Kirby Corporation reported a total revenue of $3.36 billion for the fiscal year ending December 31, 2025, marking a 3% increase from $3.27 billion in 2024. The company's net earnings attributable to Kirby increased significantly to $354.6 million, or $6.33 per diluted share, compared to $286.7 million, or $4.91 per share, in the previous year. This growth in profitability was driven by improved pricing in both the marine transportation and distribution segments, despite facing challenges such as lower barge utilization and moderating prices in the inland market during the latter half of the year.
In the marine transportation segment, revenues rose by 1% to $1.94 billion, with operating income increasing by 3% to $374.5 million. The segment's performance was bolstered by higher term pricing in the coastal market and increased spot pricing in the inland market during the first half of 2025. However, inland tank barge utilization levels were flat, averaging in the low to mid-90% range, with a decline to the mid-80% range in the third quarter due to a lighter feedstock mix and fewer barges undergoing maintenance. The coastal tank barge utilization remained strong, averaging in the mid to high 90% range.
Kirby's distribution and services segment (KDS) also saw a revenue increase of 6% to $1.43 billion, with operating income rising by 20% to $130.8 million. The growth was primarily driven by a 26% increase in the power generation market, attributed to heightened demand for backup and prime power applications. Conversely, the oil and gas market experienced a 32% decline in revenues due to reduced conventional oilfield activity. The commercial and industrial market remained stable, contributing 46% of KDS revenues.
Strategically, Kirby made several acquisitions in 2025, including the purchase of 14 inland tank barges and four high horsepower towboats for $97.3 million, enhancing its operational capacity. The company also acquired assets to support its KDS segment for $9.3 million, which included an authorized distributorship for EMD Power Products. As of December 31, 2025, Kirby employed approximately 5,233 individuals, with a significant portion dedicated to its marine transportation operations.
Looking ahead, Kirby anticipates continued growth in 2026, driven by stable barge utilization and customer demand in the marine transportation sector, alongside expected growth in the power generation market. The company remains cautious of potential economic challenges, including high interest rates and inflationary pressures, but is optimistic about its ability to navigate these conditions effectively.
About KIRBY CORP
Kirby Corporation is a leading provider of marine transportation and industrial distribution services. It operates the largest U.S. inland tank barge fleet transporting petrochemicals, oils, and chemicals, and a coastal fleet serving refineries and terminals. The company also supplies aftermarket parts, equipment rentals, and manufacturing for oilfield, power generation, and industrial markets, serving customers across the U.S. and internationally with a focus on safety, reliability, and environmental compliance.
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