,787,970
Net Intangible Assets	30,165	34,406	42,927	51,463
Goodwill	438,748	438,748	438,748	438,748
Long-Term Investments	3,188	2,900	2,576	2,171
Other Long-Term Assets	166,755	125,383	89,464	62,814
Total Assets	6,008,050	5,851,950	5,722,200	5,554,920
Accounts Payable	218,614	251,354	269,378	278,081
Accrued Expenses	232,623	236,813	228,946	204,752
Short-Term Debt	7,357	8,226	8,068	3,292
Current Portion of Leases	45,766	35,727	33,340	36,444
Unearned Revenue	202,164	177,216	134,577	119,305
Other Current Liabilities	—	25,417	1,486	323
Total Current Liabilities	706,524	734,753	675,795	642,197
Long-Term Debt	911,924	866,722	1,008,530	1,076,330
Leases	169,854	148,170	138,811	142,140
Other Long-Term Liabilities	836,950	749,059	712,387	649,093
Total Long-Term Liabilities	1,918,730	1,763,950	1,859,730	1,867,560
Total Liabilities	2,625,250	2,498,700	2,535,520	2,509,760
Common Stock	6,547	6,547	6,547	6,547
Treasury Stock	(918,567)	(573,061)	(411,750)	(308,598)
Additional Paid-in Capital	873,249	868,763	863,963	859,345
Accumulated Other Comprehensive Income	86,342	71,192	35,006	16,853
Retained Earnings	3,332,940	2,978,370	2,691,670	2,468,730
Total Common Shareholders' Equity	3,380,510	3,351,810	3,185,430	3,042,880
Minority Interests and Other	2,281	1,435	1,246	2,291
Total Shareholders' Equity	3,382,790	3,353,250	3,186,680	3,045,170
Total Liabilities and Shareholders' Equity	6,008,050	5,851,950	5,722,200	5,554,920

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	355,415	286,896	222,905	122,761
Depreciation & Amortization	293,624	272,894	240,122	230,474
Share-Based Compensation Expense	17,563	15,549	14,941	13,865
Other Adjustments	135,809	31,797	57,353	30,403
Changes in Trade Receivables	16,581	40,458	(50,135)	(31,550)
Changes in Inventories	3,886	12,146	7,694	(127,095)
Changes in Accounts Payable	(18,610)	(11,157)	(18,271)	75,996
Changes in Accrued Expenses	21,240	46,360	31,703	5,100
Changes in Income Taxes Payable	(50,632)	23,787	71,604	1,975
Changes in Other Operating Activities	(48,369)	(18,539)	(37,688)	(27,801)
Cash from Operating Activities	670,204	756,494	540,228	294,128
Capital Expenditure	(264,473)	(342,660)	(401,730)	(172,606)
Proceeds from Sale of Property, Plant & Equipment	31,009	20,396	26,081	36,905
Payments for Business Acquisitions	(115,716)	(77,863)	(37,500)	(3,900)
Other Investing Activities	(3,000)	—	—	—
Cash from Investing Activities	(352,180)	(400,127)	(413,149)	(139,601)
Issuance of Long-Term Debt	—	—	240,000	310,000
Repayments of Long-Term Debt	—	(100,000)	(350,000)	(395,000)
Net Issuance / (Repayments) of Long-Term Debt	—	(100,000)	(110,000)	(85,000)
Issuance of Common Shares	4,946	9,417	4,209	3,887
Repurchases of Common Shares	(360,180)	(179,972)	(116,711)	(26,309)
Net Issuance / (Repurchases) of Common Shares	(355,234)	(170,555)	(112,502)	(22,422)
Other Financing Activities	41,541	(43,945)	47,423	(1,341)
Cash from Financing Activities	(313,693)	(314,500)	(175,079)	(108,763)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	4,331	41,867	(48,000)	45,764

Key metrics

$5.92B

Market Cap

17.41x

P/E

1.76x

P/S

8.84x

EV/EBITDA

10.6%

Return on Equity

7.0%

Return on Invested Capital

1.53x

Current Ratio

12.1%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$844M	+7.4%	12.8%	$108M
Q4 2025	$852M	+6.2%	15.2%	$130M
Q3 2025	$871M	+4.8%	14.8%	$129M
Q2 2025	$855M	+3.8%	15.4%	$132M
Q1 2025	$786M	—	13.4%	$106M
Q4 2024	$802M	—	6.3%	$50M
Q3 2024	$831M	—	15.3%	$127M
Q2 2024	$824M	—	14.6%	$120M

Margins

34.1%

Gross margin

14.8%

Operating margin

10.6%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-19

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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