KEX earnings analysis
What we found in KEX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth from Q4 2025
- Revenue increased by 11.8% from $786M in Q1 2025 to $844.1M this quarter.
- EPS Beat Expectations
- Reported EPS was $1.50, exceeding the estimated $1.39, reflecting a 12.3% increase year-over-year.
- Improved Gross Margin
- Gross margin improved to 34.7% compared to 34.8% last quarter, indicating better cost management.
- Free Cash Flow Recovery
- Free cash flow recovery to $130M from negative $42M in Q1 2025.
- Enhanced Full-Year Guidance
- Management increased full-year EPS growth guidance to 5%-15% from the prior range of 0%-12%.
- Strong Segment Performance
- Coastal revenues showed significant growth, contributing to overall revenue increase.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Extended Jones Act Waiver
- The waiver of the Jones Act could increase competition from non-U.S. vessels, posing risks to market share.
- Market Competition
- Intensifying competition may pressure margins as seen with the operating margin dropping to 15.3%.
- Economic Conditions Risk
- Economic uncertainty remains a concern that could impact future demand and operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.5
- Gross margin
- 34.7%
- Operating margin
- 15.3%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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