Kirby Corporation reported net earnings of $91.8 million in Q4 2025, or $1.68 per share, a 114% increase from $42.8 million, or $0.74 per share, in Q4 2024. Excluding one-time items, adjusted Q4 2024 earnings were $74.9 million, or $1.29 per share. Consolidated revenues rose 6.2% to $851.8 million from $802.3 million a year earlier. For the full year, net earnings reached $354.6 million, or $6.33 per share, compared with $286.7 million, or $4.91 per share, in 2024, while annual revenues increased 2.8% to $3.4 billion.

Marine Transportation revenue climbed 3.2% to $481.7 million, with operating income of $100.3 million and a margin of 20.8%, up from 18.4% in Q4 2024. Inland barge utilization averaged in the mid-to-high 80% range, driving low-20% operating margins despite seasonal weather delays and modest rate declines. Coastal utilization held in the mid-to-high 90% range, lifting coastal revenues by 22% year-over-year. Distribution & Services posted revenues of $370.1 million (up 10.3%), operating income of $30.1 million and an 8.1% margin. Power generation led the segment with a 47% revenue increase and 41% operating income growth, representing over half of segment sales.

Adjusted EBITDA for the quarter was $203.1 million, up 17.9% year-over-year. Operating cash flow reached $312.2 million, against $47.0 million of capital expenditures. The company repurchased 1,030,729 shares for $101.6 million and paid down $130 million of debt, reducing total debt to $919.3 million and maintaining a 21.4% debt-to-capitalization ratio. Cash and equivalents stood at $78.8 million, with total available liquidity of $541.9 million at year-end.

Kirby expects full-year earnings per share to be flat to up 12% versus 2025. Inland barge utilization is projected in the low 90% range, with low-to-mid single-digit revenue growth and gradually improving margins as the year progresses. Coastal utilization should remain in the mid-90% range, supporting stable operating margins near 20%. Distribution & Services, led by power generation, is forecast to deliver continued backlog-driven growth. Management notes potential volatility from external factors such as oil flow shifts and tariffs but anticipates sustained year-over-year earnings growth backed by solid market fundamentals and execution.