Segment Data

9 Months Ended

Sep. 30, 2025

(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 $5.6 million and $28.1 million for the three months and nine months ended September 30, 2025, respectively, and $5.0 million and $19.1 million for the three months and nine months ended September 30, 2024, respectively, as well as the related intersegment profit of $0.6 million and $2.8 million for the three months and nine months ended September 30, 2025, respectively, and $0.5 million and $1.9 million for the three months and nine months ended September 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 September 30,
	2025							2024
	KMT		KDS		Total			KMT		KDS		Total
Revenue from external customers	$	484,941	$	386,220	$	871,161		$	486,054	$	345,095	$	831,149

Less:
Costs of sales and operating expenses		300,021		280,049		580,070			296,114		255,835		551,949
Administrative payroll expense		19,141		23,617		42,758			18,502		21,734		40,236
Taxes, other than on income		7,266		2,472		9,738			6,524		2,414		8,938
Depreciation and amortization		54,100		10,949		65,049			49,876		8,921		58,797
Other segment items (a)		15,844		26,464		42,308			15,562		25,813		41,375
Segment operating income	$	88,569	$	42,669	$	131,238		$	99,476	$	30,378	$	129,854

Reconciliation of segment operating income
Unallocated amounts:
General corporate expenses						(5,021	)						(4,541	)
Gain on disposition of assets						3,002							1,617
Operating income					$	129,219						$	126,930
Other income						5,557							2,949
Interest expense						(11,838	)						(12,498	)
Earnings before taxes on income					$	122,938						$	117,381


	Nine Months Ended September 30,
	2025							2024
	KMT		KDS		Total			KMT		KDS		Total
Revenue from external customers	$	1,453,652	$	1,058,623	$	2,512,275		$	1,446,274	$	1,017,287	$	2,463,561

Less:
Costs of sales and operating expenses		889,797		766,608		1,656,405			897,351		758,980		1,656,331
Administrative payroll expense		58,749		71,759		130,508			57,778		66,841		124,619
Taxes, other than on income		21,842		7,216		29,058			21,104		6,142		27,246
Depreciation and amortization		158,954		31,950		190,904			146,772		25,350		172,122
Other segment items (a)		50,105		80,395		130,500			45,934		78,146		124,080
Segment operating income	$	274,205	$	100,695	$	374,900		$	277,335	$	81,828	$	359,163

Reconciliation of segment operating income
Unallocated amounts:
General corporate expenses						(13,048	)						(12,418	)
Gain on disposition of assets						4,759							2,206
Operating income					$	366,611						$	348,951
Other income						15,703							9,306
Interest expense						(35,105	)						(38,468	)
Earnings before taxes on income					$	347,209						$	319,789

(a)

Other segment items for each reportable segment includes:

KMT – selling expense, professional service expense, occupancy expense, and certain overhead expenses.

KDS – inventory-related expense, warranty expense, selling expense, professional service expense, occupancy expense, and certain overhead expenses.


	September 30, 2025		December 31, 2024
Total assets:
Marine transportation	$	4,707,146	$	4,578,616
Distribution and services		1,182,524		1,115,781
Other		173,889		157,555
	$	6,063,559	$	5,851,952

The following table presents the details of “Other” total assets (in thousands):


	September 30, 2025		December 31, 2024
General corporate assets	$	171,050	$	154,655
Investment in affiliates		2,839		2,900
	$	173,889	$	157,555

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

KIRBY CORP 10-Q