Kirby reported fourth-quarter EPS of 1.68 per share, outpacing consensus by approximately 3%. Consolidated revenues rose to 851.8 million, up 6% year-over-year. Inland barge utilization improved steadily, averaging in the mid- to high-80% range over the quarter and moving into the low-90% range in early 2026. Coastal operations maintained utilization in the mid- to high-90% band with operating margins around 20%. Distribution & Services contributed 370.1 million in revenues but remained margin-dilutive, delivering just over 8% operating margin despite a 47% year-over-year jump in power generation revenue.

During the quarter, Kirby repurchased 1.03 million shares at an average price of 98.53, deploying 101.6 million in cash. The company also reduced gross debt by 130 million, bringing total debt to approximately 919 million and lowering the debt-to-capitalization ratio to 21.4%. Liquidity remains strong with nearly 79 million in cash and over 540 million in available credit. Adjusted EBITDA climbed to 203.1 million, supporting robust free cash flow generation even after 47.0 million of capital expenditures.

Management forecast full-year EPS growth ranging from flat to up 12%, reflecting broad guidance driven by refinery throughput, petrochemical plant demand and tariff developments. Inland barge utilization is expected to settle in the low-90% range, with spot rates showing early stabilization, while coastal utilization should remain in the mid-90% zone. Distribution & Services growth will continue to hinge on power generation backlog and variable end-market demand. With shares trading near historic mid-teens forward multiples, investors face a contrast of attractive valuation against near-term macro visibility constraints.