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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 1-7615

KIRBY CORPORATION

(Exact name of registrant as specified in its charter)

     Nevada

     74-1884980
(I.R.S. Employer Identification No.)

     (State or other jurisdiction of incorporation or organization)

     55 Waugh Drive, Suite 1000
Houston, TX

     77007

     (Address of principal executive offices)

     (Zip Code)

713-435-1000

(Registrant’s telephone number, including area code)

No Change

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	KEX	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
		Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of August 8, 2025, 55.8 million shares of the Registrant’s $0.10 par value per share common stock were outstanding.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED BALANCE SHEETS

(Unaudited)


	June 30, 2025			December 31, 2024
	($ in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	68,383		$	74,444
Accounts receivable:
Trade – less allowance for doubtful accounts		564,233			489,857
Other		62,221			46,888
Inventories – net		426,265			393,898
Prepaid expenses and other current assets		63,931			63,472
Total current assets		1,185,033			1,068,559

Property and equipment		6,327,529			6,123,208
Accumulated depreciation		(2,192,479	)		(2,100,242	)
Property and equipment – net		4,135,050			4,022,966

Operating lease right-of-use assets		157,041			158,990
Goodwill		438,748			438,748
Other intangibles, net		33,123			34,406
Other assets		130,970			128,283
Total assets	$	6,079,965		$	5,851,952

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Bank notes payable	$	6,433		$	8,226
Income taxes payable		778			25,417
Accounts payable		250,055			251,354
Accrued liabilities		203,523			236,813
Current portion of operating lease liabilities		37,985			35,727
Deferred revenues		180,683			177,216
Total current liabilities		679,457			734,753

Long-term debt, net – less current portion		1,111,332			866,722
Deferred income taxes		747,060			739,472
Operating lease liabilities – less current portion		142,105			148,170
Other long-term liabilities		10,121			9,587
Total long-term liabilities		2,010,618			1,763,951

Contingencies and commitments		—			—

Equity:
Kirby stockholders’ equity:
Common stock, $0.10 par value per share. Authorized 120 million shares, issued 65.5 million shares		6,547			6,547
Additional paid-in capital		867,143			868,763
Accumulated other comprehensive income – net		65,612			71,192
Retained earnings		3,148,635			2,978,372
Treasury stock – at cost, 9.4 million shares at June 30, 2025 and 8.2 million at December 31, 2024		(699,867	)		(573,061	)
Total Kirby stockholders’ equity		3,388,070			3,351,813
Noncontrolling interests		1,820			1,435
Total equity		3,389,890			3,353,248
Total liabilities and equity	$	6,079,965		$	5,851,952

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF EARNINGS

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	($ in thousands, except per share amounts)
Revenues:
Marine transportation	$	492,562		$	484,808		$	968,711		$	960,220
Distribution and services		362,893			339,582			672,403			672,192
Total revenues		855,455			824,390			1,641,114			1,632,412

Costs and expenses:
Costs of sales and operating expenses		563,238			554,232			1,075,574			1,104,913
Selling, general and administrative		85,846			80,383			181,133			170,589
Taxes, other than on income		10,542			10,310			19,372			18,354
Depreciation and amortization		65,670			59,482			129,400			117,124
Gain on disposition of assets		(1,687	)		(515	)		(1,757	)		(589	)
Total costs and expenses		723,609			703,892			1,403,722			1,410,391

Operating income		131,846			120,498			237,392			222,021
Other income		4,812			3,088			10,146			6,357
Interest expense		(12,730	)		(12,819	)		(23,267	)		(25,970	)

Earnings before taxes on income		123,928			110,767			224,271			202,408
Provision for taxes on income		(29,550	)		(26,785	)		(53,623	)		(48,511	)

Net earnings		94,378			83,982			170,648			153,897
Net (earnings) loss attributable to noncontrolling interests		(101	)		(128	)		(385	)		25

Net earnings attributable to Kirby	$	94,277		$	83,854		$	170,263		$	153,922

Net earnings per share attributable to Kirby common stockholders:
Basic	$	1.68		$	1.44		$	3.01		$	2.64
Diluted	$	1.67		$	1.43		$	2.99		$	2.62

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	($ in thousands)
Net earnings	$	94,378		$	83,982		$	170,648		$	153,897

Other comprehensive income (loss), net of taxes:
Pension and postretirement benefits		(4,199	)		986			(6,066	)		591
Foreign currency translation adjustments		178			(473	)		486			(473	)
Total other comprehensive income (loss), net of taxes		(4,021	)		513			(5,580	)		118

Total comprehensive income, net of taxes		90,357			84,495			165,068			154,015
Net (earnings) loss attributable to noncontrolling interests		(101	)		(128	)		(385	)		25

Comprehensive income attributable to Kirby	$	90,256		$	84,367		$	164,683		$	154,040

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)


	Six Months Ended June 30,
	2025			2024
	($ in thousands)
Cash flows from operating activities:
Net earnings	$	170,648		$	153,897
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation and amortization		129,400			117,124
Provision for deferred income taxes		9,617			23,926
Amortization of share-based compensation		11,147			9,399
Amortization of major maintenance costs		14,635			16,755
Other		178			915
Decrease in cash flows resulting from changes in operating assets and liabilities, net		(205,162	)		(19,409	)
Net cash provided by operating activities		130,463			302,607

Cash flows from investing activities:
Capital expenditures		(150,160	)		(169,607	)
Acquisitions of businesses and marine equipment		(97,250	)		(65,232	)
Proceeds from disposition of assets		11,580			9,054
Other		(3,000	)		—
Net cash used in investing activities		(238,830	)		(225,785	)

Cash flows from financing activities:
Borrowings on bank credit facilities, net		243,207			30,902
Payment of debt issuance costs		—			(3	)
Proceeds from exercise of stock options		262			4,096
Payments related to tax withholding for share-based compensation		(5,957	)		(5,339	)
Treasury stock purchases		(132,673	)		(85,466	)
Other		(2,533	)		(49	)
Net cash provided by (used in) financing activities		102,306			(55,859	)
Increase (decrease) in cash and cash equivalents		(6,061	)		20,963

Cash and cash equivalents, beginning of year		74,444			32,577
Cash and cash equivalents, end of period	$	68,383		$	53,540

Supplemental disclosures of cash flow information:
Cash paid during the period:
Interest paid	$	22,917		$	26,243
Income taxes paid, net	$	79,742		$	14,391
Operating cash outflow from operating leases	$	24,541		$	22,980
Non-cash investing activity:
Capital expenditures included in accounts payable	$	(410	)	$	(2,015	)
Right-of-use assets obtained in exchange for lease obligations	$	13,704		$	21,045

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


								Accumulated
					Additional			Other
	Common Stock				Paid-in-			Comprehensive			Retained		Treasury Stock						Noncontrolling
	Shares		Amount		Capital			Income, Net			Earnings		Shares			Amount			Interests		Total
	(in thousands)
Balance at March 31, 2025		65,472	$	6,547	$	865,007		$	69,633		$	3,054,358		(9,104	)	$	(669,510	)	$	1,719	$	3,327,754
Issuance of stock for equity awards, net of forfeitures		—		—		(1,164	)		—			—		16			1,164			—		—
Tax withholdings on equity award vesting		—		—		—			—			—		—			(7	)		—		(7	)
Amortization of share-based compensation		—		—		3,300			—			—		—			—			—		3,300
Treasury stock purchases		—		—		—			—			—		(332	)		(31,200	)		—		(31,200	)
Excise taxes on treasury stock purchases		—		—		—			—			—		—			(314	)		—		(314	)
Total comprehensive income, net of taxes		—		—		—			(4,021	)		94,277		—			—			101		90,357
Balance at June 30, 2025		65,472	$	6,547	$	867,143		$	65,612		$	3,148,635		(9,420	)	$	(699,867	)	$	1,820	$	3,389,890


								Accumulated
					Additional			Other
	Common Stock				Paid-in-			Comprehensive		Retained		Treasury Stock						Noncontrolling
	Shares		Amount		Capital			Income, Net		Earnings		Shares			Amount			Interests		Total
	(in thousands)
Balance at March 31, 2024		65,472	$	6,547	$	859,150		$	34,611	$	2,761,733		(7,199	)	$	(446,393	)	$	1,093	$	3,216,741
Stock option exercises		—		—		1,115			—		—		35			1,470			—		2,585
Issuance of stock for equity awards, net of forfeitures		—		—		(998	)		—		—		17			998			—		—
Tax withholdings on equity award vesting		—		—		—			—		—		(1	)		(55	)		—		(55	)
Amortization of share-based compensation		—		—		2,991			—		—		—			—			—		2,991
Treasury stock purchases		—		—		—			—		—		(372	)		(43,679	)		—		(43,679	)
Excise taxes on treasury stock purchases		—		—		—			—		—		—			(400	)		—		(400	)
Total comprehensive income, net of taxes		—		—		—			513		83,854		—			—			128		84,495
Balance at June 30, 2024		65,472	$	6,547	$	862,258		$	35,124	$	2,845,587		(7,520	)	$	(488,059	)	$	1,221	$	3,262,678

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


					Additional			Accumulated Other
	Common Stock				Paid-in-			Comprehensive			Retained		Treasury Stock						Noncontrolling
	Shares		Amount		Capital			Income, Net			Earnings		Shares			Amount			Interests		Total
	(in thousands)
Balance at December 31, 2024		65,472	$	6,547	$	868,763		$	71,192		$	2,978,372		(8,215	)	$	(573,061	)	$	1,435	$	3,353,248
Stock option exercises		—		—		27			—			—		4			235			—		262
Issuance of stock for equity awards, net of forfeitures		—		—		(12,794	)		—			—		181			12,794			—		—
Tax withholdings on equity award vesting		—		—		—			—			—		(55	)		(5,957	)		—		(5,957	)
Amortization of share-based compensation		—		—		11,147			—			—		—			—			—		11,147
Treasury stock purchases		—		—		—			—			—		(1,335	)		(132,673	)		—		(132,673	)
Excise taxes on treasury stock purchases		—		—		—			—			—		—			(1,205	)		—		(1,205	)
Total comprehensive income, net of taxes		—		—		—			(5,580	)		170,263		—			—			385		165,068
Balance at June 30, 2025		65,472	$	6,547	$	867,143		$	65,612		$	3,148,635		(9,420	)	$	(699,867	)	$	1,820	$	3,389,890


					Additional			Accumulated Other
	Common Stock				Paid-in-			Comprehensive		Retained		Treasury Stock						Noncontrolling
	Shares		Amount		Capital			Income, Net		Earnings		Shares			Amount			Interests			Total
	(in thousands)
Balance at December 31, 2023		65,472	$	6,547	$	863,963		$	35,006	$	2,691,665		(6,843	)	$	(411,750	)	$	1,246		$	3,186,677
Stock option exercises		—		—		1,434			—		—		54			2,662			—			4,096
Issuance of stock for equity awards, net of forfeitures		—		—		(12,538	)		—		—		207			12,538			—			—
Tax withholdings on equity award vesting		—		—		—			—		—		(67	)		(5,339	)		—			(5,339	)
Amortization of share-based compensation		—		—		9,399			—		—		—			—			—			9,399
Treasury stock purchases		—		—		—			—		—		(871	)		(85,466	)		—			(85,466	)
Excise taxes on treasury stock purchases		—		—		—			—		—		—			(704	)		—			(704	)
Total comprehensive income, net of taxes		—		—		—			118		153,922		—			—			(25	)		154,015
Balance at June 30, 2024		65,472	$	6,547	$	862,258		$	35,124	$	2,845,587		(7,520	)	$	(488,059	)	$	1,221		$	3,262,678

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)

(1) Basis for Preparation of the Condensed Financial Statements

The condensed financial statements included herein have been prepared by Kirby Corporation and its consolidated subsidiaries (“Kirby” or the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including significant accounting policies normally included in annual financial statements, have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Certain reclassifications have been made to reflect the current presentation of financial information.

(2) Acquisitions

On March 27, 2025, the Company purchased 14 inland tank barges with a total capacity of 364,000 barrels, including four specialty barges, and four high horsepower towboats from an undisclosed seller for $97.3 million in cash. The 14 tank barges, including four specialty barges, transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway. The average age of the 14 barges was 16 years.

On December 31, 2024, the Company purchased an inland tank barge from a leasing company for $2.7 million in cash. The Company had been leasing the barge prior to purchase.

On December 30, 2024, the Company purchased three inland tank barges from an undisclosed seller for $9.9 million in cash.

On May 15, 2024, the Company completed the purchase of 13 inland tank barges, with a total capacity of 347,000 barrels, and two high horsepower towboats from an undisclosed seller for $65.2 million in cash. The 13 tank barges, including three specialty barges, transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway. The average age of the 13 barges was 15 years.

(3) Revenues

The following table sets forth the Company’s revenues by major source (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Marine transportation segment:
Inland transportation	$	397,141	$	391,835	$	789,640	$	777,842
Coastal transportation		95,421		92,973		179,071		182,378
	$	492,562	$	484,808	$	968,711	$	960,220
Distribution and services segment:
Commercial and industrial	$	173,606	$	165,658	$	333,834	$	308,282
Power generation		140,739		107,783		245,241		243,452
Oil and gas		48,548		66,141		93,328		120,458
	$	362,893	$	339,582	$	672,403	$	672,192

Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied. Revenues recognized during the six months ended June 30, 2025 and 2024 that were included in the opening contract liability balances were $94.7 million and $81.5 million, respectively. The Company presents all contract liabilities within the deferred revenues financial statement caption on the balance sheets. The Company did not have any contract assets as of June 30, 2025 or December 31, 2024.

(4) Segment Data

The Company’s operations are aggregated into two reportable business segments as follows:

Marine Transportation Segment (“KMT”) — Provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system, along all three United States coasts, and to a lesser extent, in United States coastal transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and agricultural chemicals.

Distribution and Services Segment (“KDS”) — Provides after-market services and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and control systems, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. The Company also rents equipment including generators, industrial compressors, high-capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial markets. The Company also manufactures and remanufactures specialized equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment for oilfield service, railroad and other industrial customers.

The Company’s two reportable business segments are managed separately by the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, based on fundamental differences in their operations. The Company’s accounting policies for the business segments are the same as those described in Note 1, Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company’s 2024 Annual Report on Form 10-K. The CODM evaluates the performance of the Company’s segments based on the contributions to operating income of the respective segments, and before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. The CODM uses segment operating income to allocate resources for each segment during the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for segment operating income when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating income to assess the performance for each segment by comparing the results and return on invested capital of each segment. Intersegment revenues, based on market-based pricing, of KDS from KMT of $11.3 million and $22.5 million for the three months and six months ended June 30, 2025, respectively, and $7.5 million and $14.1 million for the three months and six months ended June 30, 2024, respectively, as well as the related intersegment profit of $1.1 million and $2.2 million for the three months and six months ended June 30, 2025, respectively, and $0.7 million and $1.4 million for the three months and six months ended June 30, 2024, respectively, have been eliminated from the tables below.

The following tables set forth the Company’s revenues, depreciation and amortization, and income or loss by reportable segment and total assets (in thousands):


	Three Months Ended June 30,
	2025							2024
	KMT		KDS		Total			KMT		KDS		Total
Revenue from external customers	$	492,562	$	362,893	$	855,455		$	484,808	$	339,582	$	824,390

Less:
Costs of sales and operating expenses		298,789		264,331		563,120			299,975		253,742		553,717
Administrative payroll expense		18,378		23,206		41,584			17,743		21,454		39,197
Taxes, other than on income		8,124		2,391		10,515			8,383		1,900		10,283
Depreciation and amortization		53,182		10,682		63,864			49,047		8,585		57,632
Other segment items (a)		15,037		26,848		41,885			14,784		24,465		39,249
Segment operating income	$	99,052	$	35,435	$	134,487		$	94,876	$	29,436	$	124,312

Reconciliation of segment operating income
Unallocated amounts:
General corporate expenses						(4,328	)						(4,329	)
Gain on disposition of assets						1,687							515
Operating income					$	131,846						$	120,498
Other income						4,812							3,088
Interest expense						(12,730	)						(12,819	)
Earnings before taxes on income					$	123,928						$	110,767


	Six Months Ended June 30,
	2025							2024
	KMT		KDS		Total			KMT		KDS		Total
Revenue from external customers	$	968,711	$	672,403	$	1,641,114		$	960,220	$	672,192	$	1,632,412

Less:
Costs of sales and operating expenses		589,776		486,559		1,076,335			601,237		503,145		1,104,382
Administrative payroll expense		39,608		48,142		87,750			39,276		45,107		84,383
Taxes, other than on income		14,576		4,744		19,320			14,580		3,728		18,308
Depreciation and amortization		104,854		21,001		125,855			96,896		16,429		113,325
Other segment items (a)		34,261		53,931		88,192			30,372		52,333		82,705
Segment operating income	$	185,636	$	58,026	$	243,662		$	177,859	$	51,450	$	229,309

Reconciliation of segment operating income
Unallocated amounts:
General corporate expenses						(8,027	)						(7,877	)
Gain on disposition of assets						1,757							589
Operating income					$	237,392						$	222,021
Other income						10,146							6,357
Interest expense						(23,267	)						(25,970	)

KIRBY CORP 10-Q