Kirby Q3 Net Earnings $110.8 Million: EPS $2.09 Up 27% Year Over Year, Full-Year Growth Guidance Narrowed to 10%-15%
Houston, Texas-based Kirby Corporation (NYSE: KEX) on October 28 announced results for the third quarter ended September 30, 2026: net earnings attributable to Kirby were $110.8 million, or $2.09 per share, compared with $92.5 million, or $1.65 per share, in the third quarter of 2025, with earnings per share up 27% year over year. Total revenues for the quarter were $977.2 million, compared with $871.2 million a year earlier.
By segment, marine transportation revenues were $568.7 million, up 17% year over year, with operating income of $111.9 million and an operating margin of 20%, compared with 18% a year earlier. Inland marine accounted for 81% of segment revenues, with barge utilization in the low-90% range and spot market rates up in the low- to mid-single-digit range sequentially, while coastal marine barge utilization was in the high-90% range and revenues increased slightly. Distribution and services revenues were $408.5 million, up 6%, with operating income of $48.4 million; within that segment, power generation revenues rose 8% on demand for behind-the-meter and backup power solutions.
Quarterly EBITDA was $229.7 million. Net cash provided by operating activities was $143.5 million and capital expenditures were $69.5 million, resulting in free cash flow of $74.0 million. During the quarter Kirby returned $112 million to shareholders through share repurchases at an average price of $137.04. As of September 30, 2026, the company had $38.3 million of cash and cash equivalents and total debt of $1,072 million, for a debt-to-capitalization ratio of 23.7%.
During the third quarter, Kirby entered into an agreement to acquire certain inland marine assets from undisclosed sellers for $115 million, including nine inland towboats, fourteen inland tank barges, nine bow thrusters, and a fleeting operation on a 65-acre facility in Rockport, Texas, serving the Corpus Christi area. The transaction is expected to close in the fourth quarter of 2026.
'Our third quarter results reflected strong continued momentum across both businesses and solid execution throughout the organization,' said President and Chief Executive Officer David Grzebinski, noting that in marine transportation, strong barge utilization and favorable pricing supported performance while rising fuel costs weighed on margins, and that distribution and services benefited from robust demand in power generation and strong growth in behind-the-meter solutions. For the full year, Kirby narrowed its earnings per share growth guidance to 10% to 15% and currently expects results toward the upper end of the range; it expects net cash provided by operating activities of $575 million to $675 million and capital spending of $220 million to $260 million in 2026.
Source: GSM · USA (original Chinese edition)
Photo: 图：内河拖船顶推两艘液货驳船航行（资料图，非 Kirby 公司船只）。William Alden 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / A towboat pushing two tank barges on an inland waterway (illustrative photo, not a Kirby vessel). Photo by William Alden, CC BY-SA 4.0, via Wikimedia Commons.
