10-K · February 17, 2026
Kirby (KEX) remains the largest U.S. inland tank barge operator with scale (1,105 inland barges / 24.5 million barrels capacity) and delivered modest top-line growth in 2025. Revenue across 2025 quarters totaled $3.364…
Earnings analysis · 10-Q
KEX earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Kirby Corporation reported Q1 2026 with total revenue of $844.1 million and EPS of $1.50, surpassing estimates. The company also noted an increase in full-year EPS growth guidance from 5%-15% amidst competitive market…
Read full summary
Kirby Corporation reported Q1 2026 with total revenue of $844.1 million and EPS of $1.50, surpassing estimates. The company also noted an increase in full-year EPS growth guidance from 5%-15% amidst competitive market dynamics and a temporary waiver of the Jones Act.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.5
What stood out
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Revenue Growth from Q4 2025
Revenue increased by 11.8% from $786M in Q1 2025 to $844.1M this quarter.
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EPS Beat Expectations
Reported EPS was $1.50, exceeding the estimated $1.39, reflecting a 12.3% increase year-over-year.
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Improved Gross Margin
Gross margin improved to 34.7% compared to 34.8% last quarter, indicating better cost management.
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Free Cash Flow Recovery
Free cash flow recovery to $130M from negative $42M in Q1 2025.
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Enhanced Full-Year Guidance
Management increased full-year EPS growth guidance to 5%-15% from the prior range of 0%-12%.
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Strong Segment Performance
Coastal revenues showed significant growth, contributing to overall revenue increase.
What to watch
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Extended Jones Act Waiver
The waiver of the Jones Act could increase competition from non-U.S. vessels, posing risks to market share.
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Market Competition
Intensifying competition may pressure margins as seen with the operating margin dropping to 15.3%.
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Economic Conditions Risk
Economic uncertainty remains a concern that could impact future demand and operations.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 10, 2025
Kirby reported third-quarter 2025 revenue of $871,161,000 (up from $831,149,000 a year ago) and diluted EPS of $1.65 (up from $1.55). Segment strength in Distribution & Services (KDS) offset weaker Marine Transportation…
10-Q · August 11, 2025
Kirby reported higher revenue and EPS in Q2 2025 with total revenues of $855,455 and diluted EPS of $1.67, up from $824,390 and $1.43 in Q2 2024. Marine Transportation (KMT) and Distribution & Services (KDS) both…
10-Q · November 12, 2024
Kirby reported third-quarter revenue of $831,149,000 (vs. $764,772,000 a year ago) and diluted EPS of $1.55 (vs. $1.05 a year ago), driven by strong Marine Transportation pricing and utilization. Marine Transportation…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.