Matson, Inc. reported a total operating revenue of $3.34 billion for the fiscal year ending December 31, 2025, a decrease of 2.3% from $3.42 billion in 2024. The decline was primarily attributed to a $74.2 million drop in revenue from the Ocean Transportation segment, which generated $2.74 billion, and a slight decrease of $3.1 million in the Logistics segment, which brought in $609 million. Despite the revenue decline, Matson's net income for 2025 was $444.8 million, down 6.6% from $476.4 million in the previous year. Basic earnings per share were reported at $13.99, compared to $14.14 in 2024.
The company's operating income also saw a decline, falling to $499.8 million from $551.3 million in 2024, reflecting a decrease of 9.3%. This was driven by reduced contributions from the Ocean Transportation segment, which faced challenges in the China trade due to a decrease in container volume and ongoing geopolitical uncertainties. However, Matson's investment in SSA Terminals, LLC (SSAT) yielded a positive contribution of $32.5 million, a significant recovery from a loss of $1 million in the prior year, largely due to improved operational performance and increased lift volume.
In terms of operational metrics, Matson's container volume in its Hawaii service increased by 1.6%, while Alaska service volume rose by 1.7%. Conversely, container volume from China decreased by 9.5%, reflecting a challenging trading environment. The company also reported a total employee headcount of 4,170 as of December 31, 2025, with 2,843 employees covered by collective bargaining agreements. Matson's strategic initiatives included the ongoing construction of three new Aloha Class vessels, expected to enhance capacity and operational efficiency upon their delivery in 2027 and 2028.
Looking ahead, Matson anticipates that its Ocean Transportation operating income for the first quarter of 2026 will be approximately $50 million, with expectations for full-year operating income to approach the levels achieved in 2025. The company expects container volumes to remain stable, supported by solid U.S. consumer demand and a more stable trading environment in the Transpacific tradelane. Additionally, Matson plans to continue its focus on capital expenditures, with an estimated $425 million allocated for new vessel construction and $150 to $170 million for maintenance and other capital projects in 2026.
About Matson, Inc.
Matson, Inc. is a Hawaii-based provider of ocean transportation and logistics services. Its Ocean Transportation segment offers freight shipping to Hawaii, Alaska, Guam, Japan, Micronesia, and Asia, utilizing a fleet of owned and chartered vessels. The Logistics segment provides multimodal transportation, freight forwarding, warehousing, and supply chain management. The company emphasizes environmental sustainability, fleet modernization, and reliable, U.S.-flagged operations serving diverse markets.
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